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HomeMy WebLinkAboutImpact Study Report-Amanda Woodall;1.` AW GFtouP LLC x~~f~~~ C'orsukirtg *Acquisilion *Appraising A STUDY OF PROPOSED WIRELESS COMMUNICATION FACILITIES IMPACT ON PROPERTY VALUES PREPARED FOR: City of Carmel BZA 8 Council Members Brian Ramirez Integrated Wireless Development LLC American Tower Corporation PREPARED BY: Amanda Woodall Real Estate Professional AW Group, LLC 9317 Woodslake Drive Indianapolis, IN 46278 (317)459-4133 December 10, 2008 To: BZA Board & Council Members Re: Impact Study Applicant: American Tower Corporation Site Location: 11104 Towne Road, Carmel IN 46032 Land Owner: James & Angela Volpert, Michael & Judith Ruggiero Dear Board & Council Members, On behalf of Brian Ramirez, Integrated Wireless Development LLC for American Tower Corporation, AW Group LLC has been retained to analyze and the above referenced proposed facility, which is located on the west side of Towne Road just north of 106'h Street in Clay Township of Hamilton County. The petitioner is requesting a Special Exception and Variance to allow for the construction and operation of a wireless communication facility containing a 120' concealed monopole tower structure and equipment to be contained in a concealed facility. We were asked to provide a professional real estate opinion on this location relative to the following questions and issues: 1. Will a cell tower at this location adversely affect other uses in the area? 2. Will a cell tower at this location adversely affect surrounding property values? In an effort to be responsive to the request, AW Group LLC took the following steps: 1. Inspected the proposed site and neighborhood 2. Inspected other neighborhoods with wireless towers 3. Investigated how these towers affect other uses in a neighborhood 4. Investigated how these towers affect property values in a neighborhood Our inspection of the proposed wireless tower site and neighborhood, referenced in this report, and our investigation, research and study of real estate values in other neighborhoods, with similar towers, resulted in the following conclusions: • The cell tower proposed in this petition will not adversely affect other uses within the neighborhood The veil tower proposed in this petition will not- adversely affect residential or other values within neighborhood- We are providing a brief summary of our findings within this document. The reader should understand that our conclusions may not be fully understood without the added benefit of testimony which will be offered at the next hearing on this matter currently scheduled for December 15~", 2008. In the meantime, if you or any member of the Board of Zoning Appeals or City Council have any questions or need further information prior to the hearing date, please feel free to contact Amanda Woodall directly at (317) 459-4133. Respectfully, Amanda J Woodall Introduction To my knowledge there has not been a Wireless Communications FacilitylTower built in Carmel for over six years. I was not able to find a recent scenario in the immediate market area that was an ideal candidate to study for this report. You will see later in this report several sites utilized in the area and a few outside the area that are relevant as a basis for your reference. Subject Analysis Site Description American Tower Corporation is requesting a Special Exception and Variance to construct and operate a Wireless Communication Facility (WCF) to consist of a 120' concealed monopole tower structure with equipment to be contained in a concealed facility. The cell tower pad site would be situated approximately 300 feet west of Towne Road in the northwest area of the parcel. The current site address is 11104 Towne Road and the parcel contains 1.04 acres. The topography slopes down from Towne Road. The WCF is to be constructed near a wooded area to provide natural screening of the WCF and tower up to approximately 70' +/-, depending on the exact height of the trees on the lot at the proposed site location. The location of the WCF would also provide a natural buffer on the south, west and east. The parcel currently has one existing three car garage concrete block structure and an asphalt access drive