HomeMy WebLinkAboutAffidavit: Lady, Michael C
._L:~ ,_ i' t~
I ~ f- r..- J' .... to
.,
u
u.
CARMEL/CLA Y BOARD OF ZONING APPEALS
Docket No.
Affidavit of Michael C. Lady
Personally appeared before the undersigned notary public, duly
authorized to administer oaths, Michael C. Lady, who under oath, deposes and
states as follows:
1. My name is Michael C. Lady, and I am over the age of2l years. I
have personal knowledge of the facts recited herein.
2. I prepared the property value analysis that is attached hereto and titled
''Neighborhood Analysis Kingswood Subdivision." This report reflects that
Kingswood homes have appreciated, and continue to appreciate in value. Their
selling prices are typical for competing subdivisions in the area and the Kingswood
selling price per square foot, in 2002, tied with the Woodfield subdivision.
Kingswood remained consistent with comparable subdivisions in the area for the
.....
other years studied.
3. I saw nothing in my investigation of Kings wood sales data, including
.resales, days on the market, sales price per square foot, and various other data, that
1\..; l': I i
l.. '" -.. I
u
Q
would suggest that property values in it have been adversely affected by existing
Martin Marietta operations. It is my opinion that Martin Marietta's mining
operations, both south of 106th Street and north of 106th Street, have not adversely
affected property values in the nearest subdivision.
4. I understand that the special use application at issue proposes to mine
sand and gravel on property located south of 106th street. The mining will be
accomplished through the use ofloaders, excavators, and trucks. The activity
proposed is comparable to what is already conducted on Martin Marietta's property
south of 106th Street, although less intense because the proposed application
includes neither blasting nor processing. Likewise, the extraction proposed in the
application is less intensive and farther away than the extraction and processing
that has occurred at the Carmel Sand mine north of 106th Street, and adjacent to the
perimeter of the Kingswood subdivision.
5. Homes in River's Edge, which is adjacent to an active stone mining
operation, currently sell for more than $400,000. For example, on or about June 8,
2004, a home at 4709 River Ridge Drive, which is in close proximity to Martin
. Marietta's North Indy Processing Plant, sold for $425,000, at $128.71 per square
foot.
6. M~ original report was prepared in January 2003 in anticipation of a
hearing during that year. I have reviewed transactions in Kingswood since then
.'i
~
, i
o
u
and nothing that I have seen changes my opinion. The opinion I expressed then
remams my OpInIOn now.
Further affiant saith not.
'w~;_l/(s ·
State of Indiana )
)ss.
County of,j.AmltIoN)
Subscribed and sworn to before ~ .)hi.s, 1/ fll~ of !tuGu sT
~":Vo(.o)ChUbV
Notary Public,ttl1mtL..7C'N' County
Indiana
Commission expires: tI/I~/~OtYf
. , 2004.
LINDA L LANIER
NOfARYPlJBUCSTATBOPINDIANA
HAMILTON COUN1Y
MY COMMISSION EXP. NOV. t~
-"f,
, " ,'; ii"" '
, > ,<; .
1 ~~ ';~:'.
. "p ,.;
].:. " ~{!I>':." i:
NTEGRA~'ti':':!':"'. ,~~
~..",. ..
. '.!,:'+',~. , ~:- "1~" > :' . ~~;. '.
L$~L EXPERT1$E.~.NAT10NALLY."
, : . ~ '! ~,' 1 '
i
;: -'-.::..,.
-5
.. I'
'<..)
r~', ~
~"? ."
:,:.~.,.~~
.~.~
1~d
.;"",
; ,~.1
';~:
\'..
u
NEIGHBORHOOD ANALYSIS
Kingswood Subdivision
Hamilton County
Carmel, Indiana
PREPARED FOR:
Mr. John Schuler
Martin Marietta Aggregates
13595 Landser Place
Carmel, In4i~ 46933
EFFECTIVE DATE OF THE APPRAISAL:
January 30, 2003
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
'.
u
u
INTEGRA REALTY RESOURCES
March 3, 2003
Mr. John Schuler
Martin Marietta Aggregates
13595 Landser Place
Canncl,Inmana46033
Subject: Neighborhood Analysis,
Kingswood Subdivision
Hamilton County
Carmel, Inmana
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 - Inmanapolis. 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 weUestablished 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
, .
. .
Q
o
INTEGRA REALTY RESOURCES
COMPETTInVENEIGHBORHOODS
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 dwellirigs 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-l 980' s. Foster Grove is located at 131 st and Gray Road, at the northwest comer.
