HomeMy WebLinkAboutNeighborhood Analysis-Kingswood Subdivision by Integra Realty
o
NEIGHBORHOOD ANALYSIS
n
~
Kingswood Subdivision
Hamilton County
Carmel, Indiana
~,
/8
x- t~ .'
r'
W
r~
W
D
PREPARED FOR:
Mr. John Schuler
Martin Marietta Aggregates
13595 Landser Place
Carmel, Indiana 46033
(J I~RA ""'ty''''"''''
EFFECTIVE DATE OF THE APPRAISAL:
January 30, 2003
r~
. 1
~
INTEGRA REALTY RESOURCES - INDIANAPOLIS
4981 North Franklin Road
Indianapolis, Indiana 46226
Phone: 317-546-4720 Fax: 317-546-1407
E-Mail: mlady@irr.com
FILE NUMBER: 11830079
r , LOCAL EXPERTl5E...NATlONALLY
~
r'
I I
~
o
D
o
D
o
D
D
U
W-~Y7A
Af? d' ~, J'6.. \
I {-~o (0;'
A-r-b
r- j
:J
r-\
; ,
.~
o
o
o
o
o
o
D
o
D
o
D
D
o
D
o
D
o
o
u
INTEGRA REALTY RESOURCES
March 3, 2003
Mr. John Schuler
Martin Marietta Aggregates
13595 Landser Place
Carmel, Indiana 46033
Subject: Neighborhood Analysis
Kingswood Subdivision
Hamilton County
Carmel, Indiana
Integra Realty Resources - Indianapolis File No. 11830079
Dear Mr. Schuler:
Per your request, an analysis of marketing trends and property values for the Kingswood
Subdivision has been made by Integra Realty Resources - Indianapolis. The study analyzes
historical marketing trends for Kingswood and four competing subdivisions, as well as the
change in value of specific properties based on the analysis of properties which have sold and
resold during the period of study. Specifically, this study is to determine if external factors have
had a negative impact on the marketability and value of properties over the past four years.
NEIGHBORHOOD ANALYSIS
Kingswood is a platted residential subdivision containing approximately 221 building sites,
which are improved with custom built dwellings ranging in age from 10 to 15 years. The overall
development is well established and has a neighborhood value range from $235,000 to $375,000.
The development is situated in the far southwest portion of Clay Township, in Hamilton County.
This area is part of Carmel, Indiana, a suburban city contiguous with the north side of
Indianapolis. The neighborhood boundaries for Kingswood are considered to be defined as 96th
Street to the south, Keystone Avenue to the west, 126th Street to the north and Hazel Dell
Parkway to the east. The defined neighborhood is characterized as a developing residential area
with supportive neighborhood commercial uses fronting along the main thoroughfares.
Additionally, there are several tracts of land within the southeast portion of the area that are
being mined for minerals by the Martin Marietta Aggregates Company.
The following describes the methodology and pertinent data gathered by the appraisers, as well
as the appraisers' analysis of the findings.
KINGSWOOD SUBDIVISION
PAGE 2
-
o
D
D
D
D
D
D
o
D
D
D
D
o
o
D
D
D
o
o
INTEGRA REALTY RESOURCES
COMPETITIVE NEIGHBORHOODS
The appraisers utilize four competitive neighborhoods within the subject's general marketing
area, eastern Clay Township of Hamilton County. Brief descriptions of these neighborhoods are
as follows:
Foster Grove - is comprised of custom built dwellings that range in value from $175,000
to $275,000. The overall development is comprised of 234 building sites and is fully
developed. The majority of the dwellings within this development were constructed in
the mid-1980's. Foster Grove is located at 131 st and Gray Road, at the northwest corner.
Mohawk Crossings - is comprised of custom built dwelling that range in value from
$225,000 to $325,000. The overall development is comprised of 154 building sites and is
fully developed. The majority of the dwellings within this develogment were constructed
between 1982 to 1988. The development is situated between 126 Street to the south and
131 st Street to the north, east of Gray Road.
Williamson Run - is comprised of custom built dwelling that range in value from
$225,000 to $450,000. The overall development is comprised of 172 building sites and is
fully developed. The majority of the dwellings within this development were constructed
between 1987 to 1997. This development is situated south of 106th Street, between
Keystone Avenue to the west and Gray Road to the east.
Woodfield - is comprised of custom built dwelling that range in value from $275,000 to
$575,000. The overall development is in excess of 182 b.uilding sites and is nearing the
end of its development stage. Dwellings within this development were constructed from
1982 to the present. Predominately, the higher valued homes within Woodfield have
been constructed within the past four years. This development is situated south of 146th
Street and east of Gray Road.
COMPETITIVE MARKET ANALYSIS (CMA)
The following is the Competitive Market Analysis (CMA) of Kingswood and the four
competitive subdivisions mentioned above. This analysis reflects the number of active listings,
pending sales and closed sales over the past three years, as well as the lowest, highest and
average list/sale prices. Additionally, the average list and sale price per square foot is reflected,
along with the average number of days on markets. All of the statistics utilized below were
obtained from the Metropolitan Indianapolis Board of Realtors multiple listing service. Only
three years of sales history is available for the CMA reports.
