APPENDIX F

PROPERTY VALUE ANALYSIS

 1200 Scottsville Road, Building C, Suite 320, Rochester, NY 14624
T 877.294.9070 | F 585.563.6582 | W www.cornerstoneeg.com Memorandum

Date: August 2, 2017

To: Matt McGarry – Town of Colonie
CC:
From: William Emmert / Rob Holmes - Cornerstone
Subject: Colonie Landfill - Real Estate and Property Value Review
Project No.: 150027

The Town of Colonie owns a landfill in Cohoes, NY. The Town has applied to the New
York State Department of Environmental Conservation for a modification to its landfill
permit to construct and operate the Area 7 Development. During recent public hearings
and a public comment period on the Draft Environmental Impact Statement and the
permit application, a number of individuals commented on the potential for residential
property values to be impacted by the proposed Area 7 Development.

To assess the potential impact of the proposal on residential property values in the
vicinity of the landfill, residential real estate list prices and average price per square foot
within a one, two and three mile radius of the landfill were examined. Additionally, the
values were assessed for the same radii, but with listings from the inner radii removed.
These search radii are displayed on the map on the following page.

Legend:

Colonie Landfill

One Mile Radius

Two Mile Radius

Three Mile Radius

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The current real estate list prices within these areas from the Real Estate New York Website
(http://reny.net/) were gathered on December 15, 2016 and reviewed for accuracy on
January 9, 2017. List prices have been used based on the availability of information, and
while not a final sale price, they do provide an indication of the potential impact from the
Town of Colonie Landfill. Also, it should be noted that there are many reasons why a
property is listed, and this assessment does not include an analysis of why properties have
been listed. Within the one, two, and three mile radius around the Colonie Landfill, there
are 10, 46, and 118 listings, respectively. Within the one, one-to-two, and two-to-three mile
areas around the Colonie Landfill there are 10, 36, and 72 listings, respectively.

Tables 1 and 1A display the search variables applied as well as the real estate list prices for
the real-estate search that looks at properties within the one, two, and three mile radii of the
landfill. Tables 2 and 2A display the search variables applied as well as the real estate list
prices for a search that looks at one-mile, one-to-two mile and two-to-three mile areas.
Tables 1, 1A, 2 and 2A are displayed on the following pages:

Table 1 : Summary of List Prices Within Three Miles of The Colonie Landfill
Search Distance from Colonie Landfill
(miles) 1 2 3
Search Area (sq. miles) 3.142 12.566 28.274
$ $ $
Average List Price 334,690 304,311 313,010
$ $ $
Median List Price 318,900 308,400 303,900
Number of Listings 10 46 118
Listings per sq. mile 3.2 3.7 4.2
Average price per square foot of real-estate $187 $163 $151
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Table 1A : Real Estate Prices

List Price Price Per Sq. Ft.
Search Radius From Colonie Landfill Search Radius From Colonie Landfill
(miles) Square feet of (miles)
1 2 3 property 1 2 3
$2,400,000 6,638 $362
$674,900 3,336 $202
$600,000 $600,000 3,500 $171 $171
$575,000 5,500 $105
$549,900 2,785 $197
$529,000 2,571 $206
$515,900 3,171 $163
$503,900 3,171 $159
$489,900 2,477 $198
$479,900 $479,900 $479,900 1,481 $324 $324 $324
$479,900 2,800 $171
$474,900 3,037 $156
$466,900 2,819 $166
$459,900 2,819 $163
$459,900 2,819 $163
$459,400 2,819 $163
$454,900 2,737 $166
$443,900 2,240 $198
$442,000 $442,000 2,440 $181 $181
$440,900 2,549 $173
$438,900 $438,900 2,761 $159 $159
$434,500 2,970 $146
$431,900 2,549 $169
$429,900 3,080 $140
$427,900 $427,900 3,043 $141 $141
$426,500 2,554 $167
$422,900 2,699 $157
$419,900 $419,900 2,400 $175 $175
$405,900 2,213 $183
$405,500 2,067 $196
$404,900 $404,900 2,565 $158 $158
$399,800 2,225 $180
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$394,900 1,752 $225

