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Approved 10.18.2023
<br /> 1 Bobby Tucker: Yes, I agree with that.
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<br /> 3 Ryan Moffitt: Thank you. Now I'll ask Mr. Jarvis Martin to come make a presentation on his market study.
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<br /> 5 Jarvis Martin: Thank you. Good evening, Mr. Chairman and Mademoiselle of the commission. I have been sworn in.
<br /> 6 My name is Jarvis Martin. I'm a state-certified general residential appraiser, and I'm with the firm of Stewart, Martin,
<br /> 7 and McCoy. We are a commercial and appraiser firm. I've had the privilege to work in this, the Greater Triangle Area,
<br /> 8 since 1976, providing valuation and appraisal reports for a various number of clients. At the request of the client, I have
<br /> 9 visited the site that's being discussed tonight, as well as driven through the general community, as well as reviewed the
<br /> 10 proposed site plan that's been discussed here tonight in detail. My task was to get an understanding as to what is
<br /> 11 being proposed on this site, was to try to find within our community other properties that had some of the similar
<br /> 12 characteristics that this property would have in terms of use and functional utility, et cetera. I was able to locate two
<br /> 13 properties. Chestnut Ridge Camp and Retreat Center, which is here in Orange County in Efland. This is a much bigger
<br /> 14 facility in terms of landmass, over 360 acres, but it also has a range of outdoor activities as detailed in the report, and 1
<br /> 15 won't through all the damn, which includes RV sites as well as campsites, bathhouses, farms, dining halls, provisions,
<br /> 16 and this is a very active camp for youth that I can say that my granddaughter has attended this camp herself the past
<br /> 17 two summers and had a great time, and they have a lot of outdoor activity for youth, as well as overnight
<br /> 18 accommodation and after-school activities. The second camp and retreat that I found was Camp Kanata, which is over
<br /> 19 in Wake County off Highway 98 outside of Wake Forest. It's, again, on a larger tract of land, 150 acres, with a lot of
<br /> 20 outdoor activity, with lakes, cabins, amphitheater, horse riding, and outdoor sports. And it's a very active camp, you
<br /> 21 know, during the summertime in school break and have, again, camping retreat and overnight facilities. What I did was
<br /> 22 to look at the market activity surrounding these two facilities over the past 3 years, realizing that these facilities as the
<br /> 23 subject is in somewhat of a rural area where you don't have a lot of congested home sales. But starting at the
<br /> 24 campsites and then going out, I located sales on both property, both campsites within a mile radius to look at the
<br /> 25 market activity over the past 3 years in terms of what properties sold for, what they were listed for, to look at what we
<br /> 26 call a list price sale ratio, to look at the number of days that these properties were on the market. In the real estate
<br /> 27 market, which many of you or some are homeowners, you know that the price, if homes are selling, for some reason,
<br /> 28 close to a particular area for a large discount or staying longer on the market, that indicates that it is something in that
<br /> 29 area that may be impacting the market. In this case with those homes located closest to the camp as compared to
<br /> 30 homes that I went further away from the camp, there is no major difference between the days on market, list price,
<br /> 31 sales ratios, in the two comparisons in my report. Based upon that, I also decided that I would look at the Pluck Farm
<br /> 32 since that was a facility which is the most recent facility that I could see that had been developed in that immediate
<br /> 33 neighborhood to see if I could do a similar study with it, but there is not enough market data based upon the same 3-
<br /> 34 year period to draw any conclusions. The only point I want to point out about that facility, which adjoins the subject
<br /> 35 property, that the activities that it has in terms of the patronage that is have far exceeds anything that would be going on
<br /> 36 in the subject site. So, with, based upon these two market studies and the data that I generated from them in my
<br /> 37 analysis, it is my opinion that this development in the community would have no adverse impact on the surrounding or
<br /> 38 adjoining properties. Also, based upon that, that I feel that the construction of The Nest 54 West Retreat will be in
<br /> 39 harmony with the overall neighborhood, that the proposed improvements would have no adverse impact on the demand
<br /> 40 or value of the surrounding properties and that the marketability of these properties would not be impacted in a negative
<br /> 41 manner. Based upon that data and my general knowledge of the real estate market here in the Triangle, it is my
<br /> 42 recommendation that you approve the special use permit. And I'm open for any questions based upon what I have
<br /> 43 presented.
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<br /> 45 Leon Meyers: Thank you, Mr. Martin. Questions for Mr. Martin, board members? On a thorough report, thank you.
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<br /> 47 Ryan Moffitt: One question that I would just pose. Of course, the standard that we are speaking to this evening is that
<br /> 48 there won't be an adverse impact or that the proposed use for the special use permit will maintain or enhance the value
<br /> 49 of adjoining properties. Mr. Martin has testified that it will not have an adverse impact on contiguous properties. Mr.
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