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OC Board of Adjustment – 6/8/2015 Page 21 of 68 tower, and I believe it is lit but I am not sure of that. In my report I have charts of the Hogan Farms sales, the copies 1 are in my report. I adjusted the sales for the primary differences as closing date and garages and age and number of 2 fire places. I then divided that by the square footage of the building so you have a per square foot of va lue of the 3 different houses. Those with the view and those without. When I came down, the average came out to $152.70 per 4 square foot for those with a view and $152.77 without a view and $151.70 with a view so it was a difference of .65% 5 which is within the margin of error so based on that I don’t feel that a tower like this one which is much worse than the 6 one here the subject tower would have any adverse impact on property values. I will be glad to answer questions or go 7 in more detail in houses. 8 9 Tom Johnson: He did look at the visual impact that was put together from the report and what are the things that were 10 obvious in terms of looking at that and the results of that. 11 12 David Smith: It could only been seen from a few places and it was only a l ittle of it and it was not, as you brought up, 13 when you showed them. It was no more intrusive than the power lines were , except for one picture when it was directly 14 across from the retirement home where it was more visible. The impact was minor. 15 16 Tom Johnson: How would you describe the characteristics of the community where the subject tower is being 17 proposed from your perspective as an appraiser and your experience? 18 19 David Smith: It is sort of a mixed community. You have a farm, apartments, yo u have a large school. Then not too far 20 away in Durham, you have something like a huge subdivision and there is another further north so it is kind of a 21 transition area. 22 23 Larry Wright: I don’t know if you have had experience with this but have you looked at the difference in stealth towers 24 as far as communities in appraising property value opposed to monopole as opposed to the type of tower you see in 25 Hogan Farm. Is there a difference effect on property value from the various types of poles? 26 27 David Smith: I really wasn’t able to get to that level of detail. I looked through all of Orange County and this is the only 28 tower I found that had enough sales around it to derive some sort of indication. For that I need more data and it is 29 simply not out there. 30 31 Tom Johnson: Your analysis is based on a non-stealth tower? 32 33 David Smith: Yes 34 35 Tom Johnson: And the lattice tower? 36 37 David Smith: Yes. When someone buys a house, there are a number of factors they consider. If someone is buyi ng a 38 house that can see a tower; that is certainly something they will take into consideration. Will that affect them more than 39 the kitchen or the bathrooms or garage… so it is very difficult to get to a level you are talking about. 40 41 Bob Hornik: Who hired you to provide your report today? 42 43 David Smith: The attorney did. 44 45 Bob Hornik: Mr. Johnson? 46 47 David Smith: Yes. 48 49 Bob Hornik: How much were you paid? 50