III. Related Reports
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III. Related Reports Ackerman & Co. Comp Plan Update: Real Estate Market Analysis Presented to: Columbus Consolidated Government September 2007 Presented by: Karen Burkhart Dick, CRE, CCIM Executive Vice President In association with: Jordan, Jones & Goulding 10Glenlake Parkway - South Tower-Suite 1000 Atlanta, Georgia 30328 (770)913-3900 Ackerman & Co. Table of Contents I. Residential Market II. Retail Market III. Hospitality Market IV. Office-Industrial Market I. Residential Market RESIDENTIAL MARKET OVERVIEW COLUMBUS-MUSCOGEE COUNTY HOUSING PERMITS ACTIVE DEVELOPERS Single- Multi- Single-Family Homes Apartments Family Family Grayhawk (Erickson) Flournoy Year Units Units Total WC Bradley Greystone (White) Woodruff Contracting Woodruff Company 2000 556 419 975 2001 506 675 1,181 2002 615 207 822 RECENT HOME SALES TRENDS 2003 704 522 1,226 2004 701 392 1,093 Median Average Days on 2005 846 420 1,266 Year Units Price Price Market 2006 710 392 1,102 2004 549 $134,900 $159,964 100 6/2007 289 178 467 2005 2,958 $146,550 $170,591 97 2006 3,012 $153,250 $180,270 101 Total 4,927 3,205 8,132 8/10/2007 1,447 $159,900 $182,779 117 Annual Avg. 657 427 1,084 Total 7,966 $150,000 $175,732 103 SELECTED COMPETITIVE APARTMENTS SELECTED SUBDIVISIONS (100+ Lots) Year Monthly Prices Project Open Units Rents From Project Lots From 11th Street Lofts 2003 66 $650 Active Subdivisions Brittwood 1994-98 264 $550 Bridge Mill 157 N/A Greystone Columbus Pk. 2004-05 174 $700 Deerwood 125 $300,000 Greystone Farms 2000-06 305 $650 Ellerslie Place 104 $300,000 Greystone Inverness 1998-02 295 N/A Garrett Creek 190 $165,000 Greystone Maple Ridge 2002 128 $935 Garrett Pines 548 $165,000 Hamilton Station 2002 120 $590 Ivy Park 510 $188,500 Lullwater @ Maple Rdg 2002 240 $625 Lexington Heights 261 $150,000 Sugar Mill 2004-05 234 $795 Sable Oaks 129 N/A The Lakes 1999-04 270 $630 Sonoma Point 251 $173,000 Walden Chase 1997 152 $610 The Villages at St. Mary's 233 $200,000 2,508 RECENT MULTI-FAMILY PROJECTS Planned Subdivisions Year Projects Units Belvedere Heights (Erickson) 122 N/A Bridgemill (Will White) 157 N/A 2000 2 281 Creek Rise PUD 175 $325,000 2001 1 60 Eagle Pointe 2 (Woodruff) 145 N/A 2002 6 644 Riegel Pointe (Ray Wright) 134 N/A 2003 5 566 St. Mary's (Kimbrough) 322 N/A 2004 6 415 Thayer Project 102 N/A 2005 5 367 Williams PUD (Woodruff) 222 N/A 2006 9 667 2007 6 778 1,379 2008 (Planned) 4 401 2009 (Planned) 6 653 4832 Sources: US Census Bureau, Muscogee MLS, Greystone Properties, Waddell Realty, Columbus Consolidated Government, and Ackerman/JJG (August 2007) Ackerman & Co. MULTI-FAMILY PROJECTS DEVELOPED SINCE 2000 COLUMBUS-MUSCOGEE COUNTY Project 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total 11th Street Lofts 66 66 Ashley Station/Peabody 92 92 Baywood 100 100 200 Brighton Park 224 224 Cougar Village* 210 210 Downtown Lofts 40 40 Grand Reserve 120 60 60 60 60 11 371 Greystone (Unnamed) 75 75 Greystone Columbus Park 60 114 174 Greystone Falls 80 134 214 Greystone Farms 161 24 120 305 Greystone Inverness II 164 164 Greystone Maple Ridge 48 80 128 Greystone Pointe 100 106 206 Greystone