Romspen: "Amendment Will Stabilize Property Values"

This is the second of three reports on The Town of Oro Valley's video response to more than 1,000 resident questions on the proposed Vistoso Golf General Plan Amendment.  Yesterday, we focused on the "benefit of certainty" Romspen believes the amendment provides. Today, we focus on Romspen's belief that the proposed amendment will stabilize, perhaps enhance property values in the area. Tomorrow, we will present Oro Valley's Parks and Recreation Director's remark that the town will not purchase the property.

Please note that all three posting present what the individual said. They are presented without LOVE comment.
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A "one of a kind amenity"
Romspen Managing Director Peter Oelbaum addressed the question of the impact on existing property value of the proposed Vistoso Golf general plan amendment. "“Instead of living on a dead golf course with no visibility as to what may happen in the future, people’s homes will be part of a revived community to enjoy, truly, a one of a kind amenity.”

             Video: Romspen Discusses Property Value

Oelbaum believes that the proposed 115 acre multi-use trail will be attractive to many future home buyers.

 To be used by many
“Any study that we have seen says that golf courses are used by less than 25% of the residents that live around them. An amenity, such as we are discussing, could be used by everyone."

His rationale: "There are many more buyers… who would prefer to be beside a multi use path, a fitness trail... an open space providing opportunities to react with nature. In truth, there are more people out there who enjoy nature than there are golfers.”

A best path for restoring property value
Oelbaum believes that the proposed general plan amendment is the best path to mitigate and restore future property value.

He asks residents to compare "home values with a dead golf course and all the uncertainty of all that may happen in the future [to home] value with partial redevelopment that will provide certainty for the future; and [will have] a cherished amenity that can be used by everyone, not just golfers or trespassers.”

Property value impact of proposed residential facilities not discussed
Romspen did not address the impact on existing home values of the proposed high density residential homes or of the proposed senior living facility.

Watch Oelbaum's remarks in the panel above.
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