Case Study: Governmental Advocacy The Impact of Regulatory Decisions on Home Prices Summary As “affordability” is a major point of contention in new housing Jon Sutz developments, the Blue Ridge Homebuilders Association (BRHBA) in Mustiecia Consuting Charlottesville, VA wished to make a presentation to local Planning & es Zoning commissions, to demonstrate how various governmental land- use decisions affect (and often increase) the “bottom-line” prices of new housing, The BRHBA retained me to develop a series of graphics that would profile a community that had already been built, and how decisions/ demands regarding “open-space,” multi-family vs. single-family units, and other housing variables, ultimately affect each lot’s retail price, as well as other development finance & construction factors. Jonsutz.com/agy (434) 825-8428 jon@jonsutz.com jonsutz@ yahoo.com P.O, Box 8306 (Charlttesvile, VA 22906TOWNWOOD A case study of development options under the proposed Neighborhood Model regulations July 21, 2004KEY [] = Singte-famity detached (front-loaded) [HY - singte-famity detached (rear-loaded) | = Single family attached (duplex) | = Townhouse Ly = Amenity areas i = Other open spaceAs BUILTALTERNATIVE “A” Development Costs: $1,433,500 +4,000 LF sidewalk @ $25/LF $100,000 +100 street trees @ $200/each $20,000 +1 “tot lot” @$35,000/each___$35,000 36 SFD(F) lots @ $44,125 each ‘= Single-family detached (rontoaded)ALTERNATIVE “B” Development Costs: $1,433,500 +4,000 LF sidewalk @ $25/LF $100,000 +100 street trees @ $200/each $20,000 +1 “tot lot” @ $35,000/e $35,000 $1,588,500 17 SFD(F) lots @ $44,795 each [EG sine ty detached trontoaded) 30 SFA lots @ $27,566 each DEB - sitet taco (pen Te arenty areas [EB - cr open spaceALTERNATIVE “C” Development Costs: $1,433,500 +4,000 LF sidewalk @ $25/LF $100,000 +100 street trees @ $200/each $20,000 +1 “tot lot” @ $35,000/each $35,000 +360 LF alley @ $25/LF $18,000 ing space @ $2,500/ea. $45,000 +1 Proffit Rd. Connection $100,000 ‘$1,751,500 = Single-amily detached (rearloaded) [20 SFA @ $29,863 each [10 SFD(F) @ $49,068 each 13 @ $37,545 each 9 TH @ $19,498 each pond on rons TE -arronity roas [EB - cr open spaceALTERNATIVE “D” Development Costs: $1,433,500 +2,844 LF sidewalk @ $25/LF $71,600 +71 street trees @ $200/each $14,200 +1,650 LF sidewalk @ $25/LF $41,250 +1,200 LF alley @ $50/LF +200 LF private road @ $70/LF $14,000 +1 Proffit Rd. Connection $100,000 +1 “tot lot” @ $35,000/each +Adjust for Timber Meadows ee TE - oer open spaceCosT SUMMARY TABLE ORIGINAL | ALT.“A” | ALT. “BY | ALT. “Cc” | ALT. “D” Development Costs $1,433,500 | $1,433,500 | $1,433,500 | $1,433,500 | $1,373,500 Additional NMD Costs - | $155,000 | $155,000 | $318,000 | $335,000 Total Development Cost | $1,433,500 | $1,588,500 | $1,588,500 | $1,751,500 | $1,433,500 SFD(F)| $30,500 | $44,125 | $44,795 $49,068 | $34,879 SFD(R) - - -| $37,545 - SFA - - | $27,566 | $29,863 - TH - - - | $19,498 -