A Market Analysis of the Development Potential for

Transcription

A Market Analysis of the Development Potential
for the Trail Creek Development Area
Michigan City, Indiana
Prepared on behalf of:
The City of Michigan City
100 East Michigan Boulevard
Michigan City, IN 46360
November 2008
INTRODUCTION
At the request of the City of Michigan City, Tracy Cross & Associates, Inc. evaluated the market potential
for development within the Trail Creek Development Area in the North End of Michigan City.
Objectives
Page 1
The objective of this analysis is to provide the City and associated business and
community development groups with a comprehensive understanding of
economic, demographic and competitive market conditions in order to provide
detailed guidelines for developing the Trail Creek area. This document is
intended to serve as a tool to both the public and private sectors as the basis for
future planning and policy decisions as they apply to the City’s endeavors to
revitalize its North End and Trail Creek Development Area. Specifically, the
report provides the following:

An analysis of the supply of and demand for housing within the
regional market.
Trends regarding employment, population and
household growth, income statistics, residential development patterns,
building permit levels, household demographics and the values of both
new and existing homes in the area are analyzed. A model of housing
demand distributed by form (i.e., for sale residences and rental
apartments). The model links the Trail Creek Development Area into
both the regional and seasonal second home housing markets.

An assessment of the potential for various forms of new housing.
Findings of our market analysis are translated into marina- and urbanoriented product development criteria that would position potential
market-rate developers/builders competitively in terms of new housing,
both for sale and for rent. Market voids are identified and products that
have proven successful in other water-oriented and urban areas are
suggested, priced to position developers properly along the qualitative
elements of demand.

An analysis of the supply of and demand for commercial uses
within the development area. Locational variables of access, visibility,
proximate land uses and levels of competition are integrated with
statistics of absorption rates, lease rates, planned development,
employment trends and household and visitor spending.

An assessment of the need for various forms of new commercial
development. Findings of our market analysis are translated into a mix
of commercial development forms that could be supported. An audit of
specific store types in the North End and southern area of Michigan City
is analyzed in order to identify opportunity for various commercial forms
best suited to a mixed-use and marina-oriented environment.
TRACY CROSS & ASSOCIATES, INC.
Market Analysis
Trail Creek Development Area
City of Michigan City

Methodology
The Report
General
Limiting
Conditions
Page 2
An analysis of the demand potential for other development forms
(civic, cultural, recreational, etc.) that could add value to the other
uses of the site. The utility of adding and/or redistributing civic, cultural
and/or recreational activity to the Trail Creek Development Area was
assessed. Strengths of site and its value relative to other areas in the
North End were investigated.
In meeting these objectives, our firm conducted a series of inter-related research
investigations that included the following:

A full assessment of the character, aesthetics and current uses of the
Trail Creek Development Area and proximate environs. An inventory of
the existing environmental and commercial assets of the North End, and
how they can be leveraged to add value to development forms within the
Trail Creek Development Area, was undertaken.

A thorough analysis of the region with respect to economic and
household spending patterns that will influence marina-oriented
residential demand and commercial potentials over the near term.

A complete evaluation of the region’s residential and commercial
marketplace, including a detailed assessment of the city’s North End and
coastal area. Potential residential substitutes aligning Lake Michigan,
competitive pressure of proximate retailers, the nature and extent of
office users in the city’s downtown, as well as the state of the market for
existing homes and commercial space was assessed.

An extensive review of real estate developments in the planning pipeline.
This report is divided into six sections, together with an Appendix that integrates
statistical and competitive data. Of particular importance is Section 1, which
provides detailed conclusions and recommendations. Not to be dismissed,
however, are the remaining three sections which can be described as
fundamentals. Section 2, for instance, describes the Trail Creek Development
Area, while Section 3 describes the market area based upon economic,
demographic and residential variables. Sections 4, 5, 6 and 7 provide a
complete and thorough analysis of the competitive state of the area’s residential,
retail, office and marina (boat slip) markets, respectively.
Tracy Cross & Associates, Inc. has made extensive efforts to confirm the
accuracy and timeliness of the information contained in this study. Such
information was compiled from a variety of sources, including interviews with
developers and their agents, government officials, and other third parties.
Although Tracy Cross & Associates, Inc. believes all information in this study is
correct, it does not warrant the accuracy of such information and assumes no
responsibility for inaccuracies in the information provided by third parties.
Market Analysis
Certification
And Signature
This analysis represents our objective and independent opinion regarding the
market potential for a full and adequate continuum of mixed-use development
options within the Trail Creek Development Area of Michigan City, Indiana, as
certified below:
An Illinois Corporation
By:
Its:
By:
_______________________________
G. Tracy Cross
President
Its:
_______________________________
William T. Olson
Research Associate
Date:
November 7, 2008
Page 3
By:
Its:
_______________________________
Erik A. Doersching
Executive Vice President
1.
CONCLUSIONS AND RECOMMENDATIONS
Based upon a synthesis of area demographics, recent and projected trends in employment and
residential construction, as well as an assessment of the extent of retailing, gaming and recreational
assets within the North End of Michigan City, there is sufficient data to conclude there exists ample
demand for a mix of new urban-oriented housing and retail development in the city’s Trail Creek
Development Area.
The following subsections present a forecast of what is developmentally optimal at Trail Creek over the
next eight to ten years and offer rationale in its support.
Detailed product and price/rent
recommendations for residential development, as well as recommended retail categories and space
allocations follow our general conclusions. The recommended mix of uses is designed to capitalize and
leverage existing assets, while capturing the maximum amount of aggregate potential at what are
considered realistic and financially feasible prices/rents and rates of absorption.
The Cornerstone of
Trail Creek
Page 1.1
Our assessment of the Trail Creek site entailed a comprehensive analysis of
potential development forms. Residential, retail, office, civic and cultural uses
were investigated for their respective adaptability to the site’s location, size,
environmental assets and congruence with proximate land uses. (A map of the
development area with parcel identification is presented in Exhibit 1.1). For
reasons supported by empirical data presented throughout this report, our firm
concluded the foundation, or cornerstone, best suited for the site is a mixed use
of urban-oriented residential development. In full, the Trail Creek Area has the
potential to absorb 450+/- new construction units over the next eight to ten years.
This conclusion is founded on the basis of the following:

First and foremost, the site’s inclusion of a marina offers an exceptionally
unique amenity that can be leveraged to add significant value and appeal
to a residential development, particularly one of scale. Residences with
adjacent boat slips that provide immediate access to Lake Michigan are,
by their very nature, a resource made scarce due to geographic
constraints.

The site’s location is also very desirable. By virtue of its proximity to the
beachfront area of Michigan City, potential residents will have the
opportunity to experience a pristine natural resource within walking (or
boating, biking, jogging, etc.) distance from their homes that cannot be
readily replicated elsewhere. The festivals, the zoo, fishing, hiking, ice
skating, picnicking, volleyball—the array of opportunities and quality of
life afforded by proximity and access to the city’s lakefront cannot be
overstated.

Third, there exists an obvious opportunity to introduce moderately priced
and differentiated for sale housing product on a large scale within the
Trail Creek Development Area given competitive supply that is either
limited and/or very high priced. In the Michigan City’s coastal area, for
example, new residential development of scale is assigned only to
Beachwalk, a custom home single family development where prices
typically eclipse $400,000. Moreover, in the attached sector, water-
1.1
TRAIL CREEK - PARCEL IDENTIFICATION
Parcel
ID#
Net Site
Area
In Acres
Parcel
ID#
Net Site
Area
In Acres
1
3.58
8
2.73
2
0.15
9
1.47
3
0.38
10
2.18
4
1.33
11
1.74
5
2.99
12
0.76
6
1.61
13(1)
0.48
7
2.37
14(1)
0.73
Trail Creek Total Developable Acreage:
(1)
Represent Blue Chip Casino parcels.
Source: Lohan Anderson: Trail Creek Plan dated November 2007
22.50
Market Analysis
oriented product availability is confined locally to resales within Marina
Shores and Dunescape, older communities which were built in 1980 and
1990.
Commercial
Uses
Page 1.2

Fourth, attached potentials within the Trail Creek development can be
supported by the exclusive price position of competing substitutes in
other coastal geographies of Indiana, southwestern Michigan, and far
southwestern Wisconsin. In these areas, prices of newer condominiums
and other forms of attached housing found within marinas or directly
aligning Lake Michigan have ballooned in recent years now excluding all
but the more discretionary consumer and effectively creating a market
void which Trail Creek can fill.

Finally, the market for newer apartment rentals in the localized market
area is very tight. Appealing to year-round residents who work in the
immediate and broader area, appropriately designed and priced
apartments that offer a unique and exciting environment will experience
exceptionally strong acceptance. What is more, primary residents—
irrespective of whether they are renting or have purchased a home at
Trail Creek—will find the Metra/South Shore rail stop at 11th Street within
walking distance for commuting to employment elsewhere in northwest
Indiana or the Chicago region.
In addition to new residential development, our analysis also uncovered
potentials for commercial uses, particularly restaurant concepts, as well as a
neighborhood grocer. In the restaurant sector, the Trail Creek Development
Area should favor three restaurant types that follow a gradient of pricing logic and
experience differentiation. These include fine dining, casual style, and fast
casual style.

A destination-type, fine dining restaurant will be most effective in
pulling from the outlet mall. The number of visitors to Lighthouse Place
is an enormous opportunity and cannot be overstated as an asset to
restaurant potentials at Trail Creek. Shoppers will be attracted to a
restaurant not represented in the broader area that offers a unique dining
experience to cap a day of unique shopping. Such a restaurant will,
additionally, provide overflow diners to adjacent restaurants during peak
times, as well put lesser known restaurants “on the map” of mall
shoppers.

A destination restaurant will draw the attention of those frequenting the
casino/hotel. Coupling a unique dining experience with a trip to the
casino will appeal to a broader number of people than just one or the
other. A visually impressive restaurant characteristic of destination-type
establishments will, additionally, help persuade those whose primary
interest is gambling to explore the area outside the casino as well.

A destination restaurant will be able to draw lakefront tourists from the
Indiana Dunes and places to the north in Michigan. Vacationers to the
north along the coast, in particular, will be willing to make the trip for a
unique dining experience.
Likewise, the discovery of alternative
Market Analysis
restaurants during an initial visit to the destination restaurant will help
draw more distant visitors back for subsequent trips.

The destination restaurant is, as the name implies, effective in drawing
people from more distant locales. Residents in places such as
Valparaiso, Chesterton and La Porte are within drive-times of the North
End of Michigan City, and will be willing to make the trip for a unique
dining experience. During off-season periods, such as SeptemberNovember and January-May, the ability of a destination restaurant to pull
from outside the area will be essential in sustaining operations year
round.

Finally, a destination restaurant is very effective in complementing other
uses of the site. A unique and identifiable restaurant helps create a level
of desirability and excitement within an area. This principle of shared
prestige applies to residential, office, convenience retail, and even other
restaurants.

A casual style restaurant will offer a lower-priced alternative to the
higher-end destination restaurant also recommended, and will therefore
not compete directly with it. The casual style establishment, in effect,
caters to slightly less discriminating consumers, as well as those who will
have visited the area recently and simply prefer an alternative dining
experience.

A new restaurant with popular appeal will cater to residents and visitors
who typically shy from the more traditional neighborhood restaurant. In
contrast to the latter, this concept offers more of an experience that
combines entertainment with dining as opposed to simply dining.

The casual style concept bridges the hierarchy of restaurant pricing so
that visitors have a choice between the higher-priced cuisine at the
destination restaurant recommended and a fast casual experience, as
elaborated below.

The fast casual will target lunch hour, more so than the dinner, and will
be priced considerably below the other restaurant types recommended.
As such, it will not compete directly with the other restaurants.

There is a void in the market for lunch hour diners in the North End that
offer a comparably priced alternative to fast food. This type of restaurant
will therefore find immediate support among office users and casino
employees in the city’s downtown, as well as a veritable surge of
demand during the holiday season and summer months.
Regarding the potential to develop a grocer, the reasons are threefold:

Page 1.3
With respect to demand, the new households within the Trail Creek
development itself and their spending patterns will themselves largely
support the operations of a local grocer.
Market Analysis
A Framework
For Planning
Page 1.4

Equally important, however, is the appeal of a local grocer and its
importance to the pedestrian-oriented mixed-use development
envisioned for the site. A neighborhood grocer within walking distance
will be an essential element to the community, not only as it functions in
years to come, but also as a selling point to potential residents.

Third, further support of a grocer will come in the way of other seasonal
tourists utilizing housing at and near the lakefront. A grocer at the Trail
Creek site will represent the closest and most convenient fresh foods
vendor to much of the coastal area of the city, and will therefore derive
market support from it.
While the opportunity exists to successfully introduce a mix of residential and
commercial uses at the Trail Creek site, the City of Michigan City and its
development partners must be strategic and forward thinking in their planning
efforts recognizing that a number of objectives and criteria must be met in order
to ensure feasibility in terms of absorption and economic viability. These
objectives are outlined below:

The state of the for sale housing market, both nationally and locally could
not be worse. Both new and existing home sales nationally this year, for
example, are down from 2005’s peak by 56 percent and 30 percent,
respectively while not a single product sector along Lake Michigan’s
southern shoreline is generating more than 0.6 sales on a monthly basis.
For this reason, any for sale product within the Trail Creek Development
Area should (must) be delayed until, at best, 2010.

The delay in the introduction of for sale product within Trail Creek,
however, does not imply that the proper planning of the community
should also be placed on hold nor should the City not move forward with
its schedule of improvements to the area. To the contrary, the land plan
for the Trail Creek development should commence immediately with the
goal being to ensure that strong pedestrian-oriented design principals
are in accord in the reality of the market. Additionally, the overhaul of
Washington Boulevard and implementation of the Elston Grove
Streetscape Design Guidelines will certainly improve the marketability of
the entirety of the Trail Creek area.

Ownership housing forms in the Trail Creek Area must offer a wide
variety of product in an established hierarchy that is capable of
penetrating a broad cross section of both primary (estimated at 20
percent) and second-home homeowners (estimated at 80 percent)
desirous of a marina-oriented, mixed-use environment.

All for sale housing product within Trail Creek must be price positioned in
a way that allows a participating builder to achieve full sellout of an
individual product line within a reasonable marketing period. Hence,
individual product planning areas should be kept small but still be large
enough to allow for design and marketing efficiency. Additionally, the
residential portion of the community must be phased with each phase
Market Analysis
having a “terminal end”, or a sense of completion or near completion
before another phase is started.
Product
Recommendations
And Pricing
Guidelines –
Residential

Products of relatively high density in a single building must be avoided.
Meeting this objective clearly precludes high-rise condominium
development which is not only costly to build but also does not meet the
“terminal end” requirement.
Simply as an example, a 120-unit
condominium building at Trail Creek priced at or above the $300,000
mark could only achieve 1.0 sale monthly which translates to a 120month market period or, in more graphic terms, 12 years.

The delay to 2010 does not apply, however, to restaurants or apartment
rentals as potential for these uses are present not only near term, but
today as well. Conversely, the physical construction of a neighborhood
grocer should not be pursued until a clear majority (+/- 65.0 percent) of
the residential units have been developed.
In order to meet the objectives outlined in the preceding paragraphs, six separate
generic housing products are recommended. These include Rental Apartments
which could be offered immediately or near term and five types of for sale
product defined as Garden Condominiums, two distinct series of Rowhomes and
two series of Single Family Detached residences which should be introduced no
sooner than 2010.
Exhibit 1.2 summarizes the six product types illustrating their attainable density
in an urban form, parking requirements, average unit size, a benchmark rental
and pricing strategy, and attainable monthly absorption at benchmark. The
exhibit also shows the preferred location(s) for each product line within the Trail
Creek Development Area. The locations noted include three separate areas
defined as the 5th/6th Street inland area, the Marina Area north of Michigan
Boulevard, and Marina Enhanced areas which occupy a place adjacent to the
marina itself and/or a development area within the marina that affords potential
consumers with a special locational feature such as a unobstructed view of Trail
Creek, an elevated site, adjacency to open space, etc.
New Construction Rentals
There is strong local demand to support the development of apartment rentals
based upon the tightness of the local market, absorption experience at Long
Beach Cove Villas, and annual rates of turnover in the market in general. At Trail
Creek, rental apartment development would be best suited to the 5th/6th Street
corridor of the development area.
As outlined in detail in Exhibit 1.3, four plan types are suggested extending from
750 to 1,050 square feet in size with rents established in the range of $995 to
$1,245 monthly. Meeting these parameters will allow for units to lease at a rate
of 7.0 units per month with a development of 90 units reaching stabilized
Page 1.5
PRODUCT AND PLANNING CRITERIA (A SUMMARY) - TRAIL CREEK
MICHIGAN CITY, INDIANA
1.2
(2)
(3)
Average Benchmark Base
Rent/Sales Price(1)
Product
Type
Product
Designation
Module
Width
Rental
Apartments
APT
NA
30.0
None(2)
Garden
Condominiums
GC
NA
30.0
At Grade
1
1,188
$187,740
Rowhomes-A
RH-A
22'
20.0
Rear
2
1,500
Rowhomes-B
RH-B
24'
15.0
Rear
2
Single Family-A
SF-A
40'
10.0
Rear
Single Family-B
SF-B
40'
10.0
Rear
Product
Illustration
(1)
Number of
Enclosed
Spaces
Required
Per Unit
Net
Density
in Units
Per Acre
Garage
Orientation
Average
Plan Size
(Sq. Ft.)
Monthly Absorption
As Priced (In Units)
Marina
(Enhanced)
5th/6th
Street
---
7.0
---
$207,740
$237,740
1.0
1.0
0.5
$215,090
$242,090
---
0.8
0.8
---
1,725
---
$257,490
$287,490
---
0.8
0.6
2
2,000
$325,990
---
---
0.5
---
---
2
2,700
---
$419,490
---
---
0.5
---
(2)
None
894
5th/6th
Street
$1,114/Mo.
Marina
---
(3)
Marina
(3)
Marina
(Enhanced)
---
Benchmark rents/prices, which are presented in current (Fall 2008) dollars, do not include floor premiums in the Rental Apartments and Garden Condominiums nor options, upgrades and view premiums in all of the for sale product. Regarding
these latter three increased revenue generators, it is likely that they will average 10 percent of the base price across all product lines.
May include some optional garages.
May also be developed as a part of a mixed-use environment in the marina planning area. Unit sizes would be similar with benchmark average rents being 10 to 12 percent higher than those outlined in the 5th/6th Street corridor.
Source: Tracy Cross & Associates, Inc.
1.3
PRODUCT DEVELOPMENT CRITERIA: TRAIL CREEK
-- RENTAL APARTMENTS -Product Line Summary
Product Form:
Product Designation:
Parking:
Net Density In Units Per Acre:
Rental Apartments
APT
Open
30.0
Minimum Number of Units (1) :
5th/6th Street:
Marina:
Marina (Enhanced):
90
(2)
-----
Plan Detail
Total/Average
APT-1
APT-2
APT-3
APT-4
---
Plan Distribution (Percent)
35.0
15.0
25.0
25.0
100.0
Elevation Style
Flat
Flat
Flat
Flat
---
1
1+Den
2
2
---
Baths
1.0
1.0
2.0
2.0
---
Plan Size (Sq. Ft.)
750
875
950
1,050
894
$1,095
-----
$1,160
-----
$1,245
-----
Plan Designation
Bedrooms
Benchmark Sales Price(3)
5th/6th Street
Marina(2)
Marina (Enhanced)
(1)
(2)
(3)
$995
-----
$1,114
-----
Reflects minimum number of units per development pod (marketing program).
Rental apartments could also be developed in a mixed-use building in the marina area with attainable units being 10 to 12
percent higher.
Benchmark monthly rents, which are presented in current dollars, do not include floor, view, or corner-unit premiums.
Market Analysis
occupancy of 94 percent within an approximate 12-month period. Rental
apartments could also be offered in the marina area within a mixed-use building
with residential above retail.
For development along the 5th/6th Street corridor, open and optional enclosed
parking should be provided in the central core of the community allowing for
residences to be built “to-the-street”. As such, the community as a whole will
become “connected” and an integral part of Michigan City’s urban fabric.
Garden Condominiums
New construction garden condominiums featuring flat-over-flat units in a threestory over parking building configuration have the strongest potential within the
Trail Creek Development Area as they can be offered simultaneously inland
along the 5th/6th Street corridor, in the marina area, and adjacent to the water
within the marina. While differentiated by price, architectural style, and level of
standards, the garden condominium product series should feature four similar
model types in the band of 950 to 1,450 square feet.
Target average price points, as outlined in Exhibit 1.4, should range from the
high $180s inland close to the $240,000 mark in an enhanced area of the marina.
Development areas along the 5th/6th Street corridor and away from the water in
the marina area should allow for 24 to 36 units allowing for the construction of
two 12- or 18-unit buildings. At a forecasted sales volume of 1.0 monthly for
each, an individual development area could reach full sellout (or a “terminal end”)
within an acceptable 36-month marketing period. At the water and in an
enhanced area within the marina, the development area should provide for 12 to
18 units in a single building configuration. Here, models priced from $222,990 to
$254,990 (in current dollars) could reach complete absorption again within 36
months at an average monthly volume of 0.5.
Rowhomes
Two series of rowhomes featuring rear-load integral two-car garage product are
suggested. The first, which could be developed in the 5th/6th Street corridor and
removed from the water in the marina (e.g., along or perpendicular to Michigan
Boulevard), should provide for four unit types in the range of 1,200 to 1,650
square feet while the second should offer four plan variations deeper into the
marina area at sizes of 1,500 to 1,950 square feet.
Both series represent in-line product where front facades face the street or other
public area. Unit configurations should not exceed six per building thus allowing
for end-units to command at least one-third of the total mix.
In the 5th/6th Street corridor and in the inland portion of the marina area, the first
rowhome series as outlined in Exhibit 1.5, should be priced from $198,990 to
$226,990 and from $225,990 to $253,990, respectfully. These price positions will
yield a monthly sales volume of 0.8 in each area leading to a planning area that
should accommodate up to 30 units in order to reach sellout short of 40 months.
Page 1.6
1.4
-- GARDEN CONDOMINIUMS -Product Line Summary
Product Form:
Parking:
Minimum Number of Units
(1)
Three-Story Condominiums
GC
One Enclosed
30.0
:
5th/6th Street:
Marina:
Marina (Enhanced):
24 - 36
24 - 36
12 - 18
Plan Detail
Total/Average
Plan Designation
GC-1
GC-2
GC-3
GC-4
---
25.0
25.0
25.0
25.0
100.0
Elevation Style
Flat
Flat
Flat
Flat
---
2
2
2 (Split)
2+Den
---
Baths
2.0
2.0
2.0
2.0
---
Plan Size (Sq. Ft.)
950
1,100
1,250
1,450
1,188
$172,990
192,990
222,990
$181,990
201,990
231,990
$190,990
210,990
240,990
$204,990
224,990
254,990
Bedrooms
5th/6th Street
Marina
Marina (Enhanced)
(1)
(2)
$187,740
207,740
237,740
Benchmark sales prices, which are presented in current dollars, do not include floor, view, or corner-unit premiums; nor do
they include options or upgrades.
-- ROWHOMES A --
1.5
Product Line Summary
Product Form:
Rowhomes 20' - 22' Module Width
RH-A
Garage Condition:
Two-Car, Rear Oriented (Integral)
(1)
20.0
:
5th/6th Street:
Marina:
Marina (Enhanced):
18 - 30
18 - 30
---
Plan Detail
Total/Average
Plan Designation
RH-1A
Elevation Style
Bedrooms
Baths
Plan Size (Sq. Ft.)(3)
Benchmark Sales Price
(2)
(3)
(4)
(2)
RH-3A(2)
RH-4A (End)
---
20.0
30.0
30.0
20.0
100.0
2.5/3-Story
2.5/3-Story
2.5/3-Story
Raised Ranch
---
2
2+Loft
3
2
---
2.5
2.5
2.5
2.5
---
1,200
1,500
1,600
1,650
1,500
$198,990
225,990
---
$213,990
240,990
---
$218,990
245,990
---
$226,990
253,990
---
(4)
5th/6th Street
Marina
Marina (Enhanced)
(1)
RH-2A
$215,090
242,090
---
Should also be available as an end-unit.
Includes finishes lower level.
Benchmark sales prices, which are presented in current dollars, include finished lower levels and end-unit premiums.
They do not, however, include options, upgrades, or premiums for view or enhanced homesite conditions.
Market Analysis
For the larger rowhome product line, marina-oriented areas should also be
limited to a maximum of 30 units while an enhanced marina locale should be
scaled downward to a maximum of 18 units. Average price points for similar
product in both locales should range from $257,490 to $287,490 as presented in
Exhibit 1.6.
Single Family Detached
Single family detached homes could be introduced as well with the most logical
locale found along 5th Street or 6th Street as an architectural entryway to the Trail
Creek Marina. They could also be developed in a small area of the marina with
larger plans featured as a more customized subset.
In this sector, the product criteria for the 5th/6th Street corridor is presented in
Exhibit 1.7 while a smaller grouping of larger homes is shown in Exhibit 1.8. Up
to 18 homes could be built in the 5th/6th Street corridor featuring elevation styles
comparable to those found in the historic Elston Grove neighborhood. In this
corridor, prices should range from $299,990 to $351,990 which will lead to sales
volumes averaging 0.5 monthly.
In the marina area, single family product could occupy similar price points as
those found at Beachwalk with an average 2,700 square foot residence priced at
$419,490 yielding six sales in a given year.
Putting the
Residential
Together
The following illustration presents one of many possible alternatives showing how
the residential portion of the Trail Creek Development Area could be allocated.
In the example, a total of 456 units has been provided divided between 120 units
in the rental sector and 336 for sale residences. In the rental category, 90 units
have been assigned to the 5th/6th Street corridor along with an additional 30 units
which could be offered over retail in the marina area.
In the ownership sector, garden condominiums and rowhomes represent the
significant majority of the product types that should be offered at distributions of
168 and 138 units, respectively.
Page 1.7
1.6
-- ROWHOMES B -Product Line Summary
Product Form:
Rowhomes 22' - 24' Module Width
RH-B
Garage Condition:
Two-Car, Rear Oriented (Integral)
15.0
5th/6th Street:
Marina:
Marina (Enhanced):
--18 - 30
12 - 18
Plan Detail
Total/Average
Plan Designation
Elevation Style
Bedrooms
Baths
Plan Size (Sq. Ft.)(3)
RH-1B
RH-2B
(2)
RH-3B(2)
RH-4B (End)
---
20.0
30.0
30.0
20.0
100.0
2.5/3-Story
2.5/3-Story
2.5/3-Story
2.5/3-Story
---
2
2+Loft
3
3
---
2.5
2.5
2.5
2.5
---
1,500
1,650
1,800
1,950
1,725
--$245,990
275,990
--$252,990
282,990
--$259,990
289,990
--$271,990
301,990
5th/6th Street
Marina
Marina (Enhanced)
(1)
(2)
(3)
(4)
--$257,490
287,490
Should also be available as an end-unit.
Includes finished lower level.
Benchmark sales prices, which are presented in current dollars, include finished lower levels and end-unit premiums.
They do not, however, include options, upgrades, or premiums for view or enhanced homesite conditions. Additionally,
these prices reflect standard marina orientation.
1.7
-- SINGLE FAMILY-A -Product Line Summary
Product Form:
Single Family Detached (40' - 50' x 115' +/- Homesite)
SF-A
Garage Condition:
Two-Car, Rear Orientation
(1)
10.0
:
5th/6th Street:
Marina:
Marina (Enhanced):
12 - 18
----Plan Detail
Total/Average
SF-1A
SF-2A
SF-3A
SF-4A
SF-5A
---
20.0
20.0
20.0
20.0
20.0
100.0
2-Story
2-Story
2-Story
2-Story
2-Story
---
3
3
3+Den
3+Den
4
---
2.5
2.5
2.5
2.5
2.5
---
1,600
1,800
2,000
2,200
2,400
2,000
$299,990
-----
$312,990
-----
$325,990
-----
$338,990
-----
Plan Designation
Elevation Style
Bedrooms
Baths
Plan Size (Sq. Ft.)
5th/6th Street
Marina
Marina (Enhanced)
(1)
(2)
$351,990
-----
$325,990
-----
Benchmark sales prices, which are presented in current dollars, include basements. They do not, however, include options,
upgrades, or premiums for view or enhanced homesite conditions.
1.8
-- SINGLE FAMILY-B -Product Line Summary
Product Form:
Garage Condition:
Single Family Detached (40' - 50' x 115' +/- Homesite)
SF-B
Two-Car, Rear Orientation
10.0
5th/6th Street:
Marina:
Marina (Enhanced):
--6 - 12
---
Plan Detail
Total/Average
SF-1B
SF-2B
SF-3B
SF-4B
SF-5B
---
20.0
20.0
20.0
20.0
20.0
100.0
Elevation Style
2-Story
2-Story
2-Story
2-Story
2-Story
---
Bedrooms
3+Den
3+Den
4+Den
4+Den
4+Den
---
2.5
2.5
2.5
2.5
2.5
---
2,000
2,350
2,700
3,050
3,400
2,700
Plan Designation
Baths
Plan Size (Sq. Ft.)
5th/6th Street
Marina
Marina (Enhanced)
(1)
(2)
--$373,990
---
--$396,990
---
--$419,490
---
--$441,990
---
--$464,990
---
--$419,490
---
Benchmark sales prices, which are presented in current dollars, include basements. They do not, however, include options, upgrades,
or premiums for view or enhanced homesite conditions.
Market Analysis
PLANNING MATRIX - AN ALTERNATIVE
-- TRAIL CREEK --
Product Type
Rental Apartments
Garden Condominiums - A
Garden Condominiums - A-1
Rowhomes - A
Rowhomes - A
Rowhomes - B
Rowhomes - B-1
(1)
(2)
Estimated
Total Units
Planning
Area
(1)
5th/6th Streets
5th/6th Streets
Marina
Marina (Enhanced)
5th/6th Streets
Marina
Marina
Marina (Enhanced)
5th/6th Streets
Marina
90/30
24
108
36
18
48
48
24
12
18
Total
336
(1)
Net Density
In Units
Per Acre
Required
Net Acres
30.0
30.0
30.0
30.0
20.0
20.0
15.0
15.0
10.0
10.0
3.0
0.8
3.6
1.2
0.9
2.4
3.2
1.6
1.2
1.8
---
19.7
(2)
Includes a 90-unit community located within the 5th/6th Street Corridor along with a smaller 30-unit component which
could be developed over-retail in the marina area.
Does not include 2.8 acres in the marina area, which should be earmarked for commercial uses including parking
and a mixed-use building that would accommodate retail uses on the first floor and three-story apartment residential
above.
Using the exemplary prototype, the following text table provides a phasing
representation for the residential portion of the Trail Creek community. As
shown, the 5th/6th Street corridor could be fully developed within the area’s first
phase along with approximately 96 for sale units in the marina area. After Phase
I, full focus shifts to the marina area where, at the end of Phase II, nearly 85
percent of the development will have been absorbed.
A PHASING SCHEDULE - RESIDENTIAL
-- TRAIL CREEK DEVELOPMENT AREA -Number of Units by Phase
Total
Units
Phase
I
Phase
II
Phase
III
Product Type
Planning
Area
Rental Apartments
Rental Apartments
Rowhomes - A
Rowhomes - A
Rowhomes - B
Rowhomes - B-1
5th/6th Streets
Mixed-Use Marina
5th/6th Streets
Marina
Marina (Enhanced)
5th/6th Streets
Marina
Marina
Marina (Enhanced)
5th/6th Streets
Marina
90
30
24
108
36
18
48
48
24
12
18
90
--24
36
12
18
24
24
--12
---
--30
--36
12
--24
24
12
--9
------36
12
------12
--9
Total
456
240
147
69
Page 1.8
Market Analysis
Absorption rates for the 90-unit apartment portion of the community located in the
5th/6th Street corridor are established at a 7.0 per month pace while the 30-unit
rental component in the mixed-use environment in the marina area will likely
reach stabilized occupancy within a seven-month marketing timeframe. In the for
sale sector and following the distribution of units used in our example, absorption
rates are forwarded in Exhibit 1.9 by phase and by marketing year. At
benchmark prices, the 336-unit for sale component outlined could reach full
absorption within a nine-year period averaging just over three sales monthly.
When both the 5th/6th Street corridor and marina areas are marketed together,
however, the established hierarchy of both product and price will allow aggregate
for sale volumes to move past the five-per-month mark.
Commercial
Guidelines
Restaurants and a neighborhood grocery store have measurable potential within
the Trail Creek Development Area. In the restaurant sector, separate users
should include fine dining, casual style, and fast casual style while a
neighborhood grocer should provide not only consumption products but also
specialty and gourmet food and wine items.
Distinction/Fine Dining Restaurant
One restaurant in the category of fine dining is recommended at Trail Creek. As
a qualification of this recommendation, this establishment must also be one that
maintains a menu on the side of affordable. The size of the building’s footprint
should approximate 7,500 square feet with a seating capacity of 250 people.
The success of a moderately-priced, destination-type restaurant, possibly
carrying a national brand recognition like P.F. Chang’s China Bistro, Bonefish
Grill, and Maggiano’s Little Italy or a local restaurateur who is able to create a
different dining experience, can be supported by traffic from Lighthouse Place
and Blue Chip, vacationers, and other places within the region.
Casual Style Restaurant
The second type of restaurant recommended is a casual style concept. Slightly
smaller in size, lower in price and less a “draw” than the destination type, this
establishment will nevertheless offer a unique experience to visitors. Building
size should approximate 5,000 – 6,000 square feet with seating capacity of 200
people. Examples include California Pizza Kitchen, Aurelio’s Pizza, Cracker
Barrel, Hooters, Buffalo Wild Wings, Applebee’s, Chili’s, and Stir Crazy Café.
Alternatively, in lieu of at least one destination-type restaurant, two Casual Style
restaurants could be developed that together create a dining destination at Trail
Creek.
Fast Casual Style Restaurant
At least one fast casual, and potentially two--depending on size--could be
introduced. Within floorplates providing 1,500 – 2,000 square feet with seating
for up to 50 people, examples include Noodles & Co., Chipotle, Potbelly
Page 1.9
A FORECAST OF FOR SALE ABSORPTION BY PRODUCT TYPE AND PHASE
-- TRAIL CREEK DEVELOPMENT AREA --
1.9
Absorption by Phase and Marketing Year
Phase I
Planning
Area
Product Type
Total
Units
Phase II
Phase III
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
5th/6th Streets
24
12
12
---
---
---
---
---
---
---
Marina
108
12
12
12
12
12
12
12
12
12
Marina (Enhanced)
36
6
6
---
6
6
---
6
6
---
Rowhomes - A
5th/6th Streets
18
9
9
---
---
---
---
---
---
---
Rowhomes - A
Marina
48
9
9
6
9
9
6
---
---
---
Rowhomes - B
Marina
48
9
9
6
9
9
6
---
---
---
Marina (Enhanced)
24
---
---
---
7
5
---
7
5
---
Single Family
5th/6th Streets
12
6
6
---
---
---
---
---
---
---
Single Family
Marina
18
---
---
---
6
3
---
6
3
---
336
---
63
63
63
126
24
150
49
199
44
243
24
267
31
298
26
324
12
336
Rowhomes - B-1
Total
Cumulative Total
Market Analysis
Sandwiches and Panera Bread. Likewise, innovative locally owned restaurants
without national recognition have applicability as well.
A Neighborhood Grocer
The site will support a neighborhood grocer. The vendor selected should offer
3,500 to 4,000 square feet of space and offer a broad mix of fresh produce,
meats, breads, sandwiches, and some gourmet selections including wine and
cheese. Such an establishment needs flexibility to accommodate the seasonal
preferences of the tourism inherent in the area, as well as nimble in order to
adjust to the lesser volumes of business during the winter months. The size of
the neighborhood grocer is most amenable to a local entrepreneur rather than a
national, or even regional, enterprise. Furthermore, a person or small business
group familiar with the seasonal idiosyncrasies and local tastes of Michigan City
would most likely be the best fit to the development site.
Supportive
Rationale
Regarding the residential cornerstone of the site, rationale supporting benchmark
rents/prices, along with the forecasted rates of absorption is provided below:

