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<br />4% of subject area values (55 in number) fell below the range of values exhibited for <br />comparable control sales. <br /> <br />· In the subject-control comparison, poor perfonnance in the subject areas exhibited itself <br />most often in the fonn of longer market times than control counterparts (28 outlying <br />values) and lower sales-to-list price percentages (18 outlying values). In only 12 cases did <br />an outlying subject area value take the fonn of a lower price per square foot, as compared <br />to a set of control peers. The 12 cases of lower prices relatiF.tO~control peers represented <br />-just 2.6% of the price values that we measured in the subject:area.s. <br /> <br />".~f <br /> <br />· The subject area around Arlington Ridge Apartments in Shakopee merits further resi;arch. <br />Seven existing townhomes around Arlington Ridge took significantly longer to sell than <br />their control area peers in the second and third years after construction of the <br />development. However, this submarket was just one among 68 that we analyzed. This <br />indicates that negative impact by the 12 tax-credit developments in our study, at worst, <br />was limited to relatively longer market,times for one submarket of units, in one subject <br />area, over two years. <br /> <br />Conclusions <br /> <br />· We cOnclude' from our research that there is little or no evidence to support tlte Claiin that ' <br />the tax-credit family rental developments in our study eroded surrounding home 'Values. <br />The information from this research suggests that the various housing submarkets <br />examined in our study performed normally in the years after construction of the tax-credit <br />properties in question, varying in similar fashion to the pre-construction years, and <br />responding to supply and demang forces in a similar manner as the larger market. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />3 <br />