Market Foresight was engaged by the master developer of Evans Farm, a scaled and phased 1,200-acre property in Delaware County north of Columbus. After significant infrastructure and site planning, the managers required a two-fold housing market feasibility assessment; one to validate the range of lot products, from luxury New Urbanist homes to sections of production lots for public builders, and encourage the growing cadre of homebuilders - then with the same data outcomes draft a precise pro forma feasibility and parcel sales assessment for over $60 million in public bond financing and other, separate private investment.
The underlying market data proved remarkable; no other regional housing submarket had seen more growth, less economic distress and better draw from the Columbus metro area than the County. We licensed over 11,800 home sales over the previous 13 years, a key period of housing market surge, downturn and recovery. The data demonstrated 98% owner-occupied sales, 83% detached home sales and that current sales trends were actually 25% better than the market peak prior to the Great Recession. New home construction was a large 42% share of all housing sales after resales and a scant 1.4% distressed bank sales.
Our projections of Evans Farm lot sales, pricing trends and overall housing market share were combined with retail and commercial assessments by PGAV Planners of St. Louis for the bond counsel reports and a successful bond financing. Since this advisory, Market Foresight has provided timely, precise housing product and market assessments for several development finance offerings in the region, both public bonds and private placement offerings.
If you have plans for a new residential development, urban redevelopment, mixed-use project, or community planning project and want to make sure your project starts off on the right foot, please feel free to send me an email.