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<br />CONCLUSIONS AND RECOMMENDATIONS <br /> <br />$enior Condominium/Cooperative <br /> <br />Based on the depth of demand in the Ramsey PMA, the quality of a location in Ramsey rown <br />Center, and our recommended community concept, we project a 45- to 55-unit community would <br />achieve a total absorption period from initial marketing to sell-out in 23 to 27 months. We pro- <br />ject that proposed community should be able to achieve ,presales of 50% over an 8 to 11 month <br />period (an average of2.5 to 3.0 units per month). We project another 25% of units will be sold <br />during the construction phase - estimated at ~2 months (1.25 units per month). We note this <br />. snould cover the winter months during which time, sales will slow. The remaining 8 to 13 units <br />are projected to sell at a rate of3.0 to 35 units per month, or over the next tbree to four months <br />from occupancy. <br /> <br />Senior Affordable Rental <br /> <br />Based on current market conditions, incll1ding the long waiting list at Savannah Oaks, and with a <br />site within the Ramsey Town Center, we project that the recommended concept, with 50 to 55 <br />units, would reach stabilized occupancy (95%) within tbreeto five months bfinitial occupancy. <br />We project that 50% of the affordable umts will be pre~eased,.and the remaining 20 to 25 units <br />would be leased at an average rate of five to seven units per month. <br /> <br />These absorption rates assume that no other competitive product is marketing simultaneously <br />with the subject property and that the building opens in sprip.g or early summer. Additional <br />competition and/or a win~er opening couJ.d extend the absorption period somewhat. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />63 <br /> <br />47 <br />