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<br />Dan Jewell: Thank you. With that, I’ll turn it over to Mr. Jarvis Martin, the appraiser, to talk about effect on property 2
<br />value. 3
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<br />Jarvis Martin: Good evening, Chairman Meyers and members of the Board of Adjustment. I am Jarvis Martin. I'm a 5
<br />State certified general appraiser, and I have been appraising properties here in the triangle area for over 45 years. I'm a 6
<br />retired member of the Appraisal Institute, and a retired DSRE designation. I'm a former member of the Durham City 7
<br />County Planning Commission, and I hold two degrees from North Carolina Central University. And I've had the privilege, 8
<br />in the past, to appear before this Board of Adjustment. At the request of the applicant and actually with the applicant, we 9
<br />drove the area of property that is in question off Scarlett Mountain Road as well as the section along Highway 86. One 10
<br />of the things that we wanted to determine was what is the current distance of the existing homes from the proposed 100-11
<br />foot buffer on these parcels. And based upon our calculations that the one property that's in the report, that's on Highway 12
<br />86, is approximately 300 feet from the 100-foot buffer, and that on Scarlett Mountain Road, the homes, they vary from 13
<br />the minimum of 365 feet to over 1,000 feet to, again, the 100-foot buffer. We've provided you with photographs of the 14
<br />current vegetation, if you ride out there and that you will see that exists, as well as a map that we use to sort of get our 15
<br />distances. What we were asked to do was to see if we could find market condition, or market support for homes that abut 16
<br />or are near the development. And in our research, we found for you four examples that I want to summarize. There's a 17
<br />property at 1500 Allen Lane, which you have a map, in proximity to Eno Ridge. And a picture of that property, as well as 18
<br />access. And our research determined that this property over time has sold three times in the past 15 years. With it being 19
<br />in proximity to Cates Landing, we wanted to determine what impact the development of this community may have had on 20
<br />the sale. Cates Landing was developed around 2019, and we found the sale for this property that's shown on Page 15, 21
<br />Market Study B, where this property, again, and we indicated was sold three times over the 15-year period, each time 22
<br />this property has appreciated in value. Today's market, the price prescribed for it, the list sales ratio was all in line with 23
<br />other market homes, and the most recent sale shows that this property sold for a substantial increase over the last sale, 24
<br />which was in 2003. And that it sold within a very short period of time for 100 percent of the list price, which that sale 25
<br />indicates then that the development that was put there has not had any adverse impact on that property and may have 26
<br />even helped it some. We have a second study dealing with the property at 1624 Poplar that you have a picture of the 27
<br />home, as well as the details of the sales on that property. And our study indicated that, again, these two properties both 28
<br />that I'm speaking about, are on unpaved private roads, and that again this property has sold multiple times. We are 29
<br />looking primarily at the last sale, again, that occurred after the proposed development went into effect, and this sale sold 30
<br />in 2024 and it had also appreciated on average over $21,000.00 per year, and sold at 97 percent of its list sales ratio, 31
<br />which again shows that the development that went in subsequently had no adverse impact. Since we were dealing only 32
<br />with individual scattered sales, again looking at properties that are in close proximity and having a similar characteristic 33
<br />as the homes along Scarlett Mountain Road, we then decided that we were going to look at some subdivisions as it 34
<br />relates to existing subdivisions within the community, and all of these sales are within Orange County, and subdivisions 35
<br />that subsequently came later. So we looked at the impact that Ramsley Community would have on North Woods. North 36
<br />Woods being an old established community, and Ramsley being built subsequently. And what we found, again, that in 37
<br />the North Wood community, after the development of Ramsley, they had multiple sales and that these sales all 38
<br />appreciated substantially in value, with minimum days on market and high list sales ratio. Again, you have there in your 39
<br />package that support the sales information as well as photographs of the communities that we're speaking about. And 40
<br />then, again, finally, we decided to take a look again at another community at the Cabe Crossing, with a similar situation 41
<br />where you have an established community that was there and subsequently had a new residential community to come 42
<br />within proximity, to look at if there was any impact on homes in that established community after the new community was 43
<br />built and operational, and our data support the fact that there was no adverse impact. Again, most of these homes have 44
<br />appreciated quite substantially in value over time, and that they're all selling for a high percentage, above 95 percent, of 45
<br />the list sales ratio. Realizing that all properties in our market, because of the high demand and the growth, would generally 46
<br />appreciate in value, we decided we would take one additional step and look at homes out in the County that did not have 47
<br />any substantial new residential community development near them, and to see if those home and how they were 48
<br />appreciating in value in relationship to the homes that we had analyzed earlier. And the data support the fact that these 49
<br />homes are appreciating comparable to those, and that there's no impact shown on those homes out in the County as it 50
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