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Transcript of Central Business District (CBD) and Over-the-Rhine … Purpose. e eA comprehensive housing study...
Central Business District (CBD) and Over-the-Rhine (OTR) Neighborhoods
Greater Cincinnati, Hamilton County, OH
A Residential Market Study and Inventory for Cincinnati Equity Fund and Downtown Cincinnati, Inc.
Executive Summary
By
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 2
Introduction……………………………….…………...…………… 3 Methodology……………………………….…………...…………… 3 Professional Conclusions……………………………….………… 5 Housing Market Trends……………………………….………….. 8 Facts & Figures……………………………….…………...……….. 11 Inventory Introduction……………………………….………….. 12 CBD Condominium Market……………………………….……… 13 Summary Inventory Composition Amenities Absorption Mixed-Use Summary Mixed-Use Composition CBD Apartment Market……………………………….…………… 21 Summary Inventory Composition Amenities Mixed-Use Summary Mixed-Use Composition Southbank Riverfront Condominium Market………………… 32 Summary Inventory Composition Amenities Absorption Development Cost……………………………….…………...…… 37
TABLE OF CONTENTS
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 3
INTRODUCTION
Purpose. A comprehensive housing study compiled for the market within the metro
Cincinnati neighborhoods of the Central Business District (CBD) and Over-the-Rhine (OTR).
To support the ongoing planning and promotion of residential and mixed-
use redevelopment in the Cincinnati metro core. Sponsorship. The study was commissioned by both the Cincinnati Equity Fund (CEF)
and Downtown Cincinnati Inc. Professional Consulting Team Property Advisors and Dinn Focused Marketing, Inc.
METHODOLOGY Demographic Analysis Comparative data and estimates for the CBD and OTR, plus their surrounding neighborhoods of West End, Pendleton, Mount Adams, East End and
the northern edge of the five Northern Kentucky cites of Ludlow, Covington, Newport, Bellevue and Dayton, known collectively as the South Bank. See inset map at upper right.
Analysis of the household populations, ethnic shares, marital and familial status, levels of education, household incomes by age, their vehicles, com-
mute times, occupation by industry sector, length of residence, and housing units by type, year built and owner status. Data is derived from baseline U.S. Census 2000 data, plus precise AGS 2006 estimates and 2011 projections parsed and later mapped to the Census
block group level. Psychographic Analysis Comparative Experian MOSAIC market segmentation estimates for the same neighborhoods above, plus additional outlying housing submarkets that
already serve the core market with housing buyers.
CincinnatiCincinnatiCincinnatiCincinnatiCincinnati
BellevueBellevueBellevueBellevueBellevue
DaytonDay tonDaytonDaytonDayton
Fort ThomasFort ThomasFort ThomasFort ThomasFort Thomas
Newp ortNewp ortNewp ortNewp ortNewp ort
WoodlawnWoodlawnWoodlawnWoodlawnWoodlawnE 2nd StE 2nd StE 2nd StE 2nd StE 2nd St
W 5th St
W 5th St
W 5th St
W 5th St
W 5th St
Mai
n S
tM
ain
St
Ma i
n S
tM
a in
St
Ma i
n S
t
W 10th St
W 10th St
W 10th St
W 10th St
W 10th St
E 6th StE 6th StE 6th StE 6th StE 6th St
Johnson St
J ohnson St
Johns on St
Johns on St
Johns on St
BullBullBulBullBull
ague Rdague Rdague Rdague Rdague Rd
Boo
ne S
tB
oone
St
Boo
ne S
tBo
one
StB
oone
St
W 9th StW 9th StW 9th StW 9th StW 9th St
Western Ave
Western Ave
Western Ave
Western Ave
Western Ave
Montague
Montague
Montagu
Montague
Montague
Park Ave
Park Ave
Park Ave
Park Ave
Park Ave
Dayton Pike
Dayton Pike
Dayton Pike
Dayton Pike
Dayton Pike
E 6th St
E 6th St
E 6th St
E 6th St
E 6th St
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
Donnermeyer D
r
Donnermeyer D
r
Donnermeyer D
r
Donnermeyer D
r
Donnermeyer D
r
Berry Ave
Berry Ave
Berry Ave
Berry Ave
Berry Ave
E 11th StE 11th StE 11th StE 11th StE 11th St
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
E 10th StE 10th StE 10th StE 10th StE 10th St
W 7th StW 7th StW 7th StW 7th StW 7th St E 6th StE 6th StE 6th StE 6th StE 6th St
W 6th StW 6th StW 6th StW 6th StW 6th St
E 4th StE 4th StE 4th StE 4th StE 4th St
W 4th StW 4th StW 4th StW 4th StW 4th St
W Mehring WayW Mehring WayW Mehring WayW Mehring WayW Mehring Way
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
ve
Del
ta A
veD
elta
Ave
Del
ta A
veD
elta
Ave
Del
ta A
ve
Straight StStraight StStraight StStraight StStraight St
Edw
ards
Rd
Edw
ards
Rd
Edwa
rds
Rd
Edw
ards
Rd
Edw
ards
Rd
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Cen
tral A
veC
entra
l Ave
Cen
tral A
veC
entra
l Ave
Cen
tral A
ve W McMicken Ave
W McMicken Ave
W McMicken Ave
W McMicken Ave
W McMicken Ave
Liberty HlLiberty HlLiberty HlLiberty HlLiberty HlElm St
Elm St
Elm St
Elm St
Elm St
Eden Park Dr
Eden Park Dr
Eden Park Dr
Eden Park Dr
Eden Park Dr
pple Stpple Stpple Stpple Stpple St
W McMillan StW McMillan StW McMillan StW McMillan StW McMillan St
Wes
tern
Hills
Via
Wes
tern
Hills
Via
Wes
tern
Hills
Via
Wes
tern
Hills
Via
Wes
tern
Hills
Via
Eastern AveEastern AveEastern AveEastern AveEastern Ave
Hig
h lan
d Av
eH
ighl
and
Ave
Hig
hla n
d A
veH
ighl
a nd
Ave
Hig
hla n
d Av
e
Central Ave
Central Ave
Central Ave
Central Ave
Central Ave
Wilmer AWilmer AWilmer AWilmer AWilmer A
Free
man
Ave
Free
man
Av e
Free
man
Ave
Free
man
Ave
Free
man
Ave
6th St6th St6th St6th St6th St
Walnut St
Walnut St
Walnut St
Walnut St
Walnut St
W 3rd StW 3rd StW 3rd StW 3rd StW 3rd St
Airport Rd
Airport Rd
Airport Rd
Airport Rd
Airport Rd
Vine
St
Vine
St
Vine
St
Vine
St
Vine
St
W 8th StW 8th StW 8th StW 8th StW 8th St
Gest StGest StGest StGest StGest St
Clif
ton
Ave
Clif
t on
Ave
Clift
on A
veC
lifto
n Av
eC
lifto
n A
ve
E University AveE University AveE University AveE University AveE University Ave
Lincoln AveLincoln AveLincoln AveLincoln AveLincoln Ave
Madison Rd
Madison Rd
Madison Rd
Madison Rd
Madison Rd
son Aveson Aveson Aveson Aveson Ave
Stat
e Av
eat
e Av
eta
te A
veta
te A
veta
te A
ve
Beekman St
Beekman St
Beekman St
Beekman St
Beekman St
E Pete Rose Way
E Pete Rose Way
E Pete Rose Way
E Pete Rose Way
E Pete Rose Way
Erie AErie AErie AErie AErie A
Linn
St
L inn
St
L inn
St
L inn
St
L inn
St
Elm St
Elm StElm St
Elm St
Elm St
Campbell CountyCampbell CountyCampbell CountyCampbell CountyCampbell County
Hamilton CountyHamilton CountyHamilton CountyHamilton CountyHamilton County
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 4
METHODOLOGY, continued.
Psychographic Analysis, continued. Identification and consumer summary of the top 11 lifestyle segments found within this core market, shown in red shade below.
Identification and consumer summary of the top five attached housing lifestyle segments found within a 10-minute drive of the CBD, shown in the
violet border below, including the sought-after Young Cosmopolitans. Housing Market Performance and Analysis Gathered all recorded housing activity over the period January 1, 2002 through June 30, 2006, including charting of most significant market pricing,
sales or resales velocity and housing product type trends. Comparative analysis with the larger Cincinnati Center City housing market defined as the four Cincinnati zip codes of 45202, 45203, 45206 and
45219, plus the incorporated Northern Kentucky cities of Ludlow, northern Covington, Newport, Bellevue and Dayton shown as light blue shade below.
Analysis of for-sale housing performance by development for projects with six closings or more during the sample period, plus regression analysis of
relevant median pricing or sales inventory trends to reveal housing market strengths and currently unserved niches.
