2005/06/15 Council Agenda Packet

The average value of mortgages from 1979 to 1982 in Center Town- ship increased by 56 percent while Control Area values increased by 77 percent and Che Study Area by 26 percent. RESIDENTIAL REAL ESTATE ACTIVITY 1979 - 1982 Control Area Listingsl Study Area Listincsl Center Township Mortgages2 1979 1980 1981 1982. $ Change 29 23 15 15 - 52% 28 28 26 29 + 4; 898 635 377 182 - 80 1. Source: Indols. Multiple Listings, Residential Properties. 2. Source: Home Mortgage Disclosure Act Statements. Both Center Township and the Control Area followed general market trends in the volume of real estate activity, falling by 80 per - cant and 52 percent, respectively, from 1979 to 1982. Once again, the Study Area performed in an atypical fashion, actually regis- tering a slight increase in volume (4 percent) over the same period. rnNrl IIC I nwz While bearing in mind the above-mentioned difficulties in certain cases'wich the sample size at the sub -area level, the following observations may be made on analysis of the data. A comparison of residential real estate listings indicates that the areas chosen in this study which have adult entertainment establishments within their boundaries have, on the average, a residential housing base of substantially higher value than that located in the areas chosen as control sites. • Despite the higher value of housing stock it the Study Areas, property values appreciated at only one-half the rate of the Con- trol Area and at one-third the rate of Center Township as a whole. Another anomaly apparent in analysis of real estate activity within the three areas is that market forces within the Study Areas were Present which caused real estate activity within its boundaries to run completely contrary to County, Township and Control Area trends. 31 EVER00042