The most obvious market opportunity is the inclusion of new construction
rental apartments. Vacancy rates among newer communities both
locally in La Porte County (0.0 percent) and within the broader threecounty (La Porte, Lake, Porter) market area (2.7 percent) are
exceptionally low; few alternatives offering newer rental communities
exist; and a minimal amount of new development is planned in the
market area. Moreover, the acceptable absorption (7.0 units per month)
and strong rent premiums at Long Beach Cove Villas located in Michigan
City itself lend empirical support for this form of housing locally.

Opportunities to develop new for sale housing also exists, buttressed by
the amenities of the marina and aesthetics of the neighboring lakefront,
but are tempered by limitations to price that will support reasonable rates
of absorption. To be sure, of the 54 attached programs active in the
coastal areas of Lake Michigan, only five have managed sales rates of
1.0 per month or better. Of these five best sellers, only one posts an
average price in excess of $200,000. Sales rates in the single family
sector are minimal as well, averaging just 0.3 sales per month for homes
averaging nearly $330,000. To attain acceptable rates of absorption,
recommended pricing needs to be very competitive.
•
Page 1.10
An under market competitive position of the Garden
Condominiums must be maintained. As a feasible alternative,
this higher density form is recommended to comprise one-half of
all for sale units, or 168 total units, and will therefore need to
attain sales velocities in excess of market norms in order to
reach sell-out within what should be considered a reasonable
marketing life. The three recommended Garden Condominium
series are priced from $40,000 to $90,000 under market with
competitors averaging 0.5 sales per month compared to Trail
Market Analysis
Creek’s forecasted volume which expected to be close to triple
this volume when all series are marketed concurrently.
•
The mix of the Rowhome product form is differentiated with
respect to price, size, and whether it is oriented toward the
marina, though nevertheless makes up 138, or slightly more than
40.0 percent, of the total recommended mix of residences. The
significant number of units recommended within this product
form will require competitive pricing positions as well in order to
absorb within a reasonable amount of time. Furthermore, the
Rowhomes have been priced to compete within both the more
affordable (under $300,000) and more luxury-oriented segments
of the market by filling a void between the two pricing clusters.
The lower and higher pricing clusters of townhomes/flats
developments are averaging 0.3 and 0.2 sales per month,
respectively with volumes of each Rowhome expected to range
from 0.6 to 0.8 monthly.
•
The competitive position of the single family homes is in direct
concert with single family resales in Michigan City’s Coastal
Area.
With respect to the commercial components recommended at Trail Creek,
restaurant development can be supported by the stream of visitors frequenting
the area, while the neighborhood grocer can draw support largely from the
addition of new households envisioned within Trail Creek proper.
Page 1.11

The Lighthouse Place Outlet Mall welcomes roughly five million shoppers
per year. The ability to link the outlet mall to Trail Creek, where unique
dining experiences not presently offered in the North End can be found,
is great.

Together, the Blue Chip Casino gaming and lodging facilities will draw
well over two million people annually to the area. Furthermore, the
existing casino employs over 1,100 employees. Taken together, there
clearly exists sizeable numbers of people who could be drawn from
these operations into proximate dining venues throughout the day and
night.

La Porte County and its coastal areas in particular represent a significant
tourist attraction with an estimated $40+ million spent on food by visitors
to the county. There is an excellent opportunity to harness the market of
these vacationers and day-trip tourists to the area as well, who will be
receptive to new and unique dining experiences within the Trail Creek
site.

