75E - CORRESPONDENCE RECEIVED AT CCM

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Lars P. Platt Senior Managing Director January 27, 2018 Re: Proposed Multi -Family Development 2525 N. Main Street Santa Ana, CA To Whom It May Concern: 015,0 wAK F ELD .v. Cushman & Wakefield Western, Inc. 2020 Main Street, Suite 1000 Irvine, CA 92614 (949) 474-4004 Tel (949) 474-0405 Fax (949) 930-9242 direct Lars.olat0cushwake corn I am a real estate broker in Orange County and have been working in this area for over 27 years. I am very familiar with home values in and around the Park Santiago community. The Park Santiago community of Santa Ana is situated along the north side of the 1-5 Freeway in the City of Santa Ana, just to the east of Main Street and the Main Place Shopping Center, and to the southeast of St. Joseph's Hospital. The homes in the neighborhood are desirable and demonstrate the pride of ownership exhibited in many of Orange County's more established residential communities. Communities like Park Santiago have continued exhibit improved desirability over the years, as the on -going densification of the west coasts major markets has continued; a trend that brings employment and educational opportunities to our resident base. The proposed development at the 2525 is an extension of these trends and will serve to place additional upward pressure on the values for the homes in Park Santiago. The median home price in the neighborhood is currently $687,000, which represents and improvement of 3.4 percent since December 2017. This figure is also more than double the median home price in the area from 2010, which is a direct result of the densification trends referenced above. The inventory in the Park Santiago neighborhood is historically low, meaning the community has very few homes for sale. There are currently 3 homes listed, and an analysis of recent sales in the area show home sale prices at 100.5% of asking; a remarkable statistic for any residential neighborhood of that age. The most recent sales activity in Park Santiago include disclosures to buyers that a new project may be developed at the 2525 Main Street, evidencing the demand for housing despite the anticipation of a new development. In fact, today's buyers are aware that with new development (like the proposed project, or the several other multi -family developments planned or under construction in the local area), brings with it new services and amenities in order to accommodate the needs of an increasingly affluent resident base. This translates into superior retail, restaurants, transportation linkages, and healthcare availability. This was the case with the development of City Place, a neighboring community which brought with it corresponding amenities that continue to serve the community.