- 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 l06th 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 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 146m
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.
K1NGSWOOD SUBDIVISION
PAGE 3
. .
u
u
INTEGRA REALTY RESOURCES
Kingswood:.
Low High Average List/Sale Pricelsq.ft. Avg. DOM
$299,900 $369,900 $343,233 $90.00 42
Pending Sales -2 $279,900 $3Q5,000 $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 repo~ed 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:
Low High Average List/Sale Price/sq.ft. Avg. DOM
$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
Q
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:
Low High Average UstlSale Price/sqJt. Avg. DOM
$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 c1osed.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
PAGE 5
Q
o
INTEGRA REALTY RESOURCES
Williamson Run:
Low High Average List/Sale Price/sq.ft. Avg. OOM
$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:
CMA: -Number of Properties Low High Average List/Sale Price/sq.1 Avg. OOM
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
Q
u
INTEGRA REALTY RESOURCES
In 2000, there were 6 closed sales reported in Woodfield with an average sale price of $357,983.
In 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 Mmet 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 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. In 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). In
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
Indianapolis Board of Realtors:
KINGSWOOD SUBDIVISION
PAGE 7
u
Q
INTEGRA REALTY RESOURCES
Kingswood
Year
Withdrawns Avg. DaM
Expired Avg. DaM
2000
2001
2002
72
121
73
o
1
1
o
180
93
6
2
5
Mohawk
Year Expired Avg. DaM Withdrawns Avg. DaM
2000 0 0 4 102
2001 1 92 9 98
2002 0 0 1 137
Foster Grove
Year
Expir~ Avg. DaM
Withdrawns Avg. COM
2000
2001
2002
117
123
82
1
o
2
153
o
107
4
4
5
Williamson Run
Year
Expired Avg. DaM
Withdrawns Avg. DaM
2000
2001
2002
1
o
o
6
4
2
99
92
192
88
o
o
Woodfield
Year
Expired Avg. DaM
Withdrawns Avg. DaM
2000
2001
2002
2
4
2
153
147
29
6
11
9
78
113
113
PAGE 8
KINGSWOOD SUBDIVISION
Q
Q
INTEGRA REALTY RESOURCES
These statistics indicate that marketing conditions for Kingswood are also similar to the
competing subdivisions, when considering the expired and withdJ:awns 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 11/02101, 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 mark.et, the [mal 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 02118/00, which was
reduced to $329,900 on 04127/00. 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 mark.et for 14 days.
- 5088 S1. 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
l>
v
INTEGRA REALTY RESOURCES
price of $248,000 is reported on 04118/00. 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 12/2J/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
04112/02, 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 marketlor 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
"
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:
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 1130/2002 3.03% 1.17"A.
2.) 11170 Woodbury Drive $227,000 7/28/97 $267,000 6/22/2000 17.62% 6.07"A.
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%
.) 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 WiIDarns Circle $224,000 3120/98 $248,000 4/18/2000 10.71% 5.15%
10.) 4957 Huntington Drive $290,000 6/25/99 $334,000 12/3012002 15.17% 4.31%
11.) 5129 Huntington Drive $268,000 4/26/99 $275,000 9/1412000 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
PAGEl1
Q.
ll,
INTEGRA REALTY RESOURCES
Competitive Subdivisions Resale's:
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.
KINGSWOOD SUBDIVISION
PAGE 12
Q
u
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 pex:centage 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 . ser
Indiana Certificate #CG691 00223
~~-~.
Geffrey M. Lady
Indiana licensed Residential Appraiser
Indiana Certificate #LR49800009
GMUkb/tf
attachments
KINGSWOOD SUBDIVISION
PAGEl3
."
c
General Analysis of Kingswood and Competing Subdivisions
Ava. Sale Price 2000 Ava. Sale Price 2001 % Chanoe of 00 vs.01 Ava. Sale Price 2002 % Chenoe of 01 vS.02 % Chanoe of 00 vs.02 Value Ranoe
Klngswood $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% 8.1% $225,000 to $325,000
Williamson Run $289,546 $315,166 8.8% $314,644 -0.2% 8.7% $225,000 to $460,000
Woodfield $357,983 $396,914 10.9% $431,257 8.7% 20.5% $275,000 to $575,000
C
Q
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
. .
o
u
INTEGRA REALTY RESOURCES
AERIAL MAP
KiNGSWOOD SUBDIVISION
u
o
INTEGRA REALTY RESOURCES
I::
~ ,
)
Kingswood
PLAT
KiNGSWOOD SUBDIVISION
. .