CincinnatiCincinnatiCincinnatiCincinnatiCincinnati
BellevueBellevueBellevueBellevueBellevue
BromleyBromleyBromleyBromleyBromley
Day tonDay tonDay tonDay tonDay ton
Fort ThomasFort ThomasFort ThomasFort ThomasFort Thomas
LudlowLudlowLudlowLudlowLudlow
Newp ortNewportNewportNewportNewport
Park HillsPark HillsPark HillsPark HillsPark Hills
SouthgateSouthgateSouthgateSouthgateSouthgateVilla HillsVilla HillsVilla HillsVilla HillsVilla Hills
WoodlawnWoodlawnWoodlawnWoodlawnWoodlawnE 2nd StE 2nd StE 2nd StE 2nd StE 2nd St
W 5th St
W 5th St
W 5th St
W 5th St
W 5th St
Mai
n St
Ma i
n S t
Ma i
n S t
Ma i
n S
tM
a in
S t
W 10th St
W 10th St
W 10th St
W 10th St
W 10th St
E 7th StE 7th StE 7th StE 7th StE 7th St
Bullock StBullock StBullock StBullock StBullock St
Devou Park Rd
Devou Park RdDevou Park Rd
Devou Park RdDevou Park Rd
Boon
e St
Boon
e St
Boon
e St
Boon
e St
Boon
e St
W 19th St
W 19th St
W 19th St
W 19th St
W 19th St
E 15th StE 15th StE 15th StE 15th StE 15th St
Montague Rd
Montague Rd
Montague Rd
Montague Rd
Montague Rd
Park Ave
Park Ave
Park Ave
Park Ave
Park Ave
Crescent SPRG Rd
Crescent SPRG Rd
Crescent SPRG Rd
Crescent SPRG Rd
Crescent SPRG Rd
Highwater Rd
Highwater Rd
Highwater Rd
Highwater Rd
Highwater RdE 18th StE 18th StE 18th StE 18th StE 18th St
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
E 11th StE 11th StE 11th StE 11th StE 11th St
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas Ave
N Fort Thomas AveE 10th StE 10th StE 10th StE 10th StE 10th St
W 7th StW 7th StW 7th StW 7th StW 7th St
Lafeuille Ave
Lafeuille Ave
Lafeuille Ave
Lafeuille Ave
Lafeuille Ave
E 6th StE 6th StE 6th StE 6th StE 6th St
W 6th StW 6th StW 6th StW 6th StW 6th St
W Mehring WayW Mehring WayW Mehring WayW Mehring WayW Mehring Way
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
ve
Jeffe
rson A
veWestbrook DrWestbrook DrWestbrook DrWestbrook DrWestbrook Dr
Del
ta A
veD
elta
Ave
Del
ta A
veD
elta
Ave
Del
ta A
ve
Straight StStraight StStraight StStraight StStraight St
Edwa
rds
Rd
Edwa
rds
Rd
Edwa
rds
Rd
Edwa
rds
Rd
Edwa
rds
Rd
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Torrence Pkwy
Cen
tral A
veC
entra
l Ave
Cen
tral A
veC
entra
l Ave
Cen
tral A
ve W McMicken Ave
W McMicken Ave
W McMicken Ave
W McMicken Ave
W McMicken Ave
Quebec Rd
Quebec Rd
Quebec Rd
Quebec Rd
Quebec Rd
Rut
ledg
e Av
eR
utle
dge
Ave
Rut
ledg
e Av
eR
utle
dge
Ave
Rut
ledg
e Av
eR
osem
ont A
veR
osem
ont A
veR
osem
ont A
veR
osem
ont A
veR
osem
ont A
ve
Elm St
Elm St
Elm St
Elm St
Elm St
Delhi Ave
Delhi Ave
Delhi Ave
Delhi Ave
Delhi Ave
Eden Park Dr
Eden Park Dr
Eden Park Dr
Eden Park Dr
Eden Park Dr
Whi
te S
tW
hite
St
Whi
te S
tW
hite
St
Whi
te S
t
asson Rdasson RdWasson Rdsson Rdasson Rd
Mar
burg
AM
arbu
rg A
Mar
burg
AM
arbu
rg A
Mar
burg
A
Werk RdWerk RdWerk RdWerk RdWerk Rd
Hopple StHopple StHopple StHopple StHopple Sty Creek RdCreek RdCreek RdCreek RdCreek Rd
Crookshank RdCrookshank RdCrookshank RdCrookshank RdCrookshank Rd
Cleves Warsaw PikeCleves Warsaw PikeCleves Warsaw PikeCleves Warsaw PikeCleves Warsaw Pike
Western Hills ViaWestern Hills ViaWestern Hills ViaWestern Hills ViaWestern Hills Via
Beechmont Cir
Beechmont Cir
Beechmont Cir
Beechmont Cir
Beechmont Cir
Eastern AveEastern AveEastern AveEastern AveEastern Ave
Hig
hlan
d Av
eH
ighl
and
Ave
Hig
hlan
d Av
eH
ighl
and
Ave
Hig
hlan
d Av
e
Neb
rask
a Av
eN
ebra
ska
Ave
Neb
rask
a Av
eN
ebra
ska
Ave
Neb
rask
a Av
e
W 8th StW 8th StW 8th StW 8th StW 8th St
Warsaw Ave
Warsaw Ave
Warsaw Ave
Warsaw Ave
Warsaw Ave Wilm
er A
ve
Wilm
er A
ve
Wilm
er A
ve
Wilm
er A
ve
Wilm
er A
ve
Free
man
Ave
Fre e
man
Ave
Fre e
man
Ave
Fre e
man
Ave
Fre e
man
Ave
W 6th StW 6th StW 6th StW 6th StW 6th St Airport Rd
Airport Rd
Airport Rd
Airport Rd
Airport Rd
And
erso
n Fe
rry R
dA
nde r
son
Ferry
Rd
And
e rso
n Fe
rry R
dAn
ders
on F
erry
Rd
And
e rso
n Fe
rry R
d
Aubu
rn A
v eAu
burn
Av e
Aubu
rn A
v eAu
burn
Av e
Aubu
rn A
v e
Hillside Ave
Hillside Ave
Hillside Ave
Hillside Ave
Hillside Ave
Gest StGest StGest StGest StGest St
Clift
on A
veC
lifton
Ave
Clift
on A
veC
lifton
Ave
Clift
on A
ve
Lincoln AveLincoln AveLincoln AveLincoln AveLincoln Ave
Red
BR
ed B
Red
BR
ed B
Red
B
Stat
e Av
e
Stat
e Av
e
Stat
e Av
e
Stat
e Av
e
Stat
e Av
e
Erie
AEr
ie A
Erie
AEr
ie Er
ie A
Campbell CountyCampbell CountyCampbell CountyCampbell CountyCampbell County
Kenton CountyKenton CountyKenton CountyKenton CountyKenton County
Cincinnati Center City Housing Market (DFM)
CBD/OTR Housing Market
10-minute Drive Border from CBD (red star in Downtown at left)
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 5
PROFESSIONAL CONCLUSIONS: Central Business District
Strong recent advances in condominium sales, product design and mixed-use projects. The CBD is a condo market in renewal. There has been a rapid and steady advance in condominium closing performance in the last three years, led
by proven local development teams offering their first for-sale condominium project. This condo renewal has been predominately market-driven. During this advance, we have noted a progression of condo product distinctions, our three “generations” of for-sale product:
A predictable “first generation” of renovations to landmark or historic Downtown buildings have progressed to Larger, “second generation” projects of new construction that offer modern design and river views, also seen in Mixed-use “third generation” projects looming on the horizon with the launch of The Banks and Ovation, larger scale projects with a much
greater “live-work-shop-play” market impact. Demand for condominiums exceeds 400 units per year. The current demand for luxury condominiums along the Cincinnati Center City
is over 400 new units per year, a tenfold gain of demand only five years ago. This surge in activity is not just driven by sustained home affordability alone, but rather on the swell of affluent consumer preference and changing life-styles. If we also consider the growth of all condominium sales $200,000-$300,000 that would include more young professional condo buyers, the de-mand would leap 50% to some 600 new condos per year.
Demand is largely from four psychographic lifestyle segments. Based upon our analysis of the psychographics of our metro housing market,
we note that the likely potential urban housing renters or buyers will come from current households segmented by MOSAIC as Young Cosmopolitans, Affluent Urban Professionals, Enterprising Couples and Dream Weavers. These “clusters” represent today the best household profiles for urban hous-ing consideration. We provide their descriptions and locations later in this report, along with detailed description of their lifestyles.
Within a larger, more market-inclusive 15-minute drive of Fifth and Vine
Streets in Downtown, we can isolate by psychographics over 53,500 potential households with the income, household size and buying habits to be ready for an urban condominium lifestyle. If just ten percent become viable, engaged condo buyers over the next five years, this would draw over 1,000 new condo residents to the core Center City markets per year. The metro condo market is really just emerging in urban housing awareness, design and experience-based salesmanship.
DOWNTOWN RIVERFRONT HOUSING MARKETCondo Closings over $200,000 in Last 10 Years by Quarter
with Select Outstanding 2004-2005 Contract Sales
-
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
Jan-
96
Jul-9
6Ja
n-97
Jul-9
7Ja
n-98
Jul-9
8Ja
n-99
Jul-9
9Ja
n-00
Jul-0
0Ja
n-01
Jul-0
1Ja
n-02
Jul-0
2Ja
n-03
Jul-0
3Ja
n-04
Jul-0
4Ja
n-05
Jul-0
5Ja
n-06
Jul-0
6Ja
n-07
Jul-0
7Ja
n-08
Jul-0
8
Closing Date
Tota
l Con
do
Clo
sin
gs
Total Condo Closings per Qtr
Condo Closings per Qtr Trendline
Condo Closings per Qtr (4-mo. avg)
New
Urb
an C
ondo
s
Approaching 125per quarter
Approaching 150 per quarter
CINCINNATI CENTER CIT Y ATTACHED HOUSING MAR KET
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 6
PROFESSIONAL CONCLUSIONS, Over-the-Rhine
Agency-driven redevelopment to date, hindered by housing stock and smaller scale. OTR, built long ago as a housing destination, is or will be associated with all of these trends above, yet is not today in renewal. Rather, OTR is in
well-intended and “agency-driven” speculation. There are twice the households and half the median incomes of the CBD. More importantly, their housing stock as it would naturally relate to urban renewal is quite different. Unlike the over 60% share of CBD housing in apartments or condos with 50 or more units, OTR has nearly three-quarters of their housing stock, or 3,500 homes, in attached clusters of nine or less units. Theirs is an older, proven neighborhood design with a high concentration of housing under very different market dynamics and preferences when compared to the CBD.
Opportunity to serve younger “stakeholders” left behind in the CBD. Our growth in the CBD has left behind the young professional residents and their more limited buying power. Our escalating price points and overly
large designs meant for the more affluent move-down household have today all but excluded these young owners, shoppers and lifestyle patrons that are so crucial to any Downtown renewal.
