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CONCLUSIONS AND RECOMMENDATIONS <br /> <br />Senior Condominium/Cooperative <br /> <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 /> <br />Senior Affordable Rental <br /> <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 /> <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 /> <br />MAXFIELD RESEARCH INC. <br /> <br />63 <br /> <br /> <br />