Post on 12-Apr-2017
An Analysis of Residential Market Potential
Westside Atlanta Study Area
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Westside AtlantaStudy Area
Understanding:
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The legacy and history of the Westside neighborhoods.
The housing preferences and economic capabilities of the people who live here and the people who might move here.
New housing that would help to diversify the housing stock.
Each neighborhood is unique, but there are common issues.
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When you tug at a single thing in nature,you find it attached to the rest of the world.
--John Muir
A Decade After the Crash
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Credit Still Remains Tight(both buildersand buyers)
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Target Market Methodology
Market Potential, Not Demand.
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How many are likely to move to the Study Area?Who are the potential renters and buyers?What are their housing preferences?What kind of housing is currently available?How much can the market afford?How fast will they rent or buy the new units?
Where will the potential market be moving from?
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Population: 19,175Households: 6,020
1 & 2-Person Households: 75%Median Household Income: $28,300Households Below $25,000: 46%
Median Housing Value: $116,500Owners/Renters: 26/74%
Study Area Overview 2016
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Study Area Householdsby Lifestage
Traditional and Non-Traditional Families: 52%
Empty Nesters and Retirees: 25%
Younger Singles and Couples: 23%
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Where will residents of new unitsin the Study Area be moving from?
The Westside Study Area: 24%
Balance of Atlanta/Fulton County: 30%
Regional Draw Area: 19%
Balance of the U.S.: 27%
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How many householdsrepresent the market
for new mixed-income housingin the Study Area?
4,135 households per year
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Younger Singles & Couples 64%
Traditional & Non-Traditional Families 30%
Empty Nesters & Retirees 6%
Who are the potentialrenters and buyers?
What kind of housingis currently available?
General rents and pricesin the market area.
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General Rent Ranges$450 to $3,000 per month
575 sf (1br) to 2,400 sf (3br)($0.79 to $2.62 psf)
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MAGNOLIA PARKTHE POINT AT WESTSIDE
THE RESIDENCES AT CITY CENTER
General Price Ranges: Resales$18,000 to $300,000
730 sf (1br) to 2,304 sf (5br)($11 to $180 psf)
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THE WASHINGTON
$90,000
$70,000
Do they want to rent or own, and what type of housing?
Rental Lofts/Apartments: 63.8% For-Sale Condominiums: 12.5% For-Sale Townhouses: 11.5%
For-Sale Urban Houses: 12.2%
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Atlanta MSAarea median family income (AMI)
for a family of four
$67,500
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HUD AMI Breakdown
Household 30% 80%One-person $14,200
$37,800Two-person $16,200
$43,200Three-person $20,160
$48,600Four-person $24,300
$54,000Five-person $28,440
$58,350
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Monthly RentsBased on AMI Breakdown
Household 30% 80%One-person $355 $945Two-person $405 $1,080Three-person $504 $1,215Four-person $606 $1,350Five-person $711 $1,460
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944 Annual Potential Renter HouseholdsWhat are their income ranges?
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525 Annual Potential Condominium BuyersWhat are their income ranges?
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485 Annual Potential Townhouse BuyersWhat are their income ranges?
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510 Annual Potential Urban House BuyersWhat are their income ranges?
How fast will the target householdsrent or buy new mixed-income housing
in the Westside Study Area?
Rental Units:15 percent capture rate
For-Sale Units:8.5 percent capture rate
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Annual Capture of Market Potential:530 Mixed-Income Units per Year
Over the Next Five Years
Rental Apartments: 401 units
For-Sale Condominiums: 45 units
For-Sale Townhouses: 41 units
For-Sale Urban Houses: 43 units
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Annual Market Capture:401 Mixed-Income Rental Units
Market-Rate: 182 units
Affordable/Workforce: 128 units
Low-Income/Public Housing: 91 units
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Annual Market Capture:45 Mixed-Income Condominium Units
Market-Rate: 24 units
Affordable/Workforce: 21 units
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Annual Market Capture:41 Mixed-Income Townhouse Units
Market-Rate: 19 units
Affordable/Workforce: 22 units
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Annual Market Capture:43 Mixed-Income Detached Houses
Market-Rate: 25 units
Affordable/Workforce: 18 units
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Next Steps
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Target Market
2-person household 25 to 34 years old
$25,000 to $75,000annual income
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Couple Nº 1
Dual-income,save her salary.
Renters.
Currently live in city.Goal: Buy a house.
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Couple Nº 2
Dual-income,dual-career.
Renters.
Live in city.Goal: Stay in city,no maintenance.
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Couple Nº 3
Dual-income,dual-career.
Renters.
Live in cityGoal: Stay in city,
buy acountry place.
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Couple Nº 4
Single income,single mom.
Renters.
Live in city.Goal: Buy a
townhouse near the city.
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Couple Nº 5
Single income,older sibling/
younger sibling.Owners.
Live in city.Goal: Buy a house
in the suburbs.
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Couple Nº 6
Trust fund income,he’s an actor;
she’s a painter.Renters.
Live in cityGoal: Open their own
artisanal store.
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