to the structure. It is zoned residential S1-low density. Neighboring Properties Land uses in the neighborhood are predominately residential. Vacant Parcel with pond is due south of the site. A single family residential dwelling is due north. This property is in poor to fair condition. Located to the west is a wooded parcel with a residential subdivision located just west of the woods. Residential subdivision to the east located east of Towne Road and more that 300 feet east of the site. The ages of the neighboring dwellings appear to vary from newly constructed to 40+ years of age predominately in fair to good condition. The area along Towne Road also includes single family residential parcels with mainly frontage lots only. The market area includes predominately middle to high end priced homes, golf course and an elementary school with playing fields just south of the site. A small portion of land in the area is agricultural use. The following photos are provided for reference: Proposed Site: 11104 Towne Road -Aerial Photos ~.~ _ ~_ _, {ate _ _. ~~~ :.~~ , , «._ ,,.,k. ;~, W _ ~ ',~ L.u'.1t^a..laKk+, .w~k.~ H6 M:MSr"'.fiww~-sea"' 'QY."~~`"'~x''+~'F~! k~~ ~.. ~ ~s a "~'`'~M* '"M t.... -.o-. ~~ ~ ~.y.«..++... Dwelling on neighboring property to the North the dwelling is North and Vacant land/pond to the south. The next parcel south visible in photo is Towne Meadow elementary school and plavinq fields Our report and research covered Eight Study Areas. Each neighborhood or Study Area is proximate to a cell or radio tower ranging in height from 120 feet to more than 1,000 feet. Residential property values in the study areas range from $70,000 to more than $1,500,000. CELL TOWER STUDY AREAS 1. Farmington Hills - St. Joseph County - as affected by a 280' self-support lighted cell tower 2. Danville, IN -Hendricks County - as affected by a 300' guyed lighted cell tower 3. Cedar Point Subdivision -Hamilton County - as affected by a 1,000' WIBC lighted radio tower 4. Laurel Wood Subdivision -Hamilton County - as affected by a 1,000' WIBC lighted radio tower 5. Lake Charlevoix Subdivision -Marion County - as affected by a 425' WFBQ lighted radio tower 6. Cicero fndiana study area -Hamilton County - as affected by a 150' cell tower/analysis of sale prices before and after cell tower construction 7. 9700 Whitley Drive -Marion County -viewing the cell tower with an unobstructed view versus atree-lined view with no tree foliage 8. Simon Estates -Hamilton County -High end development near towers Farmington Hills -- South Bend The Farmington Hills area is the closest in proximity for a local impact study area, located within approximately 2 miles of the proposed subject WCF. A review of the sales history for residential Tots and recently built houses in or near Farmington Hills as well as houses built prior to the 280' self support tower (constructed in the year 2003 +!-) at the Fire Station on Auten Road, gave a data determination that property values have increased for properties surrounding or near the tower. The following is a list of the properties considered as well as a sales history for each: Repeat Sales of Residential Properties near Tower Address Sale Date #1 Sale Price #1 Sale Date #2 - Sale Price #2 Farmin ton Hills 18165 12/05/03 $163,040 06/24/05 $177,000 Farmington Hills Drive 51312 01/30/04 $205,000 05/19/06 $240,000 Parisian Drive `18073 Lisbon 05/27/05 $169,900 04/18/06 $176,000 Drive 18105 Lisbon 11/30/05 $184,500 07/08/06 $194,000 Drive 51430 Milan 03/26/04 $199,000 08/31/06 $218,000 Court *18153 Lisbon 06/21/04 $151 876 06/30/06 $165 500 Drive , , Do wood Dell 51390 07/01!04 $213,000 04/26/06 $225,500 Simmons Drive Cha man 18549 Auten 09/27/00 $201,000 12/05/03 $225,900 Road Avera a $185,914 $202,737 The average increase in sale price per house is 9°!0 over an average time difference from Sale Date #1 to Sale Date #2 being less than two years. This gave an annual increase in property values of 4.5% to 5%. The average annual sale price of all homes in Farmington Hills per the MLS were as the following: 2002 = $185,704 2003 = $169,781 2004 = $183,658 2005 = $181,845 2006 = $220,215 Typical View of Tower from Residences in Farmington Hills: Photo of Tower from front of Pro ert at 51312 Parisian Drive Also noted that of the two resales in the Farmington Hills subdivision that were smaller ranches, 18073 Lisbon Drive and 18153 Lisbon Drive, with average sale prices new for these two dwellings with lots was $160,888. The average Square Footage (SF) was 1,529 SF per house. The average sale price for these two properties equaled $105.