HomeMy WebLinkAboutNeighborhood Analysis by Integra Realty Resources
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NEIGHBORHOOD ANALYSIS
Kingswood Subdivision
Hamilton County
Carmel, Indiana
PREPARED FOR:
Mr. ZeffWeiss
Ice Miller
One American Square, Box 82001
Indianapolis, Indiana 46282-0002
EFFECTIVE DATE OF THE APPRAISAL:
February 21, 2006
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: 11860301
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INTEGRA REALTY RESOURCES
February 23, 2006
Mr. ZeffWeiss
Ice Miller
One American Square, Box 82001
Indianapolis, Indiana 46282-0002
Subject: Neighborhood Analysis
Kingswood Subdivision
Hamilton County
Carmel, Indiana
Integra Realty Resources - Indianapolis File No. 11860301
Dear Mr. Weiss:
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 $250,000 to $415,000.
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
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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 $190,000
to $305,000. 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 131st and Gray Road, at the northwest comer.
Mohawk Crossings - is comprised of custom built dwelling that range in value from
$240,000 to $375,000. The overall development is comprised of 154 building sites and is
fully developed. The majority of the dwellings within this develotfment 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
$250,000 to $500,000. 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 A venue to the west and Gray Road to the east.
Woodfield - is comprised of custom built dwelling that range in value from $300,000 to
$635,000. The overall development is in excess of 182 building 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
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INTEGRA REALTY RESOURCES
Kingswood:
Kingswood CM.A
CMA: -Number of Properties Low High Average List/Sale Price/sq.ft. Avg. DOM
~ctive Listings - 3 $319,900 $379,900 $349,900 $138.00 91
Pending Sales -1 $379,900 $379,900 $379,900 $145.00 25
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
Sales 2003 - 16 $270,000 $356,900 $300,361 $107.00 53
Sales 2004 - 10 $269,900 $380,000 $325,115 $113.00 39
Sales 2005 - 11 $267,000 $380,000 $326,681 $107.00 66
From 2000 to 2005 the average sale price for the Kingswood Subdivision has ranged from
$298,875 to $326,681. The average sale price for the past 6 years is $308,617, with the average
sale price per square foot being $102.50. The average days on market for the development, over
the past 6 years, is 55.5 days. The above chart illustrates that the average sale price increased
from 2000 to 2005 by a factor of 2.7%.
Foster Grove:
Foster Grove CMA
CMA: -Number of Properties
High Average
Low
IActive listings - 2
$269,900 $300,000 $284,950
Pending Sales-1
$294,000 $291,000 $294,000
Sales 2000 - 10
$161,000 $240,000 $220,617
Sales 2001 - 9
$190,000 $256,000 $228,813
Sales 2002 - 14
$190,000 $260,000 $230,278
Sales 2003 - 12
$179,000 $273,500 $240,525
Sales 2004 - 17
$190,000 $279,900 $241,990
Sales 2005 - 7
$218,500 $27,500 $253,700
KINGSWOOD SUBDIVISION
list/Sale Priceisq.ft. Avg. DOM
$113.00 59
$111.00 5
$87.00 55
$91.00 38
$93.00 48
$94.00 23
$100.00 42
$102.00 61
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INTEGRA REALTY RESOURCES
From 2000 to 2005 the average sale price for the Foster Grove Subdivision has ranged from
$220,617 to $253,700. The average sale price for the past 6 years is $235,987, with the average.
sale price per square foot being $94.50. The average days on market for this development, over
the past 6 years, is 44.5 days. The above chart illustrates that the average sale price increased
from 2000 to 2005 by a factor of 2.9%, which is very similar to the Kingswood Subdivision.