The elements of project success found recently in the CBD, however, can be duplicated or incorporated into new OTR for-sale housing projects as
allowed by market timing and growth: product choice, location and access, onsite or neighborhood amenities and new home availability. Like the advances in the CBD, project scale and presence will be critical to OTR. There is a distinct advantage in larger condo project scale. Larger projects offer the geometry and opportunity to provide a range of floorplans, bet-
ter parking solutions and a visible presence in the neighborhood. We have found that the renovation of four condo units within an historic shell may provide four new housing units, but lends no sense of intended redevelopment or sense of neighborhood change. We recommend that OTR move further away from the renovation of the existing neighborhood fabric toward the creation of an updated version of OTR’s original housing inspiration. We must consider larger projects.
Redevelopment of OTR has the opportunity to concentrate projects into a “critical mass” of change into a clustered and visible new residential draw,
an enclave within the historic neighborhood or a “gateway of change.” These would be an organized progression of projects with refined street-scape, color, lighting and “branding,” with collaborative parking solutions and shared amenities readily available. Motivated buyers will notice.
OTR has the opportunity to serve the edgier young professionals that have been shut out from Downtown living in the CBD market. Until the likes
of sweeping urban mixed-use projects like The Banks, there is little room for the younger, more engaged urban condo buyer in today’s palette of CBD new housing projects. With the recommended project scale and presence, the marketing benefit for a young professional is lower relative price points. More affordable condos or rental units in OTR could fill this void.
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 7
PROFESSIONAL CONCLUSIONS, Over-the-Rhine, continued.
OTR projects must provide better parking, security and “branding.” We have the need in the CBD to offer these lifestyle interests a greater sense of security against the real or perceived neighborhood threats. By fix-
ing the “broken windows” of adjacent streets’ neglect with thoughtful security programs, we can set new expectations of OTR safety and sanctity. We recommend that CEF publicly celebrate their redevelopment plans as a steady signal of change, of a greater overall value model. No private or
agency redevelopment project will benefit today from being “built in stealth.” We recommend that the public marketing efforts, especially in OTR, reach to overcome the stigma of our urban core. Efforts must generate interest beyond the initial “local believers” in housing to the more consistent, deeper ranks of “local buyers.” We have identified thousands in our nearby market.
We have noted that the optimal value model for local urban housing is made from four key components; unit design, site location and connection,
lifestyle amenities and today’s availability. When “stacked” in the early project planning, these factors yield an optimal market position relative to the competition. And as we have learned from the most recent CBD successes, you must serve the buyer with their notion of value and that you cannot “outrun the unaware consumer.”
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 8
HOUSING MARKET TRENDS
We have dedicated access to the sales and marketing efforts of our Cincinnati Center City new housing. Project developers have offered anonymous buyer profile information on select, prominent condo projects. The following accounts and observations are not backed by the data-driven analyses that is the basis of the full Housing Market Report. Instead, they offer crucial insights and trend drivers in the results of our study. In each case, the ac-counts come from partial surveys and interviews with key developers, sales reps, and condo buyers: For the CBD condo locations, the largest market segment of buyers to date have been from out-of-market relocations tied to Downtown corpora-
tions and existing Downtown owners or renters who already engage the Downtown lifestyle. These buyers fit well within psychographic segments of Young Cosmopolitans and Affluent Urban Professionals, as described in detail later in the complete Housing Market Study report. Their key drivers for buying a new residence are design, parking, pricing and availability. From their contract sales prices and corporate positions, we have noted their household incomes generally range $60,000-$150,000.
For the more prominent and view-oriented projects, the majority of buyers were local metro residents within 15-minutes of Downtown that fall into
the Dream Weaver and Enterprising Couples psychographic segments who are one-fourth self employed, one-fourth professionals and manag-ers and only ten percent retired. Larger units over 2,000 square feet serve as their primary residence, while the smaller units under 2,000 square feet have an even mix of primary residences and second homes. The key drivers behind these purchases were two or more parking spaces avail-able, views of Downtown or the Riverfront, and upgrades or customization. From their contract sales prices and sales representative accounts, we have noted their household incomes generally range over $200,000.
We have noted that the local Census tracts with the highest concentration of the household segmentation cited above, and detailed in the Housing
Market Study report, are the same tracts for the previous homes for the vast majority of the buyers above to a significant correlation. Our MO-SAIC data has identified both the potential market depth for specific household profiles and the source of our most current wave of Cincinnati Center City condo buyers.
The critical design issue for every project in the Cincinnati Center City market is parking with a strong preference for two covered spaces per resi-
dence. Most projects, however, program an average of 1.50-1.75 spaces per unit under heavy geometric and construction costs constraints. The interim solution for many projects seems to offer one parking space for the smallest units and two for the largest, with a pool of spaces available for optional purchase at the point of sale.
Typically, the largest and most prominent of residences have been the first to sell in projects without sales releases or phasing. In some cases,
units were combined and customized to create larger hybrid residences. The smallest units were primarily the slowest to sell given their sub-premium location within the building, lack of covered parking and long-lead time for construction and move in.
Though expected by recent development teams, there has not been a discernable bias against Ohio residents moving to a Kentucky condo, given
the range and depth of new condo product along the Kentucky Southbank shoreline. Key projects from the “first generation” of Cincinnati Center City housing market have already seen a small share of resales in our market of transi-
tion. The majority of these have been resold within a year for a gain of up to $100,000 from the original purchase price for select units in promi-nent projects.
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 9
In the complete Housing Market Study report, we provide detailed market performance charts that track the recent condominium closings by adjusted price per square foot, against unit square feet. Two sample charts are provided at right. The top chart depicts color-coded symbology for the most prominent fifteen new condo projects deemed to be the main drivers in today’s Center City market. In the case of select projects such as Harbor Greene and The Ascent, we have noted both the positions of the sold condos and those that remain unsold. Please note that those projects with both sold and unsold symbology, per above, have two trendlines and refer to the accompanying legend. We note that the general market trend advances in price per SF with unit size (orange arrow), while the new condo projects mimic this trend at pricing $130 per SF higher than the general mar-ket trend (red arrow). We also note that this chart is a snapshot of a very dynamic market in transition with many of the cited projects close to sell out. With that, we recast this chart below right with only those projects actively for sale today and any range of product available. Gone is the market leader of Park Place at Lytle, the American Build-ing, Michigan Terrace, Twains Pointe and Waters Edge. Resales of Adams Place, Edgecliff and St. James at the Park condos, a quiet driver of older and established resale condos, have also been removed. The result is a current Center City condo market drawn apart, the smaller, more affordable con-dos seen Downtown and along Eastern Avenue opposed to the luxury and high-end, new construc-tion towers emerging along the shoreline. For us, this is a condo market in transition as the prod-uct and position choices are revealed. The obvious niche is more affordable product in the 1,000-2,050 square foot range priced $190-$260 per SF as shown by the green shaded ellipse. The current demand for attached Center City living could jump 50% with condo product priced $200,000-$300,000. The other, clearly unserved niche is shown here as a gold shaded ellipse above the current Down-town product and priced just under the new, more sophisticated shoreline projects, updated or new construction that ranges 900-1,950 square feet over a price range of $250-$320 per SF. Please note that the more affordable of the shoreline projects is today in the greatest demand; for example, The Ascent condominiums saw their smaller array of one-bedroom plans sell first and sell out.
CINCINNATI RIVERFRONT ATTACHED HOUSING MARKETCondo Pricing per SF vs. Condo SF for New & Resale Projects
(Last 4.5 Years)
$100
$120
$140
$160
$180
$200
$220
$240
$260
$280
$300
$320
$340
$360
$380
$400
$420
$440
$460
$480
$500
800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800
Condo Square Feet
Clo
sin
g P
rice
per
SF
Park Place at Lytle
Twains Point
Michigan Terrace
Adams Place Resales
Edgecliff Resales
St. James Resales
Captains Watch
The McAlpin
American Building
Harbor Greene (sold)
Waters Edge (sold)
The Ascent (sold)
SouthShore (ph 1)
The Views (ph 1)
One River Plaza (prelim)
Park Place at Lytle Trend
Adams Place Resales Trend
Captains Watch Trend
Michigan Terrace Trend
The McAlpin Trend
American Building Trend
Overall Condo Median
Harbor Greene (West) Trend
Harbor Greene (sold) Trend
The Ascent Trend
The Ascent (sold) Trend
SouthShore Trend
The Views Trend
One River Plaza Trend
CINCINNATI CENTER CIT Y ATTACHED HOUSING MAR KET
HOUSING MARKET TRENDS, continued.
CINCINNATI RIVERFRONT ATTACHED HOUSING MARKETCondo Pricing per SF vs. Condo SF for Select New Projects
(Last 4.5 Years)
$100
$120
$140
$160
$180
$200
$220
$240
$260
$280
$300
$320
$340
$360
$380
$400
$420
$440
$460
$480
$500
800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800
Condo Square Feet
Clo
sin
g P
rice
per
SF
Captains Watch
The McAlpin
Harbor Greene (sold)
The Ascent (sold)
SouthShore (ph 1)
The Views (ph 1)
One River Plaza (prelim)
Captains Watch Trend
The McAlpin Trend
Overall Condo Median
Harbor Greene (West) Trend
Harbor Greene (sold) Trend
The Ascent Trend
The Ascent (sold) Trend
SouthShore Trend
The Views Trend
One River Plaza Trend
CINCINNATI CENTER CIT Y ATTACHED HOUSING MARKET
UNSERV ED PRO DUCT NICH E
AFFO RDABLE P RO DUCT
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 10
In our demand analysis, we depict the overall housing market performance of the larger Cincinnati Center City Attached Housing Market by plotting the number of all home closings over the last 4.5 years in $5,000 price increments over the range of $100,000-$700,000, as shown in the chart at right. This expanded market includes the CBD and OTR. In typical housing submarkets throughout the Midwest, this plot by home pricing distribution would normally describe a “skewed bell curve” of closings that peaks early in the lower price points, then falls away steadily under a range of move-up homes and then trails off into the mar-ket’s luxury home closings. This typical plot is easily reflected on this chart, although we understand that the early advance on such a bell curve has been truncated by starting at $100,000. A more typical sales distribution seen in other surrounding markets is shown as the blue bell curve, the expected performance of more balanced submarkets. Older two– and three-family housing stock shown in light green represents a hurdle for our local market distribution; their housing distribution is “compressed inward” and peaks higher than the typical market curve as the price points are held in check. This compression is represented by the orange arrow. Though pricing is held in check by the older housing stock, the general housing market performance and velocity is advancing. We then plot at lower right the last 18 quarters of attached home transfer closings in the same expanded market by their monthly inventories. For each sample set, we then added two trendli-nes, first a 3-month moving average that flexes with the seasonal cycle of home transfers, then an overall regression analysis that scribes the general median sales rate over time. For total home sales in orange, we note the significant overall growth in SFA activity for the first three years beginning in January 2002, followed by a softer advance seen in the last 18 months. This seems effected by the slow reversal of activity growth by the older two– and three-family homes shown in green beginning in the fourth quarter of 2004. Overall condo sales shown in blue, however, have been strong and nearly linear in their activity growth, beginning in January 2002 at five closings per month to the recent high of 35 per month seen last June. The complete and comprehensive analysis of these trends and supporting conclusions are provided in the complete Housing Market Study report.
