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CONCLUSIONS AND RECOMMENDATIONS <br /> Senior Condominium/Cooperative <br /> Based on the depth of demand in the Ramsey PMA, the quality of a location in Ramsey Town <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 of 2.5 to 3.0 units per month). We project another 25% of units will be sold <br /> during the construction phase—estimated at 12 months (1.25 units per month). We note this <br /> should cover the winter months during which time, sales will slow. The remaining 8 to 13 units <br /> are projected to sell at a rate of 3.0 to 3.5 units per month, or over the next three to four months <br /> from occupancy. <br /> Senior Affordable Rental <br /> Based on current market conditions, including 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 three to five months of initial occupancy. <br /> We project that 50% of the affordable units will be preleased, and the remaining 20 to 25 units <br /> would be leased at an average rate of five to seven units per month. <br /> These absorption rates assume that no other competitive product is marketing simultaneously <br /> with the subject property and that the building opens in spring or early summer. Additional <br /> competition and/or a winter opening could extend the absorption period somewhat. <br /> MAXFIELD RESEARCH INC. 63 <br />