Mohawk Crossings:
Mohawk CMA
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 - 1 $319,000 $319,000 $319,000 $104.00 67
Sales 2000 - 13 $224,000 $310,000 $264,112 $89.00 64
Sales 2001 - 14 $238,900 $319,000 $265,503 $94.00 45
Sales 2002 - 10 $244,900 $307,000. $280,244 $99.00 24
Sales 2003 - 5 $270,000 $319,000 $299,000 $98.00 30
Sales 2004 - 11 $259,000 $324,900 $288,330 $104.00 41
Sales 2005 - 5 $260,000 $314,000 $291,180 $109.00 52
From 2000 to 2005 the average sale price for the Mohawk Crossing Subdivision has ranged from
$264,112 to $299,000. The average sale price for the past 6 years is $281,395, with the average
sale price per square foot being $98.83. The average days on market for this development, over
the past 6 years, is 34 days. The above chart illustrates that the average sale price increased from
2000 to 2005 by a factor of 5.0%.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
Williamson Run:
Williamson Run CMA
CMA: -Number of Properties Low High Average List/Sale Price/sq.ft. Avg. DOM
~ctive Listings - 3 $294,900 $360,000 $338,266 $117.00 104
Pending Sales -2 $334,900 $389,900 $362,400 $111.00 37
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
Sales 2003 - 9 $264,900 $397,000 $326,475 $111.00 22
Sales 2004 - 8 $315,000 $380,000 $347,050 $114.00 85
Sales 2005 - 9 $274,900 $362,500 $324,344 $111.00 57
From 2000 to 2005 the average sale price for the Williamson Run Subdivision has ranged from
$289,546 to $347,050. The average sale price for the past 6 years is $319,538, with the average
sale price per square foot being $105.83. The average days on market for this development, over
the past 6 years, is 43.5 days. The above chart illustrates that the average sale price increased
- from 2000 to 2005 by a factor of 2.4%. Williamson Run is similar to Kingswood in sale price
per square foot, average days on market and by the average sale price increase over the past 6
years.
Woodfield:
Woodfield CMA _
CMA: -Number of Properties
Low
High Average
Active Listings - 7
$384,000 $539,900 $468,228
Pending Sales -0
$0
$0
$0
Sales 2000 - 6
$300,500 $495,000 $357,983
Sales 2001 - 7
$305,000 $493,000 $396,914
Sales 2002 - 18
$407,500 $550,000 $431,257
Sales 2003 - 18
$330,000 $562,000 $415,624
Sales 2004 - 8
$343,000 $490,500 $398,237
$362,500 $630,000 $443,095
Sales 2005 - 1 0
KINGSWOOD SUBDIVISION
List/Sale Price/sq.ft. Avg. DOM
$128.00 104
$0.00 0
$88.00 109
$99.00 79
$101.00 48
$116.00 83
$111.00 106
$125.00 53
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INTEGRA REALTY RESOURCES
From 2000 to 2005 the average sale price for the Woodfield Subdivision has ranged from
$357,983 to $443,095. The average sale price for the past 6 years is $407,185, with the average
sale price per square foot being $106.67. The average days on market for this development, over
the past 6 years, is 79 days. The above chart illustrates that the average sale price increased from
2000 to 2005 by a factor of 4.6%. Some of the statistics for Woodfield reflect newly constructed
dwellings within this development. This can attribute to the higher number of days on the
market, as well as the increase in average sale price over the past 6 years.