CINCINNATI RIVERFRONT ATTACHED MARKETSearch Area SFA Sales by Price ($5,000)
All Homes Sold 1.1.02-6.30.06
0
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10
15
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25
30
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520
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580
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620
640
660
680
Transfer Price ($000)
SFA
Tra
nsf
ers
Condo
TTFam
“INWA RD” PRIC E POINT P RESSURE fr om OLDER STO CK
CINCINNATI CENTER CIT Y ATTACHED HOUSING MARKET
CINCINNATI RIVERFRONT ATTACHED MARKETSearch Area SFA Sales over $100,000 by Month
Sold 1.1.02-6.30.06 - Solid Trendlines are 3-mo. Moving Average
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
Jan-
02
Apr-0
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Jul-0
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Oct-0
2
Jan-
03
Apr-0
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Jul-0
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Oct-0
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Jul-0
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Oct-0
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Jul-0
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Transfer Month
Hou
sing
Tra
nsf
ers
TTFamCondoTotal SalesTTFam Median Pricing TrendCondo Median Pricing TrendTotal SFA Median Pricing Trend
CINCINNATI CENTER CIT Y ATTACHED HOUSING MAR KET
HOUSING MARKET TRENDS, continued.
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 11
FACTS AND FIGURES
DEMOGRAPHIC SUMMARYCBD OTR
2006 Total Households 1,984 3,0842006 Median Income 22,589 11,540
1 Estimated Household Income - Young Professionals1 Estimated Household Income - Move-Down Affluent2006 Median Age 40.9 30.12006 Education - Share with College Degree 39.30% 27.20%2000 Owner-Occupied Housing Units 1.10% 5.00%
2 Adjusted Owner-Occupied Housing Units 7.80% n/a2000 Percent in Labor Force 44.09% 54.20%2000 Daytime Employees 82,893 6,9662000 Percent Resident - Walk to Work 43.80% 24.90%2000 Median Home Value $205,713 $91,7132000 Average Contract Rent $460 $258
CBD CONDOMINIUM SUMMARY
2,260 units
Total Units Sold/Under Contract 314 units
Total Units Available for Purchase 308 units
Average Size Range
Average Price Range
Average Price/SF Range
CBD APARTMENT SUMMARY
3,467 units
Total Units Occupied 2,662 units
Average Size Range
Average Monthly Rental Rate Range
Average Price/SF Range
Average Occupancy Rate 91%
1Based on psychographic lifestyle segments.
2
$60,000 - $150,000
Over $200,000
Total Units (Existing, Under Construction/Renovation, Under Development, and Planned)
1,683 SF - 2,134 SF
$894 - $1,086
$0.89/SF - $0.93/SF
Since 2006 Census demographic estimates do not accurately track high-growth markets, we have adjusted the 2006 estimate to include documented attached housing transfers.
$311,853 - $498,760
$180.72/SF - $210.91/SF
Total Units (Existing, Under Construction/Renovation, Under Development, and Planned)
1,013 SF - 1,207 SF
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 12
INVENTORY INTRODUCION
It is the intent of the following research to provide an inventory of the condominium and apartment developments, including mixed-use, located in the Central Business District (CBD) of Cincinnati, Hamilton County that have been added to the market since 2002. The CBD is loosely defined as Central Parkway to the north, the Ohio River to the south, Central Avenue to the west, and I-71 to the east. The following also includes an inventory of condominium projects located in the Southbank Riverfront, Kentucky that have been added to the market since 2002. The Southbank Riverfront is loosely defined as the riverfront communities (Covington, Newport, Bellevue, and Dayton) from Ohio River to the north and Fourth Street to the south. All information contained within this survey was obtained from property owners, developers and brokers of their respective pro-jects. Information in this study is categorized by development status. A description of development status is listed below. Existing New Construction is complete and units are
available for occupancy.
Existing Renovation Construction on an existing structure is complete and units are available for occupancy.
Under Construction New Construction is ongoing and units are not available for occupancy.
Under Renovation Renovation of an existing structure is ongoing and units are not available for occupancy.
Pre-Development Construction has not begun but development plans are finalized or in finalization stages.
Pre-Redevelopment Renovation has not begun but development plans are finalized or in finalization stages.
Planned Construction has not begun and development plans are still being designed.
Planned Renovation Renovation has not begun and development plans are still being designed.
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 13
CBD CONDOMINIUM MARKET: Summary
Central Business District (CBD)Condominium Summary by Year Built
538 29
165
41
194150
338
0
50
100
150
200
250
300
350
400
2002
2003
2004
2005
2006
2007
2008
Pre-Dev
/Planne
d
Year Built/Renovated
*For graphical purpuses, Pre-Deve/Planned Does Not Include The Banks Development, a potential 1,300 units
Num
ber o
f Uni
ts
Units AvailableCincinnati CBD Condominiums Total Units Units Sold For Purchase % Units SoldExisting - - - -Existing Renovation 278 226 52 81%Under Construction 55 27 28 49%Under Renovation 139 43 96 31%Pre-Development - - - -Pre-Redevelopment - - - -Planned 1,770 18 132 1%Planned Renovation 18 - - -Total 2,260 314 308 14%
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 14
CBD CONDOMINIUM MARKET: Inventory
COMPLEX ADDRESS YEAR BUILT TOTAL UNITS
18 East Fourth 18 East Fourth Street 1907/2003 21646 Main 646 Main Street 1920/2005 4815 Elm 815 Elm 1876/2005 5911 Race 911 Race Street 1915/2003 4Adolphus Lotze 19 West Court Street 1880/2002 3American Building 30 East Central Parkway 1928/2005 31Brittany Condo 104 West Ninth Street Renovated 2006 15Broadway Tower 622 Broadway Planned 120Edge Condo 310 Culvert Street 1936/2007 77Fifth and Race Fifth and Race Planned 200Gibson Lofts 637 Walnut Street 1894/2003 8Lofts at Fountain Square 413 Vine Street Planned 18Lofts of Fifth 323 West Fifth Street 1880/2003 5One River Plaza One River Plaza 2008 150Park Place at Lytle 400 Pike Street 1905/2005 115Parker Flats 345 West Fourth Street UC 55The Banks Second Street Planned 1,300The Fort Washington 621 Main Street Renovated 2004 10The Georgia 223 West Ninth Street 1890/2002 2The Lofts at Graydon Place 26 East Sixth Street 1905/2004 29The McAlpin on Fourth 15 West Fourth Street 1874/2007 62Williamson Lofts 335 West Fifth Street 1890/2006 26
TOTAL UNITS 2,260
CINCINNATI CBD CONDOMINIUM INVENTORY
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 15
CBD CONDOMINIUM MARKET: Composition
CENTRAL BUSINESS DISTRICT (CBD) CONDOMINIUM MARKET COMPOSITION
STATUS SIZE (SF) LEASE RATE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY
Existing Renovation 2 BR/2 BA Flat 21 21 1,826 1,932 $230,000 $442,000 $125.96 $228.78 2004 2004 2005
Existing Renovation - Flat 5 3 - - - - - - 2005 2005 2005
Existing Renovation 1 BR/2 BA Flat 2 2 940 1,218 $210,000 - $223.40 - 2001 2001 2001Existing Renovation 2 BR/2 BA Flat 2 1 2,663 2,663 $502,000 $775,000 $188.51 $291.03 2001 2001 2001
