A developer engaged Lifestory Research to investigate the viability of a master planned community in the Dallas market area. The specific objectives included identifying who were the most likely group (psychographic, life-stage and/or lifestyle) profiles that would be attracted to the unique mix of attributes at the subject location. In addition, as part of the assignment, we examined how the generational groups (Boomers, Generation X, Millennials) and specific demographic groups would be attracted to the location based on the housing and community types offered.
Lifestory Research performed a phone based survey among 800 consumers in the market area. Participants were qualified based upon their intentions of moving, their plans to buy a home, those that were between the ages of 25 and 65, and had a minimum annual household income to qualify for the planned house product. The survey was designed to understand the demand characteristics among new home movers, identify motivational drivers that would enhance the opportunity for the client to effectively generate revenues at the subject location, and uncover differences based upon life stage and age of consumers.
The research provide conclusive direction for the client considering the merits of executing on the purchase of the community. The research found central themes including the location was most attractive to a concentrated group of consumers focused on affordability; the submarket had high preferences based upon a matching to consumers primary motivations, and that to generate success the community would require a robust set of amenity features.