Finally, the neighborhood grocer can be supported by a combination of
existing households, new households within Trail Creek, as well as the
capture of market share lost from the lakefront area to more distant
grocers. Using the exemplary 456-unit prototype outlined earlier in this
section, new households alone will expend approximately $696,000 in
new spending for food consumed at home. Applying typical sales
Market Analysis
statistics for neighborhood grocers as shown below, a new establishment
of approximately 4,000 square feet would garner sales of $700,000 per
year. The very small difference in commerce between what is typical for
neighborhood grocers and the extent of spending by new households will
be more than compensated by proximate existing households (e.g., the
Elston Grove neighborhood) frequenting the new vendor, as well as the
grocery demand of vacationers in the beachfront area of the city.
ANNUAL FOOD AT HOME HOUSEHOLD SPENDING PATTERNS
NEW HOUSEHOLDS
TRAIL CREEK DEVELOPMENT AREA
Annual
Demographic Variable
Total
Total Renter Households Recommended
120
Average Household Income
$40,000
Average Household Income Spent on Food at Home @ 5.6 Percent
Total Food at Home Spending by Rental Households
$2,240
$268,800
Total Owner Households Recommended
336
$85,000
Total Probable Primary Households @ 20.0 Percent
67
Total Food at Home Spending by Primary Owner Households
$4,760
$318,920
Total Seasonal Households @ 80.0 Percent
269
$120,000
Total Food at Home Spending by Seasonal Owner Households @ 30 Percent Capacity
$6,720
$542,304
Total Seasonal Spending at 20.0 Percent of Annual Spending
$108,461
Total Annual Food at Home Spending Among New Households
$696,181
Gourmet/Neighborhood Grocer Size (Square Feet)
4,000
Typical Sales Per Square Foot of Neighborhood Grocer
$175
Total Annual Sales
$700,000
Difference Between New Household Spending and Supportable Grocer Space
-$3,819
Sources: U.S. Census Bureau, Consumer Expenditure Survey ; Urban Land Institute, Dollars and Cents of Shopping Centers ;
Sources: and Tracy Cross & Associates, Inc.
Parking
Requirements
Page 1.12
Spatial requirements serving both the residential and commercial components at
Trail Creek are accommodated through the density allocations assigned for each
use. In the case of for sale housing, garages are specifically recommended. In
the case of rental housing, parking within a courtyard integral to the building(s)
would be optimal. “Structured” parking is neither necessary nor recommended;
however, optional garages should be considered.
Market Analysis
With respect to commercial forms, a total of approximately 100 surface lot
spaces within close proximity to the commercial buildings will be sufficient. While
this stall count is considered low by suburban-type standards, a sizeable amount
of “shared” parking will be possible due to the varying hours of peak use among
the recommended commercial forms. Additionally, some patrons will have
already parked at the casino’s facilities and will use the proposed interconnecting
bridge to visit the restaurants. Total space required for the commercial structures
and associated parking is approximately 3.0 acres.
Civic, Cultural or
Other Recreational
Uses
Other Planning
Considerations
Not specifically prescribed as a recommendation are any other cultural, civic or
recreational uses at the Trail Creek Development Area, though this is not to
suggest that a number of possibilities could not be pursued.
A small
amphitheatre or other outdoor venue could be accommodated as a permanent
fixture within a centralized open space (Trail Creek Landing) of the site. Other,
less permanent, events could be staged within the area as well. However, it is
our opinion that the North End already has outstanding festival venues at
Washington Park—an exquisite recreational amenity in its own right.
Additionally, attempting to link the Trail Creek site to the recreational venues at
the lakefront by an aerial tram or other means will undoubtedly offer a unique
experience, but at a cost that will likely prove expensive and redundant given the
existing infrastructure and ease of accommodation at the lakefront. A much
more modest and practical mode, or modes, of connection to the lakefront that
cater to the residents and their recreational aspirations will likely prove a great
deal more appreciated and cost-effective.
Given the scope and coordination between neighboring land uses necessary to
maximize the potential of the site, several other planning considerations should
receive due deliberations.
The Marina
There is strong demand for boat slips in the local market. Among the Trail Creek
Marina itself, the Washington Park Marina and the Oselka Marina in New Buffalo,
MI, occupancy rates stand at 92.0 percent. Adding new households to the Trail
Creek site, in addition to eliminating any storage or service facilities, will certainly
contribute to a tightening of the market.
The Riverwalk and Bridge
Both the proposed Riverwalk and bridge to connect the development area to
Blue Chip’s facilities are considered essential to the commercial viability of the
site. Key to restaurant success will be drawing employees and patrons from the
gaming, lodging and conventioneering facilities. The Riverwalk will serve as the
welcoming aesthetic, while the bridge will be the means by which people get
there.
Page 1.13
Market Analysis
Link to Lighthouse Place
In addition to leveraging the visitor traffic at Blue Chip, attracting shoppers from
the outlet mall will prove equally important. An
employment of strategic signage, a series of
arched streetscaping, and/or other creative
means will be necessary. The outlet mall,
particularly during the holiday season, is a
veritable boom to the economy of the North
End, and should be underscored as an
essential source of demand for future dining
venues at Trail Creek. Success will depend
on uniting the two.
Connecting to the Lakefront
While an expensive and impractical connection is not endorsed as a way to
connect Trail Creek to the lakefront, a practical and useful one is strongly
recommended. Following through with plans to complete a footpath and/or
bicycle path from the site and into Washington Park will speak directly to the
quality of life for the proposed new households, as well as those already residing
in and around the Elston Grove neighborhood.
Page 1.14
2.
THE TRAIL CREEK DEVELOPMENT AREA
The subject property of this analysis is defined as the Trail Creek Development Area. The majority of the
property consists of the area between Michigan Boulevard and the western shore of Trail Creek,
extending south from U.S. Route 12 to East 8th Street. The development area also extends at its center,
between East 5th Street and East 6th Street, westward to Pine Street. Excluding park areas, open space,
and public roadways, the developable area consists of 22.50 net acres. As shown in Exhibit 2.1, this
acreage has been divided into 14 individual parcels extending from 0.15 to 3.58 acres in size.
At present, much of the acreage aligning the western shore of the Trail Creek area is used as a marina
operated by the Port Authority of Michigan City, consisting of approximately 80 boat slips and space for
dry storage. Also aligning the western edge of the creek is an older complex of several larger buildings at
East 5th Street owned by Blocksom & Co., a manufacturer and distributor of natural fiber products. At the
time of this writing, the city was in negotiations to acquire the Blocksom property. On the opposite side of
the creek, in what is considered the Sprague Marina, is an additional 60 slips, and along the eastern
shore is the Blue Chip Casino and Hotel.
Farther to the west of the site resides Michigan City’s historic downtown and the Lighthouse Place Outlet
Mall; to the north is parcelage leading into the Washington Park Marina (approx 580 slips), Washington
Park itself, and the lakeshore; and to the south is the historic Elston Grove neighborhood.
The City of
Michigan City
Incorporated in 1836, Michigan City developed as a grain and lumber entrepot, a
conduit of rail commerce, and a major manufacturer of freight rail cars. By the
turn of the century, the city was known as the largest lumber market in the state
and home to one the most complete factories for the construction of freight cars
in the United States. By 1907, the Haskel and Barker car company industry
employed more people than any other manufacturing establishment in Indiana.
They city’s legacy of manufacturing persists to the present, as many of the city’s
largest employers are engaged in the manufacture of goods.
MAJOR PRIVATE SECTOR EMPLOYERS
Type of
Number of
Employer
Business
Employees
St. Anthony Memorial Health Center
Blue Chip Casino
Sullair
Federal Mogul
Weil-McLain
Tandem Transportation Corporation
Michigan City Banking
Dwyer Instruments, Inc.
Trans-Apparel Group, Division of Hartmarx Corporation
Commercial Vehicle Systems
GAF Materials Corporation
Fiber Bond Corporation
Filter Specialists, Inc. (FSI)
Brown, Inc.
SCA North America Packaging
Stauffer Glove and Safety
Health Services
Gaming and Lodging
Compressed air products manufacturer
Manufacturing parts supplier
Boiler manufacturer
Trucking transportation provider
Banking
Controls and instruments manufacturer
Clothing Manufacturer
Manufacturing
Construction and mining
Non-woven fabrics manufacturer
Liquid filtrations manufacturer
Construction and mining
Plastic, packaging and container manufacturer
Glove manufacturer
1,200
1,141
630
375
350
325
315
190
155
150
150
150
139
125
104
100
Total
5,599
Source: Michigan City Economic Development Corporation
Page 2.1
2.1
TRAIL CREEK - PARCEL IDENTIFICATION
Parcel
ID#
Net Site
Area
In Acres
Parcel
ID#
Net Site
Area
In Acres
1
3.58
8
2.73
2
0.15
9
1.47
3
0.38
10
2.18
4
1.33
11
1.74
5
2.99
12
0.76
6
1.61
13(1)
0.48
7
2.37
14(1)
0.73
Trail Creek Total Developable Acreage:
(1)
Represent Blue Chip Casino parcels.
Source: Lohan Anderson: Trail Creek Plan dated November 2007
22.50
Market Analysis
The importance of the city’s manufacturing base withstanding, the area has in
more recent years become a tourist haven and destination point of shopping and
gaming. The beachfront and marina-oriented condominium communities, the
scores of homes along the lakefront, the Washington Park zoo, the Blue Chip
Casino and the Lighthouse Place Outlet Mall together combine to create a
coastal area characterized by a seasonal surge in population, activities and
commerce.
The North
End
The North End of Michigan City represents a larger planning area, of which the
Trail Creek Development Area is a part. The city recently commissioned
Andrews University to develop a vision for the North End intended as a plan for
urban growth in the city and to guide future deliberations and decisions affecting
the way people build and live in the area. The plan integrates the pedestrianoriented and neighborhood-centered principles of new urbanism within the
natural and built environment that presently exists.
The North End itself is generally the area aligning the lakefront, between
Michigan Boulevard and Huron Street, extending south to 11th Street.
Additionally, the planning area includes commercial development that extends
radially to the east and west along Route 12, as well as south and southeast on
Franklin Street and Michigan Boulevard, respectively. Consult Exhibit 2.2 for a
geographic delineation of the North End. The North End thus includes the Trail
Creek Development Area, the entirety of the lakefront and adjoining parks,
marinas and zoo, the city’s historic downtown and Elston Grove neighborhood,
the Blue Chip Casino and Hotel, and the Lighthouse Place Outlet Mall. Other
prominent uses include City Hall, the Michigan City public library, the Lubeznik
Center for the Arts, the Old Lighthouse Museum and the Ragtops Automobile
Museum.
Commercially, the North End is shaped by the Franklin Street corridor, the
downtown’s primary north-south thoroughfare, extending southward from the
city’s public library. A mix of office space, retailers, restaurants and residential
lofts generally define the corridor. Typical office users include banks, insurance
companies, attorneys, real estate brokerages and engineering consultants.
Retailers include a florist, an office supply store, a bakery, several full-service
restaurants, art galleries, coffee houses and, among others, a bridal shop. The
residential lofts along Franklin are few in number, totaling roughly one-half
dozen, and are mostly occupied by artists, several of whom maintain galleries
within the first-floor retail space below their units. More generally, it should also
Page 2.2
2.2
THE NORTH END
Washington
Park
Blue Chip
Casino &
Hotel
Trail Creek
Development
Area
Elston
Grove
Lighthouse
Place
Outlet Mall
Franklin
Street
Corridor
Source: Andrews University
Market Analysis
be noted that the commercial buildings along Franklin and elsewhere in the North
End are primarily two-story structures with only a handful exceeding more than
three levels in height.
Washington
Park
Elston Grove
Aligning Lake Michigan itself is Washington
Park, an assemblage of 137 acres that includes
the Washington Park Zoo, Bismarck Hill,
Canada Park and additional recreational space.
Playing host to dozens of music, cultural and
athletic events between May and September,
the park maintains a life guarded swimming
beach, fitness trails, tennis courts, concessions,
historic monuments, a boat launch, bandshell, public access fishing, a fish
cleaning station, outdoor skating rink, amphitheater, gazebo and, among others,
a historic rock garden. Residential uses aligned to the south of Washington Park
include a mix of condominium, townhome and single family homes that cater to
the second-home and vacation rental user. The park is within walking (biking,
jogging, etc.) distance of the Trail Creek Development Area.
The primary neighborhood of the city’s downtown, outside of the lakefront area,
is the Elston Grove historic residential district, the area bordering to the south of
the Trail Creek Development Area. Built in the mid-1800s, the community
consists of mature tree-lined streets serving single family detached residences
and several apartment buildings. While some of the Victorian-inspired homes of
the neighborhood have been restored in recent years for both personal and
commercial (vacation rentals and B & B’s) use, there still remain a noticeable
number of housing units in poor condition that show a lack sufficient
maintenance.
Provided its location and form, the Elston Grove neighborhood maintains three
notable assets. The first is its human-scale and walkability. As a downtown
community of residences, it nevertheless exhibits a pattern of lower density
development that is free of heavy automobile traffic and noise typical of higher
density areas. The second is the neighborhood’s proximity to Lake Michigan and
the Trail Creek marina, putting the marina at the doorstep of Elston Grove and
Washington Park along the lakefront within less than one mile. The third is the
existence of the South Shore Line interurban train, which runs along 11th Street
with a stop just east of Franklin. From the 11th Street stop, the South Shore
express line terminates at Chicago’s Millenium Park in approximately 95 minutes.
This not only makes daily commutes into Chicago’s massive downtown
employment center feasible, but also puts the cultural and commercial
opportunities of Chicago within a day’s trip time.
Page 2.3
Market Analysis
It is worth noting at this point some of the planning discussion regarding the
South Shore rail. There have been conceptual proposals to move the 11th Street
station farther north, perhaps aligning with the Amtrak right-of-way near the
lakefront. Research related to the economic impact of keeping the station at its
current location or relocating it elsewhere is currently underway.
The Blue Chip
Hotel and
Casino
Lighthouse
Place
Outlet Mall
Page 2.4
The Blue Chip Hotel and Casino, which takes up the eastern shore of Trail
Creek, consists of a casino and a 184-room adjoining hotel. Developed in the
mid-1990s and completely renovated in
2007, the hotel is an eight-story lodging
facility that offers a pool, fitness center,
gift shop and several restaurants as
amenities. Adjoining the hotel is the
65,000 square foot riverboat casino, a
replacement of the original casino that
roughly doubled the facility’s size and
tripled its gaming opportunities. But
more significant is the nearly complete
$130 million expansion at the site.
Within a 22-story tower, plans exist to open a 302-room hotel with a 10,000
square foot spa, a fitness center, a nightclub/restaurant, a 15,000 square foot
ballroom and a 20,000 square foot convention center. The new facilities are
intended to offer a resort-style experience and turn the property into an allencompassing casino entertainment destination. The ballroom is outfitted with a
46-foot proscenium and will be able to seat up to 1,300 people, while the
convention space will be able to stage boat and vehicle exhibitions, weddings
and other events.
The last major element of the North End is the
Lighthouse Place Outlet Mall. Developed in
1987, the mall contains nearly 500,000 square
feet of retailers that offer an eclectic mix of
boutique, upper-end and popular merchandise.
Nationally branded stores in the mall include
Gap, J. Crewe, Coach, Movado, Eddie Bauer,
Ann Taylor and, among myriad others, Nike and
Polo. The mall attracts an estimated five million
patrons annually with peak visitation occurring
during the holiday shopping season.
3.
BACKGROUND TO THE MARKET
Michigan
City-La
Porte, IN
MSA
MSA
U.S.
330
89
Down 13.6%
Down 45.0%
Down 24.9%
Down 32.9%
Down 19.7%
Down 45.0%
Down 29.4%
Down 41.1%
Up 314.3%
Down 100.0%
Down 11.6%
Down 10.9%
Change
Year-Over-Year
HOUSING PERMITS
2007
January-August 2008
(1)
SINGLE FAMILY PERMITS
2007
January-August 2008
301
89
(1)
MULTI-FAMILY PERMITS
2007
January-August 2008
TOTAL EMPLOYMENT
2007
January-August 2008
29
0
(1)
(2)
49,951
49,980
Down 0.5%
Up 0.1%
Up 1.1%
Up 0.2%
The Michigan City-La Porte, IN MSA
is defined as the entirety of La Porte
County, Indiana. The area remains a
haven for manufacturing, enlisting
approximately
one-fifth
of
its
workforce in the sector.
In recent months, the MSA has shared
in the deep contraction in housing
development and the very modest
growth in job formation. Residential
permits declined 13.6 percent from
2006 to 2007 and were, through the
first eight months of this year,
projected to fall another 45.0 percent
in 2008. Employment in the MSA has
likewise stagnated, inching up less
than 0.1 percent year-over year.
The economic sluggishness has also
shown up in the unemployment rate.
Twelve
months
prior,
MSA
unemployment stood at 4.8 percent,
but had, as of August of this year,
moved upward by more than a full
percentage point, to 6.1 percent.
UNEMPLOYMENT(3)
The more recent local and national
economic challenges notwithstanding,
the economic performance of the
Michigan City-La Porte, IN MSA has
(1)
been
more
of
a
persistent
Reflects only those places reporting on a monthly basis.
(2)
National figures reflect total nonfarm employment.
phenomenon discernible over more
(3)
National unemployment rate is seasonally adjusted.
than one and one-half decades,
attributable to the broader decline of
manufacturing and transition to a service- and information-based economy. Since 1990, MSA
employment has grown annually by only 23 jobs—a negligible rate of growth. Moreover, the last five
years have actually netted a loss of 33 jobs within the MSA. The area’s reliance on manufacturing and its
drag on employment is perhaps best illustrated in contrast to employment across the state of Indiana.
The MSA’s share of state jobs has shown a demonstrable trend downward for the past eighteen years.
August 2007
August 2008
Page 3.1
4.8%
6.1%
U.S. 4.7%
U.S. 6.1%
Market Analysis
EMPLOYMENT TRENDS: MICHIGAN CITY-LA PORTE, IN MSA
53
Total Employment (000s)– MSA (Bar)
Percent Capture of State of Indiana (Line)
2.00
52
1.95
51
1.90
50
1.85
49
1.80
48
1.75
47
1.70
46
1.65
45
1.60
44
1.55
43
1.50
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
With respect to residential development, the MSA has added, over the last eighteen years, an average of
463 units annually to its housing stock. The present turmoil in the housing and credit markets nationwide,
however, has precipitated a decline in new home permitting across the MSA as well. Permits through the
close of 2007, for example, marked a decline of 42.8 percent from output of 2005. And, while only a
handful of places report permitting on a monthly basis, statistics through August of this year suggest the
MSA is on pace to permit approximately 200 units this year, a trough more than 100 units fewer than any
year since 1990.
RESIDENTIAL BUILDING PERMIT TRENDS: MICHIGAN CITY-LA PORTE, IN MSA
600
Total Permits – MSA (Bar)
Percent of State of Indiana (Line)
1 .7 5
550
1 .5 5
500
1 .3 5
450
400
1 .1 5
350
0 .9 5
300
250
0 .7 5
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
To ta l B uild ing P e rm its
P e rc e nt o f Ind ia na
Source: U.S. Department of Commerce, Bureau of the Census: C-40 Construction Reports
Page 3.2
Market Analysis
Households
And Incomes
Consistent with minimal employment growth, the population and number of
households in the area have generally followed suit. For the decade between
1990 and 2000, the MSA added an annual average of only 304 people within 256
households, changes of 2.8 and 6.7 percent, respectively. The city of Michigan
City fared slightly worse, netting a marginal decline in both population and
households during the same period. Statistical estimates through 2008 are
generally consistent with trends of the previous ten years.
POPULATION AND HOUSEHOLD TRENDS
MICHIGAN CITY-LA PORTE, IN MSA AND CITY OF MICHIGAN CITY, IN
Demographic/
Geography
2008
Estimate
Average
Annual
Change
2000-2008
1990
2000
Average
Annual
Change
1990-2000
107,062
33,822
31.6
110,106
32,900
29.9
304
-92
---
110,711
31,780
28.7
76
-140
---
38,486
12,562
32.6
41,050
12,550
30.6
256
-1
---
42,388
12,388
29.2
167
-20
---
POPULATION
Michigan City-La Porte, IN MSA
Percent of MSA
HOUSEHOLDS
Percent of MSA
Source: U.S. Department of Commerce, Bureau of the Census: Census 1990 and Census 2000 and
Source: Claritas, Inc.: Demographic Snapshot
With respect to incomes, the MSA median very nearly matches the median of the
state of Indiana, exceeding it by just over $100. The city of Michigan City,
however, maintains incomes notably lower than the broader MSA and state,
posting an estimated median in 2008 of $37,924.
HOUSEHOLD INCOMES
MICHIGAN CITY-LA PORTE, IN MSA AND CITY OF MICHIGAN CITY, IN
2008
Median
Income
Area
United States
State of Indiana
Remainder of MSA
$50,170
47,709
47,814
37,924
51,898
Source: Claritas, Inc.: Demographic Snapshot
Page 3.3
Market Analysis
Household
Types
Household types, particularly influencing potentials for residential development,
are very significant. Marital status and the presence of children weigh heavily on
the decision making process when choosing a form of housing. To this end,
Exhibit 3.1 provides a summary of household types for the city of Michigan City,
the MSA, as well as what is herein defined as the Primary Market Area, or
PMA—the area from which most year-around households will emanate in order
to purchase/rent new housing forms at the development site, which is primarily a
function of transportation costs associated with employment commutation
patterns. (The PMA is delineated in Exhibit 3.2).
The distribution of household types in the PMA shows a significant percentage of
households headed by single individuals. An estimated 12,451 households, or
27.2 percent of households in the PMA fall into this highly mobile group.
Elatedly, married couples without children—households with relatively high
propensities to consider attached housing—total 14,136, or 30.9 percent of the
PMA. Other married couples with children, as well as single head of households
with children, who together comprise the demographic most likely to prefer single
family detached housing, total 14,651, or 31.2 percent of households in the PMA.
The
Coastal Area
Bifurcating the PMA is the Coastal Area which extends in a northeastern
direction from the Trail Creek inlet at Lake Michigan to the Indiana-Michigan state
line. This area includes the most northerly part of Michigan City proper together
with Long Beach, Michiana Shores, and other unincorporated areas along the
Lake Michigan shoreline.
In 2008, the Coastal Area supported a resident population base of 4,719 persons
distributed among 2,187 households. The median household income in the area
currently stands at $59,184 with 37.3 percent of all households earning $75,000
or more. This higher income percentage compares with a 28.5 percent
representation for the PMA as a whole.
Of the Coastal Area’s current housing stock of 3,570 units, 1,128 or 31.6 percent,
represent seasonal/recreational inventory with the highest concentration of
seasonal housing found immediately to the east of Washington Park.
Housing values in the Coastal Area are also quite high. During the October
2005-September 2008 period, for example, 216 single family homes sold in the
area carried a median sales price of $400,000, a dramatic contrast against the
sub-$100,000 median represented elsewhere in Michigan City proper.
Page 3.4
HOUSEHOLDS BY HOUSEHOLD TYPE
MICHIGAN CITY PRIMARY MARKET AREA - 2008
3.1
Primary Market Area
Number
Percent
Attribute
Michigan CityLa Porte MSA
Number
Percent
City of
Michigan City
Number
Percent
TOTAL HOUSEHOLDS
45,797
100.0
42,388
100.0
12,388
100.0
Family Households
31,703
69.2
29,529
69.7
7,757
62.6
10,554
14,136
947
851
3,150
2,065
23.0
30.9
2.1
1.9
6.9
4.5
9,631
13,320
918
826
2,925
1,909
22.7
31.4
2.2
1.9
6.9
4.5
2,017
2,905
328
268
1,427
812
16.3
23.5
2.6
2.2
11.5
6.6
14,094
30.8
12,859
30.3
4,631
37.4
5,386
7,065
1,032
611
11.8
15.4
2.3
1.3
4,919
6,451
930
559
11.6
15.2
2.2
1.3
1,710
2,330
344
247
13.8
18.8
2.8
2.0
14,651
29,503
32.0
64.4
13,474
27,425
31.8
64.7
3,772
8,025
30.4
64.8
Married Couple, With Children
Married Couple, Without Children
Male Householder, With Children
Male Householder, Without Children
Female Householder, With Children
Female Householder, Without Children
Nonfamily Households
Single Male
Single Female
Nonfamily Male
Nonfamily Female
Total Households With Children (1)
Total Households Without Children
(1)
(1)
Excludes Nonfamily households consisting of more than one person.
Source: Claritas, Inc.: Demographic Snapshot Report
3.2
GEOGRAPHIC DELINEATION OF PRIMARY MARKET AREA
Sources: Microsoft Street & Trips and Tracy Cross & Associates, Inc.
Market Analysis
SINGLE FAMILY CLOSINGS BY PRICE RANGE
THE COASTAL AREA: MICHIGAN CITY, INDIANA
Total Closings:
October 2005 - September 2008
Price Range
Under $100,000
100,000 - 149,999
150,000 - 199,999
200,000 - 249,999
250,000 - 299,999
300,000 - 349,999
350,000 - 399,999
400,000 - 499,999
500,000 - 599,999
600,000 - 699,999
700,000 - 799,999
800,000 - 899,999
900,000 - 999,999
1,000,000 - 1,249,999
1,250,000 - 1,499,999
1,500,000 and Over
Total
Median
Average Days on Market
Number
1
8
10
12
17
31
25
36
26
17
10
6
6
2
5
4
Percent
Cumulative
Percent
0.5
3.7
4.6
5.6
7.9
14.4
11.6
16.7
12.0
7.9
4.6
2.8
2.8
0.9
2.3
1.9
0.5
4.2
8.8
14.4
22.3
36.7
48.3
65.0
77.0
84.9
89.5
92.3
95.1
96.0
98.3
100.2
216
100.2
--- - - - - - - - - - - - - $400,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - 135 - - - - - - - - - - - - - - -
Source: Heritage Appraisal Service
In the multi-family sector, a total of 56 units were sold in the Coastal Area’s
existing home market over the last three years at a median sales price of
$232,500 for a 1,394 square foot residence ($166.79 per square foot). For the
56 townhome and condominium units closed, the average time on market stood
at 147 days.
TOWNHOME/CONDOMINIUM CLOSINGS BY PRICE RANGE
THE COASTAL AREA: MICHIGAN CITY, INDIANA
Total Closings:
September 2005 - August 2008
Price Range
Under $100,000
100,000 - 149,999
150,000 - 199,999
200,000 - 249,999
250,000 - 299,999
300,000 - 349,999
350,000 - 399,999
400,000 - 499,999
500,000 and Over
Total
Median
Average Days on Market
Number
2
6
6
15
6
11
5
4
1
Percent
3.6
10.7
10.7
26.8
10.7
19.6
8.9
7.1
1.8
Cumulative
Percent
3.6
14.3
25.0
51.8
62.5
82.1
91.0
98.1
99.9
56
99.9
--- - - - - - - - - - - - - $232,500 - - - - - - - - - - - - - - - - - - - - - - - - - - - 147 - - - - - - - - - - - - - - -
Source: Heritage Appraisal Service
Page 3.5
Market Analysis
In both the detached and multi-family sectors of the housing market in the
Coastal Area, a select number of communities have dominated sales over the
last three years. In the single family category, Beachwalk closed 21 properties
between August 2004 and August 2008 at a median sales price of $495,000.
During this 48-month period, the days on market for an average listing at
Beachwalk was 134.
In the multi-family market, Dunescape and Marina Shores, both located in
Michigan City and proximate to the Trail Creek Development Area, collectively
had 27 closings during the September 2005-August 2008 period representing
48.2 percent of all attached activity in the Coastal Area. At Dunescape, 13 units
were closed over the 36-month period ending August 31st of this year. Units
sold, which were built in 1990, supported a median sales price of $334,000 and
were on market for a 166-day period on average.
Marina Shores, located along Trail Creek and the most proximate Coastal Area
community to the investigative property recorded 12 closings over the most
recent 36-month period. Here, the median price of an 1,185 square foot
condominium sold equaled $277,500 at market time of 94 days.
Demand
For Housing
Over the next ten years, the Michigan City-La Porte, Indiana MSA has the
potential to absorb 490 new residential units annually distributed between 420
units in the for sale sector and 70 units per year as apartment rentals. In the for
sale category, new home absorption will be highly cyclical with yearly potentials
totaling just 300 units per year during the 2009-2010 timeframe before moving
upward to a sustaining average of 450 units annually through 2018. The cyclical
trendlines expected in the ownership sector reflect the present and near-term
recession in the housing industry, slow economic growth, and very low levels of
consumer confidence. After 2010, the overall market in the MSA should return to
more normal volumes with aggregate absorption levels averaging 520 units
annually, a level consistent with the area’s 463-unit yearly construction average
recorded between 1990 and 2007.
Of the 490 new construction units expected to be absorbed annually in the MSA
as a whole during the 2009-2018 period, Michigan City proper, combined with
unincorporated coastal areas to the northeast, can expect to capture
approximately 25 percent of county-wide volumes. In the for sale sector, this
capture rate translates to yearly potentials in the 100 to 125-unit range with new
rental potentials cast from 20 to 25 units per year.
Aside from a significant economic stimulus attributable to a large-scale employer
locating or relocating in or near Michigan City, the city and its coastal partner to
the northeast could receive additive housing demand support from other areas.
For example, for sale sector demand could increase if new, more affordable
second-home product were made available in the area drawing support from
competing communities in southwest Michigan and/or along Indiana’s lakefront to
the west. So, too, could apartment absorption increase on the basis of limited
supply in other areas of La Porte County and/or far eastern Porter County or
simply upon the basis of turnover within existing established complexes.
Referencing the latter, it is estimated that turnover within existing developments
in the Michigan City PMA averages close to 3,500 households annually. Of
Page 3.6
Market Analysis
these households, at least one-half will likely remain renters with approximately
one-quarter, or 425 to 450 renters annually, capable of paying $750 or more
monthly for a new well-appointed apartment.
Page 3.7
4.
THE COMPETITIVE MARKETPLACE--HOUSING
In order to evaluate the competitive environment expected to influence development opportunities within
the Trail Creek Development Area, our firm conducted a detailed analysis of active for sale developments
located proximate to the southern “cone” of Lake Michigan as well as all “newer” market-rate rental
apartment developments within the Indiana counties of La Porte, Porter, and Lake.
The For Sale
Sector
Surveyed for sale programs encompassed a broad geography along Lake
Michigan that spanned, excluding the city of Chicago and it’s component Illinois
suburbs, southward from Racine, Wisconsin to the Indiana-Illinois border,
northeast through Indiana into Michigan, and northward along the coastline into
Norton Shores, Michigan. Herein defined as the Lake Michigan Market Area, it is
illustrated as the red line corralling the waterfront in the following graphic.
COASTAL FOR SALE COVERAGE
Page 4.1
Market Analysis
For Sale
Attached
Programs
In total, 54 attached for sale developments were active in the market area at the
time of our survey. Four generic product forms comprise the attached market:
Loft Conversions, Higher Density Condominiums, Townhomes and Flats, and
Attached Ranches.
All are described in greater detail in the following
subsections.
Loft Conversions
A total of only three loft conversions—structures converted into residential use
that were previously employed for non-residential use, typically former
warehouses or manufacturing facilities--were active along the Lake Michigan
coastline, none of which offers access to the lake. Prices average $211,071 for
1,301 square feet of space, while sales rates, on a since opening basis, average
1.1 units per month. The three programs are summarized below.
LOFT CONVERSION DEVELOPMENTS
LAKE MICHIGAN MARKET AREA - AUGUST 2008
Density Category/
Development
Location
Builder
Total
Units
Total
Sold
Average
Sales Price
Average
Plan Size
(Sq. Ft.)
Monthly
Sales Rate
Since
Opening
1.9
The Baker Lofts
Holland, MI
Bosgraff Commercial, LLC
73
61
$218,868
1,254
River Bend Lofts
Racine, WI
Harvest Development
58
14
150,595
1,280
0.6
Central Lofts
South Haven, MI
Bosgraff Commercial, LLC
23
8
263,750
1,369
0.9
154
83
$211,071
1,301
1.1
Totals/Averages:
Loft conversions are considered the least competitive with the proposed new
construction programs envisioned at the Trail Creek site. They are nevertheless
included here as but one segment of the attached market.
Higher Density Condominiums
Primarily consisting of elevator-serviced mid-rise buildings, the 17 higher density
condominium programs make up slightly less than one-third of the attached
market. Sales in this sector have been very slow at 0.5 per month, with average
prices considered high near the $425,000 mark. The market is summarized in
the following table:
Page 4.2
Market Analysis
HIGHER DENSITY CONDOMINIUM DEVELOPMENTS
Development
Product
Type
Location
Builder
Total
Units
Total
Sold
Average
Sales Price
Average
Plan Size
(Sq. Ft.)
Monthly
Sales Rate
Since
Opening
1.2
Atwater at Gaslight Pointe
Mid-Rise Condo
Racine, WI
New England Builders
40
26
$266,067
1,245
Downtown Place Condominiums
Loft New Construction
Holland, MI
Lakewood, Inc.
28
24
269,900
1,425
0.5
Grand Landing-The Village
Mid-Rise Condo
Grand Haven, MI
Grand Landing, LLC
48
10
252,133
1,316
0.4
Grand Landing-Waterford Condominiums
Mid-Rise Condo
Grand Haven, MI
Grand Landing, LLC
0.1
Harbor Isle-Condos
Mid-Rise Condo
St. Joseph, MI
Silver Beach Development
Harbor Place-Condos
Mid-Rise Condo
Kenosha, WI
Direct Development
24
1
514,150
1,540
171
0
446,975
1,502
0.0
45
1
366,500
1,403
0.0
Lake Pointe
Mid-Rise Condo
Spring Lake, MI
Wolverine Development
36
29
242,450
1,608
0.8
Lakeview Virginia Towers
Highrise Condo
Kenosha, WI
R.M. Lakeshore Investments
34
12
644,239
1,716
0.3
Light Harbor Preserve
Mid-Rise Condo
New Buffalo, MI
Gierczyk Companies
41
16
448,375
1,615
0.5
Lighthouse Point-Condos
Mid-Rise Condo
St. Joseph, MI
Intercontinental Real Estate
21
18
1,111,517
2,063
0.4
Marina Bay
Mid-Rise Condo
Spring Lake, MI
Pioneer Construction
48
22
439,000
1,400
0.6
Marina Shores at Dune Harbor-Bayshore
3-Story Walkup
Portage, IN
Brant Construction
72
4
337,900
1,074
0.1
Outlook Cove
Mid-Rise Condo
La Porte, IN
G.M. Fedorchak & Assocs.
78
45
349,900
1,837
0.7
Riverwatch-Phase I
Mid-Rise Condo
South Haven, MI
Filing Construction
25
7
337,900
1,231
0.5
Tailwind
Mid-Rise Condo
St. Joseph, MI
Vernon Group
11
2
310,080
1,412
1.1
The Grand Theatre
Mid-Rise Condo
Grand Haven, MI
Redstone Development
20
15
356,633
1,318
0.5
Zephyr Condominiums
Mid-Rise Condo
Grand Haven, MI
Westwind Construction
16
6
503,000
1,335
0.2
Totals/Averages:
758
238
$423,336
1,473
0.4
(1)
(1)
New market entrant; not included in derivation of average sales rate.
An exception to the product form within the higher density grouping is a 3-story
walkup program in Portage, Marina Shores at Dune Harbor-Bayshore, which is
part of a larger mixed-use marina-oriented development consisting of 300 boat
slips. Strikingly similar to the vision for Trail Creek, the community will offer
future residents direct boat
access to Lake Michigan, also
separated from it by Route 12. In
Marina Shores
fact, the distance from Marina
at Dune
Shores to Lake Michigan is very
comparable to that of Trail
Creek’s distance from the lake.
What can, furthermore, be
gleaned from the hallmarks
(mistakes) of this program is its
exceedingly high price position
and dismal sales performance.
Prices at Marina Shores average
$337,900 for a unit of only 1,074 square feet, or $314.62 per square foot. Just
four units had gone to contract though August of 2008 since marketing began in
May of 2006—a monthly sales rate of 0.1 units. The other residential product
forms of Marina Shores are addressed in subsequent subsections.
Page 4.3
Market Analysis
Townhomes and Flats
A total of 13 programs surveyed in the Lake Michigan Market Area are
categorized as either townhomes or flats, 12 of which are either front- or rearload townhomes. The sole flat-over-flat or garden condominium community is
within the Marina Shores project in Portage referenced above, and, it is worth
noting, is priced well in excess of $400,000 and has sold only four units in nearly
sixteen months of marketing. In full, townhomes and flats programs in the
market area average $345,230 for 1,835 square feet of space, and have an
average since-opening sales rate of only 0.2 units monthly.
TOWNHOME AND FLATS DEVELOPMENTS
Product
Type
Development
Location
Builder
Total
Units
Total
Sold
Average
Sales Price
Average
Plan Size
(Sq. Ft.)
Monthly
Sales Rate
Since
Opening
Coffee Creek-Village Green Townhomes
Conventional TH
Chesterton, IN
Phillippe Builders, Inc.
91
8
$211,900
1,306
0.4
Hunters Woods-Townhomes
Conventional TH
Grand Haven, MI
Holwerda Builders
24
20
150,550
1,393
0.4
Cottage Creek
Conventional TH
New Buffalo, MI
Jim Sima Homes
12
10
454,000
3,250
0.2
Spring Lake Villas
Conventional TH
Spring Lake, MI
Sanders Building Company
43
2
265,667
2,507
0.3
Grand Landing-Adams Street Rowhomes
Courtyard TH
Grand Haven, MI
Grand Landing, LLC
14
3
285,000
1,778
0.1
Harbor Place-TH
Courtyard TH
Kenosha, WI
Direct Development
16
1
523,250
2,022
0.0
Diamond Pointe-Townhomes
Courtyard TH
New Buffalo, MI
Lake Michigan View Town
44
2
339,000
1,762
0.1
Dunescape-Thompson Villas
Courtyard TH
New Buffalo, MI
G.M. Fedorchak & Assocs.
12
9
469,000
1,454
0.3
Lighthouse Village-TH
Courtyard TH
South Haven, MI
Spartan Lifestyles, LLC
10
2
188,150
1,600
0.1
North Haven Village
Courtyard TH
South Haven, MI
Prins Construction
26
14
189,900
1,188
0.3
Harbor Isle-TH
Courtyard TH
St. Joseph, MI
37
0
595,000
2,294
0.0
Douglas Harbor Village
TH & Flats
Douglas, MI
Bouwens Construction
30
26
379,167
1,660
0.6
Marina Shores at Dune Harbor-Harbor Pointe
Flats
Portage, IN
Brant Construction
28
4
437,400
1,642
0.1
387
101
$345,230
1,835
0.2
Totals/Averages:
(1)
(1)
Project currently only accepting reservations; 11 taken as of 8/22/208.
Lower Density Ranches
Most of the attached market is within the lower density, single-story living
configurations of ranches. Often within side-by-side duplex units, rows of
ranches (ranch villas) or arranged as four-unit residences in the shape of a
“pinwheel”, the defining characteristic is their single story design and concomitant
appeal to the more mature consumer, oftentimes an empty-nester or move down
buyer. Ranch programs, predominantly situated without access to the water, are
the most affordable of the attached market, averaging $216,466 for 1,572 square
feet of space. In fact, only the Marina Shores program in Portage offers any sort
of project access to Lake Michigan. Even within this grouping, however, the
average sales rate stretches to only 0.6 units per month on a per project basis.
Page 4.4
Market Analysis
LOWER DENSITY RANCH DEVELOPMENTS
Development
Product
Type
Location
Builder
Beechwood Place
Duplex
Ferrysburg, MI
JB Development
Brookfield Park Condominiums
Duplex
Norton Shores, MI
Pond Development, LLC
Everett Park-Duplex
Duplex
South Haven, MI
Everett Park, LLC
Greenly Place Condominiums
Duplex
Holland, MI
Holwerda Builders
Hathaway Lakes-Ranch
Ranch Villas
Nunica, MI
Eastbrook Homes
Hunters Woods-Ranch Condos
Ranch Villas
Grand Haven, MI
Lake Michigan Hills-Golf Side Villas
Ranch Villas
Benton Harbor, MI
Macatawa Legends-Sports Club
Ranch Villas
Holland, MI
Macatawa Legends-The Club Ten
Duplex
Holland, MI
Macatawa Legends-Village Green
Duplex
Marina Shores at Dune Harbor-Cottage
Total
Units
Total
Sold
Average
Sales Price
Average
Plan Size
(Sq. Ft.)
Monthly
Sales Rate
Since
Opening
34
20
$161,150
1,282
0.4
136
21
158,650
1,305
0.3
50
0
259,900
1,540
0.0
34
23
89,900
1,062
0.4
79
3
158,190
1,144
0.1
Holwerda Builders
80
76
136,950
1,073
1.5
Prins Construction
94
2
232,750
2,157
0.0
Van Til Builders
20
1
299,900
2,631
0.0
Hearthstone Development
12
3
139,900
1,247
0.1
Holland, MI
Prins Construction
25
6
425,525
2,552
0.2
SF Cluster
Portage, IN
Brant Construction
37
6
441,285
1,884
0.2
Medows of Mill Creek-Duplex
Duplex
Salem, WI
Bear Homes
68
8
227,267
1,640
0.7
North Point Gardens
Duplex
Ferrysburg, MI
Beech Breeze Development
14
1
149,900
2,300
0.0
Singapore Trails
Duplex
Saugatuck, MI
Teclan Construction, Inc.
26
4
239,900
1,409
0.2
Stillwater Springs
Duplex
Fruitport, MI
Ronald V. Stroup
202
125
170,067
1,262
2.5
Summerlin South Condominiums
Ranch Villas
Holland, MI
Pocan Builders
66
32
136,567
1,085
0.7
The Gables by the Lake
Ranch Villas
Ferrysburg, MI
Doug Geerlings
55
29
326,567
1,665
0.8
The Links at Rolling Meadows
Ranch Villas
Holland, MI
Prins Construction
129
74
215,600
1,255
0.9
The Villas at the River
Four-Plex
Benton Harbor, MI
Epcon Communities
92
47
199,600
1,753
1.8
Tuscany Hills
Four-Plex
Coloma, MI
Tri-City Development Group
76
10
213,233
1,628
0.7
Windflower Bay-The Preserve
Ranch Villas
Norton Shores, MI
Eastbrook Homes
63
53
162,990
1,144
1.4
1,392
544
$216,466
1,572
0.6
Totals/Averages:
Other Comparable
Attached For Sale
Communities
Page 4.5
While not categorizable into the four generic forms previously described, a
program very proximate to the Trail Creek site, and also in the North End of
Michigan City, was included in our analysis. Harbor View, a five-story mid-rise
“condotel” located just south of the Franklin Street Bridge, has been marketing
for slightly over one year a series of units priced and sized, on average, at
$420,000 and 1,345 square feet, respectively. Although the program has preconstruction purchase agreements for ten of its 48 total units, the project has not
yet broken ground, which was scheduled to take place earlier this year, and has
yet to make any physical progress. At the time of our survey, sales agents at the
development were confident that the project would be realized; however, by the
time of this writing, the phone service at the sales office had been disconnected.
Given the low number of this project’s sales to date, as well as the gridlock in the
lending markets, the likelihood of this program getting financing and commencing
construction is very slim.
Market Analysis
Single Family
For Sale
Communities
In addition to the attached for sale market, our firm surveyed non-custom
detached programs aligning the southern cone of Lake Michigan as well. Four
programs situated close to the water were identified, collectively averaging
$339,742 and 1,768 square feet in price and size, respectively. Sales have
averaged 0.3 units monthly per project.
SINGLE FAMILY CONVENTIONAL DEVELOPMENTS
Development
Location
Builder
Total
Units
Total
Sold
Average
Sales Price
Average
Plan Size
(Sq. Ft.)
Monthly
Sales Rate
Since
Opening
0.6
The Woodlands
Michigan City, MI
Urban Street Properties
47
18
$375,900
1,886
Diamond Point-Cottage
New Buffalo, MI
Lake Michigan View Towns
17
1
394,500
1,728
0.0
Everett Park-SF
South Haven, MI
Everett Park, LLC
36
1
372,333
1,913
0.1
Lighthouse Village-SF
South Haven, MI
63
5
216,233
1,546
0.3
163
25
$339,742
1,768
0.3
Totals/Averages:
Excluded from the composite statistics for the single family sector is Beachwalk
located in Michigan City proper. Beachwalk is a custom home community
situated south and contiguous to Lake Shore Drive accessed to Lake Michigan
by a 700-foot boardwalk which has been donated to the city.
Following the principals of traditional neighborhood development (TND),
Beachwalk was patterned after Seaside and its emulators Rosemary Beach and
WaterColor all located along Florida’s panhandle immediately west of Panama
City. The TND concept at Beachwalk features a network of grid streets, smaller
“to-the-street” housing product, and distinctive architecture patterned after
buildings built during Michigan City’s early history.
Beachwalk opened in 1993 and into 2008 has averaged approximately ten sales
yearly. In the last 48 months, 21 new and existing homes have been sold at
Beachwalk at a median sales price of $495,000 for 1,892 square feet of living
area.
At the close of August 2008, there were 34 single family homes listed for sale at
Beachwalk including existing homes, new construction units, and to-be-builts.
The median listing price currently stands at $524,450.
Page 4.6
Market Analysis
The Rental
Apartment Sector
A total of 20 newer rental apartment programs within the Northwest Indiana
Market Area, herein defined as the Indiana counties of La Porte, Porter and
Lake, were identified and surveyed. In full, rents average $848 per month for a
unit of 966 square feet of livable area, or $0.88 per square foot. Occupancy
rates are considered very strong at 96.9 percent of all units. More generally, the
market is characterized overwhelmingly as consisting of flat-over-flat product of
two to three stories, none of which is serviced by elevators. A summary of the
market area is provided in Exhibit 4.1 and a geographic depiction of their
respective locations is presented in Exhibit 4.2.
Within the host county of La Porte, the supply of newer programs is very low and
occupancies extraordinarily high. In fact, only two apartment developments have
been constructed in recent years, adding a total of only 168 units to the county.
At the time of our survey, neither program had a single vacant unit. These two
communities, as well as a third that is very new and generally proximate to the
Trail Creek Development Area, are described in greater detail.
Page 4.7

Long Beach Cove Villas is a three-story walk-up community located at
the intersection of U.S. Route 12 and Karwick Road in Michigan City.
Built in 2007, it represents the newest and most proximate rental
program
to
the
subject site.
The
development consists
of 72 units offering
twoand
threebedroom residences
of 1,185 and 1,473
square
feet,
respectively, at rents
of $875 and $1,050. Amenities include a clubhouse with a recreation
and exercise room, as well as an outdoor swimming pool. Occupancy at
the time of our survey was 100.0 percent.