Existing Renovation 1 BR/1 BA Flat 4 0 1,150 1,240 $225,000 $259,900 $190.68 $190.68 2005 2006 2006
Existing Renovation 1 BR/1 BA Flat 3 3 1,654 1,704 $199,500 $225,000 $120.62 $132.04 2002 2003 2003
Existing Renovation 2 BR/2 BA Flat 21 18 1,219 1,562 $175,900 $599,000 $144.30 $383.48 2004 2004 2005Existing Renovation 3 BR/2 BA Flat 10 10 1,590 5,082 $336,113 $1,500,000 $211.39 $295.16 2004 2004 2005
Existing Renovation 1 BR w/den Flat 5 1 1,000 1,198 $189,000 $199,900 $189.00 $166.86 2005 2005 2006Existing Renovation 2 BR/1 BA Flat 5 3 1,100 1,250 $199,900 $199,900 $181.73 $159.92 2005 2005 2006Existing Renovation 2 BR w/den Flat 5 2 1,350 1,350 $209,900 $209,900 $155.48 $155.48 2005 2005 2006
Planned - - 120 - - - - - - - - - -
Under Renovation 1 BR/2 BR/3 BR Flat 77 23 821 4,000 $149,000 $1,500,000 $181.49 $375.00 2006 2006 2007
Planned 1 BR/1 BA Flat - 750 - $150,000 - - - - - -Planned 2 BR/1 BA Flat - 1,500 - $300,000 - - - - -
Existing Renovation 1 BR/1.5 BA Flat 2 2 1,165 1,165 $199,000 $225,000 $170.82 $193.13 2002 2003 2004Existing Renovation 2 BR/2 BA Flat 2 1 1,665 1,665 $269,000 $362,000 $161.56 $217.42 2002 2003 2004Existing Renovation 2 BR/2.5 BA Flat 2 1 1,800 1,800 $300,000 $300,000 $166.67 $166.67 2002 2003 2004Existing Renovation 3 BR/2.5 BA Flat 2 2 2,800 2,800 $720,000 $740,000 $257.14 $264.29 2002 2003 2004
Planned Renovation - Flat 18 - - - - - - - - - -
Existing Renovation 1 BR/1 BA Flat 2 2 1,097 1,309 $195,000 $210,000 $177.76 $160.43 2002 2003 2003Existing Renovation 2 BR/2 BA Flat 2 2 1,483 1,483 $284,500 $284,500 $191.84 $191.84 2002 2003 2003Existing Renovation 3 BR/3 BA Flat 1 1 2,496 2,496 $450,000 $450,000 $180.29 $180.29 2002 2003 2003
Planned 1 BR/2 BR/3 BR Flat 150 18 1,430 5,750 $400,000 $2,000,000 $279.72 $347.83 2007 2006 2008
Existing Renovation 1 BR Flat 5 3 950 1,015 $180,000 $235,000 $189.47 $231.53 2004 2004 2005Existing Renovation 2 BR Flat 87 83 950 3,220 $180,000 $750,000 $189.47 $232.92 2004 2004 2005Existing Renovation 2 BR Garden 2 2 1,650 1,650 $470,000 $475,000 $284.85 $287.88 2004 2004 2005Existing Renovation 3 BR Flat 20 17 1,635 3,830 $310,000 $1,150,000 $189.60 $300.26 2004 2004 2005Existing Renovation 4 BR Flat 1 1 4,075 4,075 $1,250,000 $1,250,000 $306.75 $306.75 2004 2004 2005
Broadway Tower
Gibson Lofts
Lofts of Fifth
Park Place at Lytle
Edge Condo
18 East Fourth
911 Race
Adolphus Lotze
Brittany Condos
646 Main
American Building
815 Elm
Fifth & Race
Lofts at Fountain Square
One River Plaza
200
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 16
CBD CONDOMINIUM MARKET: Composition
STATUS SIZE (SF) LEASE RATE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY
Under Construction Loft Flat 55 27 1,078 1,616 $199,500 $350,000 $185.06 $216.58 2004 2005 2007
Planned - - 1,300 - - - - - - - - - -
Existing Renovation 2 BR/2 BA Flat 10 8 1,500 1,600 $250,000 $399,000 $153.00 $202.50 2004 2005 2005
Existing Renovation 2 BR/2 BA Flat 1 1 1,051 1,051 $164,000 $164,000 $156.04 $156.04 2002 2003 2003Existing Renovation 3 BR/3.5 BA Flat 1 1 1,894 1,894 $216,000 $216,000 $114.04 $114.04 2002 2003 2003
Existing Renovation 1 BR/1.5 BA Flat 8 8 1,050 1,050 $169,000 $187,500 $142.38 $178.57 2004 2004 2005Existing Renovation 2 BR/1.5 BA Flat 4 4 1,400 1,400 $179,500 $259,000 $128.21 $155.36 2004 2004 2005Existing Renovation 2 BR/1.5 BA Garden 1 1 1,500 1,500 $237,500 $267,500 $158.33 $158.33 2004 2004 2005Existing Renovation 2 BR/2 BA Penthouse 1 1 3,200 3,200 $359,900 $359,900 $112.47 $112.47 2004 2004 2005Existing Renovation 2 BR/ 2 BA Flat 6 6 1,400 1,600 $187,500 $259,000 $133.93 $148.44 2004 2004 2005Existing Renovation 2 BR/2.5 BA Flat 1 1 2,350 2,350 $419,500 $419,500 $178.51 $178.51 2004 2004 2005Existing Renovation 2 BR/2.5 BA Garden 2 1 1,900 1,900 $274,500 $274,500 $144.47 $144.47 2004 2004 2005Existing Renovation 2 BR/3 BA Flat 1 1 2,850 2,850 $495,000 $495,000 $173.68 $173.68 2004 2004 2005Existing Renovation 3 BR/2.5 BA Flat 4 4 2,050 2,050 $349,500 $379,500 $170.49 $185.12 2004 2004 2005Existing Renovation 3 BR/3.5 BA Penthouse 1 1 3,800 3,800 $699,000 $699,000 $183.95 $183.95 2004 2004 2005
Under Renovation 1 BR/2 BA Flat 6 4 1,090 1,150 $292,000 $294,000 $267.89 $255.65 2004 2004 2007Under Renovation 2 BR/2 BA Flat 51 16 1,190 1,955 $243,300 $599,700 $204.45 $306.75 2004 2004 2007Under Renovation 3 BR/2 BA Flat 5 0 2,860 3,350 $605,000 $784,500 $211.54 $234.18 2004 2004 2007
Existing Renovation 1 BR/1 BA Flat 14 7 910 910 $122,000 $122,000 $134.07 $134.07 2006 2006 2006Existing Renovation 2 BR/2 BA Flat 12 0 1,720 1,720 $275,000 $275,000 $159.88 $159.88 2006 2006 2006
CBD CONDOMINIUM TOTAL/AVERAGE 2,260 314 1,683 2,134 $311,853 $498,760 $180.72 $210.91
The Lofts at Graydon Place
The Banks
Williamson Lofts
Parker Flats
The McAlpin on Fourth
The Georgia
The Fort Washington
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 17
CBD CONDOMINIUM MARKET: Amenities
Pool
Clu
broo
m
Fitn
ess
Cen
ter
Fron
t Des
k/A
ttend
ant
Con
trolle
d Ac
cess
Priv
ate
Park
ing
Gar
age
Park
ing
Spac
e (A
vg.)
Balc
ony
Fire
plac
e
Elec
tric
(E)/G
as(G
) Hea
t
Hig
h-R
ise
Out
door
Are
a
City
Vie
w
Riv
er V
iew
Out
door
Rac
quet
Cou
rt
Pet
s
18 East Fourth X X X 2 E X X911 Race X 1 X X G X X646 Main 2 X G XAdolphus Lotze 1 G XAmerican Building X X X X X X 2 X X E X X XBrittany Building X X 1 G XEdge Condo X X X 2 X X E X X XFifth & Race Planned X X XGibson Lofts X X 2 X X G X X X XThe Lofts at Graydon Place X X 1 X G X X XLofts at Fountain Square Planned X XLofts of Fifth X 1 X X G XPark Place at Lytle X X X X X 1 X E X X X XParker Flats X X 1 X X G XThe Fort Washington X 1 X G X XThe Georgia X 1 G X XThe McAlpin X X 1 X E XOne River Plaza X X 2 X E X X X XWilliamson Lofts X 1 G X X X
CINCINNATI CBD CONDOMINIUM MARKET AMENITIES
N/A = information not availableX = amenity present
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 18
CBD CONDOMINIUM MARKET: Absorption
ABSORPTIONCOMPLEX ADDRESS TOTAL UNITS UNITS SOLD UNITS/MONTH
18 East Fourth 18 East Fourth Street 21 21 0.55646 Main 646 Main Street 4 0 0.00911 Race 911 Race Street 4 4 0.25American Building 30 East Central Parkway 31 28 0.72Brittany Condo 104 West Ninth Street 15 6 0.33Edge Condo 310 Culvert Street 77 23 5.75Gibson Lofts 637 Walnut Street 8 6 1.50Lofts of Fifth 323 West Fifth Street 5 5 0.80One River Plaza One River Plaza 150 18 6.00Park Place at Lytle 400 Pike Street 115 106 3.21Parker Flats 345 West Fourth Street 55 27 1.80The Fort Washington 621 Main Street 10 8 0.38The Georgia 223 West Ninth Street 2 2 0.14The Lofts at Graydon Place 26 East Sixth Street 29 28 0.88The McAlpin on Fourth 15 West Fourth Street 62 20 1.00Williamson Lofts 335 West Fifth Street 26 7 2.33
CINCINNATI CBD CONDOMINIUM MARKET AVERAGE 1.60
CINCINNATI CBD CONDOMINIUM MARKET ABSORPTION
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 19
CBD CONDOMINIUM MARKET: Mixed-Use Summary
The following table summarizes commercial square footage contained within Cincinnati CBD Mixed-Use Condominium developments. Including 70,000 SF of planned commercial space located in The Banks, a mixed-use development containing condominiums, apartments, office, and retail space. This square footage is also included in the inventory of Cincinnati CBD Mixed-Use Apartment developments found in the subsequent pages.