EXPERIENCE:
EDUCATION:
LICENSES:
PROFESSIONAL
MEMBERSHIPS:
o
Q
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 typ~ inclm:ling 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 # ffi29600379
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... NA TIONALL Y
4981 N. Franklin Road . Indianapolis, IN 46226-2000. Phone: 317-546-4720. Fax: 317-546-1407. Email:
mlady@irr.com
. .
. .
.
EXPERIENCE:
PROFESSIONAL
MEMBERSHIPS
and
DESIGNATIONS:
PROFESSIONAL
INVOLVEMENT:
EDUCATION:
LICENSES:
CERTIFICATION:
qROFESSIONAL QUALIFICATIO~
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 #1201004011
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... NATIONALLY
4981 No Franklin Road. Indianapolis, IN 46226-2000. Phone: 317-546-4720. Fax: 317-546-1407. Email: mlady@irr.com
.. ..; ~ .
, .
u
f '
u
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 10ca1offices 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 - 1. Carl Schultz. Jr., MAl, SRA, CRE
ATlANTIC COAST NJ - Anthony S. Graziano, MAl, CRE
AUSTIN, TX - Randy A. Williams, MAl
BALTIMORE. MD - Patrick C. Kerr, MAl, SRA
BOSTON, MA - David L Cary, MAl, SRA. CRE
CHARLOITE, NC - FitzJaugh L Stout, MAl, CRE
CHICAGO, IL - Gary K. DeClark, MAl, eRE
CHICAGO, IL - J. Scott Patrick, MAl
CINCINNATI, OH - Gary S. Wright, MAl, SRA
COLUMBIA, SC - Mkhael B. Dodds, MAl, CCIM
COLUMBUS, OH - Eric E. Belfrage, MAl, CRE, ISHC
DALLAS, TX - Mark R. Lamb, MAl, CPA
DAYTON, OH - Mark LMiddleton, MAl, SRA
DENVER. CO - Brad A Weiman, MAl
DETROIT, MI - Anthony Sonna, MAl
FORT MYERS, FL - Woodward S. Hanson, MAl, CRE, CCIM
FORT WORTH, TX - Donald J. Sherwo()d,MAl '
HARTFORD, cr - Mark F. Bates, MAl, CRE
HOUSTON, TX - David R; Dominy, MAl
INDIANAPOUS, IN - Mkhael C. Lady, MAI, SRA, CCIM
KANSAS CITY, MOIKS - Kevin K. Nunnink, MAl
LAS VEGAS, NV - Shelli L Lowe, MAI, SRA
WS ANGELES, CA - John G. EUis, MAl
WUISVILLE, KY - George M. CJwpman, MAl, SRA, CRE
MEMPHIS, TN -]. Walter Allen, MAl
MIAMI, FL - Mkhael Y. Cannon, MAl, SRA, CRE
MILWAUKEE, WI- Sean lUilly, MAl
MINNEAPOliS, MN - Alan P. Leirness, MAl, CCIM
MORGANTOWN, WV - Thomas A Motta, MAl, CRE
NAPLES, FL - Julian Srokes, MAI, CRE, CCIM
NASHVIlLE, TN - R. Paul Perutel1i, MAl, SRA
NEW YORK, NY-Raymond T. C~ MAl, CRE,
Doy E. Goldman, MAl, CRE
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 Wmius, Jr., MAl, CRE
PI1TSBURGH, PA-PaulD. Griffith, 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, FRICS
SAN DIEGO, CA - Lance w: Dore, MAl
SAN FRANCISCO, CA - Jon KJeczewski, MAl
SA V ANNAB, GA - J. Carl Schultz, Jr., MAl, SRA, CRE
SEAITLE, WA - Allen N. Soler, MAl
TAMPA, FL - Bradford L Johnson, MAl
TULSA, OK - Robert E. Gray, MAl
WASHINGTON, DC - Patrick C. hn; MAl, 8RA
Corporate Office
Raymond T. Cirz, MAl, CRE, President/CEO
Kevin K Nunnink, MAl, Chainnan
Ge,orge G. Ward, MAl, Vice President
James P. Ryan, Vice President
3 Park Avenue, 39th'Floor, New York, NY 10016-5902
P: (212) 255-7858; F: (646) 424-1869; E-Mail: Integra@irr.com
Visit our web site at http://www.irr.com
A 01.23.03