Special Board of Aldermen 11-15-2021 Page 5
Mike Tarello, Vice President
Do you want to put up the other document? You can start with the Manchester. Thank you. So we just wanted to go
over and explain a couple projects that we've just finished. Manchester, New Hampshire, and Salem, New Hampshire,
which are other sister cities of Nashua and what they went through during their revaluation, which was just completed for
this year 2021. Somewhat similar to some of the patterns that Richard was talking about for the percentage changes. If
you look in the middle lower end, Manchester as a whole increased 40% from the last revaluation of five years ago.
The single families were up 46%. The condos were up 52. The two families and three families were up a very large
number of 64 and 61. As for the apartments also 57. The vacant land went up about average and as similar to what the
pattern that's happening in Nashua so far, the commercials to go up less at 14%. Industrials went up a little bit more at
21. And then you can see the different styles of homes, ranches, split levels, bungalows, colonials, capes, so forth.
They pretty much all range except for the modern contemporaries which there are not a lot of them in the city - in the 40
to make 40 range. Some 50 or higher. There definitely are certain properties that are more desirable and certain
locations other than (inaudible). But you can see that there was large increases over the five year period.
And just to further a few other categories, the mixed use which is a combination of residential and commercial property
went up somewhere in between 2 to 22. Mobile homes went up 40% and the 4 to 8 unit families went up actually 76%.
The multi-families are in a very large demand. | think a lot of this is that they're going up for many years in Boston area
and Massachusetts area and it's saturated. For better deals coming up north and now the people are purchasing it and
it's really increasing at a higher rate. Then you can see from the sales that we brought the properties in at 100% - almost
2,000 sales that we had. We looked over a period for 4/1/2022 to a few months after 4/1/2021 so we could get a full
picture. We did see that properties were rising between 1 to 1.5% a month during that time. Thank you. Would you like
to put up the other one please Kim for Salem?
So Salem was similar in the sense that they went up 37% over a five year period with their single families going up 47%
and condos 50. Somewhat similar to Manchester. The two families were up a little bit less, but in the vicinity of the
average. Vacant land also was up 40% similar to Manchester and the commercial industrials were a lower amount.
Also similar to Manchester and the mixed use around the same as Manchester. You can see what the residential styles,
the ranches were very popular in their increase, the capes, and raised ranches. There’s a big demand for one level
properties and that was shown in the data. But also the colonials and other properties also rose quite a bit.
This showed again that for all the groups of properties, they were up approximately 100% for that same time period and
there was 631 sales for all these different groups and showing a 1 to a 1.5% increase per month over that time period.
So if anyone has any other questions that Richard or myself or our team could answer, we'd be more than willing to take
the questions for you.
Alderman Klee
Thank you, Madam President. | just | have a question. | remember, perhaps, Ms. Kleiner can answer. So | remember
when we first started talking back in 2018 about doing our evaluations and one of the things that we realized at that point
was that commercial property didn't rise as fast. So they didn’t go up the same as residential. We talked about doing
them differently, doing them more value of business versus value property. | don't know if we went down that direction
and if we did, would COVID have affected that or are we actually just looking at physical property value of the
manufacturing business?
Kim Kleiner, Administrative Services Director
So Madam Chair, I'm gonna ask Mr. Tarello who has a wealth of experience to discuss that. But as a side note, | would
say there's nothing that COVID hasn't affected. Right but Mike would you?
Mike Tarello, Vice President
Sure. | can talk about that from a moment. Yes COVID has had a negative effect on certain types of properties, maybe
a little bit more than other types of properties. It's had a strange effect because actually before COVID hurt, the
residential market was starting to level off but then what happened was with the COVID, people were still in demand to
buy a home but people the supply came off the market unexpectedly because people didn't want people in their homes
and they were concerned about the safety, which kind of drew up the market higher than what was predicted to happen.
And on the opposite effect with the commercials obviously having to shut down, restaurants, and retail, staying at home,
and working from home instead of going to the opposite, no travel, you know, to theaters and so forth.