Cincinnati CBD Condominium Mixed-Use Total Space Vacant/Available Space (SF) % Vacant/Available SpaceExisting - - -Existing Renovation 13,150 7,700 59%Under Construction - - -Under Renovation 12,600 12,600 100%Pre-Development - - -Pre-Redevelopment - - -Planned 98,000 98,000 100%Planned Renovation 5,130 1,830 36%Total 128,880 120,130 93%
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 20
CBD CONDOMINIUM MARKET: Mixed-Use Composition
STATUS SIZE (SF) LEASE RATE/SF OCCUPIED OCCUPANT/INTENDED OCCUPANT
Existing Renovation 1,100 $15.50 Yes Thesing Companies
Existing Renovation 2,250 $10.00 Vacant Retail
Existing Renovation 850 N/A Yes Media Advantage LLP
Existing Renovation 3,500 $15.00 Vacant None
Planned Renovation 3,300 N/A Yes JeanRo BistroPlanned Renovation 1,830 N/A Vacant None
Existing Renovation 1,200 Will Not Disclose Yes Marilyn, Zayas-Davis (Law Office)
Planned 70,000 - - -
Existing Renovation 750 $20.00 Vacant None
Existing Renovation 3,500 $15.00 Yes Akash India Restaurant
Under Renovation 2,000 150.00 SF (for sale) Vacant RetailUnder Renovation 4,000 150.00 SF (for sale) Vacant Retail
Planned 7,000 N/A Vacant RestaurantPlanned 7,000 N/A Vacant DeliPlanned 7,000 N/A Vacant GroceryPlanned 7,000 N/A Vacant Service Retailers
Under Renovation 6,600 $10.00 Vacant None
CBD CONDOMINIUM MIXED-USE 128,880 $14.25
Lofts at Fountain Square
18 East Fourth
Adolphus Lotze
646 Main
Gibson Lofts
Williamson Lofts
Lofts of Fifth
The McAlpin on Fourth
One River Plaza
The Fort Washington
The Lofts at Graydon Place
The Banks: Phase I
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 21
CBD APARTMENT MARKET: Summary
Central Business District (CBD)Apartment Summary By Year Built
650
443113027
1,072
4877
1,505
0200
400600800
1,0001,200
1,4001,600
1999
and U
nder
2000
2001
2002
2003
2004
2005
2006
2007
Pre-Dev
elopm
ent/P
lanned
Year Built/Renovated
Num
ber o
f Uni
ts
Cincinnati CBD Apartments Total Units Units Occupied % Units OccupiedExisting 1,775 1,697 96%Existing Renovation 1,042 965 93%Under Construction - - -Under Renovation - - -Pre-Development - - -Pre-Redevelopment - - -Planned 650 - -Planned Renovation - - -Total 3,467 2,662 77%
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 22
CBD APARTMENT MARKET: Inventory
COMPLEX ADDRESS YEAR BUILT TOTAL UNITS
125 West Ninth Street 125 West Ninth Street 1840/2003 2211 West Ninth Street 211 West Ninth Street 1875/1992 5325 West Fifth Street 325 West Fifth Street 1890/2007 5550 East Fourth 550 East Fourth 1970 22Aurora Townhouse 203 East Eighth Street 1900/2005 7Baker Shoe 609 - 619 Race Street 1926/2001 18Biltmore Apartment 330 West Fourth Street 1880/1996 27City West 1202 Linn Street 2002 850East Eighth Lofts 325 East Eighth Street 1904/1999 156Emery Center 100 East Central Parkway Renovated 2000 59Fourth & Plum 231 West Fourth Street 1925/1980 193Garfield Tower 111 Garfield Place 1968 160Groton Lofts 700 Race Street 1996 42Hale Justis Lofts 20 East Central Parkway Renovated 2001 30Kinsey Flats 327 West Fourth Street 1967/2003 25Lofts at Shillito Place 151 West Seventh Street 1999 97Lombardy Building 322 West Fourth Street 1880/1995 92Lytle Tower 405 Broadway Street 1928 113Manna Lofts 633 Main Street 1880/2006 3One Lytle Place 621 Mehring Way 1980 231Reason & Faith Building 15 East Eighth Street 1910/2005 4Shillito Place 107 Shillito Place 1900/2000 18Sixth and Race Sixth and Race Street 2004 30Sycamore Place at Saint Xavier Park 628 Sycamore Place Renovated 2002 105The Banks Second Street Planned 650The Gramercy 135 Garfield Place 1992 148The Greenwich on the Park 120 Garfield Place 1995 64The Phelps 506 East Fourth Street 1926 131The Renaissance 224 East Eighth Street 1903/2002 117The Waldo 204 West Eighth Street 1890/2007 39Wells Building West Fourth & Central Avenue 1875 24
TOTAL UNITS 3,467
CINCINNATI CBD APARTMENT INVENTORY
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 23
CBD APARTMENT MARKET: Composition
STATUS BEDROOM TYPE # UNITS MIN SF MAX SF MIN RENT MAX RENT MIN RENT/SF MAX RENT/SF YEAR BUILT OCCUPANCY
Existing Renovation 2 BR/1.5 BA 2 1,600 1,600 $900 $900 $0.56 $0.56 1840 50%
Existing Renovation 1 BR/1 BA 2 800 800 $550 $550 $0.69 $0.69 1992 100%Existing Renovation 2 BR/1 BA 3 1,100 1,100 $775 $775 $0.70 $0.70 1992
Existing Renovation Loft 5 800 1,000 $1,000 $1,150 $1.25 $1.15 2007 0%
Existing 1 BR/1 BA 7 1,240 3,000 $1,400 $3,100 $1.13 $1.03 1970 100%Existing 2 BR/2 BA 12 1,604 2,714 $1,765 $2,870 $1.10 $1.06 1970Existing 3 BR/2.5 BA 3 2,698 2,944 $2,835 $3,100 $1.05 $1.05 1970
Existing Renovation 1 BR/1 BA 7 1,100 1,100 $700 $700 $0.64 $0.64 2005 100%
Existing Renovation Studio 6 600 600 $610 $610 $1.02 $1.02 2001 100%Existing Renovation 2 BR/1.5 BA 6 1,250 1,250 $995 $995 $0.80 $0.80 2001Existing Renovation 2 BR/1.5 BA 6 1,325 1,325 $1,095 $1,095 $0.83 $0.83 2001
Existing Renovation 1 BR/1 BA 14 700 700 $450 $550 $0.64 $0.79 1996 96%Existing Renovation 2 BR/1 BA 7 900 900 $600 $800 $0.67 $0.89 1996Existing Renovation 2 BR/2 BA 6 1,300 1,300 $650 $850 $0.50 $0.65 1996
Existing 1 BR/1 BA 200 723 723 $625 $625 $0.86 $0.86 2002 99%Existing 2 BR/1 BA 200 892 892 $650 $650 $0.73 $0.73 2002Existing 2 BR/1.5 BA 100 971 971 $750 $750 $0.77 $0.77 2002Existing 3 BR/2 BA 50 1,310 1,683 $975 $975 $0.58 $0.58 2002Existing 4 BR/2 BA 300 1,683 1,683 $1,050 $1,050 $0.62 $0.62 2002
Existing Renovation Studio 20 566 794 $650 $740 $1.15 $0.93 1999 94%Existing Renovation 1 BR/1 BA 74 700 1,451 $700 $1,280 $1.00 $0.88 1999Existing Renovation 1 BR w/den 21 843 1,044 $820 $1,099 $0.97 $1.05 1999Existing Renovation 2 BR/2 BA 41 1,185 1,888 $1,185 $1,700 $1.00 $0.90 1999
Existing Renovation Studio 15 797 1,425 $675 $1,285 $0.82 $0.93 2000 93%Existing Renovation 1 BR/1 BA 23 674 911 $575 $750 $0.82 $0.85 2000Existing Renovation 2 BR/2 BA 21 1,072 2,071 $995 $1,600 $0.77 $0.93 2000
125 West Ninth Street
Baker Shoe
Aurora Townhouse
325 West Fifth Street
211 West Ninth Street
City West
550 East Fourth
Biltmore Apartment
East Eighth Lofts
Emery Center
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 24
CBD APARTMENT MARKET: Composition
STATUS BEDROOM TYPE # UNITS MIN SF MAX SF MIN RENT MAX RENT MIN RENT/SF MAX RENT/SF YEAR BUILT OCCUPANCY
Existing Renovation Studio 10 500 700 $595 $595 $1.19 $0.85 1980 96%Existing Renovation 1 BR/1 BA 137 700 1,100 $630 $795 $0.90 $0.72 1980Existing Renovation 2 BR/1 BA 46 900 1,100 $895 $895 $0.99 $0.81 1980
Existing Studio 550 550 $530 $530 $0.96 $0.96 1968 N/AExisting 1 BR/1 BA 650 750 $580 $705 $0.89 $0.94 1968
Existing Studio 12 646 747 $600 $650 $0.93 $0.87 1996 88%Existing 1 BR/1 BA 18 790 1,108 $695 $875 $0.79 $0.88 1996Existing 2 BR/1 BA 12 1,097 1,324 $900 $970 $0.72 $0.82 1996
Existing Renovation Loft 7 1,250 1,250 $745 $890 $0.60 $0.71 2001 90%Existing Renovation 1 BR/1 BA 8 1,000 1,275 $795 $925 $0.73 $0.80 2001Existing Renovation 1 BR/1.5 BA 10 1,350 1,450 $925 $1,050 $0.69 $0.72 2001Existing Renovation 2 BR/1.5 BA 5 1,525 1,525 $1,095 $1,350 $0.72 $0.89 2001
Existing Renovation 1 BR/1 BA 15 666 1,065 $675 $995 $1.01 $0.93 2003 96%Existing Renovation 2 BR/1 BA 10 1,075 1,349 $795 $1,045 $0.74 $0.77 2003
Existing Studio 9 588 652 $595 $770 $1.01 $1.18 1999 80%Existing 1 BR/1 BA 50 1,000 1,026 $795 $935 $0.80 $0.91 1999Existing 2 BR/2 BA 25 1,505 1,505 $1,100 $1,320 $0.73 $0.88 1999Existing 2 BR/2.5 BA 1 1,690 1,690 $1,395 $1,395 $0.83 $0.83 1999Existing 2 BR/2 BA 5 1,343 1,343 $1,250 $1,250 $0.93 $0.93 1999Existing 3 BR/2.5 BA 7 2,243 2,243 $1,695 $1,995 $0.76 $0.89 1999
Existing Renovation 1 BR/1 BA 40 600 900 $435 $550 $0.73 $0.61 1995 100%Existing Renovation 2 BR/2 BA 52 900 1,200 $650 $800 $0.72 $0.67 1995
Existing Renovation Studio 84 400 500 $490 $595 $1.23 $1.19 1928 91%Existing Renovation 1 BR/1 BA 23 500 500 $565 $700 $1.13 $1.40 1928Existing Renovation 2 BR/1 BA 6 1,000 1,000 $850 $850 $0.85 $0.85 1928
Existing Renovation 1 BR/1 BA 3 1,200 1,500 $1,200 $1,500 $1.00 $1.00 2006 33%
Groton Lofts
Garfield Tower
160
Fourth & Plum
Manna Lofts
Hale Justis Lofts
Lytle Tower
Kinsey Flats
Lofts at Shillito Place
Lombardy Building
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 25
CBD APARTMENT MARKET: Composition
STATUS BEDROOM TYPE # UNITS MIN SF MAX SF MIN RENT MAX RENT MIN RENT/SF MAX RENT/SF YEAR BUILT OCCUPANCY