Outside of Michigan City, but also in
La Porte County, is University Park
in Westville, Indiana. Built over the
past three years and still under
construction, this community of flats
also consists of only two types of
units, one of two bedrooms and the
other of three-bedrooms. Respective
sizes and rents are 1,044 and 1,400
square feet and $990 and $1,290. Shared amenities of the program
include a walking path, clubhouse with recreational and fitness facilities,
and an outdoor swimming pool. At present, 96 units have been
completed with another 96 planned for delivery in May 2009. No
vacancies were recorded during our survey and a wait list has been
developed for the additional units.
COMPOSITE RENTAL SUMMARY
NORTHWEST INDIANA MARKET AREA - AUGUST 2008
4.1
Vacant
County/
Development
Location
Product
Year
Total
Total
Type
Built
Units
Occupied
Number
Average
Average
Plan Size
Monthly Rent
Percent
Sq. Ft.
$
$/Sq. Ft.
Porter County
The Enclave at Coffee Creek Center
Chesterton
Flats
2002
The Orchard
Chesterton
Flats
1978-1993
88
88
0
0.0
1,068
$992
$0.93
96
94
2
2.1
700
583
Lake Pointe
Portage
Flats
0.83
2001
192
182
10
5.2
1,078
920
Port Crossing/The Crossings
Portage
0.85
Flats
1992
240
232
8
3.3
825
660
0.80
Chandana Pointe
Compass Pointe
Valparaiso
3-Story Walkup
1994
192
191
1
0.5
927
762
0.82
Valparaiso
Flats
2000
224
221
3
1.3
1,010
993
The Hills of Aberdeen
0.98
Valparaiso
3-Story Walkup
2000
173
171
2
1.2
1,105
1,051
0.95
(1)
East Pointe
Valparaiso
Flats
2000
64
63
1
1.6
876
710
0.81
Golf View
Valparaiso
Flats
1990
240
231
9
3.8
816
689
0.84
The Masters
Valparaiso
Flats
2002
(2)
98
92
6
6.1
998
853
0.85
County Totals/Averages:
1,607
1,565
42
2.6
989
882
$0.89
0.88
y
Lake County
Hidden Creek
Crown Point
3-Story Walkup
1985
432
430
2
0.5
783
692
Mallard Bay
Crown Point
3-Story Walkup
1996
246
241
5
2.0
1,025
1,009
0.98
Highland
Flats
1997
128
126
2
1.6
1,255
1,225
0.98
Lowell
3-Story Walkup
2005
192
169
23
12.0
Merrillville
3-Story Walkup
2000
732
717
15
2.0
Maple Leaf
Merrillville
3-Story Walkup
1999
Prairie Point
Merrillville
Flats
2002
Summer Wood
Merrillville
3-Story Walkup
1992
Embassy Place at White Oak Estates
Creekside at Meadowbrook
Huntington Cove
96
(4)
(3)
1,016
923
0.91
847
758
0.89
0.82
94
2
2.1
975
800
192
2
1.0
1,017
1,002
0.99
628
584
44
7.0
1,100
866
0.79
2,648
2,553
95
2.9
914
913
$0.92
73
73
0
0.0
1,329
963
0.72
194
(5)
La Porte County
Long Beach Cove Villas
University Park
Michigan City
Westville
3-Story Walkup
2007
(6)
96
96
0
0.0
1,222
1,140
0.93
169
169
0
0.0
1,276
1,076
$0.84
Market Totals/Averages:
4,424
4,287
137
2.7
1,003
903
$0.90
Flats
2005-2007
(6)
(1)
Units were developed in three phases between 1978 and 1993.
(2)
Excluded from community are 142 units reserved for income qualified households.
(3)
Community still undergoing lease-up within its second phase and is not included in market's average vacancy rate. Currently absorbing @ 4.8 units monthly.
(4)
Community developed in three phases between 2002 and 2007.
(5)
Does not include 106 units of Phase IIB, which began pre-leasing in January 2008 with 41 units reserved to date.
(6)
Does not include 96 units slated for May 2009 delivery.
NEWER APARTMENT RENTAL COMMUNITIES
NORTHWEST INDIANA MARKET AREA
4.2
20
8
7
19
9
10
13
4
5
16
18
17
6
11
1
3
2
12 15
14
6
4
The Masters
Compass Pointe
Chandana Pointe
5
Golf View Apartments
10
1
2
3
7
8
9
East Pointe
The Orchard
Lake Pointe
14
Huntington Cove
Prairie Point
15
Mallard Bay
11
12
13
16
17
18
19
20
Maple Leaf
Summer Wood
Hidden Creek
University Park
Market Analysis

Projects
In Planning
Located in Chesterton is
The Enclave at Coffee
Creek Center. This 88unit
program
was
developed in 2002 as part
of a larger masterplanned and mixed-use
development that has
subsequently
entered
bankruptcy. The two-story buildings maintain a relatively tasteful
elevation consisting primarily of masonry material and enhanced
architecturally with palladium windows at each building’s entrance and a
generous amount of stone accents. Rents average $992 for 1,068
square feet of space ($0.93 per square foot) and, for most plans, include
an attached garage. There were no vacancies at the time of our survey.
With respect to plan selection, only three types of units are available, two
of which are one-bedroom/one-bath residences.
Aside from a
bicycling/walking path, the development itself is not amenitized in any
way.
As part of our research model, an inventory of residential development in
planning is compiled in order to gauge the volume and nature of competition
likely to take form over the next several years. Proposed development within the
Northwest Indiana Market Area, as well as within those municipalities hugging
the shoreline of Lake Michigan in Michigan, is presented in Exhibit 4.3.
Developments in planning were also identified in Racine and Kenosha counties
in Wisconsin. In these two counties, however, all proposed development was
situated relatively far inland with a directed appeal to either the primary or agequalified sectors of the market.
Four proposals of most significance, all situated in southwest Michigan, are
described in greater detail in the following bullet points.
Page 4.8

With respect to apartment development, very little has been proposed,
though a $120 million mixed-use project on the board in New Buffalo is
significant. In addition to a hotel/convention center, waterpark and over
100 single family and townhome residences, a total of 96 apartment
rentals have been proposed there by R Development Group, an affiliate
of UrbanStreet Properties. The development still faces challenges of
infrastructural (water and sewer) logistics and, in the residential
component, must first demonstrate market support before financing is
secured. The residences are, tentatively, planned to offer a strong level
of affordability starting at $120,000 for the single family units and $550
per month for the apartments.

Another area in Michigan with a larger mixed-use project in its planning
phase is the St. Joseph-Benton Harbor area. The project, a 530-acre
development including waterfront areas and a Jack Nicklaus Signature
golf course, is at final plat. The non-profit developer, Harbor Shores
Community Development, has demarcated districts within the plan that
PLANNED RESIDENTIAL DEVELOPMENT
NORTHWEST INDIANA MARKET AREA
4.3
Number of Units
Corridor/
Rental
Municipality/
Current
Location
Proposed Development Name
INDIANA
Chesterton
TBD
County Roads 1200 North and 250 East
Status(3)
Builder/Developer
TBD
121st Avenue, west of Lake Street
Southeast corner of I-65 and US-231
Iowa Street, south of 113th Avenue
North side of 133rd Avenue, west of Marshall Street
Randolph Street and 133rd Avenue
Total
Duplex
Townhomes
Condominiums
Mixed
Use
Apartments
PP
362
362
362
362
--0
--0
--0
--0
--0
PP
PP
PP
PP
UC
Subtotal:
33
985
195
189
543
1,945
33
409
195
189
395
1,221
--192
----100
292
--384
----48
432
----------0
----------0
----------0
Subtotal:
0
0
0
0
0
0
0
PP
TBD
0
--0
--0
--0
TBD
0
--0
--0
CS
Subtotal:
73
73
73
73
--0
--0
--0
--0
--0
Subtotal:
0
0
0
0
0
0
0
UC
FP
CS
145
160
TBD
305
145
----145
------0
----TBD
0
----TBD
0
------0
--160
TBD
160
PP
146
146
--0
146
146
--0
--0
--0
--0
PP
PP
99
40
139
99
40
139
----0
----0
----0
----0
----0
Subtotal:
Crown Point
Crest Grove
The Heritage
Misty Woods (On Hold)
Serenity Woods
Regency Development
Single
Family
Crest Grove, LLC.
V-3 Development
Robert Stiglich
LLJR Real Estate, LLC.
Manhard Engineering
Highland
None.
La Porte
TBD
Pine Lake Avenue, one quarter mile south of US-35
Gierczyk Midwest Development
Subtotal:
Lake Station
TBD
Old Hobart Road and IN-51
NA
Lowell
None.
Michigan City
Tryon Farm
TBD
The Brewery
Route 212, between US 20 and I-94
Pahs Road and Route 20
York Street and 8th Street
Ed Noonan
Kittle & Properties
Anon Developments
Subtotal:
Merrillville
Savannah Cove
North of West 73rd Avenue, East of Town of Centre
MHI Development
Subtotal:
Portage
TBD
TBD
County Roads 1050 North and 200 West
Country Road 1050 North and 5th Street
TBD
TBD
Subtotal:
Valparaiso
(3)
TBD
TBD(3)
Vale Park Road and Campbell Street
TBD
Vale Park Road and Saddlebrook Crossing
TBD
PP
85
---
---
---
85
---
---
PP
Subtotal:
110
195
--0
--0
--0
110
195
--0
--0
Subtotal:
0
0
0
0
0
0
0
TBD(8)
0
TBD
0
TBD
0
TBD
0
TBD
0
TBD
0
--0
0
0
0
0
0
0
0
34
144
178
--128
128
34
16
50
----0
----0
----0
----0
Westville
None.
MICHIGAN
Benton Harbor
(6)
Harbor Shores Resort
530 acres inclusive of the waterfront areas of St. Joseph and Benton Harbor
Harbor Shores Community Redevelopment, Inc.
Subtotal:
FP(7)
Coloma
None.
Subtotal:
Douglas
Swingbridge (On Hold)
The Cottages at West Shore
Union Street and Blue Star Highway
The golf course at Ferry and Center Streets
Tom Scott
Paul Wicks
PP
FP
Subtotal:
Exhibit 4.3, Page 1 of 2
Number of Units
Corridor/
Rental
Municipality/
Current
Location
Proposed Development Name
Status(3)
Builder/Developer
Single
Family
Total
Duplex
Townhomes
Condominiums
Mixed
Use
Apartments
Ferrysburg
None.
Subtotal:
0
0
0
0
0
0
0
Subtotal:
0
0
0
0
0
0
0
6
6
6
6
--0
--0
--0
--0
--0
0
0
0
0
0
0
0
UC
29
29
--0
--0
--0
--0
6
6
23
23
CS
212
0
48
48
0
68
68
0
0
96
96
Subtotal:
0
0
0
0
0
0
0
Subtotal:
0
0
0
0
0
0
0
Subtotal:
0
0
0
0
0
0
0
FP
UC
UC
25
167
89
281
--167
51
218
------0
----38
38
25
----25
------0
------0
PP
UC
24
26
50
--26
26
----0
----0
----0
----0
24
--24
299
30
800+(8)
1,129
19
---
-----
-----
280
30
-----
-----
TBD
19
TBD
0
TBD
0
TBD
310
TBD
0
--0
4,838
2,385
488
538
530
6
303
Fruitport
None.
Ganges Twp
Suequehanna Cottages
71st Street and 114th Avenue
Cottage Homes/Bosgraaf Commercial, LLC
Subtotal:
UC
Grand Haven
None.
Subtotal:
Holland
Scrap Yard Lofts
146 River Avenue
Bosgraaf Commercial, LLC, et al
Subtotal:
New Buffalo
Waterpark Resort & Conference Center
US 12, near Lakeside Road
R Development Group/Urban Street Properties
Subtotal:
Norton Shores
None.
Port Sheldon Township
None
None.
Saugatuck
None.
South Haven
Riverwatch-Phase II
Riverwoods on the Trail
The Preserve at Woodland Harbor
815 Wells Street
Second Avenue and Blue Star Highway
Kentucky Avenue and Baseline Road
Filing Construction
Inland Real Estate Development, LLC
Stage Development
Subtotal:
Spring Lake
(3)
Cutler View
Alden Place
Cutler and Park Streets
Savidge Street/M-104 and Alden Street
Culter View Assisted Living
TBD
Subtotal:
St. Joseph
Lakeside Beach Club
TBD
(6)
Harbor Shores Resort
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Red Arrow Highway and Maiden Lane
520 Pleasant Street at Lake Blvd.
A. Perry Designs & Builds
520 Pleasant Street, LLC
530 acres inclusive of the waterfront areas of St. Joseph and Benton Harbor
Harbor Shores Community Redevelopment, Inc.
Subtotal:
As of 8/31/2008.
Active adult, age targeted community.
Region Totals
(4)
CS
CS
FP(7)
Senior/Assisted Living facility.
Status key: Concept Stage (CS); Preliminary Plat Approval (PP); Final Plat approval (FP); Infrastructure started (INF); Permits issued/Homes under construction (UC).
Excludes developments with unit count yet to be determined.
Proposed development located in both Benton Harbor and St. Joseph, Michigan.
Golf course component currently under construction.
Approximately 800 residential units planned at completion.
Exhibit 4.3, Page 2 of 2
Market Analysis
will accommodate conventional detached homes, cottages, townhomes
and condominiums. In full, over 800 residences may be developed.
Page 4.9

Also in St. Joseph, a conceptual plan exists to construct 280
condominiums at Red Arrow Highway and Maiden Lane.

Last, two separate projects in South Haven could bring as many as 63
attached residences to the municipality, 25 of which as condominiums
located on Baseline Road, approximately one-half mile from the
lakefront.
5.
THE COMPETITIVE MARKETPLACE--RETAIL
In order to evaluate the competitive environment and arrive at an estimate of absorption potential for new
retail space in the Trail Creek Development Area, our firm conducted an audit of existing and planned
retail developments in the city of Michigan City, as well an absorption analysis for the entirety of the
Michigan City-La Porte, IN MSA.
The Retail
Market
The market for retail in the North End of
Michigan City cannot be understood
without an appreciation for the role of the
Lighthouse Place Outlet Mall located
roughly six blocks east of the Trail Creek
Development Area. Developed in 1987,
the outlet mall contains nearly 500,000
square feet of retailers that offer an
eclectic mix of boutique, upper-end and
popular merchandise. Nationally branded
stores in the mall include Gap, J. Crewe,
Coach, Movado, Eddie Bauer, Ann Taylor
and, among myriad others, Nike and Polo.
The nature and volume of sales activity at Lighthouse Place is thus paramount as
it relates to potentials for retail development elsewhere in Michigan City. In
effect, the mall creates a cluster of destination-type retailers offering items at
extremely competitive prices—a one-stop shop of sorts for a vast array of
consumer goods. A retail gap analysis of Michigan City proper, which compares
household incomes and expenditure patterns against actual retail sales, clearly
illustrates the impact of the mall. As shown in the following text table, only four of
thirteen major retail categories show a surplus, or “opportunity gap” between
what is being spent locally and what would ordinarily be spent given local
household incomes and consumer expenditure patterns.
OPPORTUNITY GAP - RETAIL STORES
Demand
Supply
Opportunity
Retail Stores/Industrial Classification
(Consumer Expenditures)
(Retail Sales)
Gap/(Surplus)
Total Retail Sales Incl Eating & Drinking Places
$456,734,520
$851,586,911
-$394,852,391
82,595,959
10,523,481
9,908,790
49,314,930
58,420,030
1,644,151
25,974,820
54,745,751
18,561,480
7,149,000
54,173,765
11,333,026
45,817,676
76,892,615
14,801,393
5,145,370
172,935,009
107,989,796
1,019,062
66,895,515
54,421,326
139,727,029
12,230,203
81,544,650
16,649,868
65,086,588
5,703,344
-4,277,912
4,763,420
-123,620,079
-49,569,766
625,089
-40,920,695
324,425
-121,165,549
-5,081,203
-27,370,885
-5,316,842
-19,268,912
Motor Vehicle & Parts Dealers
Furniture & Home Furnishing Stores
Electronic and Appliance Stores
Building Material, Garden Equipment Stores
Food & Beverage Stores
Specialty Food Stores
Health & Personal Care Stores
Gasoline Stations
Clothing & Clothing Accessories Stores
Sporting Goods, Hobby, Book, Music Stores
General Merchandise Stores
Miscellaneous Store Retailers
Foodservice & Drinking Places
Sources: Economic Census of Retailers, Department of Commerce Bureau of the Census; Claritas, Inc.
Page 5.1
Market Analysis
Three of the four major categories identified as having an opportunity gap
(Gasoline Stations, Motor Vehicle & Parts Dealers, and Electronic and Appliance
Stores) are not particularly amenable to the specific location of the site or the
pedestrian-oriented environment envisioned for the North End. The gap analysis
therefore suggests that the only retail category with opportunity for development
is Specialty Food stores.
The second competitive check on retail potentials is the extent of big box
comparative retailing and other storefronts to the south in Michigan City.
Summarized in Exhibit 5.1 are the major retailers within Marquette Mall,
Michigan City Town Center and Lake Park Plaza. National stores, mapped on
Exhibit 5.2, such as Lowe’s, Wal-Mart, Office Depot, Hobby Lobby and, among
others, Meijer’s are all to the south of the city’s central core and are oriented
along Franklin Street or U.S. Route 20.
What Will
Work Now
Page 5.2
With the abundance of comparative shopping available to the south coupled with
the competitive pressure of the discount outlet mall to the city’s north, the
potential for most types of retail is very limited. With this said, there nevertheless
exist strong opportunities for retail development at Trail Creek, particularly for
restaurant development. Specifically, the opportunities for retail development at
Trail Creek hinge on the site’s ability to funnel and capture tourism dollars
associated with the outlet mall, Blue Chip Casino/Hotel and the seasonal
population surge along the lakefront. Each of these is taken up in the following
points:

The outlet mall attracts an estimated five million patrons annually. This
represents an extraordinary number of people and discretionary
spending entering the North End. Connecting the visitor traffic to Trail
Creek and making available dining/entertainment venues presently
underserved is an excellent means by which to capitalize on an existing
asset unique to the immediate vicinity of the Trail Creek area. Specific
concepts that could be well-received at the site are addressed in
Section 1.

The second asset of the development site is its visual and physical
proximity to the casino and hotel, which is presently undergoing a major
expansion. Blue Chip this year is on pace to welcome more than two
million people, and had averaged well over three million visitors over the
previous two years. Consult Exhibit 5.3 for a summary of their revenues
and visitor counts. Gaming
revenues last year at Blue
Chip exceeded more than
$250 million. These people
frequent the casino/hotel
specifically in order to
engage in leisure and
consumption; a portion of
these dollars could very
readily be diverted from the
internal spending within the
casino/hotel and redirected
SUMMARY OF PRIMARY RETAIL PROPERTIES
5.1
Gross
Total
Parcels/
Anchors/
Current
Year
Leasable Area
Available
Occupancy
Stores
Selected
Average Rent
(Sq. Ft.)
(Sq. Ft.)
(Percent)
Available
Tenants
(Sq. Ft./Yr.)
Property Name
Center Type
Opened
Lighthouse Place Premium Outlets
Outlet Center
1987
454,314
6,000
98.7
2
Ann Taylor,
Gap, Coach
Marquette Mall
Regional Mall
1967
388,699
82,472
78.8
27
Sears, JC
Penney, Carson
Pirie Scott
$12.00
Michigan City Town Center
Power Center
1997
510,000
25,000
95.1
1
Meijer, Lowe's,
Office Max
14.00
Lake Park Plaza
Power Center
1990
229,639
133,557
41.8
8
---
Small Box
Big
Box(1)
Bi B
-----
-----
115,082
114,557
114
557
19,000
114,557
114
557
83.5
0.0
00
7
1
Jo-Ann Fabrics,
Dollar Tree
-----
12.00
4.00
4 00
Total/Weighted Average
1,582,652
247,029
84.4
38
---
$8.20
Median for Midwest Super Community/
Community Shopping Centers
155,730
---
94.0
---
---
$11.40
(1)
(2)
(3)
(2)
N/A
Former Wal*Mart location.
Represents median for all US centers.
Median derived from reported rental income, less common area charge (median $1.55/sq. ft./yr.).
Source: Tracy Cross & Associates, Inc. and International Council of Shopping Centers/Urban Land Institute, Dollars & Centers of Shopping Centers/The SCORE 2008
(3)
“BIG BOX” RETAILERS
MICHIGAN CITY, IN
5.2
1
7
5
11
6
3
10
12
9
4
8
2
1 Trail Creek Development Area
5 Carson
C
Pi
Pirie
i S
Scott
tt
9
2 Super Wal-Mart
6 JC Penney
10 Big Lots
3 Hobby Lobby
7 Sears
11 Office Depot
8 Menard’s
12 Office Max
4
Lowe’s
Sources: Tracy Cross & Associates, Inc. and Microsoft Streets & Trips
Meijer
5.3
SUMMARY STATISTICS
BLUE CHIP CASINO
Adjusted Gross Revenue
2008 (1)
2007
2006
% Change (2007-2008)
$180,700,390
256,655,000
289,180,442
-29.6
Average 2006-2008
$242,178,611
Turnstyle Count
(1)
2008
2007
2006
% Change (2007-2008)
2,156,844
2,928,256
3,457,389
-26.3
Average 2006-2008
2,847,496
Revenue Per Admission
2008
2007
2006
% Change (2007-2008)
$83.78
87 65
87.65
83.64
-4.4
Average 2006-2008
$85.02
Employment
Total Number of Employees
Total Wages and Tips
Average Per Employee
(1)
1,141
$25,075,757
$21,977
Seasonally adjusted and annualized.
Sources: Blue Chip Casino & Hotel, Indiana Gaming Comission, and
Sources: Tracy Cross & Associates, Inc.
Market Analysis
toward alternative dining and entertainment-type opportunities. (There
is, additionally, an obvious likelihood of the casino attracting visitors of
the restaurant/retailing at Trail Creek into its gaming operations, who
otherwise would not visit the casino.) Additionally, the construction of the
new hotel, which is very near completion, will include upwards of 20,000
square feet of convention space and bring additional tourism dollars to
the area.