~2JSF. Lot 68 (18386 Munich Ponds Drive) and Lot 69 (18372 Munich Ponds Drive), which their backyards border/adjoin the tower site, originally sold new for an average sale price of $160,950. The average Square Footage (SF) was 1,498 SF per house. The average sale price for these two properties equaled $107.44/SF. Afl four of these ranch homes sold new in the years 2004 and 2005 and all had full basements. See photo on the nexf page. Maa of Farmington Hills t~ noted Photo Locations pFVG ePm Rr~ KENOFLL/xfl55 L.L.P. BZB E. JEFfERSQV RL`A. SW IX 9E.\'p, INpIRNA 4661] ~EpAPEn qn. •Bp:4Ap[XE C6YSVLIUII; LLL. wim emote". uw~:A~ulsm -_ I ~A~MiNGTON NfLLS Lot Sales Information for Farmington Hills and Bradford Shores Part of the study also included a review of lot sale prices in or near the tower on Auten Road next to Farmington Hills. The data available for this review did not have all lot prices available for Farmington Hills. There were 15 lot sales available to review as well as 7 "Active" lots currently for sale in the Farmington Hills subdivision. Of the 15 sold lots, the price range was from $28,500 to $36,000. Lot 24 is located directly across Munich Ponds Drive from the tower site. Lot 24 was the second highest priced lot to sale available for the study. But, it should be noted i was a larger than typical corner lot, Other similar large lots sold from $33,000 to $36,000. The 7 "active" lots for sale are fisted at $41,300 and all seven of these lots are within a block or two of the tower with clear view of the tall structure. Bradford Shores borders the north of side Farmington Hills and has an adjoining street via Parisian Drive. Bradford Shores is a newly developing residential neighborhood with the utilities and streets nearing completion of construction. There were no lot sales available at the time of the study. But, the list price of the lot prices was available and is included with this report. The asking price of the lots in Bradford Shores range from $58,900 to $106,900. Most lots have either water access to small ponds/lakes or wooded back drops. Most lots have a view of the tower included for this study. See the following pages with photos, subdivision plat layouts with noted pricing: CLAY TUWNSNIP ST. 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Further, a conclusion has been determined that resides#ial properties and lots within or in the vicinity pf the Farmington Hii4s subdivision have increased in value since the construction of the 280' lattice sel#- support tower at the Fire Station on Auten Road. Please read further for additional supporting evidence of the above impact study conclusions. Additional Study Areas with brief Synopsis Estates North of Danville -Hendricks County: The area is located approximately two miles north of Danville Indiana located between SR 39 and SR 236. The neighboring properties to the 300' guyed tower built in 2004 +/- have one sale in particular located at 2150 N. SR 39 that sold an 06109/06 for $1,525,000. The list price was $1,600,000 and the Days on Market (DOM) 47 days. The nearly 30 acres of land was purchased and the house was built in 1993 for a total assessed cost of $900,000. 300' Guyed Tower built in 2Q04 and located behind $1.5 Million Estate - Cedar Point Subdivision -Hamilton County: This subdivision is situated north of West 96th Street and East of Ditch Road adjacent to the 1000' lighted WIBC radio tower depicted in photo 1 in report. The single-family dwelling in photo 2 is located in Cedar Point with a clear view of a 1,000' radio tower. The property is located at 10016 Cedar Point. This single-family dwelling sold in May of 1995 for $220,000 in 17 days. The property sold again in March of 1996 for $238,900 in 18 days. The prices paid and the increase for time was the same far this property as it was for the other properties in the same neighborhood with no view of this tower. Properties in Cedar Point subdivision range in value from $200,000 to more than $300,000 and continue to advance in value selling at a brisk pace. 1,000 Foot WIBC tower just behind entrance to Cedar Point Subdivision at 96th & Ditch Road -Hamilton County ~~ d1, ~ ,~hu f~ . 