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SIDENTIAL <br />The purpose of this analysis is to define the general demand potential for residential development <br />at the subject site, and to provide guidelines to the planning team to establish specific product <br />categories, land allocations and general locations of the residential elements of the project. <br />SCOPE OF WORK <br />A. Complete an economic background analysis including a review and forecast of for -sale <br />housing demand by price range and for -rent housing by rent level for the Colton economic <br />study area (ESA). <br />B. Visit each new home sales office to document and confirm pricing trends and recent sales <br />rates for all new residential products in the defined market area of the subject property. <br />C. Identify and visit each rental apartment project to document rent and occupancy levels, as <br />well as project amenities and resident profiles for all existing large-scale (100+ units) rental <br />projects in the market area. <br />D. Document resale pricing and days -on -market trends for for -sale product in ranges <br />comparable to the range of products that could be offered in the Specific Plan. <br />E. Document the context within which the for -sale programs are competing, i.e., new home <br />sales in the Colton CHMA. <br />F. Survey, evaluate and quantify the potential competition from other master -planned <br />communities during the expected development, sale and build -out of the property. <br />G. Confirm market segmentation for each of the proposed programs for the Specific Plan. <br />H. Evaluate what market niches exist, including but not limited to lot sizes, and residential <br />product prices and average square footages. <br />Confirm base sale and rental pricing for future programs in the Specific Plan. <br />CONCLUSIONS AND RECOMMENDATIONS <br />A. Documentation of the context within which the Specific Plan is and will likely be <br />competing (#4 above), with implications for pricing strategies. <br />B. Documentation of current new home pricing, pricing and sales rate trends in the <br />immediate market area (#2 above), along with implications for pricing strategies. <br />C. Documentation of current resale pricing for comparable product in the primary market <br />area, and documentation of pricing and days -on -market trends (#3 above), with <br />implications for pricing strategies. <br />A-14 <br />