Third, the influence of the lakefront and the seasonal surge in population
and commerce it engenders is a very significant asset to restaurant/retail
potentials at Trail Creek. According to the most recent visitor statistics
available (2004) for La Porte County, over seven million people visit the
county annually, spending more than
one hundred million dollars on food
and
entertainment
(excluding
gaming). There are, additionally,
potentials to attract tourists and
vacationers elsewhere along the
lakefront to the north of Michigan
City, as seasonal visitation/tourism
in areas such as New Buffalo,
Michigan, for example, are within a
relatively short drive of Trail Creek.
VISITOR SPENDING
LA PORTE COUNTY, IN
2004
Type of
Spending
Transportation
Food
Lodging
Shopping
Gaming
Entertainment
Other
Total
Total
Spending
$52,700,000
44,600,000
18,100,000
27,000,000
224,855,353
65,100,000
13,000,000
$445,355,353
Sources: La Porte County, IN Visitors' Bureau and
Sources: Indiana Gaming Commission
As restaurant development is best suited to both the local and regional assets of
the Trail Creek site, a detailed inventory of restaurants in the North End was
compiled. Restaurants were categorized based on the general types of cuisine
served, dining experience and price. The following table summarizes the types
of restaurants located in the North End, while Exhibits 5.4 and 5.5 enlist and
define the actual restaurants and their typologies, respectively.
Page 5.3
5.4
RESTAURANTS
MICHIGAN CITY, INDIANA - NORTH END
Cuisine
Name
Category
Type of
(1)
Restaurant
Bridges Waterside Grill
Bristol Café
Café Elite
Common Grounds Coffee
Dockside Café
El Nopal
Fixation Café
Galveston Steakhouse
Harbor Grille
King Gyros
Lakeshore Coffee
Lighthouse Restaurant
Matey's
Maxine's
McDonald's
McGinnis Pub
Nelson's Deli
Options Buffet
Oriental Pearl
Rally's
Rio's
Ritz Café
Ryan's Irish Pub
Sahara
Savory's
Scoops Ice Cream
Shoreline Brewery
Simmer Coffee House
South Bend Chocolate Café
Station 801
Swingbelly's
Three Sheets Bar and Grill
Top Dog
William B's Steakhouse
Sandwiches and Chips
Surf and Turf
Coffee and Sweets
Ethnic Choice
Surf and Turf
Surf and Turf
Coffee and Sweets
Beers and Burgers
Surf and Turf
Ethnic Choice
Ethnic Choice
Ethnic Choice
Beers and Burgers
Ethnic Choice
Ethnic Choice
Coffee and Sweets
Beers and Burgers
Coffee and Sweets
Coffee and Sweets
Beers and Burgers
Surf and Turf
Casual Style Dining
Café
Fine Dining
Fast Casual Dining
Café
Casual Style Dining
Fast Food Restaurant
Casual Style Dining
Casual Style Dining
Fast Casual Dining
Casual Style Dining
Casual Style Dining
Fine Dining
Pub
Café
Fast Casual Dining
Fast Casual Dining
Casual Style Dining
Pub
Casual Style Dining
Fast Casual Dining
Café
Pub
Café
Café
Casual Style Dining
Casual Style Dining
Casual Style Dining
Fine Dining
(1)
Price
$
$
$$$
$
$
$
$
$$
$$
$
$
$$
$$
$$$
$
$
$
$$
$
$
$
$
$
$
$
$
$
$
$$
$
$
$
$
$$$
See Exhibit 5.5 for definitions of restaurant types.
Sources: Tracy Cross and Associates, Inc; and About.com, Inc., a part of The New York Times Company .
5.5
RESTAURANT TYPOLOGY
Fast food is the most familiar restaurant to most people. Chains like McDonald's and Burger King became
popular in in the 1950s, and helped spawn countless other concepts like Taco Bell, KFC, etc., typically
offered as franchise chains. Fast food service attracts customers for its speed and convenience.
Fast Casual Dining
Fast casual is one of the fastest growing trends right now. Fast casual is slightly more upscale than fast food.
This type of restaurant offers disposable dishes and flatware, but their food tends to be presented as more
upscale, such as gourmet breads and organic ingredients. Open kitchens are popular with fast casual chains,
where customers can see their food being prepared. Boston Market is classified as fast casual.
Café
A café is a restaurant that does not offer table service. Customers order their food from a counter and serve
themselves. A café menu traditionally offers things such as coffee, espresso, pastries and sandwiches.
Cafes originated in Europe and are strongly associated with France. They are known for their casual,
unhurried atmosphere. Outdoor seating is another trademark of a cafe. Panera Bread is an example of a
popular bakery-cafe chain. The term bistro is sometimes interchanged with cafe, though a bistro is actually a
cafe that offers full meals (albeit less expensive than a full-fledged sit down restaurant.
Pub
Short for public house, pubs date back hundreds of years to Europe, especially Great Britain. Pubs have a
timeless appeal for their laid-back atmosphere. Brewpubs offer beer made in house, as well as a wide
selection of other beers and ales. Pubs can offer full menus, as well as appetizers. Many casual style
restaurants have a separate pub side to their establishment.
Casual Style Dining
Also known as family style dining in the United States. Casual style restaurants offer moderately priced
entrees. This is one of the larges markets in the U.S. right now. Casual style dining can be any number of
themes, from Italian (Olive Garden) to seafood (Red Lobster) to Mexican (Chili's). Casual style restaurants
offer table side service, non-disposable dishes, while still keeping the menu moderately priced.
Fine Dining
Just as the name implies, fine dining is used to describe a much more upscale restaurant, one that offers
diners an elegant atmosphere with high quality service. The chefs in fine dining restaurants are usually
professionally trained, and the food is fairly expensive.
Source: About.com, Inc., a part of The New York Times Company .
Market Analysis
RESTAURANTS
MICHIGAN CITY, INDIANA - NORTH END
Type of
Restaurant
Casual Style Dining
Café
Fast Casual Dining
Pub
Fine Dining
Total
Total
12
6
6
4
3
3
34
Sources: Tracy Cross and Associates, Inc.
As the previous table shows, the majority of North End restaurants are within the
dining categories of casual style and fast food. The former of these include, for
example, establishments such as Galveston Steakhouse, Matey’s, Lighthouse
Restaurant and Harbor Grille. The latter include such commonplace eateries
such as McDonald’s, Rally’s, etc., and are typically located farther south, along
the arterials of Franklin Street and Michigan Boulevard.
The inventory of restaurants in the North End, therefore, suggests seeking out
restaurants that offer experiences resembling cafés, fast casual, pub-type
settings and fine dining. While instructive, there exist, however, opportunities to
introduce restaurants within the more common categories as well, so long as
they are differentiated by price, fare and/or experience.
What Will
Work Later
Page 5.4
There is also potential to develop a neighborhood grocer within the Trail Creek
Development Area. Its introduction, however, is not suggested until a significant
percentage (+/-65.0 percent) of the total new housing is absorbed. Its viability is
supported by the demand associated with household growth within the Trail
Creek area itself, as well as the lack of a neighborhood grocer that can feed the
surge in discretionary spending associated with the seasonal tourism oriented
toward the lakefront. The caveat to this concept relates to the store’s ability to
“roll with the weather” by broadening its selections during the warmer months
and concentrating on local tastes when the tourism season comes to an end. As
most grocers in Michigan City and other seasonal tourist destinations have come
to appreciate, the winter and summer markets differ vastly in both the type and
volume of food consumed.
6.
THE COMPETITIVE MARKETPLACE--OFFICE
In order to evaluate the competitive environment and arrive at an estimate of absorption potential for new
office space in the Trail Creek Development Area, our firm conducted an audit of existing and planned
office developments in the city of Michigan City, as well an absorption analysis for the entirety of the
Michigan City-La Porte, IN MSA. In addition, we also assessed conditions within the office market for the
neighboring South Bend-Mishawaka, IN submarket.
An Assessment
Of Supply
In assessing the market for office space, all leaseable multi-tenant office
buildings were surveyed for occupancy/vacancy rates, lease rates, space
parameters, tenant types and class of building. In full, nine developments
consisting of nearly 275,000 square feet of usable space were analyzed.
Occupancy market-wide stands at 84.3 percent, while the average annual lease
is approximately $14 per square foot. The entire market and each of the
aforementioned variables of individual buildings are summarized in Exhibit 6.1.
Several descriptive generalities are provided below.
Regarding the condition and level of amenities of the office developments within
Michigan City, most could be described—in relative terms—as Class B or Class
C. This is to say that most are within older structures with minimal elaboration of
common amenities such as on-site fitness facilities, extensive landscaping, etc.
More common for the city are small- (7,500 square feet) to medium-sized
buildings (25,000 square feet) that rely on the city’s existing services and
retailers for shared amenities. Moreover, there is only one staple office building
in the city, Marquette Offices, that maintains the hallmarks of modern office
developments such as on-site property managers, on-site retailer/dining
amenities and institutional brokerage lease agreements.
Equally significant is its diffuse form of ownership. In the MSA, roughly 90.0
percent of all office space is corporate owned, which translates into a very static
market with little filtering or competitive pressures to differentiate by way of
amenities or functional capabilities. It is quite common to find relatively small and
older office buildings occupied by architects, attorneys, accountants, insurance
agents, engineering consultants and other business service professionals who
own the space they occupy and operate the entirety of their business from that
single space.
Page 6.1
COMPOSITE SUMMARY OF PRIMARY OFFICE SPACE
2008
6.1
Size (Square Feet)
Year
Primary
Total
Location
Developed
Users
Space
450 St. John Road
1967
Mental health facility,
attorneys, insurance
companies, investment
companies
601 S. Franklin Street
1920
900 S. Woodland Avenue
Rent
Occupied
Vacant
Per Year
Total
%
Total
%
71,347
56,224
78.8
15,123
21.2
$15-20
(1)
Attorneys, land use
consultants, engineering
consultants
18,177
16,359
90.0
1,818
10.0
$8-15
(1)
1977
Architectural/Engineering
Consulting; Home Health
Care Services
100,000
86,000
86.0
14,000
14.0
$14
(1)
1800-2026 E. US-20
1985/2004
Insurance companies,
travel agencies,
religious organization
14,680
12,450
84.8
2,230
15.2
$5
(2)
1411 S.
S Woodland Avenue
1988
Insurance companies
14,723
14 723
13,223
13 223
89.8
89 8
1,500
1 500
10.2
10 2
$10
((2))
301 E. 8th Street
1949
Civic, cultural and
educational organizations
35,646
34,146
95.8
1,500
4.2
$10
(1)
2 Cadence Parkway
1987
Michigan City Economic
Development Corporation
7,165
6,200
86.5
965
13.5
$20
(3)
705 S. Franklin
705 S. Franklin
1911
Insurance companies,
real estate companies
5,940
0
0.0
5,940
100.0
$8
(2)
Social Security Administration Building
636 Pine Street
1999
Social Security
Administration
6,710
6,710
100.0
0
0.0
$17
(2)
Totals
---
---
---
274,388
231,312
84.3
43,076
15.7
$14
(4)
Development
Marquette Offices
601 S. Franklin Street
Enterprise Center
Evergreen Business Center
Woodland Center
NECA Technical Institute
2 Cadence Parkway
(1)
(2)
(3)
(4)
Lease rate requires lessor (landlord) to pay all utilities, taxes and maintenance of the property.
Lease rate requires lessor (landlord) to pay taxes and maintenance of the property, but not utilities.
Lease rate requires lessor (landlord) to pay all utilities, taxes and maintenance of the property; offices are also fully furnished.
Reflects all office space in survey; where rent ranges exist, the midpoint is used as an estimate for total.
Per Square Foot
Market Analysis
Nor is there empirical indication for near or mid-term demand that might spillover
from the neighboring South Bend-Mishawaka area. Through most of 2006 and
2007, the South Bend area maintained what could be considered a slightly tight,
though still well-balanced, occupancy rate of just under 90.0 percent. The first
quarter of this year, however, ushered a modest rise in vacancies as the
Mishawaka central business district absorbed new office construction for the first
time in a decade, putting fresh vacancy on the market and bringing the area’s
occupancy rate to less than 85.0 percent. Lease rates in the South BendMishawaka for Class A and B offices are $19.35 and $14.94, respectively, which
are not disproportionate to comparable spaces in Michigan City.
OFFICE MARKET VACANCY TRENDS
SOUTH BEND-MISHAWAKA AREA
16%
15%
14%
13%
12%
11%
10%
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
Source: Grubb & Ellis/Cressy & Everett
Historical
Absorption Rate
Page 6.2
Measuring the rate of absorption of new office space is essential in quantifying
how much new space could conceivably be absorbed, and the amount of time it
will take to absorb it. Across the MSA, only 10,877 square feet within four
structures have been built since 2000 that have made it to the rolls of the La
Porte County assessor. (Excluded are buildings under construction or recently
completed and not yet assessed by the county.) This equates to an absorption
rate of about 1,500 square feet per year. In user terms, this is approximately the
amount of space a small law firm with two or three attorneys and a secretary
would need to house their business. Based solely on its record of absorption
over the past seven years, it becomes clear that the area is not exhibiting a
strong propensity to absorb new space.
Market Analysis
OFFICE DEVELOPMENT SUMMARY
MICHIGAN CITY-LA PORTE, IN MSA
2000 - 2008 (1)
Property
Structures
Class
Built
Total
Average
Median
Average
Median
4
10,877
2,719
2,826
$254,225
$224,700
Office
(1)
Building Size (Sq. Ft.)
Assessed Value
Through August; does not include space currently under construction or recently completed and not
yet assessed by La Porte County, IN.
Source: LaPorte County, Indiana GIS
It is additionally worth mentioning the relationship between the rate of absorption
among new space and the existing supply of older vacant space. To this point,
Marquette Offices has for the past twenty years consistently held occupancy very
near 80.0, leaving some 15,000 square feet of absorbable space on the market.
For a market absorbing office at 1,500 square feet per year, Marquette Offices
alone could take on a decade of growth at its current rate.
The rate of absorption in recent years has disciplined the market as well, and this
is particularly significant to planned/proposed new space. With the exception of
a mixed-use project in the city of La Porte that is still very conceptual in nature
and may, ultimately, include just a modicum of office space, there are presently
no plans within the MSA to bring a significant office development to market.
An Assessment
Of Demand
The Extent of
Opportunities for
Office Space
Page 6.3
The driving force behind the demand for office space is pegged directly to growth
in employment of users of office space, which has been in recent years very
minimal. (Consult Section 2 for a detailed analysis of employment trends.) With
the area’s employment structure in many ways tied to the plight of manufacturing,
the industrial linkages between manufacturers and business services that have
been lost as manufacturing jobs have left the region has equated to a stifling of
enterprise formation among businesses that typically need office space to
operate.
The minimal extent of job creation among users of office space and the
availability of existing space within the MSA suggest very modest opportunities to
successfully introduce a significant amount of new space. While there is,
however, opportunity to fill a void in the market for new leaseable space that
capitalizes on the amenities of a mixed-use environment such as that envisioned
within the Trail Creek Development Area, the depth of the market for new office
space suggests that other uses at Trail Creek will prove less risky.
7.
THE COMPETITIVE MARKET—MARINA (BOAT SLIPS)
Given the inclusion of a marina as part of the Trail Creek Development Area and its centrality to the value
of the site, our firm surveyed a representative sample of the rental market for boat slips aligning Lake
Michigan in Northwest Indiana, Southwest Michigan and Southeast Wisconsin. In full, rental statistics for
thirteen marinas were compiled and are summarized in the subheadings of this section. A complete
composite of the marinas surveyed is presented in the appendix of this report.
The Local
Market Area
A total of three marinas were identified in what is considered the local, or
primary, market area for marina facilities in and around Michigan City. These
include the Trail Creek Marina itself and the Washington Park Marina in Michigan
City, as well as the Oselka Marina in New Buffalo, Michigan. A total of 1,035
slips exist in these three waterways, the vast majority of which (77.3 percent) are
located in the Washington Park marina. Occupancy rates are very strong,
posting a level of 92.0 percent, while all three report maintaining a waiting list.
Average seasonal rental fees range from a low of $1,558 to $4,857. The local
market for boat slips is summarized in the following table.
SOUTHERN LAKE MICHIGAN MARINAS
PRIMARY MARKET AREA (1)
Primary
Market Area(1)
Number of Marinas Surveyed
Number of Slips
Average Occupancy (Percent)
Size
Average Low
Average High
23'
57'
Seasonal Rental Fee
Average Low
Per Foot
Average High
Per Foot
(1)
3
1,035
92.0
1,558
$67.74
$4,857
$85.21
Includes Trail Creek Marina, Washington Park Marina and
Oselka Marina.
The Secondary
Market Area
Page 7.1
Broadening the analysis to include a sampling of marinas across all of Northwest
Indiana, Southwest Michigan and Southeast Wisconsin, another ten marinas
were added to our analysis. Occupancy rates trend somewhat lower among this
Market Analysis
grouping, though nevertheless post a level of 80.0 percent full. Average
seasonal rental fees are slightly lower than the local market as well, averaging
from a low of $1,677 to a high of $3,646. The secondary market is summarized
below.
SOUTHERN LAKE MICHIGAN MARINAS
SECONDARY MARKET AREA
Secondary
Market Area(1)
Number of Marinas Surveyed
Number of Slips
Average Occupancy (Percent)
Size
Average Low
Average High
28'
50'
Seasonal Rental Fee
Average Low
Per Foot
Average High
Per Foot
(1)
10
2,684
80.0
1,677
$59.89
$3,646
$72.92
Includes selected marinas in Indiana, Michigan and Wisconsin.
Page 7.2
Total Change in Total Employment
from Previous Year
Michigan City- La Porte, IN MSA
1990 - August 2008
A3.1
Year
Total
Employment
Annual Change
Percent
Number
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
49,804
49,174
49,445
50,763
51,962
52,834
52,127
52,586
52,499
52,028
52,295
51,529
50,404
49,918
49,353
49,833
50,179
49,951
---630
271
1,318
1,199
872
-707
459
-87
-471
267
-766
-1,125
-486
-565
480
346
-228
---1.3
0.6
2.7
2.4
1.7
-1.3
0.9
-0.2
-0.9
0.5
-1.5
-2.2
-1.0
-1.1
1.0
0.7
-0.5
49,907
49,980
--73
--0.15
-----------
9
-180
356
-792
8
----0.7
-----
First Eight
Months
2007
2008
(1)
Annual
Average Change
1990 - 2007
1990 - 1992
1992 - 2000
2000 - 2003
2003 - 2007
(1)
Figures are preliminary.
Total Change in Nonagricultural Wage & Salary Employment
from Previous Year
United States and Michigan City-La Porte, IN MSA
1990 - August 2008
A3.2
United States
Michigan City-La Porte, IN
Annual Change
Annual Change
Number
Percent
Percent
of U.S.
49,804
49,174
49,445
50,763
51,962
52,834
52,127
52,586
52,499
52,028
52,295
51,529
50,404
49,918
49,353
,
49,833
50,179
49,951
---630
271
1,318
1,199
872
-707
459
-87
-471
267
-766
-1,125
-486
-565
480
346
-228
---1.3
0.6
2.7
2.4
1.7
-1.3
0.9
-0.2
-0.9
0.5
-1.5
-2.2
-1.0
-1.1
1.0
0.7
-0.5
0.06
0.08
0.06
0.03
0.03
--0.01
0.00
--0.01
--0.08
0.14
--0.02
0.01
-0.01
--0.2
49,907
49,980
--73
--0.15
--0.029
1.3
NEG
2.4
NEG
1.4
-----------
9
-180
356
-792
8
--NEG
0.5
NEG
---
0.001
--0.012
--0.0004
Year
Total
Number
Percent
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
109,487,000
108,374,000
108,726,000
110,844,000
114,291,000
117,298,000
119,708,000
122,776,000
125,930,000
128,993,000
131,785,000
131,826,000
130,341,000
129,999,000
,
,
131,435,000
133,703,000
136,086,000
137,623,000
---1,113,000
352,000
2,118,000
3,447,000
3,007,000
2,410,000
3,068,000
3,154,000
3,063,000
2,792,000
41,000
-1,485,000
-342,000
1,436,000
,
,
2,268,000
2,383,000
1,537,000
---1.0
0.3
1.9
3.1
2.6
2.1
2.6
2.6
2.4
2.2
0.0
-1.1
-0.3
1.1
1.7
1.8
1.1
137,060,000
137,316,000
--256,000
1,655,059
-380,500
2,882,375
-595,333
1,906,000
Total
First Eight
Months
2007
2008
(1)
Annual
Average Change
1990 - 2007
1990 - 1992
1992 - 2000
2000 - 2003
2003 - 2007
(1)
-----------
Source: U.S. Department of Labor, Bureau of Labor Statistics and Tracy Cross & Associates, Inc.
A3.3
Residential Building Permit Trends
1990 - August 2008
Year
Total
Single
Family
MultiFamily
1990
344
298
46
1991
397
354
43
1992
407
391
15
1993
466
415
49
1994
563
475
88
1995
595
472
123
1996
537
518
19
1997
451
430
21
1998
514
492
22
1999
544
532
12
2000
440
418
22
2001
442
406
36
2002
413
392
21
2003
417
396
21
2004
512
419
93
2005
577
441
136
2006
382
375
7
2007
330
301
29
159
89
159
89
0
0
463
383
514
424
545
356
418
348
469
398
430
338
45
35
45
26
115
18
First Eight
Months
2007
2008
(1)
(1,2)
Averages
1990 - 2007
1990 - 1992
1993 - 2000
2001 - 2003
2004 - 2005
2006 - 2007
(1)
(2)
Reflects only those place reporting on a monthly basis.
Residential Building Permit Trends
Michigan City-La Porte, IN MSA and City of Michigan City, IN
1990 - August 2008
A3.4
Single
MultiTotal
Family
Family
Year
Total
City of Michigan City, IN
Single
MultiPercent
Family
Family
of County
1990
344
298
46
42
18
24
12.2
1991
397
354
43
54
23
31
13.6
1992
407
391
16
32
17
15
7.9
1993
466
415
51
66
31
35
14.2
1994
563
475
88
50
42
8
8.9
1995
595
472
123
96
41
55
16.1
1996
537
518
19
68
51
17
12.7
1997
451
430
21
61
40
21
13.5
1998
514
492
22
96
76
20
18.7
1999
544
532
12
105
93
12
19.3
2000
440
418
22
72
50
22
16.4
2001
442
406
36
60
52
8
13.6
2002
413
392
21
97
76
21
23.5
2003
417
396
21
99
78
21
23.7
2004
512
419
93
90
77
13
17.6
2005
577
441
136
84
74
10
14.6
2006
382
375
7
62
55
7
16.2
2007
330
301
29
49
40
9
14.8
159
89
159
89
0
0
-----
-----
-----
-----
463
383
514
424
545
356
418
348
469
398
430
338
45
35
45
26
115
18
71
43
77
85
87
56
52
19
53
69
76
48
19
24
24
16
11
8
15.4
11.1
14.9
20.1
16.0
15.6
First Eight
Months
2007
2008
(1)
(1, 2)
Averages
1990 - 2007
1990 - 1992
1993 - 2000
2001 - 2003
2004 - 2005
2006 - 2007
(1)
(2)
Figures reflect only those places reporting on a monthly basis.
Trends in Total Residential Building Activity
United States, Michigan City-La Porte, IN MSA and City of Michigan City, IN
August 2008
A3.5
United States
Single
Family
MultiFamily
Single
MultiPercent
of U.S.
Total
Family Family
City of Michigan City, IN
Single
MultiPercent
Total
Family Family
MSA
Year
Total
1990
1,110,766
793,924
316,842
344
298
46
0.03
42
18
24
12.21
1991
948,794
753,537
195,257
397
354
43
0.04
54
23
31
13.60
1992
1,094,933
910,679
184,254
407
391
16
0.04
32
17
15
7.86
1993
1,199,063
986,549
212,514
466
415
51
0.04
66
31
35
14.16
1994
1,371,637
1,068,461
303,176
563
475
88
0.04
50
42
8
8.88
1995
1,332,549
997,268
335,281
595
472
123
0.04
96
41
55
16.13
1996
1,425,616
1,069,472
356,144
537
518
19
0.04
68
51
17
12.66
1997
1,441,136
1,062,396
378,740
451
430
21
0.03
61
40
21
13.53
1998
1,612,260
1,187,602
424,658
514
492
22
0.03
96
76
20
18.68
1999
1,663,533
1,246,665
416,868
544
532
12
0.03
105
93
12
19.30
2000
1,592,267
1,198,067
394,200
440
418
22
0.03
72
50
22
16.36
2001
1,636,676
1,235,550
401,126
442
406
36
0.03
60
52
8
13.57
2002
1,747,678
1,332,620
415,058
413
392
21
0.02
97
76
21
23.49
2003
1,889,214
1,460,887
428,327
417
396
21
0.02
99
78
21
23.74
2004
2,070,077
1,613,445
456,632
512
419
93
0.02
90
77
13
17.58
2005
2,155,316
1,681,986
473,330
577
441
136
0.03
84
74
10
14.56
2006
1,838,903
1,378,220
460,683
382
375
7
0.02
62
55
7
16.23
2007
1,380,470
973,262
407,208
330
301
29
0.02
49
40
9
14.85
1,014,196
680,517
739,025
435,340
275,171
245,177
159
89
159
89
0
0
0.02
0.01
-----
-----
-----
-----
1,528,383
1,051,498
1,454,758
1,757,856
2,112,697
1,609,687
1,163,922
819,380
1,102,060
1,343,019
1,647,716
1,175,741
364,461
232,118
352,698
414,837
464,981
433,946
463
383
514
424
545
356
418
348
469
398
430
338
45
35
45
26
115
18
0.03
0.04
0.04
0.02
0.03
0.02
71
43
77
85
87
56
52
19
53
69
76
48
19
24
24
16
11
8
17.05
12.27
16.36
21.44
20.23
16.42
First Eight
Months
2007
2008
(1)
(1, 2)
Averages
1990 - 2007
1990 - 1992
1993 - 2000
2001 - 2003
2004 - 2005
2006 - 2007
(1)
(2)
Figures reflect only those places reporting on a monthly basis.
A4.1
Residential Profiles
Newer Rental Apartment Communities
By Municipality
Northwest Indiana Market Area
August 2008
Development Profile Sheet
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Flats
2201 Dickinson Road
Chesterton, IN
219.926.9026
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Rent Characteristics
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM+DEN FLAT
2-BDRM FLAT
1
1
2
1.0
1.0
2.0
Model Name
CONEFLOWER
SWITCH GRASS
INDIGO
Square
Feet
Averages:
Occupancy Characteristics
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
6 or 12 months
$575
2002
88
2
No
Big Rock Management
Monthly Base Rent/
Survey Date
8/18/2008
856
1,032
1,316
$800
975
1,200
1,068
$992
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
88
88
100.0
0
0.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
INCL
NA
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
NA
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
BLDG
INCL
INCL
INCL
INCL
INCL
INCL
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
OPT
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
Premiums
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
OPT
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
TPW
TPG
TPE
TPC
Floor:
View:
Comments:
Switch Grass plan offers one-car detached garage; Indigo plan offers one-car attached garage.
Switch Grass and Indigo plans include fireplace.
Incentives:
None.
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
The Orchard
Flats
700 Waverly Road
Chesterton, IN
219.926.5112
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
ONE BEDROOM
TWO BEDROOM
Type
Bedrooms
Baths
1-BDRM FLAT
2-BDRM FLAT
1
2
1.0
2.0
Square
Feet
Averages:
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
12 months
$350-750
1978, 1991, 1993
96
2
No
Arnel, Inc. Properties
Monthly Base Rent/
Survey Date
8/18/2008
650
750
$555
610
700
$583
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
96
94
97.9
2
2.1
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
INCL
NA
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
NA
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
NA
NA
Premiums
Utilities
NA
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
INCL
TPG
TPE
TPC
Comments:
Excluded from total unit count are 118 affordable housing units.
Development built in three phases as reflected above.
Incentives:
$200 toward first month's rent.
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Hidden Creek
3-Story Walkup
8118 International Drive
Crown Point, IN
219.769.1203
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
1
2
2
1.0
1.0
1.0
Model Name
Danube
Bavarian
Flaxon
Square
Feet
Averages:
1985
432
3
No
Hidden Creek Management
