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Approved 3113117 1 Barry Katz: If you work at a place and you have an opportunity to buy a house that's an easy drive 2 to your place at work and it's one mile away and you have another opportunity to buy a house 3 that's five miles away or ten miles away, would there be an appeal to buy the house that's one 4 mile away, or not? 5 6 Michael Ogburn: There are more factors, which is why it's location, location, location. 7 8 Barry Katz: Right. Michael Ogburn: So would being closer to work be nice? Yes sir. But if it's not in the right schools, if I don't have... Barry Katz: You've got all these variables. That's exactly right. You've got all these variables. And what you have here is an unique property that's located in proximity to the University, the hospital, to Research Triangle Park, to all of these factors that make it an appealing place, while it's still kind of a wilderness place. It's an extraordinary place and it's location... there may not be a comparable place around on this side of Raleigh that could compare with the location of this place. Michael Ogburn: I would not disagree. 22 Barry Katz: So I just don't know when you put in all the variables and the appeal of this location 23 how significant this pole will be when you have the option of doing two things. Siting your house 24 so you don't see it, or recognizing for nine months out of the year you don't see it. So tell me, how 25 is this that significant? 26 27 Michael Ogburn: Ok. Again, what my opinion would be is that because we're dealing with a 28 market segment that is only a fraction of a percentage, I mean we're talking rare air... In a typical 29 year those properties that will go on the open market and will transact for a greater amount than 30 $1,000,000 will typically be somewhere in the neighborhood of four tenths of one percent of the 31 entire marketplace. 32 33 Barry Katz: Just property, not value of house right? Just property? 34 35 Michael Ogburn: So in other words real property i.e. Improved residential real estate that has a for 36 sale sign that goes in the front yard and is openly transacted in the marketplace for excess of a 37 million you're talking about a fraction of one percent. 38 39 Barry Katz: I'm still not clear. Do you mean this is a property with a house on it? 40 41 Michael Ogburn: Yes sir. 42 43 Barry Katz: That few? Because there are a lot of million dollar houses around here. 44 45 Michael Ogburn: There are a lot of houses that cost a million dollars, how many transacted for a 46 million dollars. What you find is in a typical year it's a fraction of one percent. So you're dealing 47 with a very, very small segment of the market. That's one. Two, people that can afford property 48 like this have the discretionary income where they can make choices, where they... I don't have to 49 settle for this, I can go over here and build one the way I want to, where I want to. That's really the 50 competition for most of these houses. OC Board of Adjustment — 12/12/16 ' Page 93 of 156