Lifestory Research was assigned to assess the appropriate product, neighborhood segmentation, and amenity programming for a potential active adult community located in the Charlotte market. The assignment was to address three key questions:
• What was the optimal positioning for the proposed community?
• What was the market depth and absorption opportunity at the subject location?
• What was the demand for active adult housing and traditional residential housing for the planned community?
Lifestory Research examined historic, current, and projected demographic growth in the market area and the relationship of the subject property to larger demographic trends and shifts occurring within the market including annual household growth by age, households by age and income, and households by age and tenure. Moreover, we surveyed relevant active and proposed residential for-sale product, compiled and examined key secondary source data regarding historical trends, including residential permits, historical new home pricing trends, and home sales activity.
Using all the information collected in the assignment, we analyzed the market positioning and depth of demand of the proposed community and determined the product array required to generate the predicted sales at the community. A highest and best use analysis with multiple product alternatives were provided as well as the likely absorptions to be achieved at the subject property. Financial models were also used to provide a clear understanding of the values generated by the different product types.