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Appraiser finds proposed Biltmore Park Apartments unlikely to harm nearby property values
Summary
A certified appraiser told the board the proposed Biltmore Park Apartments are unlikely to be detrimental to nearby property values based on comparable apartment markets and resale patterns.
John Palmer, a certified commercial appraiser, presented a market‑impact study to the Buncombe County Board of Adjustment and testified that his review of nearby comparables did not indicate a negative impact to surrounding residential property values. Palmer explained his methodology — selecting comparable apartment complexes, reviewing sales and resales in proximity to those comparables, and analyzing bedroom/bath counts, square footage and age — and concluded the proposed development would not be injurious to public welfare under the county’s standard.
Palmer walked the board through four comparables he used (including Reserve at Biltmore Park and Riverstone) and said the closest comparable was similar in proximity to the proposed site. The board accepted his testimony and admitted his report into the record.
