A developer hired Lifestory Research to identify the probable geographic submarkets that were likely to be the source of buyers at a planned community in the greater Seattle market area. The community was located in an unproven market area and the developer wanted to determine the risk associated to attracting consumers to the location. The engagement examined the preferred market locations of moving consumers as well as their interest in the subject location. In addition, the study examined the community preferences of those that were likely buyers at the subject location.
Lifestory Research performed a large scale phone survey among age and income consumers who had intentions of moving in the immediate future. The survey was designed to examine consumer submarket preferences, community preferences, and product preferences. Once the data was collected, Lifestory Research conducted analysis of responses using a proprietary statistical modeling approach to determine the probability of consumers moving to the subject property.
The research provide conclusive evidence that while the location was unproven, that a master planned community in the subject location would generate a substantial amount of demand. The research program also provided detailed prescriptions as to the amenities and house product required to generate consumer demand.