Summit 110 110 220 Grove Park 104 104 208 Hamilton Station 120 120 Johnston Mill Lofts 320 320 Kitten Lake 117 117 234 Links at Maple Ridge 52 52 Lullwater at Maple Ridge 240 240 Morningside Way 32 32 Parkview II 100 100 RCI/Fort Benning 50 50 50 150 Spring Creek Village 20 40 40 100 Sugar Mill 117 117 234 The Lakes 38 38 Thompkins Est. Property 200 200 Willis Road 40 40 Woodruff PUD 75 75 281 60 644 566 415 367 667 778 401 653 4,832 * Student housing Source: Greystone Properties Ackerman & Co. RECENT HOUSE SALES TRENDS COLUMBUS-MUSCOGEE COUNTY Average Price Range 2004 2005 2006 8/10/2007 Total Annual $0-29,999 7 56 37 27 127 23 $30,000-39,999 10 50 38 27 125 22 $40,000-49,999 15 66 58 28 167 30 $50,000-59,999 18 67 71 37 193 34 $60,000-69,999 26 111 104 42 283 51 $70,000-79,999 28 127 118 62 335 60 $80,000-89,999 39 141 142 69 391 70 $90,000-99,999 18 140 147 54 359 64 $100,000-119,999 58 276 250 118 702 125 $120,000-139,999 69 335 309 133 846 151 $140,000-159,999 46 283 345 124 798 143 $160,000-179,999 55 281 249 148 733 131 $180,000-199,999 35 223 259 117 634 113 $200,000-249,999 50 316 366 158 890 159 $250,000-299,999 23 161 168 109 461 82 $300,000-399,999 29 205 202 118 554 99 $400,000-499,999 14 78 67 35 194 35 $500,000-599,999 6 18 48 18 90 16 $600,000-699,999 1 12 14 15 42 8 $700,000+ 2 12 20 8 42 8 Total 549 2,958 3,012 1,447 7,966 1,423 Median Sold Price $134,900 $146,550 $153,250 $159,900 --- --- Average Sold Price $159,964 $170,591 $180,270 $182,779 --- --- Average Days on Market 100 97 101 117 --- --- Sources: Columbus Multiple Listing Service and Waddell Realty Ackerman & Co. ASSESSMENT OF HOUSING AFFORDABILITY COLUMBUS-MUSCOGEE COUNTY Maximum Max. Monthly Equivalent Equivalent Equivalent Annual Income for House Price House Price House Price Annual Household Income Income Housing (30%) at 7.0% Interest* at 7.5% Interest* at 8.0% Interest* Less Than $15,000 $15,000 $375 $59,332 $56,454 $53,796 $15,000-24,999 $25,000 $625 $98,887 $94,091 $89,660 $25,000-34,999 $35,000 $875 $138,441 $131,727 $125,524 $35,000-49,999 $50,000 $1,250 $197,773 $188,181 $179,320 $50,000-74,999 $75,000 $1,875 $296,660 $282,272 $268,981 $75,000-99,999 $100,000 $2,500 $395,546 $376,362 $358,641 $100,000-149,999 $150,000 $3,750 $593,319 $564,543 $537,961 $150,000-249,999 $250,000 $6,250 $988,866 $940,905 $896,602 $250,000-499,999 $500,000 $12,500 $1,977,731 $1,881,811 $1,793,204 Average Household Income 2000 $47,553 $1,189 $188,094 $178,972 $170,544 2007 $54,663 $1,367 $216,217 $205,731 $196,044 2012 $59,851 $1,496 $236,738 $225,257 $214,650 Median Household Income 2000 $34,843 $871 $137,820 $131,136 $124,961 2007 $40,457 $1,011 $160,026 $152,265 $145,095 2012 $43,923 $1,098 $173,736 $165,310 $157,526 * Based on a 95% loan for 30 years. Sources: U.S. Census Bureau, Claritas, and Ackerman/JJG (August 2007) Ackerman & Co. HOUSEHOLDER CHARACTERISTICS AND TRENDS COLUMBUS-MUSCOGEE COUNTY HOUSEHOLDS BY AGE OF HOUSEHOLDER Annual % Change Age of Householder 2000 2007 2012 2000-07 2007-12 Aged 15-24 Years 4,723 4,812 4,788 0.4% -0.1% Aged 25-34 Years 13,538 12,348 11,866 -1.8% -0.8% Aged 35-44 Years 14,958 13,263 12,513 -2.4% -1.2% Aged 45-54 Years 13,443 14,633 13,978 