APPRAISAL VALUATION MODELING | GREEN BUILDING APPRAISALS
Springarn Development Market Analysis of
Chene West Residential Condominium
Development (The Watermark)
Riverside development has begun on former
industrial and residential land along the Detroit
River. Springarn Development sought Allen &
Associates to evaluate the development potential of a
111-unit luxury condominium development and
provide conclusions and recommendations as to
market-appropriate pricing, features and absorption.
The study area was the entire city of Detroit and
nearby northern suburbs, where prospective urban
condominium purchasers live.
We identified and analyzed the average household
age, income, and tenure within the market area,
Detroit MSA, and the United States itself, focusing
on the primary market area. Using Claritas PRIZM
NE information, we determined the types of
households considered most likely to represent strong
purchase prospects for the Chene West development.
The supply of existing and pipeline planned
townhome and flat condominiums were evaluated for
their character and potential competitive impact on
the primary market area.
5700 Crooks Road
Troy, MI 48098
Phone: (248) 433-9630
Fax: (248) 433-1314
Allen & Associates Appraisal Group Detroit
4444 Second Avenue
Detroit, MI 48201