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 Indianapolis area. Due to the varied price ranges within the
developments, three of the five developments showed decreases between 2001 and 2002, as well
as between 2003 to 2004. However, it should be noted that between 2003 to 2004, Kingswood
had the highest increase in average sale price than any of the other competing subdivisions. 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 fourth in the Average Days On Market at 55.5 days, which is still below a 60
day marketing period. The only subdivision over a 60 day marketing period was the Woodfield
Subdivision. For the Average Sale Price Per Square Foot and Average Sale Price, Kingswood is
the mean indicator of all five subdivisions over the past 6 years. 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.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
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
Indianapolis Board of Realtors:
Kinaswood
Year Expired Avg. DOM Withdrawns Avg. DOM
2000 0 0 6 72
2001 1 180 2 121
2002 1 93 5 73
2003 7 153 0 0
2004 6 165 0 0
20005 5 200 0 0
Mohawk -
Year Expired Avg. DOM Withdrawns Avg. DOM
2000 0 0 4 102
2001 1 92 9 98
2002 0 0 1 137
2003 2 168 0 0
2004 7 215 0 0
2005 4 206 0 0
Foster Grove
Year Expired Avg. DOM Withdrawns Avg. DOM
2000 1 153 4 117
2001 0 0 4 123
2002 2 107 5 82
2003 2 151 0 0
2004 3 153 0 0
2005 2 198 0 0
Williamson Run
Year Expired Avg. DOM Withdrawns Avg! DOM
2000 1 88 6 99
2001 0 0 4 92
2002 0 0 2 192
2003 1 387 0 0
2004 2 184 0 0
2005 5 194 1 -27
Woodfield
Year Expired Avg.DOM Withdrawns Avg.DOM
2000 2 153 6 78
2001 4 147 11 113
2002 2 29 9 113
2003 12 168 0 0
2004 11 170 0 0
2005 6 200 1 2
KINGSWOOD SUBDIVISION PAGE 7
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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 20 expired listings and 13 withdrawn over a six
year period analyzed from 2000 to 2005. The following is the history of the 13 withdrawn
properties for Kingswood from 2000 to 2002.
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 Kingswood 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
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.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
4916 W oodcreek 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.
The 18 expired listings reported from 2003 to 2005 history are as follows, some of the expired
listings do overlap:
5023 Woodcreek Drive is reported to have expired twice in 2003. This property was
originally listed for $309,900 in August of 2003. The property was reduced once to
$299,900 and then the listing expired 10/17/03. The property went back on the market the
same day at a list price of $299,900. Then on 12/16/03 the listing expired again. This
property was listed again in May of 2004 for $309,900 and sold in June of 2004 for
$285,000.
4923 Woodcreek Drive was originally listed for $389,900 on 3/31/03 and the listing is
reported to have expired on 4/15/03. There is no other history for this property".
11261 Williams Court is reported to have expired twice in 2003. The property was listed
on 1/21/03 for $369,900, which was reduced once prior to expiring on 4/18/03. The
property was then listed again on the same day for $369,900 again. This listing was then
reduced once before being expired again on 5/22/03. The property was listed again on
the same day and sold in September for $345,000.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
4969 W oodcreek Drive is reported to have expired in 2003 and in 2004. The property
was originally listed for $369,000 on 6/24/03. This original list price was reduced two
times prior to expiring on 9/13/03. The property relisted on the same day for $334,995.
This listing was then reduced four times before expiring on 2/9/04. Again the property
was listed on the same day for $309,995 and sold on 3/25/04.
5029 Huntington Drive is also reported to have expired in 2003 and in 2004. In 2003, the
property was listed on 11/4/02 for $309,900, then reduced 3 times prior to being expired
on 4/01/03. This property was then listed on 4/17/03 and sold in June of 2003. Then, the
property was listed on 3/25/04 for $307,900, which was reduced three times prior to
being expired on 6/18/04. Then, it was relisted on 6/21/04 and sold on 7/22/04.
4979 Williams Drive was listed on 10/14/02 for $314,900, reduced once prior to being
expired on 1/08/03. The property was relisted the same day and sold by the of January.
11088 St. Charles Place was listed on 3/3/04 and then expired on 5/14/04. The property
was again listed on 1/7/05 for $389,900. This listing ~as reduced once and then expired
on 5/18/05. No other history for the property is reported.
4909 Woodcreek Drive is reported to have expired in 2004 and in 2005. The property
was originally listed on 6/24/04 and then expired 9/30/04. On 10/20/04, the property was
listed again for and then expired on 1/01/05. The property was listed again the next day
and sold on 3/23/05.
5029 Huntington Drive was listed on 3/25/04 for $307,900, which was reduced three
times prior to being expired on 6/18/04. The property was listed again on 6/21/04 and
sold by 7/22/04.