1.7% -0.9% Aged 55-59 Years 4,700 6,107 6,830 5.4% 2.3% Aged 60-64 Years 3,996 4,685 5,674 3.2% 3.9% Aged 65-69 Years 4,151 3,850 4,371 -1.5% 2.6% Aged 70-74 Years 3,941 3,623 3,392 -1.7% -1.3% Aged 75-79 Years 2,963 3,207 3,028 1.6% -1.1% Aged 80-84 Years 1,962 2,158 2,377 1.9% 2.0% Aged 85+ Years 1,412 1,597 1,817 2.5% 2.6% Total 69,787 70,283 70,634 0.1% 0.1% Median Age of Householder 46.05 48.22 49.40 0.9% 0.5% HOUSEHOLDS BY INCOME OF HOUSEHOLDER Annual % Change Income of Householder 2000 2007 2012 2000-07 2007-12 Less Than $15,000 13,878 11,939 10,988 -3.0% -1.6% $15,000-24,999 10,791 9,365 8,617 -2.8% -1.7% $25,000-34,999 10,387 9,523 8,866 -1.7% -1.4% $35,000-49,999 11,875 11,859 11,508 0.0% -0.6% $50,000-74,999 12,209 12,711 13,108 0.8% 0.6% $75,000-99,999 5,081 6,683 7,260 5.6% 1.7% $100,000-149,999 3,698 5,504 6,687 8.3% 4.0% $150,000-249,999 1,240 1,729 2,412 6.9% 6.9% $250,000-499,999 443 671 785 8.7% 3.2% $500,000+ 185 299 403 10.1% 6.2% Total 69,787 70,283 70,634 0.1% 0.1% Average Household Income $47,553 $54,663 $59,851 2.8% 1.8% Median Household Income $34,843 $40,457 $43,923 3.0% 1.7% Per Capita Income $18,262 $21,162 $23,227 3.0% 1.9% Sources: Claritas and Ackerman/JJG (August 2007) Ackerman & Co. HOUSEHOLD FORMATIONS BY INCOME AND AGE COLUMBUS-MUSCOGEE COUNTY New Household Formations - 2000-2007 Income Range Age 15-24 Age 25-34 Age 35-44 Age 45-54 Age 55-64 Age 65-74 Age 75+ Total Less than $10,000 (129) (266) (284) (75) 97 (269) (107) (1,033) $10,000-14,999 (80) (195) (328) 22 55 (241) (139) (906) $15,000-19,999 (57) (408) (63) (102) 49 (108) 78 (611) $20,000-24,999 (74) (365) (155) (191) 65 (115) 20 (815) $25,000-29,999 (14) (186) (547) 133 92 (62) 33 (551) $30,000-34,999 49 (158) (145) (152) 186 (135) 42 (313) $35,000-39,999 50 0 (134) 77 (44) 99 226 274 $40,000-44,999 (4) (337) (356) 33 72 (160) 10 (742) $45,555-49,999 92 110 6 147 79 (25) 43 452 $50,000-59,999 118 (22) (223) (93) 270 143 56 249 $60,000-74,999 47 139 (177) 58 136 (16) 66 253 $75,000-99,999 48 250 351 407 312 101 133 1,602 $100,000-124,999 15 118 92 343 235 47 84 934 $125,000-149,999 17 51 196 345 201 73 (11) 872 $150,000+ 11 79 72 238 291 49 91 831 Total 89 (1,190) (1,695) 1,190 2,096 (619) 625 496 New Household Formations - 2007-2012 Income Range Age 15-24 Age 25-34 Age 35-44 Age 45-54 Age 55-64 Age 65-74 Age 75+ Total Less than $10,000 (82) (129) (119) (156) 88 (35) (104) (537) $10,000-14,999 (69) (85) (120) (33) 68 (73) (102) (414) $15,000-19,999 (52) (150) (90) (102) 48 (5) (35) (386) $20,000-24,999 (40) (170) (56) (132) 53 (2) (15) (362) $25,000-29,999 (28) (162) (143) (144) 73 (30) 46 (388) $30,000-34,999 (35) (80) (252) (23) 83 (6) 44 (269) $35,000-39,999 34 (52) (52) (197) 135 (62) 34 (160) $40,000-44,999 17 13 (53) (7) (38) 135 136 203 $45,555-49,999 (1) (159) (160) (51) 59 (64) (18) (394) $50,000-59,999 75 24 (40) (31) 128 20 47 223 $60,000-74,999 63 46 (92) (184) 189 123 29 174 $75,000-99,999 48 163 65 (50) 209 71 71 577 $100,000-124,999 11 124 146 97 186 91 44 699 $125,000-149,999 6 50 72 130 127 50 49 484 $150,000+ 29 85 144 228 304 77 34 901 Total (24) (482) (750) (655) 1,712 290 260 351 Sources: Claritas and Ackerman/JJG (August 2007) Ackerman & Co.