KINGSWOOD SUBDIVISION
PAGE 3
D
U
o
D
D
D
D
D
D
o
D
D
D
o
o
o
D
D
o
INTEGRA REALTY RESOURCES
Kingswood:
CMA: -Number of Properties Low High Average LisVSale Pricelsq.ft. Avg. DOM
Active Listings - 3 $299,900 $369,900 $343,233 $90.00 42
Pending Sales -2 $279,900 $305,000 $292,450 $110.00 20
Sales 2000 - 24 $248,000 $355,000 $287,833 $94.00 53
Sales 2001 - 12 $281,500 $344,000 $312,837 $93.00 31
Sales 2002 - 12 $267,000 $334,000 $298,875 $101.00 91
In 2000, there were a total of 24 closed sales within the Kingswood Subdivisions, with the
average sale price being $287,833. In 2001 and 2002, there were 12 repoJ,ted closed sales each
year. The average sale price for 2001 was $312,837 with an average sale price per square foot of
$93.00. In 2002, the average sale price was $298,875 with the average sale price per square foot
being $101.00. The above chart illustrates that the average sale price increased between 2000 and
2002 by a factor of 1.038.
Foster Grove:
CMA: -Number of Properties Low High Average LisVSale Price/sq.ft. Avg. DOM
Active Listings - 1 $264,500 $264,500 $264,500 $69.00 38
Pending Sales -1 $189,900 $189,900 $189,900 $74.00 6
Sales 2000 - 10 $161 ,000 $240,000 $220,617 $87.00 55
Sales 2001 - 9 $190,000 $256,000 $228,813 $91 .00 38
Sales 2002 - 14 $190,000 $260,000 $230,278 $93.00 48
KINGSWOOD SUBDIVISION
PAGE 4
o
u
U
D
D
o
D
o
o
o
o
D
D
o
D
U
o
o
o
INTEGRA REALTY RESOURCES
In 2000, there were a total of 10 closed sales within the Foster Grove Subdivision, with the
average sale price being $220,617. In 2001, there were approximately 9 closed sales with an
average sale price of $228,813. In 2002, there were 14 closed sales reported with an average sale
price of $230,278. The average sale price per square foot increased each year within Foster
Grove. The above chart illustrates that the average sale price increased between 2000 and 2002
by a factory of 1.044.
Mohawk Crossings:
CMA: -Number of Properties Low High Average List/Sale Price/sq.ft. Avg. DOM
Active Listings - 0 $0 $0 $0 $0.00 0
Pending Sales - 0 $0 $0 $0 $0.00 0
Sales 2000 - 13 $224,000 $310,000 $264,112 $89.00 64
Sales 2001 - 14 $238,900 $319,000 $396,914 $94.00 45
Sales 2002 . 10 $244,900 $307,000 $280,244 $99.00 24
In 2000, their were a total of 13 closed sales within the Mohawk Crossings, with the average sale
price being $264,112. In 2001, there were approximately 14 closed sales with an average sale
price of $396,914. In 2002, there were 10 closed sales reported with an average sale price of
$280,244. The average sale price per square foot increased each year within Mohawk Crossings.
Similar to Kingswood, the average sale price between 2001 and 2002 also decreased within the
Mohawk Crossing Subdivision. The average sale price increased between 2000 and 2002 by a
factor of 1.061.
KINGSWOOD SUBDIVISION
PAGES
o
D
o
D
o
U
D
o
D
U
o
U
D
D
o
U
o
D
o
INTEGRA REALTY RESOURCES
Williamson Run:
CMA: -Number of Properties Low High Average List/Sale Price/sq.ft. Avg. DOM
Active Listings - 1 $299,900 $299,900 $299,900 $93.00 105
Pending Sales -0 $0 $0 $0 $0.00 0
Sales 2000 - 16 $239,000 $386,500 $289,546 $100.00 35
Sales 2001.- 6 $265,000 $420,000 $315,166 $99.00 26
Sales 2002 - 9 $287,500 $370,000 $314,644 $100.00 36
In 2000, there were 16 closed sales reported with an average sale price of $289,546. In 2001,
there were approximately 6 closed sales with an average sale price of $315,166. In 2002, their
were 9 closed sales and the average sale price decreased from 2001 to $314,644. The average
sale price per square foot decreased from 2000 to 2001, but increased in 2002 similar to
Kingswood. Williamson Run is also similar to Kingswood in number of properties that sold over
this three year period; as 2000 featured 16 closed sales, with the remaining two years having a
lower number of closed sales. The above chart illustrates that the average sale price increased
between 2000 and 2002 by a factor of 1.087.
Woodfield:
.................................B.....IIIIIIIIIBI/...
. . _____... .......................B...........'UB............................
-....--, ---...-- ,-- . - .
CMA: -Number of Properties
Low
High Average List/Sale Price/sq.1 Avg. DOM
Active Listings - 5
$384,900 $549,900 $444,900
$94.00
67
Pending Sales-1
$419,900 $419,900 $419,900
$83.00
215
Sales 2000 - 6
$300,500 $495,000 $357,983
$88.00
109
Sales 2001 - 7
$305,000 $493,000 $396,914
$99.00
79
Sales 2002 - 18
$407,500 $550,000 $431,257
$101.00
48
KINGSWOOD SUBDIVISION
PAGE 6
o
u
u
U
D
U
D
D
D
U
D
o
o
D
o
o
D
o
o
INTEGRA REALTY RESOURCES
fu 2000, there were 6 closed sales reported in Woodfield with an average sale price of $357,983.
fu 2001, there were approximately 7 closed sales reported with an average sale price of
$396,914. In 2002, there were 18 closed sales reported with an average sale price of $431,257.
The significant increase in the number of closed sales and the average sale price from 2001 to
2002, can be attributed to the number of newer homes that sold within the development.
Additionally, some of these statistics reflect newly constructed dwellings within Woodfield.
However, not all of the newly constructed dwellings are reported to the multiple listing service.
The above chart illustrates that the average sale price increased between 2000 and 2002 by a
factor of 1.205.