4978 St. Charles Place was listed on 8/18/05 for $389,900. The listing was reduced once
prior to being expired on 11/18/05. The property was listed again on the same day as it
was expired and sold on 1/17/06.
5069 Huntington Drive was listed for $329,900 on 2/28/05 for $329,900. The property
was expired on 8/28/05 and no other history is available on the property.
11128 St. Charles Place is reported to have expired twice in 2005. The property was
originally listed on 11/2/04 for $319,900. The listing expired on 5/2/05 and then relisted
on the same day for $319,900. The property was then reduced two times prior to being
expired again on 11/3/05. Again the property was listed on 11/04/05 for $289,900, which
was reduced two times prior to selling on 1/6/06.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
SUMMARY OF EXPIRED AND WITHDRA WNS
The analysis of the expired and withdrawns, does not reflect any abnormal marketing conditions
or pattemsfor 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 expired or
withdrawn from the multiple listing service.
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.
In Kingswood, there are approximately 21 properties that have sold and resold within the past six
years. Four of the 21 properties have resold twice during this time period. Within the remaining
four subdivisions, there have been a total of 43 properties that have sold and resold within the
past six years. The following illustrates the finding of these statistics.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
Kingswood Subdivision Resale Analysis
Address - Sale Pirce 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%
~.) 5078 Huntington Drive $292,500 8/12/02 $299,900 1/17/2003 2.53% 5.84%
$299,900 1/17/03 $301,000 3/16/2004 0.37% 0.32%
5.) 5093 51. Charles Place $275,000 1/14/00 $281,500 7/13/2001 2.36% 1.58%
6.) 510351. Charles Place $265,000 7/28/00 $267,000 8/28/2002 0.75% 0.36%
7.) 5073 51. Charles Place $277,777 8/31/98 $299,000 6/16/2000 7.64% 4.26%
8.) 5120 Williams Circle $224,000 3/20/98 $248,000 4/18/2000 10.71% 5.15%
9.) 4957 Huntington Drive $290,000 6/25/99 $334,000 12/30/2002 15.17% 4.31%
10.) 5129 Huntington Drive $268,000 4/26/99 $275,000 9/14/2000 2.61% 1.88%
11.) 4944 Westminster Ct $307,500 8/7/00 $345,000 8/29/2003 12.20% 3.98%
12.) 11261 Williams Court $344,000 7/25/01 $345,000 9/5/2003 0.29% 0.14%
13.) 5068 51. Charles 5t $297,500 7/30/99 $327,000 10/27/2003 9.92% 2.34%
14.) 4927 Regency Place $284,000 5/26/98 $286,000 5/26/2000 0.70% 0.35%
$286,000 5/26/00 $310,000 9/16/2003 8.39% 2.54%
15.) 5098 Kingswood Dr. $272,500 8/16/99 $307,500 7/18/2003 12.84% 3.27%
16.) 4979 Williams Drive $305,000 1/29/03 $317,000 12/22/2004 3.93% 2.07%
17.) 5049 Huntington Drive $335,000 7/27/00 $355,900 2/16/2004 6.24% 1.75%
18.) 4932 Woodcreek Drive $264,000 9/27/99 $325,250 8/11/2004 23.20% 4.76%
19.) 4979 Williams Drive $305,000 1/29/03 $317,000 12/22/2004 3.93% 2.07%
20.) 5049 Kingwood Drive $290,700 6/25/98 $376,000 9/26/2005 29.34% 4.04%
121.) 4969 Woodcreek Drive $304,900 3/25/04 $325,000 6/16/2005 6.59% 5.37%
Average Percentage Change 8.17% 3.30%
Median Percentage Chage 6.59% 3.27%
Properties #1, #3, #4 and #14 resold more than once within the past six years. Thus, a total of
3 resold properties are analyzed. The average percentage change for these properties in
Kingswood has increased 8.17% or 3.30% per year. The total range in percentage change is from
0.29% to 29.34%. The total percentage change on a per year rate is from 0.14% to 7.82%. The
median increase in percentage change for these properties in Kingswood is 6.59% or 3.27% per
year.
