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Home My WebLink AboutPowerPoint 59 Acres values 07-27-17Opposition to PUD Rezone Carmel 59 Acres Reserve at Cool Creek (Beazer Homes) 1 Value Influences for Residential Properties Access to workplaces Transportation services Access to shopping centers Proximity to and quality of schools Reputation of area Residential atmosphere and appearance Protection from unwanted commercial and industrial uses Proximity to open spaces, parks, lakes, rivers, and recreational facilities Presence of vacant land likely to be developed to uses that could make the area more or less desirable Private land use restrictions, e.g. conditions, covenants, and restrictions (CC&Rs) Public land use restrictions, e.g. zoning restrictions The Appraisal of Real Estate, 14th Edition, Appraisal Institute 2 Conformity Conformity is the result of a reasonable degree of architectural homogeneity, lot sizes, and compatible land uses. The standards of conformity have changed over the years, reflecting changes in the market attitudes, social trends, economic conditions, and public policy. The highest and best land use is generally realized under circumstances of harmony or conformity. The principal purpose of zoning regulation and private restriction is to maintain conformity. Appraising Residential Properties, Aurora Institute of Real Estate Appraisers, 1988 3 Conformity Affirms that property values are generally maximized and sustained when property features conform to the standards of the market. If a property’s architectural style, building cost and quality, lot size, and other physical and legal features are reasonably consistent with the characteristics of neighboring properties, market conformity is typically achieved. In general, higher-priced homes in an area of lower-priced housing will not sell at the same prices they would attract if they were located in more compatible surroundings. Appraising Residential Properties, Aurora Institute of Real Estate Appraisers, 1988 4 Current Zoning Suburban Residential (R-1) Consistent zoning east of Keystone Parkway. 5 Neighborhoods Surrounding Proposed Development 07/01/2016 to 06/30/2017 Sale Price: $305,000 to $680,000 Median: $460,000 Mean: $455,791 # of Homes Sold: 22 Avg. Age of Homes: 18 years 07/01/2015 to 06/30/2016 Sale Price: $315,000 to $735,000 Median: $460,000 Mean: $465,176 # of Homes Sold: 37 Avg. Age of Homes: 17 years 6 Value Range Proposed Development Proposed Duplexes Sale Price: $225,000 to $300,000 Size: 1,500 SF to 2,100 SF # of Units: 122 Development: 75% Detached Ranches Sale Price: $325,000 to $450,000 Size: 2,200 SF to 2,700 SF # of Units: 41 Development: 25% 7 Smokey Hollow Street Scene and Dwelling Orientation 8 Beazer Homes Street Scene and Duplex Orientation 9 Smokey Hollow Typical 10,000+ SF Lot Detached Dwelling 10 Smokey Hollow Typical 10,000+ SF Lot Detached Dwelling 11 Cotswold at Oak Manor Duplex Lot Attached Dwelling 12 Cotswold at Oak Manor Duplex Lot Attached Dwelling 13 Smokey Ridge Street Scene and Dwelling Orientation 14 Beazer Homes Street Scene and Duplex Orientation 15 Smokey Ridge Typical 10,000+ SF Lot Detached Dwelling 16 Smokey Ridge Typical 10,000+ SF Lot Detached Dwelling 17 Cotswold at Oak Manor Duplex Lot Attached Dwelling 18 Cotswold at Oak Manor Duplex Lot Attached Dwelling 19 Foster Estates Street Scene and Dwelling Orientation 20 Beazer Homes Street Scene and Duplex Orientation 21 Foster Estates Typical 10,000+ SF Lot Detached Dwelling 22 Foster Estates Typical 10,000+ SF Lot Detached Dwelling 23 Cotswold at Oak Manor Duplex Lot Attached Dwelling 24 Cotswold at Oak Manor Duplex Lot Attached Dwelling 25 Laura Vista Street Scene and Dwelling Orientation 26 Beazer Homes Street Scene and Duplex Orientation 27 Laura Vista Typical 10,000+ SF Lot Detached Dwelling 28 Laura Vista Typical 10,000+ SF Lot Detached Dwelling 29 Cotswold at Oak Manor Duplex Lot Attached Dwelling 30 Cotswold at Oak Manor Duplex Lot Attached Dwelling 31 Yorktown Woods Street Scene and Dwelling Orientation 32 Beazer Homes Street Scene and Duplex Orientation 33 Yorktown Woods Typical 6,000+ SF Lot Detached Dwelling 34 Yorktown Woods Typical 6,000+ SF Lot Detached Dwelling 35 Cotswold at Oak Manor Duplex Lot Attached Dwelling 36 Cotswold at Oak Manor Duplex Lot Attached Dwelling 37 Summation of Opposition to Zoning Change Competitive Beazer Homes Duplex Development Cotswold at Oak Manor, Westfield Completion of Build Out of Hills Duplex Development Serves as a buffer from Commercial uses adjacent North to Detached Single Family Residential to the South Not Located in Zoning District Suburban Residential (R1) Not Surrounded by Detached Dwellings that have Significantly Higher Average Property Values- $460,000 vs. $265,000 The Appraisal of Real Estate, 14th Edition, Appraisal Institute 38 Surrounding Residential Developments Beazer Homes Cotswold at Oak Manor 39 Current Zoning Suburban Residential (R-1) Consistent zoning east of Keystone Parkway. 40