Lifestory Research was engaged to identify the probable success of different house product in a masterplan community located in Virginia. The community was located in an unproven market area and the developer wanted to determine the risk associated to different product executions at the location. The engagement examined the preferred house product among moving consumers. In addition, the study examined the price preferences of those that were likely buyers at the subject location.
Lifestory Research performed a large scale phone survey among 1000 consumers planning to move in the area. The survey was designed to examine consumer house product preferences, house features, and product pricing 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 based on the desired house product.
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 if the developer provided a specific product mix. The research program also provided detailed prescriptions as to the house product required to generate consumer demand.