Monthly Base Rent/
Survey Date
8/26/2008
650
850
850
$619
729
729
783
$692
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
6, 9, 12, 13 months
$150
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
432
430
99.5
2
0.5
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
INCL
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
INCL
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
NA
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
NA
NA
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
$60/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Water and gas utilities paid for two-bedroom units.
Incentives:
None.
Premiums
INCL
INCL
TPE
TPC
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Mallard Bay
3-Story Walkup
9310 Monroe Street
Crown Point, IN
219.662.7889
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Type
Bedrooms
Baths
Drake
Shoreline
Canvas Back
Reflection
Mallard
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
1
2
2
2
3
1.0
1.0
2.0
2.0
2.0
Square
Feet
Averages:
1996
246
3
No
Edward Rose & Sons
Monthly Base Rent/
Survey Date
8/26/2008
777
960
965
1,065
1,360
$800
910
1,005
1,024
1,304
1,025
$1,009
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
12 months
$325
246
241
98.0
5
2.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
INCL
NA
INCL
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
$20/Mo.
NA
UNIT ALARM SYS
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
$20/Mo.
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
$25/Mo.
INCL
Utilities
$60/Mo.
NA
$30/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
TPW
TPG
TPE
TPC
Floor:
View:
Comments:
Community features a racquetball court.
Incentives:
$0 security deposit for units leased by 8/31/2008 and moved-in by 9/30/2008.
$20 for 3rd floor
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Flats
2219 Teakwood Circle
Highland, IN
219.924.6500
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Type
Bedrooms
Baths
Ambassador
Barrister
2-BDRM FLAT
2-BDRM FLAT
2
2
2.0
2.0
Square
Feet
Averages:
1997
128
2
No
ATG Companies
Monthly Base Rent/
Survey Date
8/26/2008
1,210
1,300
$1,220
1,230
1,255
$1,225
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
6 or 12 months
$500
128
126
98.4
2
1.6
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
NA
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
NA
INCL
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
UNIT ALARM SYS
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
INCL
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
INCL
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
INCL
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Comments:
Each unit features one-car attached garage.
Whirlpool bathtubs available in selected units for $15/month.
Incentives:
None.
Floor:
View:
$10
$25-$35
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
3-Story Walkup
510 Creekside
Lowell, IN
219.696.9000
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Creekside
Limited Edition
Rivers Edge
Meadowbrook
Lakefront
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
1
1
2
2
3
1.0
1.0
2.0
2.0
2.0
Square
Feet
Averages:
2005
192
3
No
Marquette Management, Inc.
Monthly Base Rent/
Survey Date
8/26/2008
825
825
1,080
1,100
1,250
$790
790
950
950
1,135
1,016
$923
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
6-15 months
$250
192
169
88.0
23
12.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
INCL
INCL
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
$30/Mo.
INCL
Utilities
$60/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Fireplace available in all 3rd floor units.
Incentives:
One month free with a 12-month lease.
Premiums
INCL
TPG
TPE
TPC
Floor:
View:
$10 for 3rd floor
$15
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Three-story walk-up
Long Beach Lane and Shorewood Drive
Michigan City, IN
219.879.9950
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
2-BDRM FLAT
3-BDRM FLAT
2
3
2.0
2.0
Model Name
TWO BEDROOM
THREE BEDROOM
Square
Feet
Averages:
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
Variable
$350
2007
73
3
No
Property Mgmt. & Mainten.
Monthly Base Rent/
Survey Date
8/18/2008
1,185
1,473
$875
1,050
1,329
$963
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
72
72
100.0
0
0.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
NA
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
INCL
INCL
INCL
INCL
$24/Mo.
INCL
Premiums
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
NA
NA
NA
INCL
INCL
Comments:
Incentives:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
None.
Water:
Gas:
Electric:
Cable:
INCL
TPG
TPE
TPC
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Normandy Village
Flats
2329 Normandy Drive
Michigan City, IN
877-896-9961
Year Built:
Number of Units:
Number of Stories:
Number of Stories:
Mgmt. Company:
Type
Bedrooms
Baths
STUDIO
1-BDRM FLAT
2-BDRM FLAT
0
1
2
1.0
1.0
1.0
Model Name
STUDIO
ONE BEDROOM
TWO BEDROOM
Square
Feet
Averages:
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Monthly Base Rent/
Survey Date
8/18/2008
483
545
677
$355
375
490
568
$407
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
No
Variable
$150
1975
572
3
No
Edward Rose & Sons
572
562
98.2
10
1.8
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
NA
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
INCL
NA
INCL
INCL
NA
NA
Premiums
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
NA
NA
NA
NA
INCL
Comments:
Incentives:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
None.
Water:
Gas:
Electric:
Cable:
INCL
TPG
TPE
TPC
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Huntington Cove
3-Story Walkup
2040 East 84th Street
Merrillville, IN
219.795.1022
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
1 Bed Trad, 1st Flr
1 Bed Trad, 2nd/3rd Flr
1 Bed End, 1st Flr
1 Bed End, 2nd/3rd Flr
2 Bed, 1st Flr
2 Bed, 2nd/3rd Flr
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
1
1
1
1
2
2
1.0
1.0
1.0
1.0
2.0
2.0
Square
Feet
Averages:
2000
732
3
No
Edward Rose & Sons
Monthly Base Rent/
Survey Date
8/26/2008
707
724
807
834
995
1,015
$680
680
720
720
870
880
847
$758
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
6 or 12 months
$300
732
717
98.0
15
2.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
NA
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
NA
INCL
INCL
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
Utilities
$65/Mo.
NA
$25/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Incentives:
INCL
NA
INCL
INCL
INCL
INCL
$200 off first month's rent.
Premiums
INCL
INCL
TPE
INCL
Floor:
View:
$0-$10
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Maple Leaf
3-Story Walkup
7106 Broadway
Merrillville, IN
219.756.4000
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Type
Bedrooms
Baths
1st Floor
2nd/3rd Floor
2-BDRM FLAT
2-BDRM FLAT
2
2
2.0
2.0
Square
Feet
Averages:
1999
96
3
No
Equity Management LLC
Monthly Base Rent/
Survey Date
8/26/2008
950
1,000
$790
810
975
$800
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
3-12 months
$500-$1,100
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
96
94
97.9
2
2.1
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
NA
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
NA
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
NA
BLDG
INCL
NA
INCL
INCL
$42/Mo.
INCL
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
NA
INCL
NA
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
NA
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Floor:
View:
Comments:
Two parking permits included in monthly rent; $25/month for additional permit.
Incentives:
None.
$20
NA
Rental Apartment
Page 1 of 2
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Prairie Point
Flats
9123 Cleveland Street
Merrillville, IN
219.736.8650
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Ashwood (A1)
Ashwood (A2)
Birchwood (B1)
Birchwood (B2)
Cedarwood (C1)
Cedarwood (C2)
Type
Bedrooms
Baths
1-BRDM FLAT
1-BRDM FLAT
1+DEN FLAT
1+DEN FLAT
1+DEN FLAT
1+DEN FLAT
1
1
1
1
1
1
1.0
1.0
1.0
1.0
1.5
1.5
Square
Feet
Averages:
2002, 2004, 2008
194*
2
No
The Habitat Company
Monthly Base Rent/
Survey Date
8/26/2008
753
814
906
1,048
998
1,118
$832
877
924
984
959
991
1,017
$1,002
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
No
3-12 months
$300
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
194
192
99.0
2
1.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
INCL
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Comments:
Incentives:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
INCL
INCL
Utilities
$136-145/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
TPW
TPG
TPE
TPC
Floor:
View:
Project developed in three (3) phases. Phase I (138 units) began pre-leasing in May 2002;
fully absorbed in December 2002 at a rate of 18.6 units monthly. Phase IIA (56 units) was built in 2004.
Phase IIB (106 units) began pre-leasing in January 2008; 41 units leased to date.
* Total units reflect Phases I and IIA.
None.
Varies.
$10
Rental Apartment
Page 2 of 2
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Prairie Point
Flats
9123 Cleveland Street
Merrillville, IN
219.736.8650
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Devonwood (D1)
Devonwood (D2)
Elmwood (E1)
Elmwood (E2)
Type
Bedrooms
Baths
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2
2
2
2
2.0
2.0
2.0
2.0
Square
Feet
Averages:
2002, 2004, 2008
194*
2
No
The Habitat Company
Monthly Base Rent/
Survey Date
8/26/2008
1,025
1,044
1,184
1,276
$1,039
1,082
1,124
1,203
1,017
$1,002
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
No
3-12 months
$300
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
194
192
99.0
2
1.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
INCL
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Comments:
Incentives:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
INCL
INCL
Utilities
$136-145/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
TPW
TPG
TPE
TPC
Floor:
View:
Project developed in three (3) phases. Phase I (138 units) began pre-leasing in May 2002;
fully absorbed in December 2002 at a rate of 18.6 units monthly. Phase IIA (56 units) was built in 2004.
Phase IIB (106 units) began pre-leasing in January 2008; 41 units leased to date.
* Total units reflect Phases I and IIA.
None.
Varies.
$10
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Summer Wood
3-Story Walkup
8101 Polo Club Drive
Merrillville, IN
219.756.6900
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Huron
Erie
Ontario
Superior
Michigan
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
1
1
2
2
3
1.0
1.0
1.0
2.0
2.0
Square
Feet
Averages:
1992
628
3
No
McKinley Properties
Monthly Base Rent/
Survey Date
8/26/2008
700
850
1,050
1,200
1,700
$625
699
779
829
1,399
1,100
$866
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
3-12 months
$300-One Month's Rent
628
584
93.0
44
7.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
INCL
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
NA
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
$20/Mo.
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
OPT
OPT
Utilities
$50/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Comments:
Michigan plan offers optional in-unit washer/dryer for $20/month.
Community features a sand volleyball court.
Incentives:
One month free with 12-month lease through 8/31/2008.
Floor:
View:
NA
$20
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Lake Pointe
Flats
3471 Sunnyside Drive
Portage, IN
219.763.6728
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
1
1
2
2
3
1.0
1.0
2.0
2.0
2.0
Model Name
1 Bed, Patio
1 Bed, Balcony
2 Bed, Patio
2 Bed, Patio
3 Bed, Balcony
Square
Feet
Averages:
2001
192
2
No
Element National Mgmt.
Monthly Base Rent/
Survey Date
8/26/2008
832
874
1,148
1,284
1,252
$737
775
950
1,014
1,125
1,078
$920
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes, $15-30/Mo. Additional
6 or 12 months
$300
192
182
94.8
10
5.2
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
INCL
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
$20/Mo.
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
$60/Mo.
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
$90/Mo.
NA
$30/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Representative floor plans.
Incentives:
None.
Premiums
INCL
TPG
TPE
TPC
Floor:
View:
$20
$20
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Flats
3300 Portside Drive
Portage, IN
219.763.2900
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
1
1
2
2
2
1.0
1.0
1.0
1.5
2.0
Model Name
1 BD, PH I
1 BD, PH III
2 BD, PH I
2 BD, PH III
2 BD, PH III
Square
Feet
Averages:
1992
240
2
No
Pedcor Management Corp.
Monthly Base Rent/
Survey Date
8/26/2008
612
741
777
980
1,013
$570
680
635
700
715
825
$660
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
12 months
$100
240
232
96.7
8
3.3
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
NA
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
NA
INCL
INCL
$20/Mo.
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
$70/Mo.
NA
$20/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Comments:
Excluded from total unit count are 192 tax credit apartments.
Incentives:
None.
Floor:
View:
$10-$15
$25-$34
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Chandana Pointe
3-Story Walkup
3203 Black Partridge Lane
Valparaiso, IN
219.531.2866
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Florenci
Tuscany
Venizia
Type
Bedrooms
Baths
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
1
2
2
1.0
2.0
2.0
Square
Feet
Averages:
1994
192
3
No
Superior Rentals
Monthly Base Rent/
Survey Date
8/26/2008
780
1,000
1,000
$675
785
825
927
$762
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
12 months
$200
192
191
99.5
1
0.5
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
NA
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
INCL
NA
BLDG
INCL
NA
INCL
INCL
NA
NA
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
Utilities
$50/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
INCL
TPE
TPC
Comments:
Also offer two-car detached garages for $90/month.
Student leases available for additional monthly fee.
Incentives:
Free membership to Southlake Nautilus Total Fitness Center.
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Compass Pointe
Flats
2210 Beech Street
Valparaiso, IN
219.531.1701
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Type 1.1
Type 2.1
Type 2.2
Type 3.2
Type
Bedrooms
Baths
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
1
2
2
3
1.0
1.0
2.0
2.0
Square
Feet
Averages:
2000
224
2
No
L.I. Combs & Sons, Inc.
Monthly Base Rent/
Survey Date
8/26/2008
758
951
1,011
1,320
$826
915
988
1,244
1,010
$993
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
6-12 months
$175
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
224
221
98.7
3
1.3
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
NA
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
INCL
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
INCL
INCL
Utilities
$60/Mo.
NA
$20/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Community features a sand volleyball court.
Incentives:
One month free with a 12 month lease.
Premiums
INCL
TPG
TPE
INCL
Floor:
View:
$20
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
East Pointe
Flats
210 North Legend Drive
Valparaiso, IN
219.476.0033
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
A
B
Type
Bedrooms
Baths
1-BDRM FLAT
2-BDRM FLAT
1
2
1.0
1.0
Square
Feet
Averages:
2000
64
2
No
Residential Mgmt. Co.
Monthly Base Rent/
Survey Date
8/26/2008
800
951
$660
760
876
$710
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
12 months
$300
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
64
63
98.4
1
1.6
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
NA
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
NA
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
BLDG
INCL
INCL
INCL
INCL
INCL
INCL
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
NA
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
INCL
Parking
Garage:
Subterranean:
Carport:
Assigned:
Open:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
Utilities
$60/Mo.
NA
NA
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
INCL
Floor:
View:
Comments:
Not included in total unit count are two (2) townhome units which feature 2 bedrooms, 1.5 bath and a
two-car attached garage with approximately 1,000 square feet and leases for $950/month.
Incentives:
Month-to-month leases after completion of 12-month lease.
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
Golf View
Flats
453 Golfview Boulevard
Valparaiso, IN
219.464.1010
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
1
1
2
2
2
1.0
1.0
1.0
1.5
2.0
Model Name
A
B
C
D
E
Square
Feet
Averages:
1990
240
2
No
Pedcor Mgmt. Corp.
Monthly Base Rent/
Survey Date
8/26/2008
612
730
777
962
998
$615
650
680
745
755
816
$689
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
No
Yes
6 or 12 months
$100
240
231
96.3
9
3.8
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
NA
NA
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
NA
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
INCL
NA
INCL
INCL
$50/Mo.
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
$80/Mo.
NA
$30/Mo.
NA
INCL
Comments:
Incentives:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
None.
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Floor:
View:
Varies.
Varies.
Rental Apartment
Page 1 of 2
Development Name:
Product Type:
Address:
Municipality:
Telephone:
3-Story Walkup
247 Marcliff Drive
Valparaiso, IN
219.462.6611
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
1B Garden w/o garage
1B Ground w/garage
1B Upper w/garage
1B Upper w/garage
1B Upper w/garage
2B Upper w/garage
2B Upper w/garage
2B Ground w/garage
Type
1-BDRM FLAT
1-BDRM FLAT
1-BDRM FLAT
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
Bedrooms
1
1
1
1
1
2
2
2
Square
Feet
720
720
850
902
1,022
1,013
1,088
1,127
1,105
Baths
1.0
1.0
1.0
1.0
1.0
2.0
2.0
2.0
Averages:
2000
173
3
No
Novograder Companies
Monthly Base Rent/
Survey Date
8/26/2008
$772
809
837
863
884
985
1,015
1,122
$1,051
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
NO
YES
3-12 months
$600-$800
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
173
171
98.8
2
1.2
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
INCL
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
NA
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
$50/Mo.
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
OPT
NA
NA
INCL
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Select units include one-car attached garage.
Incentives:
None.
Premiums
TPW
TPG
TPE
TPC
Floor:
View:
Varies.
Varies.
Rental Apartment
Page 2 of 2
Development Name:
Product Type:
Address:
Municipality:
Telephone:
3-Story Walkup
247 Marcliff Drive
Valparaiso, IN
219.462.6611
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
2B Upper w/garage
2B Upper w/garage
2B Upper w/o garage
2B Garden w/garage
3B Ground w/garage
3B Upper w/o garage
3B Upper w/garage
3B Garden w/garage
Type
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
3-BDRM FLAT
3-BDRM FLAT
3-BDRM FLAT
Bedrooms
2
2
2
2
3
3
3
3
Square
Feet
1,164
1,239
1,239
1,282
1,235
1,343
1,343
1,399
1,105
Baths
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
Averages:
2000
173
3
No
Novograder Companies
Monthly Base Rent/
Survey Date
8/26/2008
$1,098
1,164
1,134
1,182
1,244
1,184
1,266
1,250
$1,051
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
NO
YES
3-12 months
$600-$800
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
173
171
98.8
2
1.2
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
INCL
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
NA
NA
NA
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
OPT
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
INCL
INCL
INCL
$50/Mo.
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
OPT
NA
NA
INCL
INCL
Water:
Gas:
Electric:
Cable:
Comments:
Select units include one-car attached garage.
Incentives:
None.
Premiums
TPW
TPG
TPE
TPC
Floor:
View:
Varies.
Varies.
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
The Masters
Flats
2700 Gleneagles Boulevard
Valparaiso, IN
219.548.1707
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Model Name
Type
Bedrooms
Baths
1 Bed, 1st Flr
1 Bed, 2nd Flr
2 Bed, 1st Flr
2 Bed, 2nd Flr
3 Bed, 1st Flr
3 Bed, 2nd Flr
1-BDRM FLAT
1-BDRM FLAT
2-BDRM FLAT
2-BDRM FLAT
3-BDRM FLAT
3-BDRM FLAT
1
1
2
2
3
3
1.0
1.0
2.0
2.0
2.0
2.0
Square
Feet
Averages:
2002/2007
98
2
No
Pedcor Mgmt. Corp.
Monthly Base Rent/
Survey Date
8/26/2008
772
811
986
1,023
1,181
1,213
$699
695
870
865
995
995
998
$853
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
NO
YES
6 or 12 months
$100
98
92
93.9
6
6.1
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
NA
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
INCL
NA
INCL
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
INCL
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
NA
INCL
NA
INCL
HKUP
Parking
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
INCL
NA
INCL
INCL
HKUP
INCL
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
$90/Mo.
NA
$30/Mo.
NA
INCL
Water:
Gas:
Electric:
Cable:
Premiums
INCL
TPG
TPE
TPC
Comments:
Excluded from total unit count are 142 tax credit apartments.
Phase I = 176 units (built in 2002); Phase II = 64 units (built in 2007).
Incentives:
None.
Floor:
View:
NA
NA
Rental Apartment
Development Name:
Product Type:
Address:
Municipality:
Telephone:
University Park
Flats
1823 South River Road
Westville, IN
866.414.8786
Year Built:
Number of Units:
Number of Stories:
Elevator Building:
Mgmt. Company:
Type
Bedrooms
Baths
2-BED FLAT
3-BED FLAT
2
3
2.0
3.0
Model Name
TWO BEDROOM
THREE BEDROOM
Square
Feet
Averages:
Adults Only:
Pets Permitted:
Lease Policy:
Security Deposit:
No
Yes
Variable
$1,000
2005, 2007, 2009*
96
2
No
Marquette Mgmt., Inc.
Monthly Base Rent/
Survey Date
8/18/2008
1,044
1,400
$990
1,290
1,222
$1,140
Total Units:
Total Occupied:
Percent:
Total Vacant:
Percent:
96
96
100.0
0
0.0
Project Features
Bike/Jog Path:
Clubhouse:
Rec Room:
Exercise Room:
INCL
INCL
INCL
INCL
Swimming Pool:
Jacuzzi/Whirlpool:
Sauna:
Tennis Courts:
OUTDOOR
NA
NA
NA
Central Laundry:
Central Storage:
Tot Lot:
Security:
NA
INCL
NA
BLDG
Disposal:
Flooring:
In-Unit Storage:
Walk-in Closet:
INCL
CARPET
NA
INCL
Interior Features
Air Conditioning:
Ceiling Fan:
Drapes/Blinds:
Fireplace:
Patio/Balcony:
Cable TV:
INCL
INCL
INCL
NA
INCL
HKUP
Parking
Incentives:
INCL
INCL
INCL
INCL
INCL
INCL
Premiums
Utilities
Garage:
Subterranean:
Carport:
Assigned:
Open:
Comments:
Dishwasher:
Microwave:
Range/Oven:
Refrigerator:
Washer/Dryer:
W/D Hook-up:
NA
NA
NA
NA
INCL
*
Water:
Gas:
Electric:
Cable:
TPW
TPG
TPE
TPC
Floor:
View:
96 more units planned for delivery in May 2009, not included in the above unit count and vacancy rate.
Currently maintain a wait list for units in the new phase.
None.
NA
NA
A4.2
Condominium/Townhome Developments
By County
Lake Michigan Market Area
August 2008
Douglas Harbor Village
Bouwens Construction
Municipality
MF-Multi-Family
Douglas
Township
High School Dist.
301-Saugatuck-Douglas
Total Units
30
Mstr Plan Comm
None
Opening Date
1/15/05
County
Allegan
Phone
(269) 857-2191
Product/Description
MF-TH & Flats
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Allegan County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Allegan County
Blue Star Highway and Center Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/12/07
8/20/08
12
4
10
Quarterly Contracts
Contracts Per Month During Quarter
0.7
0.4
0.6
Total Contracts To Date
12
16
26
Contracts Per Month Since Opening
0.7
0.6
0.6
Project Size
30
Total Sold
26
Remaining
To Be Sold
4
Months
Remaining
6.6
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/12/07
8/20/08
Douglas 1
2/2.0
---
FLAT
1E
NA
1,196
$300,000
$300,000
$---
Douglas 2
2/2.0
---
FLAT
1E
NA
1,296
319,000
319,000
Dutcher
2/2.5
---
2S
1E
NA
1,296
329,900
329,900
Tara
3/2.5
DEN
3S
2E
NA
2,388
549,000
Averages:
1,660
$374,475
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
321,500
248.07
318,200
321,500
248.07
317,200
549,000
494,500
207.08
486,200
$374,475
$379,167
$228.41
$373,867
INTERIOR UNIT FEATURES
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
WOOD Garage Door Opener
Kitchen Counters
GRAN Kitchen Flooring
Passage Doors
COLO Range/Oven
Vanity Tops
MRBL Wardrobe Mirrors
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
WOOD Kitchen Cabinets
OPT Microwave
INCL Trim
PNTD Tub/Shower Surround
OPT Windows
VNYL
WOOD
INCL
CERM
EXTERIOR UNIT AND PROJECT/COMMUNITY FEATURES
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
NA Recreational Facility
Project Security
CONC Exterior Siding
VNYL Fencing
ENG$ Landscaping
LUSH Patio/Balcony
MINR Roof
NA Homeowner Assoc. Fee
$129/Mo.
INCL Special Service Dist Fee
NA
COMP
See Appendix for feature code definitions
Incentives:
None.
Comments:
HOA reflects average among all units.
Total units excludes two units that were leased with the option to purchase.
Tracy Cross & Associates, Inc.
Page 1 of 1
Singapore Trails
Teclan Construction, Inc.
Municipality
MF-Multi-Family
Saugatuck
Township
High School Dist.
NA
Total Units
26
Mstr Plan Comm
None
Opening Date
6/15/06
County
Allegan
Phone
(616) 940-1155
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Allegan County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Allegan County
Old Singapore Road and Blue Star Highway
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/20/08
Quarterly Contracts
4
0.2
4
0.2
Project Size
26
Total Sold
4
Remaining
To Be Sold
22
Months
Remaining
144.3
FLOOR PLANS OFFERED
Adjusted
Sales Price
$239,900
$173.71
$214,350
1,436
239,900
167.06
214,350
1,409
$239,900
$170.26
$214,350
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Reynolds
2/1.5
---
CC
2E
10+
1,381
Armstrong
2/1.5
---
CC
2E
10+
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/20/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CULT Wardrobe Mirrors
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
DRWL Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MAVL Fencing
FULL Patio/Balcony
$127/Mo.
NA
COMP
Incentives:
None.
Comments:
Basements feature standard walk-out condition.
Page 1 of 1
Lake Michigan Hills-Golf Side Villas
Prins Construction
Municipality
MF-Multi-Family
Benton Harbor
Township
High School Dist.
NA
Total Units
94
Mstr Plan Comm
None
Opening Date
4/1/05
County
Berrien
Phone
(269) 983-0011
Product/Description
MF-Ranch Villas
State
Michigan
Models
2
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Red Arrow Highway and Kerilikowski Road, east of Route 196
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
2
0.0
2
0.1
Project Size
94
Total Sold
2
Remaining
To Be Sold
92
Months
Remaining
1875.
3
FLOOR PLANS OFFERED
Adjusted
Sales Price
$214,000
$112.22
$189,000
2,235
240,000
107.38
215,000
2,240
237,000
105.80
212,000
2,244
240,000
106.95
215,000
2,157
$232,750
$107.90
$207,750
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Club
2/2.5
FAM
R
2E
10+
1,907
Parkland
2/2.5
FAM
R
2E
10+
Eagle
2/2.5
FAM
R
2E
10+
Fairway
2/2.5
D&F
R
2E
10+
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/22/08
Air Conditioning
INCL Bath Flooring
SGDS Carpeting
Fireplace
OPT Foyer Flooring
SGDS Garage Door Opener
LAM Kitchen Flooring
SGDS Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ASPH Exterior Siding
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GLF+ Roof
$225/Mo.
NA
COMP
Incentives:
Ten-year full golf membership included on first 10 contracts.
Comments:
Pricing and square footage include full finished basements.
Page 1 of 1
The Villas at the River