1 ~~~} t ' r.. ~~ i ' Ftt1v ~~; r.. i ~: ~r ,' S A X5.9 ~ 4- 11 ;. t t A ~~.. ~ -„K 1 ~ !T T ~.-ill. ~~ ~~ ~ .~ i ~' 10016 Cedar Point Drive -Hamilton County with lighted 1,000 foot WIBC radio tower in background. House sold in May of 1995 for $220,000 in 17 days and Laurelwood Subdivision/Spring Miil Road -Hamilton County: Laurelwood is an exclusive single-family development located on the south side of 106th Street west of Springmill Road. The 1000' lighted WIBC radio tower is clearly visible from southern most lots in this development. The property in the photo below sold for more than $750,000. According to Terry Eaton, the developer, the lots located in the southern part of the subdivision with clear views of the 1000' lighted WIBC radio tower, sold for just as high as the lots with no or very limited views of the radio tower due to wooded settings. The presence of this lighted radio tower has not adversely impacted the resale value of these luxury homes according to our research of the MLS [Multiple Listing Service] records. Property at 9999 N. Spring Mill Road near 1,000' guyed tower Lake Charlevoix -Marion Count': Lake Charlevoix is located off of Fall Creek Parkway between Emerson and Shadeland Avenues in Marion Gounty see entrance in photo 5. The single-family dwelling depicted in photo 6 is located at 6036 Marquax and literally backs up to the WFBQ radio tower to the east. In fact, this lot adjoins the security fence surrounding these two large radio towers. These towers are more than 300' in height and are lighted. This property was listed for $249,900 and sold in 104 days for $249,9Q0. The ratio of list price to selling price and the number of days on the market was similar to other single-family properties in this area that were further removed with no view of these towers. Entrance to Lake Charlevoix Subdivision -Marion C 6036 Marguax Lane- Lake Charlevoix Subdivision -Marion County with lighted 425 foot WFBQ radio tower in background. House listed far $249,000 & sold for $249,000 in 104 days. _ ~ ,lv ° ~~ It"I r„ i, ,. t ~ ~ ~ ~~ ~~~ , ~ ~ ~~ ry47j ~ ~ a773 ;(, ,Kra"~'~ .~~ ~. ~.. ~~~ Y S 4 ~~ Wii Cicero -- Hamilton County: The Cicero study area is interesting because it has allowed us to track residential property values in a more rural setting both before and after the cell tower was erected. During a 12 month period prior to the cell tower construction the homes in this neighborhood demanded an average selling price of $72,900 with average days on the market at 63.2 During the 12 month period immediately following the erection of the cell tower the average selling price in the same neighborhood was $74,800 and the average days on the market was 15.3. Study area was asingle-family subdivision in Hamilton County adjacent to 150 foot cell tower. The subdivision is situated south of Buckeye Street and East of Harrison Street in Cicero, Indiana Study results reflect precise affects of the cell tower cons#ruction on residentia! property values and number of days to sell a house. Eight properties sold for prices ranging from $70,000 to $7y,500 bath before and after the cell tower was constructed. 12 months before tower was built Average selling price = $72,000 12 months after tower was built Average selling price = $74,800 Average days on the market = 62.2 Average days on the market = 15.3. Whitely Drive -Marion County: The cell tower constructed in the 9500 block of Whitley Drive is located adjacent to Keystone Avenue and just south of East 96t" Street. We took a picture of this tower [photo $j from Whitley Drive with no trees to block the view. We then walked 100' to the south and took a photo looking through the bare trees on a small wooded lot. The purpose of including this study area is to demonstrate how difficult these towers are to see even when there are no leaves on the tress. The Whitley Drive location is surrounded by both commercial and residential uses. Cell Tower on Whitlev