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Approved 3113117 1 2 Michael Ogburn: Ok. It is readily online. Yes sir. 3 4 Barry Katz: Alright, you'll let us know. And also ...... 5 6 John Price: Also a copy is attached to the appraisal report. 7 8 Barry Katz: Oh ok, it is. Then you mentioned you went then to look for the comparables to see 9 adjacent to a cell phone tower and not adjacent, etcetera, but weren't any of the examples 10 included in the Journal article? 11 12 Michael Ogburn: No. The article that was done in the Appraisal Journal was actually a study that 13 was done in New Zealand. 14 15 Barry Katz: Ok, we've heard about that one. 16 17 Michael Ogburn: Yes sir. 18 19 Barry Katz: That's good to know. And just a semantic thing, you mentioned two lots $50,000. You 20 mean that those lots were not just the value of the lot but the value of the lot and the house was 21 $50,000? 22 23 Michael Ogburn: No, no sir. Just the lots are $50,000. On house number one I build a 1,000 24 square foot house. That's going to be $50 a square foot, just for the lot. I haven't done anything 25 else. For house B I've got a 2,000 square foot house. That's going to be $25. Now, I continue 26 on... I've got a two -car garage on each of them. It's $20,000 for the two -car garage. For house A 27 that's $20 a square foot. For house B that's $10 a square foot. I continue... I've got two 28 bathrooms. Each bathroom is $5,000. For house A that's $5 a square foot. For house B it's going 29 to be $10. So we understand that the smaller the house, all things being equal, it has to be 30 greater. If you divide a number by a smaller number it has to be greater. 31 32 Barry Katz: I just don't think that listening to this you're talking about hypothetical houses that, in 33 my experience, it's not a realistic comparable because you're not building the same house, you're 34 not building the same value, you have no idea what goes into this, what the size of these 35 bathrooms are, or any of these things. I mean there's so much that goes into valuing a house. 36 37 Michael Ogburn: If I confine it to a neighborhood, which I did, then we're going to expect that most 38 of these houses are going to have a great deal of conformity. That's why most of these 39 subdivisions have got restrictive covenant to say that you have to build a house to such a size and 40 use perhaps a certain type of architecture, etcetera. So we would anticipate that yes there's going 41 to be variables, but that being said the smaller the house the greater per foot it's going to sell for. 42 It just has to, there's no way around it. Yes ma'am? 43 44 Samantha Cabe: I have a question for you. So would a cell tower have less of an effect? You're 45 study dealt with sort of a cookie cutter neighborhood with same size lots, similar houses, I believe 46 Mr. Owen testified in his testimony at our last hearing that he had a very unique property, he had 47 the highest point east or west of such and such, that it's a custom built home, so let's say that 48 there is no other property, per Mr. Owen's testimony, like this property anywhere in Orange 49 County. So how can you say that someone would go and choose another property? How can you 50 say that the cell phone tower being there outweighs the unique properties that Mr. Owen testified OC Board of Adjustment — 12/12/16 Page 85 of 156