12.13.23 BOA Agenda Packet - Laserfiche WebLink

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32 1 Appraisal Institute with an MAI designation. I'm licensed in 14 states because we do impact analysis all over the place. 2 And I am actually based out of Raleigh, North Carolina, but and I presented before this Board before. And I've actually 3 presented to this Board before about recreation facilities. We've done a lot with that in the past. But looking at this site, 4 you've got a copy of my report, I understand. You can see that we looked at sales data in a number of subdivisions 5 specifically in Cary and Apex. We looked at those and we're finding no impact on adjoining property values. And we 6 focused looking at some of the homes that were really close to the ball fields to really try to look at those data. It is my 7 professional opinion that this project as presented will not have a negative impact on the adjoining property values and in 8 fact, I would specifically talk about the Thomas Brooks Park really fast just because I'm very familiar with that one. 1 9 actually helped in the process of appraising that park when it was first being put in. I appraised the subdivisions that are 10 surrounded for the infrastructure loans. When we did those analysis for the sell out on those,we looked at the park as a 11 premium. That actually encouraged. When we looked at the sell out data,that was supported. Those homes sold faster 12 than the homes nearby that were not near that and in the same price range so again, proximity to these parks, even the 13 homes that back up to the ball fields do typically sell faster and at premiums. I'd be happy to go into greater detail or 14 address things further. But it is my professional opinion this will not have negative impact on adjoining property values and 15 that it's a harmonious use specifically pointing to the fact that those three subdivisions around Thomas Brooks Park were 16 all built after Thomas Brooks Park was put in place. 17 18 Leon Meyers:Thank you. Board members,any questions for Mr. Kirkland? 19 20 Beth Bronson:You're saying that the homes that you've looked at were the ones next to the ball field, is that correct? 21 22 Richard Kirkland: Yes, ma'am. 23 24 Beth Bronson: Okay. And then that is the opposite side of Lawrence Road,correct? 25 26 Richard Kirkland: No, I'm talking about in the paired sales in the actual existing parks that I looked at I looked at those 27 closest to the ball fields. 28 29 Beth Bronson: Closest, thank you.And are you going to be going over your findings of your market analysis for this area 30 that you went over? 31 32 Adam Beeman: He did he said that he didn't see that it wasn't going to affect it negatively. 33 34 Richard Kirkland: Again, maybe I should jump to that. I brushed over it quickly. I can go there and specifically looking at 35 Thomas Brooks Park we looked at three different subdivisions there. And I just pulled out the sales data in general for that 36 development and then looked at specific examples of homes that sold that backed up to the ball fields and compared those 37 to the subdivision, in general. So again we looked at Hilliard Forest which is to the north. That actually subdivision is about 38 the furthest that from the active areas of the park as possible. It just happens to be there. Actually,the reason it's farther 39 from everything else, again because I was involved in it,there was some hazardous material in the soils on the north end of 40 that park which is why it's left vacant. But looking over, you can look over at Toscana which is to the south and that has 41 some of the closest homes. And those homes back up directly up to some soccer fields that are right there. And again 42 those homes are not showing a negative impact. And, in fact, in many of the cases,we're finding the most expensive 43 homes are the ones that are backing up to those fields. And similarly across the street on Bellwood. We did that 44 subdivision as well for the infrastructure, and again,we found that those were selling faster than the subdivisions further 45 from the park. 46 47 Beth Bronson:And do you have an average price point for those houses versus the houses that you were looking at? 48 49 Richard Kirkland: The homes in Bellwood they were ranging from 874,000 to 1.4 million. 50 51 Beth Bronson: Okay.And how does that compare to the homes that are surrounding this applicant's? 52 53 Richard Kirkland: The homes around here are a lot lower price point. In fact,the most likely overtime I would expect that 54 you'll see redevelopment of those homes in that area because they're value as a lot will be higher. 55