WINDSOR HOME RESEARCH STUDY By: City of Greenville

Hillsboro Example Litchfield Example

METHODS AND SCOPE OF STUDY •3 areas in 3 cities

•Reasons for study:

•Examine the value of properties near the affordable homes in three locations

•Identify any negative effects on the surrounding neighborhoods

•Use findings to understand the future of the College Ave development

HILLSBORO- “LIBERTY” NEIGHBORHOOD

HILLSBORO- “LIBERTY” NEIGHBORHOOD

In General Single family homes located west of the old industrial park

Adjacent to older homes

Built on Independence Rd

Appearance

The homes appear to be well kept

Lawns are mowed and toys are put away

Very few personal pieces of décor on the exterior

HILLSBORO- “LIBERTY” STATISTICS

Impact on property value

No negative impact

Nearby property value

Since 2000- 4% Median Increase per Year

Since 2003 (Construction of Windsor Homes)- 3% Median Increase per Year

34 properties examined

TAYLORVILLE- VANDEVEER HOMES

TAYLORVILLE- VANDEVEER HOMES

In General Single family homes

West of older homes

Southeast of newly built homes

Northwest of commercial properties

Appearance

Well kept lawns

A few bicycles left in the driveways

Nicely paved road and sidewalks

TAYLORVILLE- VANDEVEER HOMES Impact on Property Values

No Negative Impact

Nearby Property Values

Since 2000- 2.2% Median Increase per Year

Since 2004 (Construction Phase 1)- 1.9% Median Increase per Year

Since 2006 (Construction Phase 2)- 1.8% Median Increase per Year

6 properties were excluded because they increased by over 500%

This indicates the construction of new homes

LITCHFIELD- FREEDOM PLACE I & II

The findings in Litchfield were similar to those of Hillsboro and Taylorville.

All property values around Freedom Place I & II declined after the Great Recession

Despite the recession and construction of affordable housing, property values continue to rise steadily