Memorandum

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From:��� John R Murray

Subject: Ad hoc Finance Subcommittee � House Transfers � 1989 - 2008

As part of the Ad hoc Financial Subcommittee�s consideration of a property transfer fee funding option, I reviewed the turnover of houses at the Lake for the 20 year period from full year 1989 to full year 2008.

Source data was information captured by Lake historian Chris Allyn updated from personal knowledge of transfers in 2008. A house was counted as a transfer only when it was purchased by an entirely new owner. Changes of occupancy (rentals) or names on a deed, e.g., through marriage, joint ownership changes, were not counted as a transfer. New construction was included in the count as a transfer. I am maintaining a digital file that lists by property, ownership going back over 8 decades.

The average annual transfer of houses over the twenty-year measurement period is 4.4 with a median of 4 and a range from1 to 8.

Transfers by year are shown in the graph below:

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John