12/16/1997 MASHPEE COMMONS ADVISORY COMMITTEE Minutes

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one-twenty to one-fifty (120-150) is too low. one reason being the range of the size units OTJM thirteen hundred to eighteen, hundred (1300-1800) square feet, at a price of one Twenty to One Fifty ($120-$150, 000 . 00) Thousand Dollars. He is not convinced. of the market feasibility reality. Thr. Brais noted a comparable, 2, 000 square foot. ft. new colonial selling for $169, 900 . 00; a 2, 500 square foot. ft. contemporary Cape selling for $165, 700 . 00 . There are smaller size units being contemplated for the project, reflected in the mix. Some 1, 000 square foot. f t. units in Mashpee are currently being built and offered for sale for as low as $92, 600 . 00 . He noted there is a market for the product and that market down turns are reflected within the report. ' Mr. Brais noted market changes have occurred in the past and may occur- in the future. Mr. Chace noted traditional districts build one house at a time, which is considered to be an advantage as there will not ever be a lot of inventory. The project will be built to supply demands . Mr. Brais commented upon the possibility of buildinc, $120, 000 . 00 homes as a reality. Mr. Fudala indicated the median home sale in Mashpee is $124, 500 . 00 . In his opinion, $120, 000 . 00 is not unrealistic, but rather closer to the Town average (competing market prices) . M `. Brais rioted building permits for 1996 indicate a $128, 000 . 00 average. Mr. Storrs distributed information received from David F. Burton, lead. Estate Consultant, dated December~ 15, 1997, to Doug Storrs in response to a request made for an assessment of ars In-Town vs. Out-of-Town, using otuit as an example. The results being Ire--Town units sola in an average of forty-three 4 days on the market; vs. one hundred-five 10 days. Between eleven (11W) and sixteen 16 plus percent premium was realized for the In-Town situation. He stated the need for some reflection of the different-type product. Selectman Dinizio determined the debate between the two studies to be ongoing. He suggested the Meeting move forward, and inquired if the fiscal impact study would include one or three scenarios. Mr. Brais responded, "Three scenarios, " Z v, OTJM, and Commercial . M . Brais advised the Committee that the studies proceed with the range as suggested. It will be possible for the data to be presented at a later time. He explained the outcome is not the market study per se, but rather the fiscal irpac t and the traffic and environmental impacts studies. The market study will become the basis for the calculations used. Therefore, a range will be created. He suggested the committee proceed with -7-