Summary Competitive Market Analysis (CMA)
All of the subdivisions mentioned above are considered to be competitive, when considering the
average sale prices, sale price per square foot and average number of days on the market. The
statistics predominately indicate that property values are slightly increasing, which reflects the
general market for the greater fudianapolis area. Due to the varied price ranges within the
developments, three of the five developments showed decreases in 2001 and 2002. The majority
of the subdivisions reflected a better marketing period for 2000 than 2002, based on the number
of closed sales reported. The sales price per square foot of total gross living area had either
increased or remained the same for all of the subdivisions analyzed. Additionally, the average
number of days on the market for all of the subdivision are below a marketing period of 120 days
for each year.
Kingswood ranked second in the Shortest Marketing period in 2000 and 2001 and had the
highest number of days on the market in 2002. fu 2002 Kingswood ranked second highest in sale
price per square foot of living area ($94.00 per SFLA), and fourth in 2001 ($93.00 per SFLA). fu
2002 Kingswood tied with Woodfield for the highest average sale price per square foot of living
area ($101.00 per SFLA). Thus, when considering these factors, the above data would indicate
that market conditions for Kingswood Subdivision are similar to the market conditions for the
competing developments.
EXPIRED AND WITHDRA WNS ANALYSIS
The following analysis reflects the expired or withdrawn properties from Kingswood and the
four competitive subdivisions. All of the statistics utilized were obtained from the Metropolitan
fudianapolis Board of Realtors:
KINGSWOOD SUBDIVISION
PAGE 7
D
INTEGRA REALTY RESOURCES
0 Kingswood
D Year Expired Avg. DOM Withdrawns Avg. DOM
D 2000 0 0 6 72
2001 1 180 2 121
2002 1 93 5 73
U
0 Mohawk
Year Expired Avg. DOM Withdrawns Avg. DOM
D 2000 0 0 4 102
2001 1 92 9 98
0 2002 0 0 1 137
.
0 Foster Grove
0 Year Expired Avg. DOM Withdrawns Avg. DOM
2000 1 153 4 .117
D 2001 0 0 4 123
2002 2 107 5 82
0
Williamson Run
0 Year Expired Avg. DOM Withdrawns Avg. DOM
D 2000 1 88 6 99
2001 0 0 4 92
2002 0 0 2 192
U
0 Woodfield
0 Year Expired Avg. DOM Withdrawns Avg. DOM
2000 2 153 6 78
2001 4 147 11 113
0 2002 2 29 9 113
0 KINGS WOOD SUBDIVISION PAGE 8
D
D
D
D
D
o
D
D
D
o
D
D
D
D
o
D
o
o
D
INTEGRA REALTY RESOURCES
These statistics indicate that marketing conditions for Kingswood are also similar to the
competing subdivisions, when considering the expired and withdrawns that have taken place
over the past three years. Overall, Woodfield has a higher number of expired and withdrawns
that any of the other subdivisions. It's the appraiser's opinion that the larger number of expired
and withdrawns is attributed to the higher valued homes within the development and the new
construction that is currently taking place.
Within Kingswood, there were approximately 2 expired listings and 13 withdrawn over a three
year period analyzed from 2000 to 2002. The expired properties were 4952 Regency Place and
5058 Huntington Drive. The property known as 4952 Regency Place was originally listed for
$285,000 on 09/28/00, which expired on 03/16/01 at its original asking price. The property has
not been listed since the expired listing, per the Multiple Listing Service (MLS). The property
known as 5058 Huntington Drive was originally listed for $324,900 on 11/02/01, which expired
on 02/03/02 at its original asking price. This property went back on the market 03/01/02 at a list
price of $324,900 and sold for $305,000 on 10/17/02.
The following is the history of the 13 withdrawn properties from Kingswood.
11088 St. Charles Place was originally listed for $324,900 on 03/23/00, which was
withdrawn from the market 8 days later.
5073 St. Charles Place was originally listed for $324,900 on 03/14/00. The property was
reduced to $319,900 on 05/04/00 and then withdrawn from the market on 05/09/00. The
same day the property was relisted at $319,900 which was reduced again to $314,900 on
05/15/00. On 06/08/00, 5073 St. Charles Place was withdrawn from the market and
relisted on the same date for $314,900. The property then sold on 08/16/00 for
$299,000. The previous sale price for 5073 St. Charles Place was $277,777 on 08/31/98.
Even though this property was on and off the market, the final sale price is considered to
be reflective of marketing conditions at the time of sale.
4924 Woodcreek Drive was originally listed for $334,500 on 02/18/00, which was
reduced to $329,900 on 04/27/00. The asking price was reduced twice, once on 05/17/00
to $319,900 and on 06/07/00 to $314,900. This property was then withdrawn from the
market on 06/28/00 and has not been listed again.
5099 Kingwood Drive was originally listed on 07/20/00 for $309,900. The property was
reduced to $304,900 on 08/03/00 and withdrawn from the market on 08/14/00. This
property was only exposed to the market for 14 days.
5088 St. Charles Place was listed for $289,900 on 01/17/00. The property was reduced
on 02/17/00 to $274,900 and then again on 03/17/00 to $269,900. The property was
withdrawn on 05/08/00. The property was relisted for $269,900 on 05/08/00 and sold for
$260,000 on 08/01/00. The previous sale price was reported at $221,000 on 12/29/89.
5120 Williams Circle was originally listed for $259,000 on 11/05/99. The property was
reduced twice to $254,900 and then to $249,900. On 03/22/00, the property was
withdrawn from the market and then relisted the same day for $249,900. A reported sale
KINGSWOOD SUBDIVISION
PAGE 9
D
D
D
D
D
D
o
o
o
D
D
D
D
D
D
D
o
D
o
INTEGRA REALTY RESOURCES
price of $248,000 is reported on 04/18/00. This property previously sold for $224,000 on
03/02/98.
