Orange County NC Website
Browse       Search
18 <br /> <br /> <br />The fixed solar panels are all less than 15 feet high, which means that the visual impact of the solar panels <br />will be similar in height to a typical greenhouse and lower than a single story residential dwelling. Were the <br />subject property developed with single family housing, it would have a much greater visual impact on the <br />surrounding area given that a two-story home with attic could be three to four times as high as these <br />proposed panels. The panels will be located behind a chain link fence. <br />7. Conclusion <br />On the basis of the factors described above, it is my professional opinion that the proposed solar farm will <br />be in harmony with the area in which it is to be developed. The breakdown of adjoining uses is similar to <br />the other solar farms tracked. <br />V. Market Commentary <br /> <br />I have surveyed a number of builders, developers and investors regarding solar farms over the last year. I <br />have received favorable feedback from a variety of sources; below are excerpts from my conversations with <br />different clients or other real estate professionals. <br />I spoke with Betty Cross with Keller Williams Realty in Chapel Hill, who sold the tract of land adjoining the <br />White Cross Road solar farm. She indicated that the solar farm was not considered a negative factor in <br />marketing the property and that it had no impact on the final price paid for the land. <br />I spoke with Lynn Hayes a broker with Berkshire Hathaway who sold a home at the entrance to Pickards <br />Mountain where the home exits onto the Pickard Mountain Eco Institute’s small solar farm. This property <br />is located in rural Orange County west of Chapel Hill. This home closed in January 2014 for $735,000. <br />According to Ms. Hayes the buyer was excited to be living near the Eco Institute and considered the solar <br />farm to be a positive sign for the area. There are currently a number of 10 acre plus lots in Pickards <br />Meadow behind this house with lots on the market for $200,000 to $250,000. <br />A new solar farm was built on Zion Church Road, Hickory at the Two Lines Solar Farm on the Punch <br />property. After construction of the solar farm in 2013, an adjoining tract of land with 88.18 acres sold for <br />$250,000, or $2,835 per acre. This was a highly irregular tract of land with significant tree cover between it <br />and the solar farm. I have compared this to a current listing of 20.39 acres of land that is located southeast <br />just a little ways from this solar farm. This land is on the market for $69,000, or $3,428 per acre. <br />Generally, a smaller tract of land would be listed for more per acre. Considering a size adjustment of 5% <br />per doubling in size, and a 10% discount for the likely drop in the closed price off of the asking price, I <br />derive an indicated value per acre of the smaller tract of $2,777 per acre. This is very similar to the recently <br />closed sale adjoining the solar farm, which further supports the matched pair analysis earlier in this report. <br />Rex Vick with Windjam Developers has a subdivision in Chatham County off Mt. Gilead Church Road <br />known as The Hamptons. Home prices in The Hamptons start at $600,000 with homes over $1,000,000. <br />Mr. Vick expressed interest in the possibility of including a solar farm section to the development as a <br />possible additional marketing tool for the project. <br /> 139