a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
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Allen Wilson Phase III, Decatur, GA; Market Study<br />
furthest PMA boundary from the Subject site is<br />
approximately 3.0 miles.<br />
4. Community Demographic<br />
Data: Decatur is just east <strong>of</strong> downtown Atlanta, in the Atlanta-<br />
S<strong>and</strong>y Springs, GA MSA. Atlanta is a major financial <strong>and</strong><br />
corporate center for the entire southeastern United States.<br />
The relatively low cost <strong>of</strong> living, mild climate, excellent<br />
transportation facilities, <strong>and</strong> a variety <strong>of</strong> educational <strong>and</strong><br />
recreational facilities have contributed to its attractiveness<br />
as a place to live.<br />
Over the next three years, the total population in the PMA<br />
is <strong>project</strong>ed to grow at a slightly slower pace than the MSA<br />
<strong>and</strong> nation. Similar to population trends, annual household<br />
growth in the PMA is strong at 0.8 percent annually <strong>and</strong><br />
estimated to increase by 0.8 percent by 2015. It does not<br />
surpass that <strong>of</strong> the MSA but is right in line with the nation’s<br />
growth. This growth is considered positive <strong>and</strong> bodes well<br />
for the subject. The average household size in the PMA,<br />
MSA <strong>and</strong> Nation do not show any <strong>project</strong>ed annual<br />
changes in average household size by June 2014.<br />
The largest income cohort was between 100,000 +. The<br />
Subject will target households earning below $45,000.<br />
However, the subject will operate with 100 percent subsidy,<br />
<strong>and</strong> will be replacement housing therefore we believe there<br />
to be adequate dem<strong>and</strong> for the subject proposed, despite the<br />
prevalence <strong>of</strong> high income households in the PMA.<br />
According to RealtyTrac, this region experienced a medium<br />
foreclosure rate in April 2012 with approximately one out<br />
<strong>of</strong> every 833 housing units filing for foreclosure in April<br />
2012. Comparatively, the city <strong>of</strong> Decatur had a foreclosure<br />
rate <strong>of</strong> one in every 379 housing units, <strong>and</strong> the nation<br />
experienced a foreclosure rate <strong>of</strong> one in every 698 housing<br />
units. Per our site visit, we did not see many ab<strong>and</strong>oned or<br />
vacant structures in the Subject’s immediate neighborhood.<br />
5. Economic Data: DeKalb County suffered recently from the effects <strong>of</strong> the<br />
nation-wide recession. DeKalb County experienced<br />
employment growth through 2007. In 2008, total<br />
employment decreased slightly, <strong>and</strong> then decreased in 2009<br />
by over six percentage points. Average annual<br />
employment estimates reflect the year-over-year change in<br />
total employment which increased by 0.83 percent from<br />
September 20010 to September 2011.<br />
Novogradac & Company LLP 4
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