11188 Westminster Way was listed for $339,000 on 04/17/01 and reduced to $329,000
on OS/21/01. The property was withdrawn from the market on 07/25/01 and then relisted
on 08/03/01 for $329,000. The property sold on 10/04/01 for $310,000.
4916 Woodcreek Drive was listed for $314,900 on 10/30/00 and reduced on 03/12/01 to
$312,900. The property was withdrawn from the market on 03/19/01. This property
previously sold for $239,000 on 12/21/94.
5029 Huntington Drive was listed for $329,900 on 09/27/02 and reduced to $324,900 on
11/01/02. The property was withdrawn on 11/04/02 and relisted for 324,900. This
property has since been reduced to $299,900 and is currently on the market. The
property previously sold in 2000 for $277,000.
5028 Huntington Drive was listed on 01/06/02 for $334,900 and reduced to $325,000 on
02/13/02. The property was reported to be pending on 03/16/02, but did not close. On
04/12/02, this property was withdrawn from the market and then relisted the same day.
Then the property was reduced two more times to a final asking price of $314,900 and
sold on 08/06/02 for $305,000. The property previously sold for $242,000 on 11/27/97.
4994 Huntington Drive was listed for $319,000 on 08/06/01 and was withdrawn from the
market on 02/05/02. The property was then relisted on 02/0502 for $319,000 and sold for
$313,000 on 08/16/02.
4916 Woodcreek Drive was listed for $284,900 on OS/22/02 and withdrawn from the
market on 06/17/02. The same day the property was relisted for $284,900. The list price
was reduced to $279,900 on 06/18/02 and the property sold on 07/22/02 for $279,900.
4990 Kingswood Drive was listed on 03/05/02 for $284,900 and then was withdrawn
from the market on 03/15/02. The property was only on the market for 10 days.
Summary of Expired and Withdrawns
The analysis of the expired and withdrawns, does not reflect any abnormal marketing conditions
or patterns for the Kingswood Subdivision. Two of the properties analyzed above were on the
market less than 30 days, and the majority of the properties sold after being.
RESALE ANALYSIS
The following analysis indicates the percentage difference in value of a property, which has
resold more than once since 1998. This analysis is more specific than the previous analysis as the
results are not skewed by there being more sales of expensive homes in one period versus
another period.
KINGSWOOD SUBDIVISION
PAGE 10
D
o
o
o
D
o
D
o
D
D
D
D
o
o
D
o
D
o
o
INTEGRA REALTY RESOURCES
In Kingswood, there are approximately 11 properties that have sold and resold within the past
four years. Two of the 11 properties have resold twice during this time period. Within the
remaining four subdivisions, there has been a total of 14 properties that have sold and resold
within the past four years. The following illustrates the finding of these statistics.
Kingswood Resale's:
ii ........tI ......I~lQgswo~c;tSubdi\fiSidt1....B~l;tle ~nalysis'? ..........
.-.-....._-'.,..','-."..,:-,.:'..,._':.:.:,.".,.,.
-...-.,.......-....._-"...,.,.,.,.,-,..
._'--...-.......:............-..,.....'..,.............",.
......,-....-- .-............-...'.....
........................,-...-...-,..,..,....
...,..-.......,.................-.-...'...,.,....
..-....-_.............-..-..-...-......,
...,_.............-.._,.'...-.-.-'..
.-...._'-'..... ...- .'.'...-....
....... ............ ".-,",',
......,.:.:........:..........,..:.-..,."."..,','.
...., :":':';':':"':"';"':"':~""""':":""
Address Sale Plrce Sale Date Sale Price Sale Date % Change % Per Year
1.) 11139 Woodbury Drive $274,000 6/4/98 $297,000 7/1/1999 8.39% 7.82%
$297,000 7/1/99 $306,000 1/30/2002 3.03% 1.17%
2.) 11170 WOOdbury Drive $227,000 7/28/97 $267,000 6/22/2000 17.62% 6.07%
3.) 4969 Kingswood Drive $276,000 10/21/98 $293,000 12/27/1999 6.16% 5.20%
$293,000 12/27/99 $320,000 7/23/2001 9.22% 5.86%
5.) 5078 Huntington Drive $292,500 8/12/02 $294,000 1/17/2003 0.51% 1.18%
6.) 5093 St. Charles Place $275,000 1/14/00 $281,500 7/13/2001 2.36% 1.58%
7.) 5103 St. Charles Place $265,000 7/28/00 $267,000 8/28/2002 0.75% 0.36%
8.) 5073 St. Charles Place $277,777 8/31/98 $299,000 6/16/2000 7.64% 4.26%
9.) 5120 Williams Circle $224,000 3/20/98 $248,000 4/18/2000 10.71% 5.15%
10.) 4957 Huntington Drive $290,000 6/25/99 $334,000 12/30/2002 15.17% 4.31%
11.) 5129 Huntington Drive $268,000 4/26/99 $275,000 9/14/2000 2.61% 1.88%
Average Percentage Change 7.02% 3.74%
Median Percentage Chage 6.90% 4.29%
Both properties #1 and #3 resold more than once within the past four years. Thus, a total of
13 resales are analyzed. The average percentage change for these properties in Kingswood has
increased 7.02% or 3.74% per year. The total range in percentage change is from 0.51 % to
17.62%. The total percentage change on a per year rate is from 0.36% to 7.82%. The median
increase in percentage change for these properties in Kingswood is 6.90% or 4.29% per year.