$389,900 1,657 $235
$385,000 $385,000 3,000 $128 $128
$382,900 $382,900 2,223 $172 $172
$379,900 1,762 $216
$379,900 $379,900 2,093 $182 $182
$369,900 $369,900 $369,900 2,665 $139 $139 $139
$369,900 $369,900 2,800 $132 $132
$355,000 2,928 $121
$349,900 $349,900 1,700 $206 $206
$344,000 $344,000 1,921 $179 $179
$337,800 $337,800 $337,800 2,020 $167 $167 $167
$333,791 1,888 $177
$331,000 $331,000 1,970 $168 $168
$330,900 $330,900 $330,900 1,900 $174 $174 $174
$329,900 2,183 $151
$329,800 $329,800 1,410 $234 $234
$319,900 $319,900 $319,900 2,002 $160 $160 $160
$319,500 $319,500 1,286 $248 $248
$319,000 2,300 $139
$317,900 $317,900 $317,900 1,300 $245 $245 $245
$309,900 $309,900 $309,900 1,581 $196 $196 $196
$309,000 5,530 $56
$308,400 $308,400 1,534 $201 $201
$308,400 $308,400 1,720 $179 $179
$308,000 $308,000 1,655 $186 $186
$307,900 $307,900 $307,900 1,900 $162 $162 $162
$299,900 $299,900 1,926 $156 $156
$299,800 2,582 $116
$298,294 1,484 $201
$294,952 1,484 $199
$293,900 $293,900 1,775 $166 $166
$289,900 2,118 $137
$287,900 $287,900 1,650 $174 $174
$287,900 $287,900 $287,900 1,652 $174 $174 $174
$285,000 $285,000 1,910 $149 $149
$284,900 $284,900 $284,900 2,200 $130 $130 $130
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$282,900 1,662 $170

$269,900 $269,900 2,144 $126 $126
$259,500 1,847 $140
$248,000 1,500 $165
$229,000 1,680 $136
$219,999 $219,999 1,600 $137 $137
$216,900 $216,900 1,232 $176 $176
$215,900 $215,900 2,150 $100 $100
$205,000 1,440 $142
$199,900 2,080 $96
$199,000 $199,000 1,677 $119 $119
$199,000 $199,000 2,544 $78 $78
$195,900 $195,900 1,158 $169 $169
$194,900 $194,900 1,502 $130 $130
$190,000 1,295 $147
$189,900 1,008 $188
$189,000 1,628 $116
$184,000 $184,000 1,466 $126 $126
$180,000 1,375 $131
$180,000 792 $227
$179,000 1,487 $120
$179,000 $179,000 1,750 $102 $102
$174,900 954 $183
$174,900 1,228 $142
$174,900 $174,900 1,132 $155 $155
$159,900 1,238 $129
$155,000 1,500 $103
$155,000 $155,000 1,224 $127 $127
$150,000 1,620 $93
$148,500 1,040 $143
$145,000 $145,000 964 $150 $150
$140,000 1,738 $81
$139,900 1,040 $135
$128,000 1,912 $67
$124,900 1,348 $93
$119,000 1,224 $97
$117,000 1,368 $86
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$114,900 1,180 $97

$104,900 770 $136
$98,500 1,952 $50
$93,900 1,300 $72
$92,000 1,866 $49
$89,900 1,351 $67
$89,500 815 $110
$89,000 1,170 $76
$85,000 $85,000 1,176 $72 $72
$80,000 1,242 $64
$74,900 1,250 $60
$14,900 1,050 $14

Table 2: Summary of List Prices Within Three Miles of The Colonie Landfill (Annular Zone)
Search Distance from Colonie Landfill (miles) 1 1 to 2 2 to 3
Search Area (sq. miles) 3.142 9.425 15.708
Average List Price $ 334,690 $ 295,872 $ 318,569
Median List Price $ 318,900 $ 303,950 $ 292,426
Number of Listings 10 36 72
Listings per sq. mile 3.2 3.8 4.6
Average price per square foot of real-estate $187 $156 $144

Table 2A : Real Estate Prices

List Price Price Per Sq. Ft.
Search Radius From Colonie Landfill Search Radius From Colonie Landfill
(miles) Square feet of (miles)
1 1 to 2 2 to 3 property 1 1 to 2 2 to 3
$2,400,000 6,638 $362
$674,900 3,336 $202
$600,000 3,500 $171
$575,000 5,500 $105
$549,900 2,785 $197
$529,000 2,571 $206
$515,900 3,171 $163
$503,900 3,171 $159
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$489,900 2,477 $198

