Real Estate Market Analysis Services

The vendor is required to provide real estate market analysis services for vacant black well lots to be developed in three phases.
- Provide analysis focusing on the market area and where appropriate, compare against citywide market data.
- The market analysis should at minimum include the following components:
• Discussion of neighborhood/submarket trends, employment opportunities and unemployment rate, industries
• Demographics and population trends
• Sales comparable of similar product types
• Household composition including family size and tenure (renter vs owner)
• Analysis of single-family homeownership demand
• Household income analysis: provide estimate of median income of market area compared with “area median income” (AMI), for various household sizes.
• For AMI data please use HUD-provided data for agency.
• Affordability analysis: in accordance with the “household income targets” column in the table above, provide an estimated maximum home sales price that would be affordable to each AMI decile between 30% and 140%, including 115% AMI.
• Include household sizes ranging from 1 to 5 members.
• The sales price and AMI range that is considered “market rate” for the product type in this market area.
- The development of the vacant home sites will be a continuation of the hope vi conservation and redevelopment plan designated for the black well community that incorporates the following goals and housing objectives:
• Eliminates the distinction between public and private housing and increase homeownership opportunities substantially.
• Majority of houses in black well should be for homeowners.
• Homeownership opportunities should be targeted first towards existing residents and first-time homeowners and therefore affordable.
• Continuing rehabilitation programs should be made available to current homeowners.
• The plan should support higher standards for the design and long-term maintenance of the new in-fill homes that complement the neighborhood’s single-family character.
• To the greatest extent possible, existing homes should be rehabilitated instead of demolished.