KINGSWOOD SUBDIVISION
PAGE 11
o
o
D
D
o
o
o
o
o
o
o
D
o
o
o
o
o
o
o
INTEGRA REALTY RESOURCES
Competitive Subdivisions Resale's:
...rr...ir....i!i...........~.()rnP@titi~~.......Sg.~C:I.iVi.si.g~.........EI..i!~.@I.~.......~.gal.y~i$.....................
Address Sale Pirce Sale Date Sale Price Sale Date % Change % Per Year
1.) 4965 Limberlost $243,000 3/30/98 $275,000 3/31/2000 13.17% 6.57%
2.) 12766 Limberlost $240,000 5/28198 $269,900 8130/2002 12.46% 2.92%
3.)12838 Limberlost Drive $277,000 4/23/99 $307,000 7/30/2002 10.83% 3.31%
4.) 4958 Rockne Circle $218,000 11/9/98 $224,000 5/24/2000 2.75% 1.79%
5.) 4976 Rockne Circle $267,750 7/25/00 $284,900 812812002 6.41% 3.06%
6.) 4972 Riley Mews $283,900 3/10/00 $293,000 9/20/2001 3.21% 2.09%
7.) 5340 Woodfield $381,500 10/1/01 $407,500 12/5/2002 6.82% 5.78%
8.) 13189 Foster $232,000 8/1/00 $255,000 9/30/2002 9.91% 4.58%
9.) 3670 Power Drive $281,900 3/31/99 $291,500 12/13/2002 3.41% 0.92%
10.) 3683 Power Place $340,000 7/20/98 $370,000 7/31/2002 8.82% 2.19%
11.) 3705 Power Drive $263,000 9/23/98 $290,000 10/5/2001 10.27% 3.38%
12.) 3778 Power Drive $265,000 8/14/98 $286,000 8114/2000 7.92% 3.96%
13.) 10411 Power Drive $294,000 11/6/98 $314,900 6/17/2002 7.11% 1.97%
14.) 10575 Power Drive $300,000 7/31/98 $300,000 8113/1999 0.00% 0.00%
Average Percentage Change 7.36% 3.04%
Median Percentage Change 7.52% 2.99%
Multiple resales could not be found within the competitive subdivisions over the past four years.
The appraisers have utilized 14 resales from the four competitive subdivisions mentioned within
this document. The average increase in percentage change for the competitive subdivisions is
7.36% or 3.04% per year. The total range in percentage change is from 0.00% to 13.17%. The
percentage change on a per year rate is from 0.00% to 6.57%. The median increase in
percentage change for these properties in the competing subdivisions is 7.52% or 2.99% per
year.
KINGS WOOD SUBDIVISION
PAGE 12
o
o
o
D
D
D
D
o
U
D
o
D
o
D
o
o
o
D
o
INTEGRA REALTY RESOURCES
SUMMARY RESALE ANALYSIS
The analysis of resales of individual properties within Kingswood compared to competing
subdivisions is considered to be a better indication of market conditions for properties within the
Kingwood Subdivision. On the average, properties within Kingswood have been increasing at a
rate of 3.74% a year, compared to the competing subdivisions that have an average increase in
value of 3.04% a year. The median percentage change within Kingswood has been 4.29%
compared with a median percentage change in the competitive subdivision. resale analysis of
2.99%. These statistics indicate that Kingswood has experienced above average increases in
value in comparison with the competitive subdivisions.
CONCLUSION
The CMA statistics indicate that the subject has similar marketing characteristics in comparison
to competing developments within the area. The Resale Analysis indicates that Kingwood
Subdivision reflects an average increase in sale price of 3.74% per year compared to the
competing subdivisions that have an average increase of 3.04% per year.
Based on these statistics and factors mentioned above, Kingswood Subdivision does not appear
to suffer from any economic obsolescence due to external factors. Additionally, there appears to
be sufficient demand for properties within the Kingswood Addition at price levels typical to
competitive properties.
If you have any further questions, please fell free to contact us at your convenience.
Sincerely,
Michael C. Lady, SRA, MAl, CCI
Certified General Real Estate Ap
Indiana Certificate #CG691 00223
~tl\~
Geffrey M. Lady
Indiana Licensed Residential Appraiser
Indiana Certificate #LR49800009
GMUkb/tf
attachments
KINGSWOOD SUBDIVISION
PAGE 13
CJ t==J r:::::J r=J CJ r=:J t=J t:=J t=J EJ E:J CJ. EJ t=J EJ CJ t=J t==1 E:J
General Analysis of Kingswood and Competing Subdivisions
Ava. Sale Price 2000 Ava. Sale Price 2001 % Chanae of 00 vS.01 Ava. Sale Price 2002 % Chanae of 01 vS.02 % Chanae of 00 vs.02 Value Range
Kingswood $287,833 $312,837 8.7% $298,875 -4.5% 3.8% $235,000 to $395,000
Foster Grove $220,617 $228,813 3.7% $230,278 0.6% 4.4% $175,000 to $275,000
Mohawk Crossing $264,11~ $396,914 50.3% $280,244 -29.4% 6.1% $225,000 to $325,000
Williamson Run $289,546 $315,166 8.8% $314,644 -0.2% 8.7% $225,000 to $450,000
Woodfield $357,983 $396,914 10.9% $431,257 8.7% 20.5% $275,000 to $575,000
o
U
D
D
o
o
D
D
o
D
D
o
o
U
D
o
o
D
U
Average Number of Days on the Market
2000 2001 2002
Kingswood 53 31 91
Foster Grove 35 38 48
Mohawk Crossings 64 45 24
Williamson Run 35 26 36
Woodfield 109 79 48
Sales Price Per Square Foot
2000 2001 2002
Kingswood $94.00 $93.00 $101.00
Foster Grove $87.00 $91.00 $93.00
Mohawk Crossings $89.00 $94.00 $99.00
Williamson Run $100.00 $99.00 $100.00
Woodfield $88.00 $99.00 $101.00
tJ...,.,
Iii
U
~
U
u
e
u
o
D
D
U
D
o
Q
D
U
D
o
U
INTEGRA REALTY RESOURCES
AERIAL MAP
KINGSWOOD SUBDIVISION
D
D
Q
~
U
U
D
o
U
u
a
o
o
Q
D
D
C
o
i
INTEGRA REALTY RESOURCES
..".
