Are Eastman Properties Worth More Today Than in 2010?

·         Since 1999 our Annual Assessment has climbed from under $1200 to $3189 (a 166% increase). In comparison, Grantham’s property tax rate has risen only 20% since 1999.

·      When the Member Buy In Fee was instituted in FY2005, the ECA Board committed that it would increase property values and reduce our Capital Assessment Fee increases. In FY2005 our Capital Assessment Fee was $295. In FY2014 it is $890, which is more than a 200% increase. Likewise a Special Capital Assessment Fee has gone from $100 to $250 or a 150% increase.

·      At the same time the Community has collected $2,349,620 in Membership Fees or $1566 per property. None of that money has been returned or lowered your Capital Assessment.

·      When the South Cove Activity Center was built, the ECA Board claimed it would increase Eastman property values.

·      In the past 10 years the ECA Board has spent almost $4,000,000 of your Capital monies “improving” the golf course grounds and upgrading golf equipment, claiming it would increase property values.

·      With the re-build or renovation of the CENTER/RESTAURANT, the ECA Board is claiming it will increase property values.

* Note: Where we have stated ECA Board, we include the statements of Board/Council Committees and the Finance and Budget Committee for whose statements the Board is responsible.

	Cost per sq ft 2010	Cost per sq ft 2014	Percent Increase/Decrease
State of NH	$123	$136	11%
Eastman	$148	$117	(21%)
Grantham	$143	$133	(7%)
Enfield	$156	$145	(7%)
Lebanon	$152	$152	No change
New London	$173	$171	(1%)
Hanover	$232	$250	8%

According to Zillow, in 2010 the average cost per square foot of homes in NH was $123 and specifically in Eastman, it was at a 22% premium of $148. In 2014 the average cost per square foot of a home across the state of NH has increased to $136 however in Eastman it is down to $117. A look at some neighboring towns will show that even the towns which have seen a decrease of 1-7%, are not even near the Eastman decline, which has plunged 21%.

How long do you want this to continue?

·      How does a reduction in market value of 21% demonstrate incremental housing value coming from our amenities?

·      Why are we paying a $3189 Annual Fee to drive Eastman property values down?

·      How much deterioration in the market value of Eastman properties will come from throwing more money at the CENTER/RESTAURANT?

·      Are you willing to take a chance on spending more money on the Center?