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APPROVED 5/10/2010 OC Board of Adjustment – 3/8/2010 Page 36 of 86 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Vic Knight: Yes. Rob Maitland: I am no appraiser but I had someone look at this and what would you tell me if out of the 35 houses you listed, 28 of them did not sell before the Wal-Mart and Home Depot was open. Vic Knight: That establishes a base line. Rob Maitland: How? What relevance if it of a house that sells in 2000, let’s look at number 34, this house last sold on July 10, 2000 and Home Depot and Wal-Mart didn’t even open until 2004 and 2005. By the way, I have an exhibit out of the County’s records that show you when they did open. The point is that if you are looking at a house that sold in 2000, how can you possibly gauge the value or the impact of the Wal-Mart and Home Depot if it happens five years later? Vic Knight: There are houses that did sell subsequent to that. Rob Maitland: Really then the only houses that matter are the houses that sold after the impact of the Home Depot? Vic Knight: Your methodology is wrong. Rob Maitland: Please help me understand that how house number 34 that sold in 2000…. Vic Knight: You have to tell me what house 34 is? Rob Maitland: That is 2611 Way Anthem Drive. Vic Knight: Okay. Rob Maitland: Last time it sold was on July 10, 2000. Vic Knight: The difference between when it sold and the sale prior to that, same address, same house, which sold in 1992 gives you some appreciation level on one house. Rob Maitland: Before the impact. Vic Knight: You can’t use one piece of property. Rob Maitland: You can’t use any piece of property that hasn’t been sold after the impact you are trying to measure. That is like saying that I own this piece of property in 1970 but in 2000 Wal-Mart will be built here, I wonder what impact, you can only use the house that has only been sold after Wal-Mart and out of these 35 houses, there is only seven and of the seven that are there, every one of them shows a negative impact. We can go through each house if you would like. This report is so favorable for my client’s position that I would like to adopt it into my own. I couldn’t ask for a better report than this and frankly the first time this was presented, somebody didn’t go through the numbers and I will be happy to go through each and every one. Let’s start with number one. Michael Harvey: I am sorry to interrupt but since these are not numbered in the report, can you reference the page number in the abstract so the board can keep up on page 80. Rob Maitland: We will start with the very first house he has listed which is 907 Alexander Stewart Drive. That house sold in June of 2000, four or five years before Wal-Mart. What possible relevance can that have? Vic Knight: It establishes a baseline for what is happening in the neighborhood. You have to compare what happens to after and then you have to nail those pieces of information together.