Existing 1 BR/1 BA 105 665 1,013 $879 $1,084 $1.32 $1.07 1980 N/AExisting 2 BR/2 BA 105 1,254 1,486 $1,249 $1,800 $1.00 $1.21 1980Existing 2 BR/2 BA 21 1,486 1,486 $1,800 $2,000 $1.21 $1.35 1980
Existing Renovation 1 BR/1 BA 1 900 900 $1,000 $1,000 $1.11 $1.11 2005 50%Existing Renovation 2 BR/1 BA 3 1,900 1,900 $1,900 $1,900 $1.00 $1.00 2005
Existing Renovation Studio 6 600 600 $610 $610 $1.02 $1.02 2000 75%Existing Renovation 2 BR/1.5 BA 6 1,260 1,260 $995 $995 $0.80 $0.80 2000Existing Renovation 2 BR/1.5 BA 6 1,290 1,290 $1,095 $1,095 $0.85 $0.85 2000
Existing 1 BR/1 BA 6 677 971 $650 $995 $0.96 $1.02 2004 96%Existing 2 BR/ 2 BA 24 1,140 1,140 $1,050 $1,225 $0.92 $1.07 2004
Existing Renovation Studio 21 566 794 $620 $640 $0.81 $1.10 2002 99%Existing Renovation 1 BR/1 BA 30 700 1,451 $710 $1,270 $0.88 $1.01 2002Existing Renovation 1 BR w/den 24 1,022 1,161 $1,019 $1,170 $1.00 $1.01 2002Existing Renovation 2 BR/2 BA 30 1,167 1,888 $1,190 $1,800 $0.95 $1.02 2002
Planned - 650 - - - - - - - -
Existing Studio 34 554 592 $595 $665 $1.07 $1.12 1992 94%Existing 1 BR/1 BA 95 698 748 $650 $850 $0.93 $1.13 1992Existing 2 BR/2 BA 13 1,167 1,405 $1,055 $1,275 $0.90 $0.91 1992Existing 2 BR/2.5 BA 6 1,468 1,468 $1,195 $1,275 $0.81 $0.87 1992
Existing Studio 19 550 550 $595 $650 $1.08 $1.18 1995 95%Existing 1 BR/1 BA 8 625 625 $720 $720 $1.15 $1.15 1995Existing 2 BR/2 BA 37 1,075 1,204 $905 $975 $0.81 $0.84 1995
Existing Studio 74 375 670 $395 $695 $1.05 $1.04 1926 100%Existing 1 BR/1 BA 35 685 1,090 $650 $995 $0.95 $0.91 1926Existing 2 BR/2 BA 21 1,375 1,400 $1,075 $1,245 $0.78 $0.89 1926Existing 3 BR/3 BA 1 2,020 2,020 $1,925 $1,925 $0.95 $0.95 1926
The Banks
Shillito Place
Sixth and Race
Sycamore Place at Saint Xavier Park
The Gramercy
The Greenwich on the Park
The Phelps
One Lytle Place
Reason & Faith Building
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 26
CBD APARTMENT MARKET: Composition
STATUS BEDROOM TYPE # UNITS MIN SF MAX SF MIN RENT MAX RENT MIN RENT/SF MAX RENT/SF YEAR BUILT OCCUPANCY
Existing Renovation 1 BR/1 BA 46 677 990 $759 $989 $1.00 $1.12 2002 95%Existing Renovation 2 BR/2 BA 27 1,000 1,600 $979 $1,200 $0.75 $0.98 2002Existing Renovation 3 BR/2 BA 44 1,700 2,000 $1,200 $1,600 $0.71 $0.80 2002
Existing Renovation Loft 6 550 600 $475 $550 $0.86 $0.92 2007 50%Existing Renovation 1 BR/1 BA 12 550 600 $600 $600 $1.09 $1.00 2007Existing Renovation 2 BR/1 BA 21 1,175 1,275 $900 $1,900 $0.77 $1.49 2007
Existing Renovation 1 BR/1 BA 18 375 375 $350 $375 $0.93 $1.00 1875 100%Existing Renovation 2 BR/1 BA 6 800 800 $750 $750 $0.94 $0.94 1875
CBD APARTMENT TOTAL/AVERAGE 3,467 1,013 1,207 $894 $1,086 $0.89 $0.93 91%
The Waldo
Wells Building
The Renaissance
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 27
CBD APARTMENT MARKET: Amenities
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125 West Ninth Street G NA211 West Ninth Street X E NA325 West Fifth Street G NAFourth & Plum X X X X E X X X X550 East Fourth X X X X 1 G XAurora Townhouse E CatsBaker Shoe G X X X XBiltmore Apartment X G X NACity West X 1 X G X XEast Eighth Lofts X E X NAEmery Center X X 1 G X XGarfield Tower X X G X CatsGroton Lofts X X G X CatsHale Justis Lofts X X X G X XKinsey Flats X X 1 E X NALofts at Shillito Place X X X E X CatsLombardy Building X G X NALytle Tower X X X X 1 E X X XManna Lofts X 1 E XOne Lytle Place X X X E X X XReason & Faith Building X X X G X NAShillito Place X G X NASixth and Race X X X G X XSycamore Place at Saint Xavier Park X X X E X XThe Gramercy X X X X E X CatsThe Greenwich on the Park X X X X E XThe Phelps X G X XThe Renaissance X X X E X X XThe Waldo X X E XWells Building X 1 G X X
CINCINNATI CBD APARTMENT MARKET AMENITIES
N/A = information not availableX = amenity present
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 28
CBD APARTMENT MARKET: Mixed-Use Summary
The following table summarizes commercial square footage contained within Cincinnati CBD Mixed-Use Apartment developments. Including 70,000 SF of planned commercial space located in The Banks, a mixed-use development containing condominiums, apartments, office, and retail space. This square footage is also included in the inventory of Cincinnati CBD Mixed-Use Condominium developments found in the previous pages.
Cincinnati CBD Apartment Mixed-Use Total Space Vacant/Available Space (SF) % Vacant/Available SpaceExisting 96,433 26,783 28%Existing Renovation 63,748 23,550 37%Under Construction - - -Under Renovation - - -Pre-Development - - -Pre-Redevelopment - - -Planned 70,000 70,000 100%Planned Renovation - - -Total 230,181 120,333 52%
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 29
CBD APARTMENT MARKET: Mixed-Use Composition
STATUS SIZE (SF) LEASE RATE/SF YEAR BUILT OCCUPIED OCCUPANT/INTENDED OCCUPANT
Existing Renovation 1,200 $8.00 1992 Vacant NONE
Existing Renovation 2,400 $11.00 1890 Vacant None
Existing Renovation 1,000 $15.00 1968 Yes North Star NavigatorsExisting Renovation 1,000 $15.00 1968 Yes Cricket NCR Wireless
Existing Renovation 2,500 N/A 2001 Yes Young TownExisting Renovation 1,100 $11.00 2001 Vacant None
Existing Renovation 2,000 $10.00 1996 Yes Avanti Hair SalonExisting Renovation 2,000 $10.00 1996 Yes Hype The Salon
Existing 4,000 $10.00 2002 Vacant None
Existing Renovation 1,325 $12.00 1999 Yes Charles & Associates Inc.Existing Renovation 3,620 $12.00 1999 Yes KKGExisting Renovation 1,790 $12.00 1999 Yes US Digital Partners
Existing Renovation N/A 2001 Yes Coffee EmporiumExisting Renovation N/A 2001 Yes Cincinnati Development Fund
Existing Renovation 1,300 $13.50 1980 Yes Café Barista and Deli
East Eighth Lofts
Emery Center
Fourth & Plum
325 West Fifth Street
211 West Ninth Street
City West
Biltmore Apartment
Baker Shoe
Aurora Townhouse
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 30
CBD APARTMENT MARKET: Mixed-Use Composition
STATUS SIZE (SF) LEASE RATE/SF YEAR BUILT OCCUPIED OCCUPANT/INTENDED OCCUPANT
Existing 1,650 $15.00 1968 Yes Studio West Hair CuttingExisting 1,650 $15.00 1968 Yes Cincinnati Shakespeare CompanyExisting 1,650 $15.00 1968 Vacant None
Existing 7,133 $20.00 1996 Vacant None
Existing Renovation 17,100 $11.00 2001 Vacant Office
Existing 2,400 $17.50 1999 Yes Business CourierExisting 32,000 $19.50 1999 Yes Landor
Existing Renovation 1,100 $9.00 1995 Yes Carrington's Hair SalonExisting Renovation 650 $14.00 1995 Yes Cincinnati Urban Floral DesignExisting Renovation 1,200 $8.00 1995 Yes The Pain Release CenterExisting Renovation 750 $11.00 1995 Vacant None
Existing Renovation 3,957 $11.00 1928 Yes Burrito Joe'sExisting Renovation 1,116 $11.00 1928 Yes Cahill CateringExisting Renovation 740 $8.00 1928 Yes Barber Shop
Existing Renovation 1,700 Owner Occupied 2006 Yes Manna Vegetarian Deli
Existing 9,500 $17.00 1980 Vacant None
Hale Justis Lofts
Lytle Tower
One Lytle Place
Lofts at Shillito Place
Lombardy Building
Manna Lofts
Groton Lofts
Garfield Tower
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 31
CBD APARTMENT MARKET: Mixed-Use Composition
STATUS SIZE (SF) LEASE RATE/SF YEAR BUILT OCCUPIED OCCUPANT/INTENDED OCCUPANT
Existing Renovation 1,500 $10.00 1910 Yes McKinney & NameiExisting Renovation 1,900 $10.50 1910 Yes Altman Law FirmExisting Renovation 1,900 $10.50 1910 Yes Altman & MacintoshExisting Renovation 1,900 $10.75 1910 Yes Alpha Investments
Existing 17,940 $23.45 2004 Yes Walgreen's
Existing 1,500 $12.00 1992 Yes Dry CleanerExisting 3,500 $11.75 1992 Yes Fast SignsExisting 3,460 $12.50 1992 Yes JalapeñosExisting 1,500 $18.00 1992 Yes Papa JohnsExisting 2,400 $12.00 1992 Yes SunshineExisting 4,500 $18.00 1992 Vacant Retail
Existing 1,650 $18.00 1995 Yes Izzy's
Existing Renovation N/A Will Not Disclose 2002 Yes Silverglades
Planned 70,000 - - - -
Existing Renovation 800 $13.50 1890 Yes Marrakech CaféExisting Renovation 700 $12.00 1890 Yes Elm Street DinerExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/A
Existing Renovation 4,500 Owner Occupied 1876 Yes Tina's Café
CBD APARTMENT MIXED-USE TOTAL/AVERAGE 230,181 $12.85
Reason & Faith Building
The Waldo
Wells Building
Sixth and Race Apartments
The Gramercy
The Greenwich on the Park
The Renaissance
The Banks
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 32
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Summary
Southbank RiverfrontCondominium Summary By Year Built
0 0 4
483
246
24
165
4912
0
100
200
300
400
500
600
2000
and U
nder
2001
2002
2003
2004
2005
2006
2007
Pre-Dev