KINGSWOOD SUBDIVISION
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INTEGRA REALTY RESOURCES
u
Competitive Subdivisions Resale's:
ddress
Sale Pirce Sale Date
Com ittve Subdivision Resale Ana is
Sale P_ Sale Date
% Channe
% Per Vear
2.92%
1.) 4965 Umberlost
.) 12766 Umbertost
.)1283S Umbertost Drive
.) , 3088 Tartdngton Com
.) T.e. Steele Lane
.)12945 Harrison Dr.
17.) 1284' Hamson Or.
8.) 4925 JeMings Drive
9.) 12901 Hanison Dr.
10.) '2872 Umbertost Dr.
11.) 4959 Jennings Drive
12.) 4958 Rod,"e Circle
13.) 4976 Rockne Circle.
'4.) 4972 Riley Mews
15.) 5340 Woodfield
16.) 5107 Woodfield Or.
17.) 5411 Wood1Ield Or.
18.) 5214 Woodfield Dr.
19.) 13189 Foster
0.) 13150 Brookshire PK
1.) 4678 Hazelwood Cir
22.) 4753 Bedford Drive
3.) 13188 Foster Court
4.) 13134 Hazelwood Dr
5.) '3231 Copri Drive
6.) 13'60 Hazelwood Or.
7.) 3S70 Power Drive
8.) 3683 Power Place
9.) 3705 Power Drive
D.} 3778 Power Drive
131.) '04'1 power Drive
~.) 10575 Power Drive
33.) 3794 NBVll Lane
~.) 3738 Daly Lane
1:Js.) 3782 Shefer Court
!3s.)10398 Power Drive
37.) 10560 Power Drive
138.) 10348 Randall Drive
pg.) 10388 Power Drive
0.) 3S88 Doly Lane
'.) 3676 Daly Lane
2.) 3703 Gould Drive
3.) 10536 Williamson Pw
$243,000 3130198
$240,000 5/28/98
$2n,OOO 4123199
$280,000 411/02
$212,500 5129198
$246,500 311510'
$246,000 '0/15199
$270,000 5/13/99
$244,500 1213'198
$239,000 3114/00
$267,900 3/28/01
$218,000 11/9198
$267,750 7/25/00
$283,900 3110/00
$381,500 10/'101
$260,000 8/4/98
$395,000 8/28/03
$349,000 612103
$232,000 8/1/00
$219,000 3/2/99
$210,500 9/19/99
$222,500 9/'7/98
$189,900 314103
$212,500 6/15100
$219,500 4/3/98
$152,000 8/27/98
$281,900 3131/99
$340,000 7/20198
$263,000 9/23/98
$290,000 1015/01
$265,000 8/14/98
$286,000 8/'4/00
$294,000 1'16198
$300,000 7/31/98
$359,900 4/'5102
$292,000 5/3/00
$259,000 10/30/98
$295,000 , '/24/98
$298,500 '2/28/00
$296,000 7/15/98
$265,000 10/15/01
$262,750 3129/00
$249,000 7/9/99
$271,000 10/16100
$239,000 12114/00
Average Percentage Change
Median Percentage Change
$275,000 3/31/2000
$269,900 8/30/2002
$307,000 7/3012002
$293,500 8/1 '/2003
$270,000 '0/24/2003
$324,900 7/13/2004
$314,000 5/27/2004
$297,000 1/812004
$290,000 1/23/2004
$284,284 3/2612004
$310,000 12/15/2005
$224,000 5/2412000
$284,900 812812002
$293,000 '9/20/2001
$407,500 12J512002
$343,000 6J9/2003
$430,000 8I26J2005
$370,000 7/812005
$255,000 913012002
$269,900 8/15/2003
$259,900 8I26J2003
$255,000 513/2003
$2'8,500 7/8/2005
$265,000 10/31/2005
$245,000 111212005
$202,800 5126/2004
$291,500 '2/'3/2002
$370,000 7/31/2002
$290,000 10/5/2001
$334,900 7/21/2004
$286,000 8114/2000
$320,000 8120/2003
$314,900 6117/2002
$300,000 811311999
$372,000 5112/2003
$362,500 9/2312005
$349,900 318/2005
$342,500 11/15/2004
$339,500 4/1/2004
$335,1l00 8/'412003
$318,900 10127/2005
$307,000 8/17/2005
$296,000 8/1/2005
$298,000 31612003
$264,900 5/17/2003
'3.'7%
12.46%
'0.83%
4.82%
27.06%
31,81%
27.84%
10.00%
18.61%
10.58%
15,71%
2.75%
6.4'%
321%
8.82%
31.92%
8.86%
6.02%
9.91%
23.24%
23.47%
'4.61%
15.06%
24.7'%
11.62%
33.42%
3,41%
8.82%
10.27%
15.48%