u
Kingswood
PLAT
KINGSWOOD SUBDIVISION
D
o
D
o
o
u
u
o
o
u
o
u
o
o
o
o
o
o
o
EXPERIENCE:
EDUCATION:
LICENSES:
PROFESSIONAL
MEMBERSHIPS:
PROFESSIONAL QUALIFICATIONS
OF
GEFFREY M. LADY
Real Estate Analyst for Integra Realty Resources -Indianapolis.
Background includes six years with Michael C. Lady Appraisal
Company, Inc. Valuations have been performed on various
property types including but not limited to land and residential
properties, including small income properties. The purpose of
these valuations are for mortgage loans, marriage dissolution,
estate planning, insurance settlements, etc.
Bachelor of Science Degree, Purdue University
(Major: Financial Planning)
Course Work Completed:
Real Estate Appraisal Principles
Appraisal Procedures
Standards of Professional. Practice A & B
Residential Case Study
Data Conformation & Verification Methods
Residential Property
Fundamentals of Relocation Appraising
Basic Income Capitalization
Indiana Licensed Residential Appraiser # LR49800009
Indiana Broker # IB29600379
Indiana Salesperson # SP39302632
Independent Fee Real Estate Appraiser
Appraisal Institute
Hoosier State Chapter Membership Recruitment Chair
Metropolitan Indianapolis Board of Realtor
Board of Directors - Appraisers Seat
LOCAL EXPERTISE... NATIONALLY
4981 N. Franklin Road . Indianapolis. IN 46226-2000. Phone: 317-546-4720. Fax: 317-546-1407. Email:
mlady@irr.com
o
U
D
U
o
o
o
o
U
D
o
o
D
o
o
o
o
D
o
EXPERIENCE:
PROFESSIONAL
MEMBERSHIPS
and
DESIGNATIONS:
PROFESSIONAL
INVOLVEMENT:
EDUCATION:
LICENSES:
CERTIFICATION:
PROFESSIONAL QUALIFICATIONS
OF
MICHAEL C. LADY, MAl, SRA
Managing Director for Integra Realty Resources - Indianapolis. Background
includes two years as Staff Appraiser for the Indiana State Highway
Commission and twenty-five years serving the public in real estate valuation
and consulting. Recent experience is concentrated in major urban and suburban
development projects, as well as public development and redevelopment
projects. Valuations have been performed on various property types including
single and multi-tenant retail properties, apartment complexes, single and multi-
tenant industrial properties, low to high rise office buildings, mixed use
facilities, residential subdivision analyses, and vacant land for different uses.
Specialized real estate valued includes military bases, hospitals and medical
centers, nursing homes, churches, and recreational properties. Valuations have
been performed for mortgage loan purposes, equity participation and due
diligence support, estate planning, condemnation proceedings, insurance
purposes, and real estate tax valuation. Assignments have included the
valuation of proposed properties, distressed properties, contaminated properties,
and market studies.
Qualified as an expert witness in several courts and jurisdictions, including
U.S. Bankruptcy Court and Federal Tax Court. Litigation support work has
included consulting and review services, as well as valuation services.
Appraisal Institute: MAl, SRA
American Society of Real Estate Appraisers: ASA
Commercial Real Estate Institute: CCIM
Commercial, Industrial Marketing Group (Member)
Indiana Association of Realtors (Member)
Metropolitan Indianapolis Board of Realtors (Member)
National Association of Realtors Real Estate Appraisal Section (Member)
Urban Land Institute (Associate Member)
Member: Appraisal Institute
Chair of General Experience Subcommittee
General Admissions Committee
Qualifying Education Committee
(Past member of National Board of Directors)
(Past President, Hoosier State Chapter)
Bachelor of Science Degree, Ball State University, 1972
(Major Study: Business Administration)
Successfully completed numerous real estate and related courses and seminars
sponsored by the Appraisal Institute, Commercial Investment Real Estate
Institute, and accredited universities.
Indiana Broker #IB51238117
Indiana Certified General Appraiser #CG69100223
Michigan Certified Appraiser # 120 1 0040 11
Kentucky General Real Property Appraiser #000951
Florida Certified General Appraiser #RZ 0001893
Currently certified by the Appraisal Institute's voluntary program of continuing
education for its designated members.
LOCAL EXPERTISE... NATIONALL Y
4981 N. Franklin Road . Indianapolis. IN 46226-2000. Phone: 317-546-4720. Fax: 317-546-1407. Email: mlady@irr.com
D
o
o
o
u
o
u
o
D
o
o
o
o
D
o
o
o
D
o
INTEGRA REALTY RESOURCES, INC.
CORPORATE PROFILE
Integra Realty Resources, Inc., is the largest property valuation and counseling firm in the United
States, with 50 offices in 30 states. Integra was created for the purpose of combining the intimate
knowledge of well-established local offices with the powerful resources and capabilities of a
national company. Integra's local offices have an average of 20 years of service in the local market.