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Year Built/Renovated
Num
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f Uni
ts
Units AvailableSouthbank Condominiums Total Units Units Sold For Purchase % Units SoldExisting 254 164 90 65%Existing Renovation - - - -Under Construction 443 119 260 27%Under Renovation 40 13 27 33%Pre-Development 70 28 42 40%Pre-Redevelopment - - - -Planned 104 - - -Planned Renovation - - - -Total 911 324 419 36%
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 33
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Inventory
COMPLEX ADDRESS YEAR BUILT TOTAL UNITS
Bluffs at Devou Park 101 Winding 2004 160Devou Lofts 210 Lookout Heights Drive 2003 49Domaine de la Rive 100 West River Center Boulevard 2000 12Hannaford East Sixth Street 1889/UR 40Harbor Green 101 West Harbor Green UC 38Illuminations East River Center and Scott Street Planned -Magnolia Lofts 226 Pike Street 2004 5Park Avenue Park Avenue Planned 104Pulse Eighth and Banklick UC 64Riverpointe Condominiums 336 Riverpointe Drive UC 145Southgate Townhomes Pike and Southgate 2006 4SouthShore 400 Riverboat Road Pre-Dev 70The Ascent at Roebling's Bridge East River Center and Scott Street UC 72The Views Grays Peak UC 124WatersEdge at Bellevue Taylor and Eden 2005 24
TOTAL UNITS 911
SOUTHBANK RIVERFRONT CONDOMINIUM INVENTORY
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 34
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Composition
STATUS BEDROOM TYPE UNIT TYPE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY
Existing 2 BR/2.5 BA Flat 160 117 765 1,017 $143,900 $217,900 $188.10 $214.26 2004 2004 2006
Planned - - - - - - - - - - - - -
Existing 2 BR/2 BA TH 49 14 1,500 1,500 $172,000 $192,000 $114.67 $128.00 2003 2004 2004
Existing 2 BR/3 BR Flat 12 10 3,000 9,000 $1,400,000 $3,000,000 $466.67 $333.33 2000 2001 2001
Under Renovation 2 BR/2 BA Flat 40 13 905 2,634 $180,000 $420,000 $198.90 $159.45 2006 2006 2007
Under Construction 2 BR/2.5 BA Flat 38 23 1,800 3,900 $434,000 $1,400,000 $241.11 $358.97 2005 2004 2006
Planned - - - - - - - - - - - - -
Existing 1 BR/2 BR Flat 5 4 1,187 2,500 $135,000 $226,000 $113.73 $90.40 2004 2004 2005
Planned - Flat 100 - 1,250 3,000 - - - - - - -Planned - Penthouse 4 - 5,000 6,000 - - - - - - -
Under Construction 1 BR/1 BA Flats 32 0 740 1,500 $139,715 $150,000 $188.80 $100.00 Summer 2006 2006 2007Under Construction 2 BR/2 BA Flats 32 0 1,000 2,153 $184,000 $244,000 $184.00 $113.33 Summer 2006 2006 2007
Under Construction 2 BR / 3 BR TH 145 27 1,600 2,000 $201,900 $310,000 $126.19 $155.00 2005 2006 2007
Existing - TH 4 0 - - $400,000 - - - - - -
Pre-Development 1 BR/1 BA Flat 22 10 1,153 1,270 $350,000 $550,000 $303.56 $433.07 2006 2005 2008Pre-Development 2 BR/2 BA Flat 36 15 1,770 2,380 $625,000 $900,000 $353.11 $378.15 2006 2005 2008Pre-Development 3 BR/2 BA Flat 12 3 2,600 5,000 $1,500,000 $2,500,000 $576.92 $500.00 2006 2005 2008
Under Construction 1 - 4 BR Flat/Penthouse 72 51 950 7,000 $395,000 $5,000,000 $415.79 $714.29 2005 2004 2007
Under Construction 1 BR/2 BR/3 BR Flat 124 18 1,400 3,200 $250,000 $679,000 $178.57 $212.19 2006 2006 2007
Existing 2 BR/2.5 BA Flat 24 19 3,200 3,200 $800,000 $1,000,000 $250.00 $312.50 Spring 2005 2005 2006
SOUTHBANK RIVERFRONT CONDOMINIUM TOTAL/AVERAGE 911 362 1,754 3,368 $456,907 $1,119,260 $260.01 $280.20
Bluffs at Devou Park
Dayton Development
Devou Lofts
Domaine de la Rive
Park Avenue
Pulse
Hannaford
Harbor Green
Illuminations
Magnolia Lofts
WatersEdge at Bellevue
Riverpointe Condominiums
SouthShore
The Ascent at Roebling's Bridge
The Views
Southgate Townhomes
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 35
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Amenities
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Bluffs at Devou Park X X X X 2 G X X X X XDevou Lofts X X 2 G X XDomaine de la Rive X X X X X 2 X X E X X X XHannaford X X X X 2 E X XHarbor Green X X X X 2 X G X X X XMagnolia Lofts X EPark Avenue X X X X 1 X X G X XPulse X X X 1 E X XRiverpointe Condominiums X X X X X G X X XSouthShore X X X X 2 E X X X X XThe Ascent at Roebling's Bridge X X X X X X E X X XThe Views X X X 2 X X G X X X X XWatersEdge at Bellevue X X X X 2 X X G X X X X X
N/A = information not availableX = amenity present
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET AMENITIES
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 36
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Absorption
ABSORPTIONCOMPLEX ADDRESS TOTAL UNITS UNITS SOLD UNITS/MONTHBluffs at Devou Park 101 Winding 160 117 3.77Devou Lofts 210 Lookout Heights Drive 49 14 0.50Domaine de la Rive 100 West River Center Boulevard 12 10 0.18Hannaford East Sixth Street 40 13 1.30Harbor Green 101 West Harbor Green 38 23 0.74Magnolia Lofts 226 Pike Street 5 4 0.14Pulse Eighth and Banklick 64 0 0.00Riverpointe Condominiums 336 Riverpointe Drive 145 27 3.00Southgate Townhomes Pike and Southgate 4 0 0.00SouthShore 400 Riverboat Road 70 28 1.65The Ascent at Roebling's Bridge East River Center and Scott Street 72 51 12.75The Views Grays Peak 124 18 0.90WatersEdge at Bellevue Taylor and Eden 24 19 0.95
2.08
SOUTHBANK RIVERFRONT CONDOMINIUM MARKET ABSORPTION
SOUTHBANK RIVERFRONT CONDOMINIUM AVERAGE
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 37
DEVELOPMENT COST
The table below provides ranges of development cost for new construction and historic renovation of apartment and condominium complexes. The following ranges were determined through discussions with market participants, reviews of local/market surveys and historical development cost data.
PROJECT TYPE STATUS RANGE OF DEVELOPMENT COST (per unit)*
Apartment New Construction $120,000 - $160,000Apartment Historic Renovation $90,000 - $130,000
Condominium New Construction $220,000 - $505,000Condominium Historic Renovation $180,000 - $230,000
*Land Value not Included
DEVELOPMENT COST RANGECBD and Southbank Riverfront Residential Projects
Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06
Executive Summary Page 38
CONFIDENTIALITY and DISCLAIMERS
This Executive Summary of the complete Housing Market Study report was compiled for the use and later dissemination of:
Cincinnati Equity Fund and Downtown Cincinnati, Inc.
The complete Housing Market Study report may be obtained in written or electronic formats from the Clients above with their expressed permission. The housing market data and information obtained from public records and compiled from onsite reviews is not proprietary, but the trends and conclu-sions, especially as they may relate to Clients’ proposed developments or future land acquisitions, are strictly confidential. Unless noted otherwise, any field survey information compiled in this market study was verified from a second source, usually in the form of a personal or telephone interview with another industry professional having knowledge of the builder, product, community or market trend. Property Advisors and Dinn Focused Marketing, Inc. have taken great care to gather, compile and document the information contained in this market study to their best abilities within the time and information constraints available. There is a small margin for error in each component of the study, but these errors are likely housing or demographic data undercounts that, when combined, have a negligible effect on the market trends derived and their inherent value to Clients and their associates. Our conclusions drawn from the complete Housing Market Study and this Executive Summary, if any, are based upon Clients’ disclosures, assembled housing data, reasonable industry and professional assumptions, and our twenty years’ experience in residential land development and new home sales. Clients and their associates must make their own assumptions and impart their own experience on the information presented in order to validate any conclusions drawn or even draw conclusions of their own. Any errors in data accuracy, word processing and/or report formatting are not intended and we will correct any reasonable error found by the Clients upon request. It has been a professional pleasure to provide the Cincinnati Equity Fund and Downtown Cincinnati, Inc. with this focused real estate information. Thank you. J. Scott Golan Michael J. Dinn, CRE CEO/President President Property Advisors Dinn Focused Marketing, Inc.