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8.A. - Page 459 <br />E.J. POLATICON C RUMON <br />a M 14MM <br />OS <br />I55,0100 $375 $1.60dA00 $1,645,006967-50 <br />.25 <br />000sgf IS5A00 FEB$4$65QAOO $1,135,000 <br />you will see from the above data that the foundation casts for a 4,000 square foot home are not <br />substantially higher than they are for a 2,000 square foot home. This is bemuse of the hlllside location. <br />When a house is built an a cope, most of the home's square footage Is on the top one or two levels of <br />the home. Additional square footage comes from smaller, lower levels that are built into the hillside. <br />The cost of the foundation to support such additional square footage Is small relative to the overall cost <br />of the faundatlon. <br />I have also reviewed recent sales of nearby homes that are comparable to the homes proposed for <br />Laurel Way. These "sales comps" are attached as Exhibit A, together with a map showing where each <br />house Is located. The prices per square foot range from $360.00 to $576.00, with an average price per <br />square foot of $464.60. <br />It has been my experience that when the estimated construction costs of a proposed residence <br />approximate or exceed the anticipated sales price of that residence, it is not possible to consbWthe <br />residence. Banks and other lenders are not willing to make construction loans when the value of the <br />finished house will be less than the cost of construction. Without construction loans, most property <br />owners cannot move forward with construction. <br />The expected costs of 4,000 square foot houses on laurel Way are between $461.23 and $461.25 per <br />squaretoot. This Is very dose to the average sales price ($484.60 per square foot) of houses in the area. <br />it Is likely that financing would be available to conarbriet such houses because they could be sold for the <br />cost of construction. <br />In contrast, the expected costs of 2.000 square foot houses an Laurel Way are between $567.50 and <br />$612.50 per square foot. This is significantly higher than the overage sales price ($484.60 per square <br />foot) of houses in the area, Banks are unlikely to provide financing to construct such houses because <br />they cannot be sold for the cost of construction. Whhoat financing, itis generally not possible m <br />construct a house. <br />Z Using the low end of the estimated cast range. <br />-2- <br />u <br />1. Polati <br />