A Managing Director leads each office, with an average of 25 years of local market valuation and
counseling experience.
Integra Realty Resources, Inc., has 140 professionals who hold the Appraisal Institute's MAl
designation, of which 26 are CRE members of The Counselors of Real Estate. In addition to having
expertise in the standard commercial property types, the firm has an extensive track record in
specialty property classes including regional malls, hotels, health care facilities, golf courses, and
pipeline rights-of-way. Integra also has a wealth of experience in market and feasibility studies,
property tax consulting, litigation support, and machinery and equipment and business valuation.
A listing of Integra's local offices and their Managing Directors follows:
ATlANTA, GA - J. Carl Schultz. Jr., MAl, SRA, CRE
ATlANTIC COAST NJ - Anthony S. Graziano, MAl, eRE
AUSTIN, TX - Randy A. Williams, MAl
BALTIMORE, MD - Patrick C. Kerr, MAl, SRA
BOSTON, MA - David L Cary, MAl, SRA, CRE
CHARLOTTE, NC - Fitzhugh L Stout, MAl, CRE
CHICAGO, IL - Gary K. DeClark, MAl, CRE
CHICAGO, lL - J. Scott Patrick, MAl
CINCINNATI, OH - Gary S. Wright, MAl, SRA
COLUMBIA, SC - Michael B. Dodds, MAl, CClM
COLUMBUS, OH - Eric E. Belfrage, MAl, CRE, lSHC
DALLAS, TX - Mark R. Lomb, MAl, CPA
DAYTON, OH - Mark LMiddleton, MAl, SRA
DENVER, CO - Brad A. Weiman, MAl
DETROIT, MI - Anthony Sanna, MAl
FORT MYERS, FL - Woodward S. Hanson, MAl, CRE, CCIM
FORT WORTH, TX - Donald J. Sherwood, MAl .
HARTFORD, CT - Mark F. Bates, MAl, CRE
HOUSTON, TX - David R. Dominy, MAl
INDIANAPOliS, IN - Michael C. Lady, MAl, SRA, CCIM
KANSAS CITY, MO/KS - Kevin K Nunnink, MAl
LAS VEGAS, NV - Shelli L Lowe, MAl, SRA
WS ANGELES, CA - John G. Ellis, MAl
WUISVILLE, KY - George M. Chapman, MAl, SRA, CRE
MEMPHIS, TN - J. Walter Allen, MAl
MIAMI, FL-Michael Y. Cannon, MAl, SRA, CRE
MILWAUKEE, WI - Sean Reilly, MAl
MINNEAPOliS, MN -Alan P. Leimess, MAl, CCIM
MORGANTOWN, WV - Thomas A. Motta, MAl, CRE
NAPLES, FL-Julian Stokes, MAl, CRE, CCIM
NASHVILLE, TN - R. Paul PerutelU, MAl, SRA
NEW YORK, NY - Raymond T. Cin, MAl, CRE,
Dov E. Goldman, MAl, eRE
NORTHERN NJ - Barry J. Krauser, MAl, CRE
ORANGE COUNTY, CA - Larry Webb, MAl
ORLANDO, FL - George L. Goodman, MAl
PHILADELPHIA, PA - Joseph D. Pasquarella, MAl, CRE
PHOENIX, AZ - Walter Winius, Jr., MAl, CRE
PITTSBURGH, P A - Paul D. Griffuh, MAl
PORTLAND, OR - Brian A. Glanville, MAl, CRE
PROVIDENCE, RI - Gerard H. McDonough, MAl
RICHMOND, VA - Robert E. Coles, MAl, CRE
SACRAMENTO, CA - Scott Beebe, MAl
SAN ANTONIO, TX - Martyn C. Glen, MAl, CRE, FRlCS
SAN DIEGO, CA - Lance W. Dore, MAl
SAN FRANCISCO, CA - Jan Kleczewski, MAl
SA V ANNAH, GA - J. Carl Schultz. Jr., MAl, SRA, CRE
SEATTLE, WA -Allen N. Safer, MAl.
TAMPA, FL-Bradford L. Johnson, MAl
TULSA, OK - Robert E. Gray, MAl
WASHINGTON, DC - Patrick C. Kerr, MAl, SRA
Corporate Office
Raymond T. Cirz, MAl, eRE, President/CEO
Kevin K. Nunnink, MAl, Chairman
George G. Ward, MAl, Vice President
u
o
INTEGRA REALTY RESOURCES. INDIANAPOLIS
CLIENT LISTING
D
Financial Institutions and Lenders
Americana Savings Bank. New Castle
American Federal Mortgage Company
Banc One Mortgage Corporation
Bank One Indianapolis. N A
Birmingham Mortgage Co.. Birmingham. MI
Bright Mortgage. Dallas TX
Chemical Financial Service Corp.. Cleveland. OH
Chemical Mortgage
CitFed Mortgage Corp. of America
Citicorp Mortgage. Inc.. St Louis. MO
Citizens Bank of Central Indiana
Citizens Federal Bank of New Castle. IN
Citizens First State bank. Dunkirk. IN
Citizens Fidelity Mortgage Co.. Louisville. KY
Consolidated Financial Network, Bloomington. IN
CTX Mortgage. Houston, TX
Deere Credit Services, West Des Moines. IA
Dulaney National Bank. Marshall. II.
Elston.Bank and Trust Company. Crawfordsville, IN
Federal National Mortgage Assoc. Washington D.e.. Chicago. II.