Epcon Communities
Municipality
MF-Multi-Family
Benton Harbor
Township
High School Dist.
NA
Total Units
92
Mstr Plan Comm
None
Opening Date
7/1/06
County
Berrien
Phone
(269) 921-2068
Product/Description
MF-Four-Plex
State
Michigan
Models
3
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Pipestone Road, south of Nickerson Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
47
1.8
47
1.8
Project Size
92
Total Sold
47
Remaining
To Be Sold
45
Months
Remaining
24.7
FLOOR PLANS OFFERED
Adjusted
Sales Price
$179,900
$135.77
$180,700
1,715
199,500
116.33
200,300
1,985
206,500
104.03
207,300
NA
1,985
212,500
107.05
212,300
Averages:
1,753
$199,600
$113.86
$200,150
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Villa
2/2.0
---
R
2E
NA
1,325
Abbey
2/2.0
SUN
R
2E
NA
Canterbury
2/2.0
D&S
R
2E
NA
Chateau
3/3.0
---
R
2E
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/22/08
Air Conditioning
INCL Bath Flooring
SGDS Carpeting
Fireplace
OPT Foyer Flooring
SGDS Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$179/Mo.
NA
COMP
Incentives:
Reduced pricing on select units.
Comments:
Some units feature a duplex configuration.
Page 1 of 1
Tuscany Hills
Tri-City Development Group
Municipality
MF-Multi-Family
Coloma
Township
High School Dist.
NA
Total Units
76
Mstr Plan Comm
None
Opening Date
6/1/07
County
Berrien
Phone
(877) 219-6191
Product/Description
MF-Four-Plex
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Red Arrow Highway, east of North Coloma Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
10
0.7
10
0.7
Project Size
76
Total Sold
10
Remaining
To Be Sold
66
Months
Remaining
97.2
FLOOR PLANS OFFERED
Adjusted
Sales Price
$193,000
$138.15
$181,950
1,501
213,350
142.14
202,300
1,985
233,350
117.56
221,300
1,628
$213,233
$130.98
$201,850
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Siena
2/2.0
---
R
2E
OPT
1,397
Sorano
2/2.0
SUN
R
2E
OPT
San Vincenso
3/3.0
LOFT
R
2E
OPT
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
CERM Garage Door Opener
CERM Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Trim
OPT Windows
INCL Disposal
INCL
INCL Microwave
WOOD
INCL
CERM
WOOD
Project Security
MACF Fencing
PRIV Homeowner Assoc. Fee
$150/Mo.
ENG$ Landscaping
SODF Patio/Balcony
NA
MAJR Roof
COMP
Incentives:
Varies with preferred lender.
Comments:
Occupancy expected Summer 2009.
Age-targeted community.
Page 1 of 1
Cottage Creek
Jim Sima Homes
MF-Multi-Family
Municipality
New Buffalo
Township
High School Dist.
NA
Total Units
12
Mstr Plan Comm
None
Opening Date
6/1/04
County
Berrien
Phone
(269) 469-6566
Product/Description
MF-Conventional TH
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Berrien County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
US 12 and Sima Drive
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/31/08
Quarterly Contracts
10
0.2
10
0.2
Project Size
12
Total Sold
10
Remaining
To Be Sold
2
Months
Remaining
10.2
FLOOR PLANS OFFERED
Adjusted
Sales Price
$459,000
$148.06
$438,950
3,400
449,000
132.06
428,950
3,250
$454,000
$139.69
$433,950
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
C
3/2.5
L&S
CC
1E
10+
3,100
B
3/2.5
S&L
CC
1E
10+
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/31/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$200/Yr.
NA
COMP
Incentives:
Varies on remaining units.
Comments:
Pricing and square footage include finished basements.
Above pricing reflects remaining inventory units.
Page 1 of 1
Diamond Point-Townhomes
Lake Michigan View Townhomes, LLC
Municipality
MF-Multi-Family
New Buffalo
Township
High School Dist.
NA
Total Units
44
Mstr Plan Comm
None
Opening Date
3/1/06
County
Berrien
Phone
(269) 469-8440
Product/Description
MF-Courtyard
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Buffalo Street and Bell Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/28/08
Quarterly Contracts
2
0.1
2
0.1
Project Size
44
Total Sold
2
Remaining
To Be Sold
42
Months
Remaining
629.7
FLOOR PLANS OFFERED
Plan
Standard
Base Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
3/3.0
---
3S
1E
NA
1,762
$339,000
Averages:
1,762
$339,000
* Best Sellers
8/28/08
Price Per
Sq. Ft.
Adjusted
Sales Price
$192.40
$330,250
$192.40
$330,250
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
HSUR Kitchen Flooring
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$175/Mo.
NA
COMP
Incentives:
Up to $70,000 off inventory homes.
Comments:
Pricing and square footage include finished lower level.
Recreational facilities inlcude an indoor swimming pool and sauna, recreational room and fitness center.
Above pricing reflects current available inventory.
Page 1 of 1
Dunescape-Thompson Villas
G.M. Fedorchak & Associates
Municipality
MF-Multi-Family
New Buffalo
Township
High School Dist.
NA
Total Units
12
Mstr Plan Comm
Dunescape
Opening Date
6/1/06
County
Berrien
Phone
(269) 469-0400
Product/Description
MF-Courtyard
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Mechanic Street and North Whittaker Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/26/08
Quarterly Contracts
9
0.3
9
0.3
Project Size
12
Total Sold
9
Remaining
To Be Sold
3
Months
Remaining
9.0
FLOOR PLANS OFFERED
Plan
Standard
Base Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
3/2.5
---
3S
2E
NA
1,454
$469,000
Averages:
1,454
$469,000
* Best Sellers
8/26/08
Price Per
Sq. Ft.
Adjusted
Sales Price
$322.56
$456,450
$322.56
$456,450
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$220/Mo.
NA
COMP
Incentives:
Comments:
Developments within Dunescape include:
Mechanics Villas: A 12-unit courtyard townhome series (sold out).
Peninsula Club: A 12-unit custom single family series with lots priced $1 million to $3 million.
Cottage Collection: A 6-unit single family cottage-home series priced from $449,000.
Tin Buffalo: A proposed 16-unit townhome series priced from $499,000.
Page 1 of 1
Light Harbor Preserve
Gierczyk Companies
Municipality
MF-Multi-Family
New Buffalo
Township
High School Dist.
NA
Total Units
41
Mstr Plan Comm
None
Opening Date
3/1/06
County
Berrien
Phone
(269) 469-3950
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Oselka Drive and North Whittaker Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/20/08
Quarterly Contracts
16
0.5
16
0.5
Project Size
41
Total Sold
16
Remaining
To Be Sold
25
Months
Remaining
46.4
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$399,000
$261.47
$392,200
1,549
409,000
264.04
402,200
1,557
409,000
262.68
402,200
NA
1,560
475,000
304.49
468,200
1E
NA
1,579
460,000
291.32
453,200
MR1
1E
NA
1,635
500,000
305.81
493,200
---
MR1
1E
NA
1,755
460,000
262.11
454,200
---
MR1
1E
NA
1,760
475,000
269.89
469,200
Averages:
1,615
$448,375
$277.63
$441,825
Plan
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Bldg.3-29/32
2/2.0
---
MR1
1E
NA
1,526
Bldg.2-15/18
2/2.0
---
MR1
1E
NA
Bldg.3-39/42/46
2/2.0
---
MR1
1E
NA
Bldg.2-25
2/2.0
---
MR1
1E
Bldg.1-10
2/2.0
---
MR1
Bldg.3-27
2/2.0
---
Bldg.1-12
3/2.0
Bldg.3-36
3/2.0
* Best Sellers
8/20/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
HSUR Wardrobe Mirrors
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
INCL Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
BLDG Recreational Facility
ENG$ Landscaping
MINR Roof
CMFB Fencing
FULL Patio/Balcony
$300/Mo.
NA
COMP
Incentives:
Comments:
Residential over retail.
Page 1 of 1
Harbor Isle-Condos
Municipality
MF-Multi-Family
St. Joseph
Township
High School Dist.
NA
Total Units
171
Mstr Plan Comm
None
Opening Date
5/1/07
County
Berrien
Phone
(269) 982-5232
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Berrien County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Anchors Way, south of Main Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Project Size
Survey Date
8/21/08
Quarterly Contracts
0
0.0
0
0.0
171
Total Sold
0
Remaining
To Be Sold
171
Months
Remaining
NA
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$322,400
$282.31
$324,850
1,244
299,000
240.35
301,450
1,322
337,400
255.22
339,850
NA
1,455
362,400
249.07
364,850
OP
NA
1,542
337,400
218.81
340,850
MR1
OP
NA
1,570
617,400
393.25
620,850
---
MR1
OP
NA
1,813
649,900
358.47
653,350
---
MR1
OP
NA
1,926
649,900
337.44
653,350
Averages:
1,502
$446,975
$297.59
$449,925
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
B
2/2.0
---
MR1
OP
NA
1,142
A
2/2.0
DEN
MR1
OP
NA
C
2/2.0
---
MR1
OP
NA
D
2/2.0
---
MR1
OP
A1
3/2.0
DEN
MR1
PH-03
3/2.0
---
PH-02
3/2.0
PH-04
3/2.0
Plan
* Best Sellers
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MAJR Roof
$165/Mo.
NA
COMP
Incentives:
Pre-construction pricing.
Comments:
Boat slips available for lease: $1,750-$3,200 annually.
Phase I includes a 56-unit, seven story residential-over-retail building; an additional 115 units in future phases proposed.
Deeded underground parking available: $15,000 per space.
Currently only accepting reservations; 14 taken as of 8/22/2008.
Page 1 of 1
Harbor Isle-TH
Municipality
MF-Multi-Family
St. Joseph
Township
High School Dist.
NA
Total Units
37
Mstr Plan Comm
None
Opening Date
5/1/07
County
Berrien
Phone
(269) 982-5232
Product/Description
MF-Courtyard
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Berrien County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Anchors Way, south of Main Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
0
0.0
0
0.0
Project Size
37
Total Sold
0
Remaining
To Be Sold
37
Months
Remaining
NA
FLOOR PLANS OFFERED
Adjusted
Sales Price
$545,000
$275.25
$537,700
2,607
645,000
247.41
636,700
2,294
$595,000
$259.37
$587,200
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
102-106
3/2.5
FAM
3S
2E
NA
1,980
206-209
3/3.0
FAM
3S
2E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MAJR Roof
$165/Mo.
NA
COMP
Incentives:
Comments:
Boat slips available for lease: $1,750-$3,200 annually.
Currently only accepting reservations; 11 taken as of 8/22/2008.
Page 1 of 1
Lighthouse Point-Condos
Intercontinental Real Estate Corporation
Municipality
MF-Multi-Family
St. Joseph
Township
High School Dist.
NA
Total Units
21
Mstr Plan Comm
None
Opening Date
2/1/05
County
Berrien
Phone
(269) 982-7880
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
200 Lake Street at Park Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
18
0.4
18
0.4
Project Size
21
Total Sold
18
Remaining
To Be Sold
3
Months
Remaining
7.1
FLOOR PLANS OFFERED
Adjusted
Sales Price
$895,550
$593.08
$880,550
2,339
1,219,500
521.38
1,206,500
2,339
1,219,500
521.38
1,206,500
2,063
$1,111,517
$538.79
$1,097,850
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Bluewater
2/2.5
---
MR1
2E
NA
1,510
Captiva
3/2.0
---
MR1
2E
NA
Hatteras
3/2.0
---
MR1
2E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
GRAN Wardrobe Mirrors
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
OPT
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$375/Mo.
NA
COMP
Incentives:
40 foot boat slips included with remaining units.
Comments:
Remaining units are specs priced with upgrades.
Page 1 of 1
Tailwind
Vernon Group
MF-Multi-Family
Municipality
St. Joseph
Township
High School Dist.
NA
Total Units
11
Mstr Plan Comm
None
Opening Date
7/2/08
County
Berrien
Phone
(269) 353-1681
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Berrien County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
1221 Broad Street, south of Wayne Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/26/08
Quarterly Contracts
2
1.1
2
1.1
Project Size
11
Total Sold
2
Remaining
To Be Sold
9
Months
Remaining
8.3
FLOOR PLANS OFFERED
Adjusted
Sales Price
$307,340
$220.00
$301,790
1,427
312,820
219.22
308,270
1,412
$310,080
$219.60
$305,030
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Two-Bed
2/2.0
---
MR1
1E
NA
1,397
Three-Bed
3/2.0
---
MR1
1E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/26/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$182/Mo.
NA
COMP
Incentives:
Comments:
One additional outside parking space included with each unit.
Page 1 of 1
Bristol Bay Condominiums-Eight Unit
Bristol Bay Condos LLC
MF-Multi-Family
Municipality
Bristol
High School Dist.
5054-Central/Westosha
Total Units
72
Township
Bristol
Mstr Plan Comm
Bristol Bay-WI
Opening Date
1/8/05
County
Kenosha
Phone
(262) 925-3020
Product/Description
MF-Flats
State
Wisconsin
Models
5
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Route 45 and SR-50 (75th Street)
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
1
0
0
0
0
0.4
0.0
0.0
0.0
0.0
16
16
16
16
16
0.5
0.5
0.4
0.4
0.4
Project Size
72
Total Sold
16
Remaining
To Be Sold
56
Months
Remaining
146.1
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$242,900
$159.38
$228,650
229,900
229,900
107.03
229,650
$236,400
$236,400
$128.76
$229,150
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
Somerset-Lower
2/2.0
---
FLAT
2E
7-10
1,524
$242,900
$242,900
$242,900
$242,900
Somerset-Upper
2/2.0
B&S
FLAT
2E
NA
2,148
229,900
229,900
229,900
Averages:
1,836
$236,400
$236,400
$236,400
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
VFT Garage Door Opener
Kitchen Counters
Passage Doors
LGCY Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
LGCY Tub/Shower Surround
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$130/Mo.
NA
COMP
Incentives:
Up to $15,000 toward buyer's choice.
Comments:
Lower level unit includes partial basement as standard.
Page 1 of 1
Bristol Bay Condominiums-Four Unit
MF-Multi-Family
Municipality
Bristol
High School Dist.
Total Units
28
Township
Bristol
Mstr Plan Comm
Bristol Bay-WI
Opening Date
1/8/05
County
Kenosha
Phone
(262) 925-3020
Product/Description
MF-Flats
State
Wisconsin
Models
2
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
7
7
7
7
7
0.2
0.2
0.2
0.2
0.2
Project Size
28
Total Sold
7
Remaining
To Be Sold
21
Months
Remaining
125.3
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$261,900
$169.08
$244,650
251,900
251,900
122.04
248,650
$256,900
$256,900
$142.17
$246,650
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
Camden Lower
2/2.0
---
FLAT
2E
7-10
1,549
$251,900
$251,900
$251,900
$261,900
Camden Upper
2/2.0
BNUS
FLAT
2E
NA
2,064
241,900
241,900
241,900
Averages:
1,807
$246,900
$246,900
$246,900
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
LGCY Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$130/Mo.
NA
COMP
Incentives:
Comments:
Lower level unit includes partial basement as standard.
Page 1 of 1
Bristol Bay Townhomes
MF-Multi-Family
Municipality
Bristol
High School Dist.
Total Units
76
Township
Bristol
Mstr Plan Comm
Bristol Bay-WI
Opening Date
1/8/05
County
Kenosha
Phone
(262) 925-3020
Product/Description
MF-Courtyard
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
0
0
0
1
0
0.0
0.0
0.0
0.4
0.0
3
3
3
4
4
0.1
0.1
0.1
0.1
0.1
Project Size
76
Total Sold
4
Remaining
To Be Sold
72
Months
Remaining
751.6
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$279,900
$139.95
$276,400
284,900
284,900
136.19
281,400
$282,400
$282,400
$138.03
$278,900
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/14/07
9/11/07
12/26/07
3/18/08
6/30/08
Bristol A/C
2/2.5
BNUS
3S
2E
NA
2,000
$279,900
$279,900
$279,900
$279,900
Bristol B
2/2.5
B&S
3S
2E
NA
2,092
284,900
284,900
284,900
Averages:
2,046
$282,400
$282,400
$282,400
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
LGCY Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$130/Mo.
NA
COMP
Incentives:
Comments:
Page 1 of 1
Harbor Place-Condos
Direct Development
Municipality
MF-Multi-Family
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
45
Mstr Plan Comm
None
Opening Date
1/20/06
County
Kenosha
Phone
(262) 818-5442
Product/Description
MF-Mid-Rise Condo
State
Wisconsin
Models
0
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
56th Street and 3rd Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/19/07
9/18/07
12/31/07
3/18/08
6/19/08
0
1
0
0
0
0.0
0.3
0.0
0.0
0.0
0
1
1
1
1
0.0
0.1
0.1
0.1
0.1
Project Size
45
Total Sold
1
Remaining
To Be Sold
44
Months
Remaining
1275.
9
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/19/07
9/18/07
12/31/07
3/18/08
6/19/08
303
2/2.0
---
MR1
2E
NA
1,042
$293,895
$293,895
$293,895
$---
$---
$---
$---
308
1/1.0
STDY
MR1
1E
NA
1,064
299,145
299,145
299,145
---
---
---
---
206
2/2.0
---
MR1
2E
NA
1,149
293,895
293,895
293,895
---
---
---
---
210
2/2.0
---
MR1
2E
NA
1,209
314,895
314,895
314,895
---
---
---
---
205
2/2.0
---
MR1
2E
NA
1,212
309,645
309,645
309,645
---
---
---
---
221
2/2.0
---
MR1
2E
NA
1,291
372,645
372,645
372,645
---
---
---
---
24
2/2.0
---
MR1
2E
NA
1,302
---
---
---
319,000
319,000
245.01
309,700
233
2/2.0
---
MR1
2E
NA
1,333
456,645
456,645
456,645
---
---
---
---
231
2/2.0
---
MR1
2E
NA
1,345
398,895
398,895
398,895
---
---
---
---
Averages:
1,403
$382,770
$382,770
$382,770
$261.23
$357,200
Plan
* Best Sellers
$366,500
$366,500
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
WOOD Range/Oven
Passage Doors
WOOD Kitchen Sink
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$TBD
NA
COMP
Incentives:
Comments:
Page 1 of 2
Harbor Place-Condos (Cont.)
Direct Development
Municipality
MF-Multi-Family
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
45
Mstr Plan Comm
None
Opening Date
1/20/06
County
Kenosha
Phone
(262) 818-5442
Product/Description
MF-Mid-Rise Condo
State
Wisconsin
Models
0
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/19/07
9/18/07
12/31/07
3/18/08
6/19/08
0
1
0
0
0
0.0
0.3
0.0
0.0
0.0
0
1
1
1
1
0.0
0.1
0.1
0.1
0.1
Project Size
45
Total Sold
1
Remaining
To Be Sold
44
Months
Remaining
1275.
9
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$399,000
$290.60
$389,700
329,000
329,000
229.75
319,700
---
---
---
---
440,895
---
---
---
---
498,645
498,645
---
---
---
---
---
---
---
419,000
419,000
278.59
409,700
1,552
451,395
451,395
451,395
---
---
---
---
1,403
$382,770
$382,770
$382,770
$261.23
$357,200
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/19/07
9/18/07
12/31/07
3/18/08
6/19/08
22
2/2.0
---
MR1
2E
NA
1,373
$419,895
$419,895
$419,895
$399,000
23
2/2.0
---
MR1
2E
NA
1,432
409,395
409,395
409,395
212
2/2.0
STDY
MR1
2E
NA
1,433
398,895
398,895
398,895
201
2/2.0
BNUS
MR1
2E
NA
1,443
440,895
440,895
232
2/2.0
---
MR1
2E
NA
1,493
498,645
25
2/2.0
---
MR1
2E
NA
1,504
222
2/2.0
BNUS
MR1
2E
NA
Averages:
Plan
* Best Sellers
$366,500
$366,500
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
WOOD Range/Oven
Passage Doors
WOOD Kitchen Sink
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$TBD
NA
COMP
Incentives:
Comments:
Page 2 of 2
Harbor Place-TH
Direct Development
Municipality
MF-Multi-Family
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
16
Mstr Plan Comm
None
Opening Date
1/20/06
County
Kenosha
Phone
(262) 818-5442
Product/Description
MF-Courtyard
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/19/07
9/27/07
12/31/07
3/18/08
6/19/08
0
1
0
0
0
0.0
0.3
0.0
0.0
0.0
0
1
1
1
1
0.0
0.1
0.1
0.1
0.1
Project Size
16
Total Sold
1
Remaining
To Be Sold
15
Months
Remaining
435.0
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$464,000
$253.41
$454,700
464,000
525,000
280.30
515,700
469,000
469,000
232.41
460,700
684,678
635,000
635,000
269.75
626,700
$559,817
$509,250
$523,250
$259.16
$514,450
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/19/07
9/27/07
12/31/07
3/18/08
6/19/08
5
2/2.5
---
2S
2E
NA
1,831
$498,645
$509,667
$509,667
$469,000
3
2/2.5
---
2S
2E
NA
1,873
498,645
498,836
498,836
1
3/2.5
---
2S
2E
NA
2,018
545,895
546,086
546,086
9
4/2.5
---
2S
2E
NA
2,354
682,395
684,678
Averages:
2,019
$556,395
$559,817
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
WOOD Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
WOOD Kitchen Sink
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$330/Mo.
NA
COMP
Incentives:
Comments:
Page 1 of 1
Lakeview Virginia Towers
MF-Multi-Family
Municipality
Kenosha
High School Dist.
2793-Kenosha
Total Units
34
Township
Kenosha
Mstr Plan Comm
None
Opening Date
6/1/05
County
Kenosha
Phone
(866) 870-1855
Product/Description
MF-Highrise Condo
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Intersection of 4th and 57th Streets
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/26/07
Quarterly Contracts
9/27/07
-2
-4
12/31/07
-6
3/18/08
6/23/08
2
0
-0.6
-1.3
-1.9
0.8
0.0
20
16
10
12
12
0.8
0.6
0.3
0.4
0.3
Project Size
34
Total Sold
12
Remaining
To Be Sold
22
Months
Remaining
67.4
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$199,900
$212.66
$191,750
228,000
228,000
237.50
217,850
---
---
---
---
---
---
328,288
287.47
320,138
---
388,900
398,900
304,560
266.22
296,410
---
---
---
---
---
---
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/26/07
9/27/07
12/31/07
3/18/08
6/23/08
Copper Harbor
1/1.0
---
HR1
1E
NA
940
$---
$---
$---
$---
Plan 960
1/2.0
---
HR1
1E
NA
960
---
---
228,000
PH-932
1/1.0
---
HR1
1E
NA
1,032
---
---
---
Snug Harbor
2/2.0
---
HR1
1E
NA
1,142
---
---
Plan 1144
2/2.0
---
HR1
1E
NA
1,144
---
Grand Haven
2/2.0
---
HR1
1E
NA
1,304
448,900
Beacon Point
2/2.0
---
HR1
1E
NA
1,500
---
---
---
---
---
---
---
Plan 1516
2/2.0
---
HR1
1E
NA
1,516
---
---
515,900
515,900
393,840
259.79
385,690
Plan 1532
2/2.0
---
HR1
1E
NA
1,532
---
---
528,900
---
416,064
271.58
407,914
Averages:
1,716
$375.43
$635,998
Plan
* Best Sellers
$823,740
$959,074
$797,949
$831,529
$644,239
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
SGDS Kitchen Sink
Kitchen Counters
WOOD Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
STND Tub/Shower Surround
INCL Windows
VNYL
WOOD
INCL
CERM
Project Security
MASN Fencing
ENG$ Landscaping
LMTD Patio/Balcony
NA Roof
$175/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 2
Lakeview Virginia Towers (Cont.)
MF-Multi-Family
Municipality
Kenosha
High School Dist.
2793-Kenosha
Total Units
34
Township
Kenosha
Mstr Plan Comm
None
Opening Date
6/1/05
County
Kenosha
Phone
(866) 870-1855
Product/Description
MF-Highrise Condo
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Intersection of 4th and 57th Streets
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/26/07
Quarterly Contracts
9/27/07
-2
-4
12/31/07
-6
3/18/08
6/23/08
2
0
-0.6
-1.3
-1.9
0.8
0.0
20
16
10
12
12
0.8
0.6
0.3
0.4
0.3
Project Size
34
Total Sold
12
Remaining
To Be Sold
22
Months
Remaining
67.4
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/26/07
9/27/07
12/31/07
3/18/08
6/23/08
PH-933
2/2.0
---
HR1
1E
NA
1,752
$882,500
$926,625
$---
$---
$---
PH-2023
2/2.0
---
HR1
1E
NA
2,023
---
---
1,350,000
1,350,000
PH-931
3/2.0
---
HR1
1E
NA
2,036
997,500
1,047,375
---
---
Harbor Breeze
3/2.0
---
HR1
1E
NA
2,178
639,900
654,900
---
627,900
Plan 2306
3/3.0
---
HR1
1E
NA
2,306
---
---
671,895
PH-2310
3/2.0
---
HR1
1E
NA
2,310
---
---
1,250,000
PH-934
3/2.0
---
HR1
1E
NA
2,727
1,149,900
1,207,395
---
---
---
---
---
PH-2820
2/2.0
---
HR1
1E
NA
2,820
---
---
1,450,000
1,450,000
1,450,000
514.18
1,441,850
Averages:
1,716
$797,949
$831,529
$644,239
$375.43
$635,998
Plan
* Best Sellers
$823,740
$959,074
$---
$---
1,350,000
667.33
1,341,850
---
---
---
627,900
288.29
620,750
---
538,074
233.34
528,924
1,250,000
1,250,000
541.13
1,242,850
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
SGDS Kitchen Sink
Kitchen Counters
WOOD Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Project Security
MASN Fencing
ENG$ Landscaping
LMTD Patio/Balcony
NA Roof
$175/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 2 of 2
North Pointe Court
Bear Homes
MF-Multi-Family
Municipality
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
41
Mstr Plan Comm
None
Opening Date
3/1/06
County
Kenosha
Phone
(262) 694-2327
Product/Description
MF-TH & Flats
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
14th Place and 22nd Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/15/07
9/27/07
4
3
12/31/07
3/31/08
-3
6/19/08
-1
4
1.4
0.9
-1.0
-0.3
1.5
21
24
21
20
24
1.4
1.3
1.0
0.8
0.9
Project Size
41
Total Sold
24
Remaining
To Be Sold
17
Months
Remaining
19.6
FLOOR PLANS OFFERED
Plan
Cummings
* Fairchild
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$148,900
$135.36
$152,700
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/15/07
9/27/07
12/31/07
3/31/08
6/19/08
2/2.0
---
FLAT
1E
NA
1,100
$140,900
$143,900
$143,900
$145,900
2/2.0
---
FLAT
1E
NA
1,141
142,900
145,900
145,900
145,900
145,900
127.87
149,700
Browning
2/2.0
---
FLAT
1E
NA
1,244
146,900
151,900
151,900
152,900
152,900
122.91
156,700
Aiken
2/2.0
---
FLAT
2E
NA
1,256
165,900
169,900
169,900
169,900
169,900
135.27
168,700
Emerson
2/2.0
---
FLAT
2E
NA
1,366
163,900
175,900
175,900
167,900
167,900
122.91
166,700
Darien
2/2.0
FAM
FLAT
2E
NA
1,442
165,900
169,900
169,900
167,900
169,900
117.82
168,700
* Gabriel
3/2.5
---
CC
2E
NA
1,756
220,900
225,900
225,900
225,900
225,900
128.64
224,700
Averages:
1,329
$163,900
$169,043
$169,043
$168,043
$168,757
$126.98
$169,700
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
LGCY Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
OPT Trim
OPT Windows
VNYL
WOOD
OPT
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$100/Mo.
NA
COMP
Incentives:
HOA paid for one year or free appliances with preferred lender.
Comments:
Page 1 of 1
Stone Creek Condominiums
MasterCraft Builders
MF-Multi-Family
Municipality
Kenosha
High School Dist.
2793-Kenosha
Total Units
112
Township
Kenosha
Mstr Plan Comm
Stone Creek
Opening Date
10/1/05
County
Kenosha
Phone
(262) 697-6300
Product/Description
MF-Flats
State
Wisconsin
Models
2
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Greenbay Road and 31st Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/15/07
9/18/07
12/20/07
3/31/08
6/23/08
1
4
1
4
3
0.4
1.3
0.3
1.2
1.1
100
104
105
109
112
4.9
4.4
3.9
3.6
3.4
Project Size
112
Total Sold
112
Remaining
To Be Sold
0
Months
Remaining
0.0
FLOOR PLANS OFFERED
Base Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/15/07
9/18/07
12/20/07
3/31/08
6/23/08
Lower
2/2.0
---
FLAT
2E
10+
1,426
$169,900
$168,900
$---
$161,900
$161,900
Upper
3/2.0
---
FLAT
2E
NA
1,772
167,900
175,900
159,000
---
Averages:
1,426
$168,900
$172,400
$159,000
Plan
* Best Sellers
$161,900
Price Per
Sq. Ft.
Adjusted
Sales Price
$113.53
$138,150
---
---
$113.53
$138,150
---
$161,900
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
SGDS Kitchen Sink
Kitchen Counters
Passage Doors
LGCY Range/Oven
Vanity Tops
VFT Carpeting
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
INCL Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MASN Fencing
FULL Patio/Balcony
$95/Mo.
NA
COMP
Incentives:
Comments:
Program sold out 2nd Quarter 2008
Page 1 of 1
The Brindisi
J.H. Findorff & Son, Inc.
Municipality
MF-Multi-Family
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
87
Mstr Plan Comm
None
Opening Date
11/1/05
County
Kenosha
Phone
(262) 945-5618
Product/Description
MF-Highrise Condo
State
Wisconsin
Models
0
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
52nd Street and 7th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/30/07
9/11/07
12/31/07
3/18/08
6/23/08
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
Project Size
87
Total Sold
0
Remaining
To Be Sold
87
Months
Remaining
NA
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/30/07
9/11/07
12/31/07
3/18/08
6/23/08
1581
2/2.0
---
HR1
2E
NA
1,581
$505,900
$---
$---
$---
$---
$---
$---
1582
2/2.0
---
HR1
2E
NA
1,582
537,900
---
---
---
---
---
---
1642
2/2.0
---
HR1
2E
NA
1,642
558,900
---
---
---
---
---
---
1651
2/2.0
---
HR1
2E
NA
1,651
577,900
---
---
---
---
---
---
1652
2/2.0
---
HR1
2E
NA
1,652
561,900
---
---
---
---
---
---
1676
2/2.0
---
HR1
2E
NA
1,676
569,900
---
---
---
---
---
---
1686
2/2.0
---
HR1
2E
NA
1,686
573,900
---
---
---
---
---
---
1733
2/2.0
---
HR1
2E
NA
1,733
554,900
---
---
---
---
---
---
1738
2/2.0
---
HR1
2E
NA
1,738
521,900
---
---
---
---
---
---
Plan
* Best Sellers
Averages:
$634,588
$0
$0
$0
$0
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MASN Fencing
ENG$ Landscaping
LMTD Patio/Balcony
