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DRAFT OC Board of Adjustment – 11/9/15 Page 93 of 156 Barry Katz: If you work at a place and you have an opportunity to buy a house that’s an easy drive 1 to your place at work and it’s one mile away and you have another opportunity to buy a house 2 that’s five miles away or ten miles away, would there be an appeal to buy the house that’s one 3 mile away, or not? 4 5 Michael Ogburn: There are more factors, which is why it’s location, location, location. 6 7 Barry Katz: Right. 8 9 Michael Ogburn: So would being closer to work be nice? Yes sir. But if it’s not in the right schools, 10 if I don’t have… 11 12 Barry Katz: You’ve got all these variables. That’s exactly right. You’ve got all these variables. And 13 what you have here is an unique property that’s located in proximity to the University, the hospital, 14 to Research Triangle Park, to all of these factors that make it an appealing place, while it’s still 15 kind of a wilderness place. It’s an extraordinary place and it’s location… there may not be a 16 comparable place around on this side of Raleigh that could compare with the location of this 17 place. 18 19 Michael Ogburn: I would not disagree. 20 21 Barry Katz: So I just don’t know when you put in all the variables and the appeal of this location 22 how significant this pole will be when you have the option of doing two things. Siting your house 23 so you don’t see it, or recognizing for nine months out of the year you don’t see it. So tell me, how 24 is this that significant? 25 26 Michael Ogburn: Ok. Again, what my opinion would be is that because we’re dealing with a 27 market segment that is only a fraction of a percentage, I mean we’re talking rare air… In a typical 28 year those properties that will go on the open market and will transact for a greater amount than 29 $1,000,000 will typically be somewhere in the neighborhood of four tenths of one percent of the 30 entire marketplace. 31 32 Barry Katz: Just property, not value of house right? Just property? 33 34 Michael Ogburn: So in other words real property i.e. Improved residential real estate that has a for 35 sale sign that goes in the front yard and is openly transacted in the marketplace for excess of a 36 million you’re talking about a fraction of one percent. 37 38 Barry Katz: I’m still not clear. Do you mean this is a property with a house on it? 39 40 Michael Ogburn: Yes sir. 41 42 Barry Katz: That few? Because there are a lot of million dollar houses around here. 43 44 Michael Ogburn: There are a lot of houses that cost a million dollars, how many transacted for a 45 million dollars. What you find is in a typical year it’s a fraction of one percent. So you’re dealing 46 with a very, very small segment of the market. That’s one. Two, people that can afford property 47 like this have the discretionary income where they can make choices, where they… I don’t have to 48 settle for this, I can go over here and build one the way I want to, where I want to. That’s really the 49 competition for most of these houses. 50 95