Fidelity Federal Savings & Loan of Greenwood
Fifth Third Bank of Central Indiana
First Federal savings Bank of Kokorno
First Indiana Bank
First Indiana Federal Savings Bank
First Interstate Bank of Arizona, NA
First National Bank of Kokomo. IN
First National Bank of Martinsville. IN
First National Bank of Maryland. Towson.
First Source Bank. Plymouth
First Tennessee Bank N.A.. Memphis. TN
Fleet Real Estate Funding Corp.. Denver. CO
Fort Wayne National Bank. Fort Wayne, IN
Franklin Mortgage Corporation. Greenwood. IN
Bainer Bank. Crown Point IN
GMAC Mortgage Corporation
Great Lakes Credit Union. Toledo. OH
Green Point Mortgage. Charlotte. NC
Hancock County Bank & Trust. Greenfield
Hendricks County Bank & Trust Company
Huntington National Bank of Indiana
Insurance Employees Federal Credit Union. Ft. Wayne
Irwin Union Bank & Trust Company
Kemper Mortgage Company
Landmark Mortgage Company
Landmark Savings Bank
lincoln Federal Savings Bank
Merchants National Bank. Terre Haute, IN
Metro Bank
Mid State Bank. Danville
Midwest National Bank
Mutual Federal Savings and Loan Assoc.. Terre Haute. IN
National City Bank. IN
Norwest Mortgage Company, Inc.
NVR Mortgage Company
Permanent Mortgage service
Pfister Mortgage Company. Terre Haute. IN
PNC Bank Corporation. KY, MI. OH. PA
Provident Mortgage Corp.. Libertyville. II.
Service Mortgage Co. L.P.
Society National Bank. Indiana
Soy,Capital Bank & Trust Company
Star Financial Bank
State Bank of Lizton
Summit Bank
Textron Financial Corporation. Atlanta. GA
The Mortgage Source. Gainesville, GA
o
o
o
u
o
D
D
D
D
u
D
o
D
o
D
o
The Mortgage Store, Indianapolis. IN
Trust Corp Bank
Waterfield Financial Corporation
Wayne Bank & Trust Company. Richmond. IN
Developers
Bay Development
Davis Properties. L.P.
Paul Hardin
Government & Organizations
City of Beech Grove
City of Carmel
City of Indianapolis
City of Indianapolis. Dept. of Transportation
City of Lafayette
Howard County Legal Department
Indiana Dept of Employment & Training Svcs
Naval Facilities Engineering Command
Town of Plainfield
United States Department of State
Life Insurance Companies
Allstate Insurance Company
Meridian Mutual Insurance Company
State Life Insurance Company
Law Firms
Bakers & Daniels
Lowe. Gray. Steele and Darko
Miroff. Cross. Ruppert & Klinernan
VanValer. Williams & Hewitt
Corporations
Argonaut Realty-Acquisition GM Corp. Detroit. MI
Associates Relocation. Irving TX. Washington D.C.
Baird and Warner Relocation. Chicago. II.
Bausch & Lomb. Rochester. NY
Borns Management Company
Buckingham-Sheehan Development, Inc.
Buschmann. Carr & Shanks. P.e.
Carter Wallace. Inc.. New York. NY
Cendant. CT. II.
Chern Exec Reloc. Systems Corp. Stamford CT
Clayton National. Inc.. Shelton. CT
Commonwealth Relocation Services. Inc.. P A
Corporate Relocation Services. Green Bay. WI
CSX Real Property. Jacksonville. FL
CVM Corporation. Framingharn. MA
D.W. Systems. Inc.
Diversified Systems, Inc.
Dow Chemical
Dupont Co. Relocation Svc, Wilmington. DL
Eastman Kodak. Rochester. NY
Eli Lilly and Company
Empire of America Relocation Svcs. CA CT. MN
Executive Relocation Corporation. St Louis. MO
Executrans, Rolling Meadows, II.
Federal Deposit Insurance Corp. Rosemont, II.
Firstrnark Corporation
FMC. Chicago. II.
Frontier Adjusters & Investigators
Garrison & Kiefer. P.C.
GenRel Reloc. Management Grp. St. Louis, MO
HA VI Corporation. Westment. II.
Howard Relocation Group. Livingston. NJ
Hurco Manufacturing Company
ICI Americas Inc.. Wilmington. DE
IMAl Investments
Independence One
John Alden Asset Management Miami, FL
Lincoln Service Corporation. Owensboro, KY
Manulife Investments. Toronto. Ontario
Manville Corp, Littleton. CO
Marriott Corporation. Washington D.e.
Marsh Supermarkets. Inc.
Masco Industries, Taylor, MN
McDonald's Corporation. Oak Brook. II.
Metmore Financial. Inc. Overland Park. KS
MGIC.Chicago.II.
Mort. Connection. Inc. Farmington Hills. MI
National Residential. Buffalo Grove. II.
North Central Financial
Overland Transportation
Pacific Relocation Services. Portland. OR
Pathfinders Claim Service
Pentek Corporation
Plus Relocation Service. Minneapolis. MN
PMI Mortgage Insurance Co., Columbus
PPG Industries. Pittsburgh P A
Prudential Relocation Management. Inc.
Relocation Realty Service Corp.
Roadway Express. Inc.
Rush Money Corporation
Seven-Eleven Realty. Inc.
Society Corporation. Toledo. OH
Sperry-Univac. Blue Bell. PA
Stitzer Buick GMC Truck. Inc.
Striglos Office Equipment. Decatur. II.
The Travelers Relocation Company
TransEquity. Inc.. Omaha. NE
U.S. West Relocation services. Denver. CO
Waterscape Development Corporation
White River Associates, L.P.