Drive -Marion Coun ~a ~~ qty Simon Estates -Hamilton County: Entrance to Simon Estates in 10,000 block of Ditch Road, 15,000 sq ft residence and 9 hole private golf course, across street from the 1,000 foot lighted WIBC radio tower STUDY CONCLUSIONS Our report and research covered eight study areas. Each neighborhood or Study Area is proximate to cell towers or radio towers ranging in height from 120 feet to more than 1,000 feet. Home values in the study areas cover a wide spectrum ranging from $70,000 to more than $1,500,000. Our study and research concludes that the value of residential properties with a view or near proximity of a cell tower or radio tower is not adversely impacted by the presence of such towers. The data available concluded this was true for: • Number of days on the Market. • Overall sale price when compared to other properties not in the proximity of a cell tower or radio tower. • Repeat sales of residences in the proximity of a tower • Residential lot valuation It is my goal to be objective in any opinions stated in the evaluation process, not subjective. I will state that the most relevant case study in this report is the WIBC radio tower. It is surrounded by many high end homes that have been built around the Large Communications Tower. This site is southeast of 11104 Towne Road the proposed ATC site, this would likely indicate that the tower becomes part of the overall landscape, just like overhead electric and telephone lines, light standards at a school or sports recreational facility, etc. The proposed ATC Wireless Communications Facility is a concealed monopole with concealed equipment. This would be esthetically pleasing and a more ideal facility for the area than the traditional monopole, lattice or guyed towers existing in area to date. REPORT DISCLAIMER AND INTENDED USE Genera/ current market conditions of most residential property values are slightly to moderately declining as a whole. This area of Carmel - 106'x' Street to 116w Street & Shelborne Road to Difch Road within the past 24 months according to the data available to be declining at between 3-4% and the average days on the market has increased by 19 days to 107 DOM indicating the immediate market is somewhat declining are most areas within fhe greater Indianapolis area as of the date of this report. I mention this for future reference to proposed site. This report shall only be utilized by the expressed and specific purpose stated within (for the Carmel BZA hearing regarding the property located at 11104 Towne Road) and only with written permission from Amanda Woodall, AW Group LLC. The information provided within the report was verified as best as reasonab/y possible and to the best of my knowledge is considered accurate. Information and data gathered is from onsite inspection, public record and the local Board of Listing Cooperative formerly known as the Multiple Listing System. Amanda J Woodall AW Group LLC QUALIFICATIONS AND EXPERIENCE Amanda Woodall AW Group LLC 9317 Woodslake Drive Indianapolis, IN 46278 Mobile: (317) 459-4133 Fax: 866-324-0845 e-mail: awoodall(a)comcast.net LICENSE 8r EDUCATION Indiana Licensed Real Estate Salesperson/Broker, AB20702578, 1996 to Present Indiana Licensed Residential Appraiser, TR40700575, 2007 -Present Bachelor of Arts -Communications -Purdue University, West Lafayette, IN Education RESource LLC, Real Estate Appraiser Program - 2007 EMPLOYMENT AW Group LLC, 2007-Present Indianapolis, IN Manager/Owner, Real Estate Consulting A&B Appraisal Service, 1998-Present Zionsville, IN Manager/Owner, Appraiser RE/MAX Unlimited, 2006 -Present Brownsburg, IN Associate Broker Real Estate Acquisition & Development, i.~c, 2004 - 2007 Lizton, IN Project Manager, Consulting, Acquisition Specialist CH2M Hill 2005-2006 Indianapolis, IN Independent Project Management/Real Estate Acquisition & Consulting Dan Moore Real Estate Services, Inc., 1996-2006 Brownsburg, IN Real Estate Salesperson MH Jones Consulting [nc. Material Handling & Logistics Consultants, 1994-1998 Indianapolis, fN Sales/Marketing PROFESSIONAL MEMBERSHIP Metropolitan Indianapolis Board of Realtors (MIBOR) Indianapolis, IN Indiana Commercial Board of Realtors (ICBR) National Association Board of Realtors