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This experience supports the following findings: <br /> 1. There is wide variation among values. Asking prices reflect seller expectations and <br /> may differ from market value. Actual prices paid for the land for recently-developed <br /> projects reflect transactions that may have occurred ten years or more earlier, and <br /> may not reflect the current market. Assessed values are intended to reflect market <br /> values,but often lag market value and tend to dampen the year-to-year variations. <br /> 2. For purposes of considering the relationship between land value and allowable <br /> density, the following values are used as averages derived from the various pieces of <br /> data: <br /> R-3 $20 per square foot <br /> R-4 40 <br /> R-5 60 <br /> B-2 20 <br /> B-3 60 <br /> BMU 60 <br /> C-1 30 <br /> C-2 20 <br /> 3. Given these values and the allowable densities on each zone, the land value per <br /> allowable unit would vary as follows: <br /> Allowable Density Value/Unit <br /> R-3 $29 units/acre $30,000 <br /> R-4 58 30,000 <br /> R-5 No Limit N/A <br /> B-2 58 15,000 <br /> B-3 No Limit N/A <br /> BMU No Limit N/A <br /> C-1 58 22,500 <br /> C-2 58 15,020 <br /> 4. The high values per allowable unit for R-3 and R-4 suggest that the value of TDR's <br /> might be high in those zones. These findings will be tested on the pro-forma analysis for <br /> prototypical projects. The lower values per unit for the commercial zones are still high <br /> and suggest that TDR's might have value there as well. This finding will also be tested in <br /> the pro-forma analysis. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 36 <br />