7.92%
11.89%
7,1'%
0.00%
3.36%
24.14%
35.10%
16.'0%
13.74%
13.'8%
20,34%
16.84%
18,88%
9,98%
'0.84%
'4.49%
12.46%
6.57%
3.31%
3.54%
5.00%
9.55%
5.98%
2.15%
3,67%
2.62%
3.33%
'.79%
3.06%
2.09%
5.78%
6.58%
4.44%
2.86%
4.58%
5.21%
5.96%
3.'6%
6.41%
4.59%
1.53%
5.81%
0.92%
2.'9%
3.38%
5.54%
3.96%
3.94%
1.97%
0.00%
3.13%
4.48%
5.52%
2.69%
4.21%
2.59%
5.04%
3.'3%
3.1'%
4.'8%
4.47%
3.93%
3.67%
KINGSWOOD SUBDIVISION
PAGE 13
Q
Q
INTEGRA REALTY RESOURCES
The appraisers have utilized 43 resold properties from the four competitive subdivisions
mentioned within this document, with two of these resold properties selling more than once in
the past 6 years. The average increase in percentage change for the competitive subdivisions is
14.49% or 3.93% per year. The total range in percentage change is from 0.00% to 33.42%. The
percentage change on a per year rate is from 0.00% to 9.557%. The median increase in
percentage change for these properties in the competing subdivisions is 12.46% or 3.67% per
year.
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
Kingswood Subdivision. On the average, properties within Kingswood have been increasing at a
rate of 3.30% a year, compared to the competing subdivisions that have an average increase in
value of 3.93% a year. The median percentage change within Kingswood has been 3.27%
compared with a median percentage change in the competitive subdivision resale analysis of
3.67%. These statistics indicate that Kingswood has experienced an similar increase in value
compared with the competitive subdivisions. The difference in the average percentage change
per year between the Kingswood Subdivision and the four other competitive subdivision is only
0.63%. The difference in the median percentage change per year is only 0.40%. These
differences are considered to be statistically insignificant. Thus, when considering the close
relationship between the Kingswood Subdivision and the four competing subdivisions, it appears
that the Kingswood Subdivision is exhibiting similar marketing characteristic to competing
developments in its defined marketing area.
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 Kingswood
Subdivision reflects an average increase in sale prices consistent with its competing subdivisions.
Based on these statistics and factors mentioned above, the Kingswood Subdivision does not
appear to suffer from any economic obsolescence due to external factors, such as the operations
taking place at the Martin Marietta Facilities. Additionally, there appears to be sufficient
demand for properties within the Kingswood Addition at price levels typical to competitive
properties.
KINGSWOOD SUBDIVISION
PAGE 14
u
u
INTEGRA REALTY RESOURCES
If you have any further questions, please feel free to contact us at your convenience.
Sincerely,
~lv\'~
~~~
Michael C. Lady, SRA, MAl, CCIM
Managing Director
Certified General Real Estate Appraiser
Indiana Certificate #CG691 00223
Geffrey M. Lady
Analyst
Indiana Licensed Residential Appraiser
Indiana Certificate #LR49800009
GML/kb
KINGSWOOD SUBDIVISION
PAGElS