$479,900 1,481 $324
$479,900 2,800 $171
$474,900 3,037 $156
$466,900 2,819 $166
$459,900 2,819 $163
$459,900 2,819 $163
$459,400 2,819 $163
$454,900 2,737 $166
$443,900 2,240 $198
$442,000 2,440 $181
$440,900 2,549 $173
$438,900 2,761 $159
$434,500 2,970 $146
$431,900 2,549 $169
$429,900 3,080 $140
$427,900 3,043 $141
$426,500 2,554 $167
$422,900 2,699 $157
$419,900 2,400 $175
$405,900 2,213 $183
$405,500 2,067 $196
$404,900 2,565 $158
$399,800 2,225 $180
$394,900 1,752 $225
$389,900 1,657 $235
$385,000 3,000 $128
$382,900 2,223 $172
$379,900 1,762 $216
$379,900 2,093 $182
$369,900 2,665 $139
$369,900 2,800 $132
$355,000 2,928 $121
$349,900 1,700 $206
$344,000 1,921 $179
$337,800 2,020 $167
$333,791 1,888 $177
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$331,000 1,970 $168

$330,900 1,900 $174
$329,900 2,183 $151
$329,800 1,410 $234
$319,900 2,002 $160
$319,500 1,286 $248
$319,000 2,300 $139
$317,900 1,300 $245
$309,900 1,581 $196
$309,000 5,530 $56
$308,400 1,534 $201
$308,400 1,720 $179
$308,000 1,655 $186
$307,900 1,900 $162
$299,900 1,926 $156
$299,800 2,582 $116
$298,294 1,484 $201
$294,952 1,484 $199
$293,900 1,775 $166
$289,900 2,118 $137
$287,900 1,650 $174
$287,900 1,652 $174
$285,000 1,910 $149
$284,900 2,200 $130
$282,900 1,662 $170
$269,900 2,144 $126
$259,500 1,847 $140
$248,000 1,500 $165
$229,000 1,680 $136
$219,999 1,600 $137
$216,900 1,232 $176
$215,900 2,150 $100
$205,000 1,440 $142
$199,900 2,080 $96
$199,000 1,677 $119
$199,000 2,544 $78
$195,900 1,158 $169
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$194,900 1,502 $130

$190,000 1,295 $147
$189,900 1,008 $188
$189,000 1,628 $116
$184,000 1,466 $126
$180,000 1,375 $131
$180,000 792 $227
$179,000 1,487 $120
$179,000 1,750 $102
$174,900 954 $183
$174,900 1,228 $142
$174,900 1,132 $155
$159,900 1,238 $129
$155,000 1,500 $103
$155,000 1,224 $127
$150,000 1,620 $93
$148,500 1,040 $143
$145,000 964 $150
$140,000 1,738 $81
$139,900 1,040 $135
$128,000 1,912 $67
$124,900 1,348 $93
$119,000 1,224 $97
$117,000 1,368 $86
$114,900 1,180 $97
$104,900 770 $136
$98,500 1,952 $50
$93,900 1,300 $72
$92,000 1,866 $49
$89,900 1,351 $67
$89,500 815 $110
$89,000 1,170 $76
$85,000 1,176 $72
$80,000 1,242 $64
$74,900 1,250 $60
$14,900 1,050 $14
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As seen in Tables 1 and 2 the average listing price and the median price within the one-mile
radii or area assessed is higher than either the two-mile or three-mile distance (or one-to-
two and two-to-three mile areas). Additionally, the average price per square foot within
the one-mile radii or area assessed is higher than either the two-mile or three-mile distance
(or one-to-two and two-to-three mile areas). We conclude from this review that proximity
to the landfill has not affected residential property values.

Furthermore, there is no apparent impact to area development. Development in the

vicinity of the Town of Colonie Landfill has continued in recent years. Significant
residential developments within the last 10 years within a mile of the landfill include:

• Shelter Cove in the Town of Colonie

• The western portion of Mallards Landing South in the Town of Waterford
• Widgeon Way in the Town of Waterford
• Gadwall Drive in the Town of Waterford

Lastly, Mr. Brent Landis, a Real Estate Broker and resident of 20 Mallards Landing spoke at
the October 25, 2016 Public Hearing in support of the landfill expansion and stated that
there should not be any concerns related to property value impacts from the proposed Area
7 Development, and disagreed with the assertions of others during the Public Hearing that
there would be a negative impact on property values.