MAJR Roof
COMP
$TBD
NA
Incentives:
Comments:
Project currently on hold.
Page 1 of 2
The Brindisi (Cont.)
J.H. Findorff & Son, Inc.
Municipality
MF-Multi-Family
Kenosha
Township
High School Dist.
2793-Kenosha
Total Units
87
Mstr Plan Comm
None
Opening Date
11/1/05
County
Kenosha
Phone
(262) 945-5618
Product/Description
MF-Highrise Condo
State
Wisconsin
Models
0
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
52nd Street and 7th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/30/07
9/11/07
12/31/07
3/18/08
6/23/08
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
Project Size
87
Total Sold
0
Remaining
To Be Sold
87
Months
Remaining
NA
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/30/07
9/11/07
12/31/07
3/18/08
6/23/08
1762
2/2.0
---
HR1
2E
NA
1,762
$599,900
$---
$---
$---
$---
$---
$---
1766
2/2.0
DEN
HR1
2E
NA
1,766
622,900
---
---
---
---
---
---
2024
2/2.5
---
HR1
2E
NA
2,024
734,900
---
---
---
---
---
---
2189
2/2.5
BNUS
HR1
2E
NA
2,189
795,900
---
---
---
---
---
---
2193
2/2.5
BNUS
HR1
2E
NA
2,193
796,900
---
---
---
---
---
---
2218
3/2.5
---
HR1
2E
NA
2,218
780,900
---
---
---
---
---
---
2440
3/2.5
---
HR1
2E
NA
2,440
858,900
---
---
---
---
---
---
Plan
* Best Sellers
Averages:
$634,588
$0
$0
$0
$0
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MASN Fencing
ENG$ Landscaping
LMTD Patio/Balcony
MAJR Roof
COMP
$TBD
NA
Incentives:
Comments:
Page 2 of 2
Creekside Crossing
MasterCraft Builders
Municipality
MF-Multi-Family
Pleasant Prairie
Township
High School Dist.
2793-Kenosha
Total Units
284
Mstr Plan Comm
None
Opening Date
9/1/05
County
Kenosha
Phone
(262) 697-6300
Product/Description
MF-Flats
State
Wisconsin
Models
2
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
63rd Avenue and 93rd Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/27/07
9/18/07
12/20/07
3/25/08
6/23/08
9
14
10
10
4
3.1
5.1
3.3
3.2
1.4
60
74
84
94
98
2.7
3.0
3.0
3.1
2.9
Project Size
284
Total Sold
98
Remaining
To Be Sold
186
Months
Remaining
64.1
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$166,900
$119.21
$149,350
176,900
172,900
97.03
173,350
$173,400
$169,900
$106.79
$161,350
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/27/07
9/18/07
12/20/07
3/25/08
6/23/08
Lower
2/2.0
---
FLAT
2E
10+
1,400
$187,000
$178,400
$189,000
$169,900
Upper
2/2.0
BNUS
FLAT
2E
NA
1,782
182,000
180,000
174,000
Averages:
1,591
$184,500
$179,200
$181,500
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$115/Mo.
NA
COMP
Incentives:
Comments:
Page 1 of 1
Meadowland Villa Condos
Simon Group
MF-Multi-Family
Municipality
Pleasant Prairie
High School Dist.
2793-Kenosha
Total Units
128
Township
Pleasant Prairie
Mstr Plan Comm
None
Opening Date
11/1/03
County
Kenosha
Phone
(262) 792-8921
Product/Description
MF-TH & Flats
State
Wisconsin
Models
2
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Highway 165, three miles east of I-94
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/15/07
9/19/07
12/31/07
3/18/08
6/30/08
2
10
0
2
1
0.7
3.2
0.0
0.8
0.3
108
118
118
120
121
2.5
2.5
2.4
2.3
2.2
Project Size
128
Total Sold
121
Remaining
To Be Sold
7
Months
Remaining
3.2
FLOOR PLANS OFFERED
Base Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/15/07
9/19/07
12/31/07
3/18/08
6/30/08
Ashford
1/1.0
---
FLAT
1E
NA
761
$---
$---
$---
$---
$---
Brentwood
1/1.0
---
FLAT
1E
NA
816
114,900
---
---
---
Glencoe
2/2.0
---
FLAT
1E
NA
1,027
144,900
149,900
149,900
149,900
2/2.0
---
FLAT
1E
NA
1,263
159,900
154,900
154,900
Fleetwood
2/2.0
---
FLAT
1E
NA
1,288
152,900
---
Dublin
2/2.0
---
FLAT
1E
NA
1,347
169,900
Hampton
2/2.0
---
FLAT
1E
NA
1,519
Cambridge
2/2.5
---
2S
1E
NA
1,621
Averages:
1,227
Plan
* Exeter
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
114,900
140.81
118,100
---
---
---
154,900
---
---
---
---
---
---
---
---
174,900
174,900
174,900
149,900
111.28
153,100
169,900
159,900
159,900
159,900
149,900
98.68
153,100
---
179,900
179,900
179,900
---
---
---
$163,900
$163,900
$163,900
$112.66
$141,433
$152,067
$138,233
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Carpeting
VFT Kitchen Sink
SGCC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$110/Mo.
NA
COMP
Incentives:
Reduced prices and free additional garage space.
Comments:
Additional enclosed parking available for $8,000.
Remaining units are specs with upgrades priced between $145,900 and $174,900. Above pricing reflects last known base price.
Page 1 of 1
Sagewood
Simon Group
MF-Multi-Family
Municipality
Pleasant Prairie
High School Dist.
6546-Tremper
Total Units
64
Township
Pleasant Prairie
Mstr Plan Comm
None
Opening Date
12/1/06
County
Kenosha
Phone
(414) 303-9444
Product/Description
MF-Flats
State
Wisconsin
Models
4
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Highway 165 and 47th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/15/07
9/19/07
12/31/07
3/18/08
6/30/08
0
0
0
0
2
0.0
0.0
0.0
0.0
0.6
0
0
0
0
2
0.0
0.0
0.0
0.0
0.1
Project Size
64
Total Sold
2
Remaining
To Be Sold
62
Months
Remaining
589.1
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$274,900
$165.20
$245,750
259,900
259,900
153.51
230,750
219,900
---
---
---
299,900
279,900
279,900
131.59
268,750
$289,900
$258,650
$271,567
$148.56
$248,417
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/15/07
9/19/07
12/31/07
3/18/08
6/30/08
Ashton-Lower
2/2.0
---
FLAT
2E
10+
1,664
$319,900
$319,900
$319,900
$274,900
Cambridge-Lower
2/2.0
---
FLAT
2E
10+
1,693
279,900
289,900
289,900
Dalton-Upper
2/2.0
---
FLAT
2E
NA
2,124
249,900
249,900
249,900
Bradbury-Upper
2/2.0
DEN
FLAT
2E
NA
2,127
259,900
299,900
Averages:
1,828
$277,400
$289,900
Plan
* Best Sellers
Air Conditioning
OPT Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGCC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
CAST Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$165/Mo.
NA
COMP
Incentives:
Comments:
Page 1 of 1
Meadows of Mill Creek-Duplex
Bear Homes
MF-Multi-Family
Municipality
Salem
High School Dist.
Total Units
68
Township
Salem
Mstr Plan Comm
None
Opening Date
7/1/07
County
Kenosha
Phone
(262) 620-4738
Product/Description
MF-Duplex
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
84th Street, east of Antioch Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
9/30/07
12/31/07
3/31/08
6/19/08
2
2
3
1
Quarterly Contracts
0.7
0.7
1.0
0.4
2
4
7
8
0.7
0.7
0.8
0.7
Project Size
68
Total Sold
8
Remaining
To Be Sold
60
Months
Remaining
87.5
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$215,900
$157.25
$219,650
228,900
230,000
131.43
232,750
230,000
235,900
131.27
238,650
$226,300
$227,267
$138.58
$230,350
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
9/30/07
12/31/07
3/31/08
6/19/08
Anderson
3/2.0
---
R
2E
NA
1,373
$220,000
$220,000
$220,000
Bartlett
2/2.0
DEN
R
2E
NA
1,750
228,900
228,900
Gabriel
3/2.5
LOFT
CC
2E
NA
1,797
230,000
230,000
Averages:
1,640
$226,300
$226,300
Plan
* Best Sellers
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
SGDS Carpeting
SGDS Kitchen Sink
SGCC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$125/Mo.
OPT Special Service Dist Fee
NA
COMP
Incentives:
Comments:
Page 1 of 1
Avalon Parc Condominiums
Avalon Parc LLC
MF-Multi-Family
Municipality
Somers
High School Dist.
2793-Kenosha
Total Units
96
Township
Somers
Mstr Plan Comm
None
Opening Date
4/1/05
County
Kenosha
Phone
(262) 705-6597
Product/Description
MF-Flats
State
Wisconsin
Models
0
Minimum Lot Size
NA
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Northwest corner of 45th Street and Green Bay Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/18/07
9/27/07
12/31/07
3/25/08
6/19/08
3
5
1
3
6
1.1
1.5
0.3
1.1
2.1
74
79
80
83
89
2.8
2.6
2.4
2.3
2.3
Project Size
96
Total Sold
89
Remaining
To Be Sold
7
Months
Remaining
3.0
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$169,000
$126.59
$143,700
149,000
159,000
117.34
133,700
---
---
---
---
---
---
---
---
$121.93
$138,700
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/18/07
9/27/07
12/31/07
3/25/08
6/19/08
Lower End
2/2.0
---
FLAT
2E
10+
1,335
$195,500
$179,900
$179,900
$174,000
Lower Middle
2/2.0
---
FLAT
2E
10+
1,355
189,900
179,900
179,900
Upper Middle
2/2.0
DEN
FLAT
2E
NA
1,700
194,900
---
---
Upper End
2/2.0
DEN
FLAT
2E
NA
1,730
194,500
---
---
Averages:
1,345
$193,700
Plan
* Best Sellers
$179,900
$179,900
$161,500
$164,000
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$130/Mo.
NA
CEDR
Incentives:
Comments:
Page 1 of 1
Outlook Cove
G.M. Fedorchak & Associates
Municipality
MF-Multi-Family
La Porte
Township
High School Dist.
NA
Total Units
78
Mstr Plan Comm
None
Opening Date
5/1/03
County
La Porte
Phone
(219) 362-7722
Product/Description
MF-Mid-Rise Condo
State
Indiana
Models
2
Minimum Lot Size
NA
Corridor
La Porte County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
La Porte County
100 Outlook Cove Drive at Johnson Road, west of US-35
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/25/08
Quarterly Contracts
45
0.7
45
0.7
Project Size
78
Total Sold
45
Remaining
To Be Sold
33
Months
Remaining
46.9
FLOOR PLANS OFFERED
Adjusted
Sales Price
$249,900
$199.28
$247,600
1,820
299,900
164.78
298,600
2,436
499,900
205.21
498,600
1,837
$349,900
$190.47
$348,267
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Two-Bed Open
2/2.0
---
MR1
1E
NA
1,254
Three-Bed Standard
3/2.0
---
MR1
1E
NA
Three-Bed Large
3/2.0
DEN
MR1
1E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/25/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MAJR Roof
$204/Mo.
NA
COMP
Incentives:
Comments:
Boat slips available for purchase-$7,000.
Page 1 of 1
Stillwater Springs
Ronald V. Stroup
MF-Multi-Family
Municipality
Fruitport
Township
High School Dist.
103-Fruitport
Total Units
202
Mstr Plan Comm
None
Opening Date
6/1/04
County
Muskegon
Phone
(231) 798-7862
Product/Description
MF-Duplex
State
Michigan
Models
2
Minimum Lot Size
NA
Corridor
Muskegon County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Muskegon County
Sternberg Road and Sheridan Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/12/06
4/30/07
8/21/08
70
48
7
Quarterly Contracts
2.9
4.5
0.4
70
118
125
2.9
3.4
2.5
Project Size
202
Total Sold
125
Remaining
To Be Sold
77
Months
Remaining
31.2
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/12/06
4/30/07
8/21/08
Green Field-A
1/1.5
---
R
2E
10+
1,021
$149,900
$149,900
Green Field-B
2/1.5
---
R
2E
10+
1,093
158,900
Windward
2/2.0
---
R
2E
10+
1,239
172,900
Wood Bridge
2/2.0
---
R
2E
10+
1,332
Meadows Edge
2/2.0
DEN
R
2E
10+
Misty Creek
2/1.5
LOFT
2S
2E
Arbor Trail
2/2.0
DEN
R
Northridge
2/2.5
STDY
2S
Plan
Price Per
Sq. Ft.
Adjusted
Sales Price
$139,900
$137.02
$119,250
158,900
158,900
145.38
140,250
172,900
172,900
139.55
153,250
175,900
175,900
175,900
132.06
156,250
1,369
178,900
178,900
178,900
130.68
159,250
7-10
1,513
---
188,900
---
---
---
2E
10+
1,518
193,900
193,900
193,900
127.73
174,250
2E
7-10
1,650
---
204,900
---
---
---
$134.76
$150,417
* Best Sellers
Averages:
1,262
$171,733
$178,025
$170,067
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
CAST Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$75/Mo.
NA
COMP
Incentives:
Varies by unit.
Comments:
Page 1 of 1
Brookfield Park Condominiums
Pond Development, LLC
Municipality
MF-Multi-Family
Norton Shores
Township
High School Dist.
101-Mona Shores
Total Units
136
Mstr Plan Comm
None
Opening Date
12/1/01
County
Muskegon
Phone
(616) 638-3900
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Muskegon County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Muskegon County
Grand Haven Road, 3/4 mile south of Pontaluna Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/6/06
4/30/07
8/21/08
19
1
1
Quarterly Contracts
0.4
0.1
0.1
19
20
21
0.4
0.3
0.3
Project Size
136
Total Sold
21
Remaining
To Be Sold
115
Months
Remaining
442.2
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/6/06
4/30/07
8/21/08
B-1
2/2.0
---
R
2E
NA
1,128
$144,900
$144,900
B-2
2/2.0
---
R
2E
OPT
1,252
154,900
B-3
2/2.0
---
R
2E
OPT
1,347
159,900
A
3/2.5
---
CC
2E
OPT
1,493
1,305
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$144,900
$128.46
$141,500
154,900
154,900
123.72
151,500
159,900
159,900
118.71
156,500
174,900
174,900
174,900
117.15
171,500
$158,650
$158,650
$158,650
$121.57
$155,250
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
WOOD Range/Oven
Passage Doors
LAM Wardrobe Mirrors
Vanity Tops
VFT Kitchen Sink
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
OPT
OPT Microwave
OPT Refrigerator
OPT Trim
OPT Washer/Dryer
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
GATE Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$109/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Windflower Bay-The Preserve
Eastbrook Homes
Municipality
MF-Multi-Family
Norton Shores
Township
High School Dist.
201-Grand Haven
Total Units
63
Mstr Plan Comm
None
Opening Date
6/1/05
County
Muskegon
Phone
(231) 798-4133
Product/Description
MF-Ranch Villas
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Muskegon County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Muskegon County
Pontaluna Road and Martin Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/6/06
4/30/07
8/21/08
45
5
3
Quarterly Contracts
3.7
0.5
0.2
45
50
53
3.7
2.2
1.4
Project Size
63
Total Sold
53
Remaining
To Be Sold
10
Months
Remaining
7.3
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/6/06
4/30/07
8/21/08
Alder
1/1.0
---
R
1E
U7
905
$152,990
$157,990
Aspen
2/2.0
---
R
2E
U7
1,204
181,490
Birch
2/2.0
---
R
2E
U7
1,204
175,990
Cedar
1/2.0
BNUS
R
2E
U7
1,204
Dogwood
1/2.0
BNUS
R
2E
U7
Averages:
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$138,990
$153.58
$135,740
187,990
168,990
140.36
160,740
187,990
168,990
140.36
160,740
175,990
187,990
168,990
140.36
158,740
1,204
178,990
187,990
168,990
140.36
158,740
1,144
$173,090
$181,990
$162,990
$142.47
$154,940
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$195/Mo.
NA
COMP
Incentives:
Comments:
HOA includes both maintenance and master association dues. Base home prices include a standard lot fee of $39,000.
Page 1 of 1
Beechwood Place
JB Development
MF-Multi-Family
Municipality
Ferrysburg
Township
High School Dist.
201-Grand Haven
Total Units
34
Mstr Plan Comm
None
Opening Date
12/1/04
County
Ottawa
Phone
(616) 842-2010
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Hazel Road and Beechwood Lane
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/13/06
4/12/07
8/22/08
17
2
1
Quarterly Contracts
0.9
0.2
0.1
17
19
20
0.9
0.7
0.4
Project Size
34
Total Sold
20
Remaining
To Be Sold
14
Months
Remaining
31.3
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/13/06
4/12/07
8/22/08
F
2/2.0
---
R
2E
10+
1,166
$---
$154,900
A
2/2.0
---
R
2E
10+
1,200
159,900
B
2/2.0
---
R
2E
10+
1,300
164,900
D
2/2.0
---
R
2E
10+
1,460
C
2/2.0
---
R
2E
10+
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$154,900
$132.85
$135,100
154,900
154,900
129.08
135,100
164,900
164,900
126.85
145,100
---
169,900
169,900
116.37
150,100
1,500
174,900
---
---
---
---
1,282
$166,567
$125.70
$141,350
$161,150
$161,150
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
Kitchen Counters
COLO Range/Oven
Passage Doors
WOOD Kitchen Sink
SGSC Refrigerator
Vanity Tops
VFT Carpeting
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$95/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
North Point Gardens
Beech Breeze Development, LLC
Municipality
MF-Multi-Family
Ferrysburg
Township
High School Dist.
201-Grand Haven
Total Units
14
Mstr Plan Comm
None
Opening Date
10/1/05
County
Ottawa
Phone
(616) 846-1640
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Ridge Avenue, east of 174th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/7/06
4/30/07
8/19/08
1
0
0
Quarterly Contracts
0.1
0.0
0.0
1
1
1
0.1
0.1
0.1
Project Size
14
Total Sold
1
Remaining
To Be Sold
13
Months
Remaining
450.5
FLOOR PLANS OFFERED
Plan
Standard
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/7/06
4/30/07
8/19/08
3/2.5
---
CC
2E
OPT
2,300
$239,000
$229,900
$149,900
2,300
$239,000
$229,900
$149,900
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$65.17
$148,100
$65.17
$148,100
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
COLO Range/Oven
Passage Doors
CERM Kitchen Sink
SGSC Refrigerator
Vanity Tops
CERM Carpeting
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$110/Mo.
NA
COMP
Incentives:
Reduced prices on invetory units.
Comments:
Page 1 of 1
The Gables by the Lake
Doug Geerlings
MF-Multi-Family
Municipality
Ferrysburg
Township
High School Dist.
201-Grand Haven
Total Units
55
Mstr Plan Comm
None
Opening Date
6/29/05
County
Ottawa
Phone
(616) 638-3900
Product/Description
MF-Ranch Villas
State
Michigan
Models
3
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Spring Lake Road, between Harbor Point and Jordan Lane
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/7/06
4/12/07
8/21/08
8
19
2
Quarterly Contracts
0.7
1.9
0.1
8
27
29
0.7
1.3
0.8
Project Size
55
Total Sold
29
Remaining
To Be Sold
26
Months
Remaining
33.9
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/7/06
4/12/07
8/21/08
Albany
2/2.0
---
R
2E
7-10
1,405
$209,900
$209,900
Maplewood
1/1.5
STDY
R
2E
7-10
1,434
209,900
Trenton
2/2.0
---
R
2E
10+
1,747
369,900
Fulton
1/1.5
STDY
R
2E
10+
1,778
Oakwood
2/2.0
---
R
2E
10+
Richmond
2/2.5
---
R
2E
10+
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$219,900
$156.51
$200,650
209,900
219,900
153.35
199,650
369,900
379,900
217.46
356,650
369,900
369,900
379,900
213.67
355,650
1,792
369,900
369,900
379,900
212.00
356,650
1,835
369,900
369,900
379,900
207.03
355,650
1,665
$316,567
$316,567
$326,567
$196.14
$304,150
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$190/Mo.
NA
COMP
Incentives:
None.
Comments:
Some units feature duplex configuration.
Page 1 of 1
Grand Landing-Adams Street Rowhomes
Grand Landing, LLC
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
NA
Total Units
14
Mstr Plan Comm
Grand Landing
Opening Date
8/1/06
County
Ottawa
Phone
(616) 296-0099
Product/Description
MF-Courtyard
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Jackson Street and Beacon Boulevard/Highway 31
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/20/08
Quarterly Contracts
3
0.1
3
0.1
Project Size
14
Total Sold
3
Remaining
To Be Sold
11
Months
Remaining
90.5
FLOOR PLANS OFFERED
Plan
Standard
Base Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
3/2.5
LOFT
CC
2E
7-10
1,778
$285,000
1,778
$285,000
* Best Sellers
Averages:
8/20/08
Price Per
Sq. Ft.
Adjusted
Sales Price
$160.29
$260,450
$160.29
$260,450
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
OPT Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$160/Mo.
NA
COMP
Incentives:
None.
Comments:
Residents have access to all hotel amenities.
Page 1 of 1
Grand Landing-The Village
Grand Landing, LLC
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
NA
Total Units
48
Mstr Plan Comm
Grand Landing
Opening Date
8/1/06
County
Ottawa
Phone
(616) 296-0099
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Beacon Boulevard/US-31 and Jackson Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
4/30/07
8/20/08
9
1
1.0
0.1
9
10
1.0
0.4
4/30/07
8/20/08
Project Size
48
Total Sold
10
Remaining
To Be Sold
38
Months
Remaining
93.8
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$182,900
$238.46
$187,450
235,900
221,900
243.04
226,450
201,900
221,900
213.37
227,450
1,150
275,900
250,000
217.39
255,550
NA
1,233
285,900
257,900
209.16
262,450
OP
NA
1,417
298,900
266,900
188.36
272,450
MR2
OP
NA
1,530
303,900
271,900
177.71
277,450
MR2
OP
NA
1,807
341,900
296,900
164.31
302,450
MR2
OP
NA
1,987
362,900
298,900
150.43
304,450
Averages:
1,316
$276,678
$252,133
$191.59
$257,350
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
D
1/1.5
---
MR1
OP
NA
767
$182,900
B
1/1.5
---
MR1
OP
NA
913
A
2/2.0
---
MR1
OP
NA
1,040
C
2/2.0
---
MR1
OP
NA
G
1/1.5
LOFT
MR2
OP
E
2/2.0
STDY
MR1
F
2/2.0
LOFT
J
2/2.0
L&S
H
2/2.0
B&L
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
WOOD Kitchen Sink
Kitchen Counters
COLO Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
SGDS Carpeting
OPT Washer/Dryer
THOT Dishwasher
NA Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
CEDR Fencing
ENG$ Landscaping
LMTD Patio/Balcony
MINR Roof
COMP
$131/Mo.
NA
Incentives:
Reduced prices on select units.
Comments:
Residential over retail. Residents will have access to Grand Landing Hotel amenities.
Page 1 of 1
Grand Landing-Waterfont Condominiums
Grand Landing, LLC
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
NA
Total Units
24
Mstr Plan Comm
Grand Landing
Opening Date
1/15/08
County
Ottawa
Phone
(616) 296-0099
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Jackson Street and Beacon Boulevard/Highway 31
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/20/08
Quarterly Contracts
1
0.1
1
0.1
Project Size
24
Total Sold
1
Remaining
To Be Sold
23
Months
Remaining
165.6
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$389,900
$370.98
$380,100
1,382
465,000
336.47
455,200
1,400
465,000
332.14
453,200
NA
1,599
575,000
359.60
565,200
2E
NA
1,795
540,000
300.84
528,200
2E
NA
2,012
650,000
323.06
638,200
Averages:
1,540
$514,150
$333.86
$503,350
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Vista
2/2.0
---
MR1
2E
NA
1,051
Bayview
2/2.0
---
MR1
2E
NA
Vista II
2/3.0
LOFT
MR2
2E
NA
Sunset
2/2.0
---
MR1
2E
Bayview II
2/3.0
LOFT
MR2
Sunset II
2/3.0
LOFT
MR2
Plan
* Best Sellers
8/20/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
OPT Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$TBD
NA
COMP
Incentives:
Comments:
Residents have access to all hotel amenities.
Page 1 of 1
Hunters Woods-Ranch Condos
Holwerda Builders
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
201-Grand Haven
Total Units
80
Mstr Plan Comm
None
Opening Date
6/1/04
County
Ottawa
Phone
(616) 217-6989
Product/Description
MF-Ranch Villas
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Lincoln Street, west of 152nd Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/8/06
4/16/07
8/22/08
59
8
9
Quarterly Contracts
2.4
0.8
0.6
59
67
76
2.4
1.9
1.5
Project Size
80
Total Sold
76
Remaining
To Be Sold
4
Months
Remaining
2.7
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/8/06
4/16/07
8/22/08
Chestnut
1/1.0
---
R
1E
U7
922
$124,900
$124,900
$119,900
Birch
2/2.0
---
R
2E
U7
1,218
143,900
143,900
---
---
---
Aspen/Douglas
2/2.0
---
R
2E
U7
1,224
149,900
152,000
154,000
125.82
145,050
Averages:
1,073
$139,567
$140,267
$136,950
$127.63
$130,500
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$130.04
$115,950
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
OPT Trim
INCL Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$115/Mo.
NA
COMP
Incentives:
Comments:
Finished lower level available. Adds 508-640 square feet for between $14,495 and $16,495.
Page 1 of 1
Hunters Woods-Townhomes
Holwerda Builders
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
201-Grand Haven
Total Units
24
Mstr Plan Comm
None
Opening Date
6/1/04
County
Ottawa
Phone
(616) 217-6989
Product/Description
MF-Conventional TH
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Lincoln Street, west of 152nd Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/8/06
4/16/07
8/22/08
11
3
6
Quarterly Contracts
0.5
0.3
0.4
11
14
20
0.5
0.4
0.4
Project Size
24
Total Sold
20
Remaining
To Be Sold
4
Months
Remaining
10.2
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/8/06
4/16/07
8/22/08
Beech
2/1.5
---
2S
1E
U7
1,170
$133,950
$133,900
Ash
2/2.5
---
2S
2E
U7
1,414
145,900
Cedar
2/2.5
---
2S
2E
U7
1,414
---
Dogwood
3/2.5
---
2S
2E
U7
1,574
---
Averages:
1,393
Plan
* Best Sellers
$139,925
Price Per
Sq. Ft.
Adjusted
Sales Price
$133,900
$114.44
$130,950
154,900
154,900
109.55
144,950
144,900
144,900
102.48
134,950
168,500
168,500
107.05
159,550
$150,550
$150,550
$108.08
$142,600
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
OPT Trim
INCL Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$115/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
The Grand Theatre
Redstone Development
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
NA
Total Units
20
Mstr Plan Comm
None
Opening Date
1/15/06
County
Ottawa
Phone
(616) 638-4877
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
11 South First Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
15
0.5
15
0.5
Project Size
20
Total Sold
15
Remaining
To Be Sold
5
Months
Remaining
10.4
FLOOR PLANS OFFERED
Adjusted
Sales Price
$299,900
$233.39
$293,350
1,320
395,000
299.24
388,450
1,350
375,000
277.78
368,450
1,318
$356,633
$270.59
$350,083
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Intermission
2/2.0
---
MR1
1E
NA
1,285
Opening Night
2/2.0
---
MR1
1E
NA
Finale
2/2.0
---
MR1
1E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Plan
8/22/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
LMTD Patio/Balcony
$125/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Zephyr Condominiums
Westwind Construction
Municipality
MF-Multi-Family
Grand Haven
Township
High School Dist.
201-Grand Haven
Total Units
16
Mstr Plan Comm
None
Opening Date
6/1/05
County
Ottawa
Phone
(616) 850-8336
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
22 South Harbor Drive
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/7/06
4/12/07
8/21/08
0
4
2
Quarterly Contracts
0.0
0.4
0.1
0
4
6
0.0
0.2
0.2
Project Size
16
Total Sold
6
Remaining
To Be Sold
10
Months
Remaining
64.5
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/7/06
4/12/07
8/21/08
04
2/2.0
---
MR1
1E
NA
1,188
$495,000
$495,000
05
2/2.0
---
MR1
1E
NA
1,216
425,000
03
2/2.0
---
MR1
1E
NA
1,218
510,000
02
2/2.0
---
MR1
1E
NA
1,337
01
2/2.0
---
MR1
1E
NA
06
3/2.5
---
MR3
1E
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$495,000
$416.67
$485,450
425,000
425,000
349.51
415,450
510,000
545,000
447.45
535,450
520,000
520,000
555,000
415.11
545,450
1,456
625,000
625,000
---
---
---
NA
1,718
495,000
495,000
495,000
288.13
485,450
Averages:
1,335
$511,667
$511,667
$503,000
$376.78
$493,450
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
WOOD Range/Oven
Passage Doors
WOOD Kitchen Sink
SGSC Refrigerator
Vanity Tops
CERM Carpeting
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MASN Fencing
ENG$ Landscaping
LMTD Patio/Balcony
NA Roof
$225/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Downtown Place Condominiums
Lakewood, Inc.
MF-Multi-Family
Municipality
Holland
Township
High School Dist.
204-Holland
Total Units
28
Mstr Plan Comm
None
Opening Date
6/1/04
County
Ottawa
Phone
(616) 394-0400
Product/Description
MF-Loft New Const
State
Michigan
Models
3
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
29 East 6th Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/23/06
4/13/07
8/21/08
11
6
7
Quarterly Contracts
0.4
0.6
0.4
11
17
24
0.4
0.5
0.5
Project Size
28
Total Sold
24
Remaining
To Be Sold
4
Months
Remaining
8.5
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/23/06
4/13/07
8/21/08
F
1/1.5
DEN
MR1
1E
NA
1,107
$199,900
$214,900
$---
C
1/1.0
DEN
MR1
1E
NA
1,172
199,900
214,900
E
1/1.5
DEN
MR1
1E
NA
1,175
199,900
214,900
D
1/1.5
DEN
MR1
1E
NA
1,341
239,000
G
2/2.0
DEN
MR1
1E
NA
1,546
A/B
2/2.0
DEN
MR1
1E
NA
Averages:
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
199,900
170.56
187,650
---
---
---
254,000
---
---
---
299,000
314,000
319,900
206.92
307,650
1,556
299,000
314,000
289,900
186.31
277,650
1,425
$239,450
$254,450
$269,900
$189.40
$257,650
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
WOOD Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MASN Fencing
FULL Patio/Balcony
$232/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Greenly Place Condominiums
Holwerda Builders
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
205-West Ottawa
Total Units
34
Mstr Plan Comm
None
Opening Date
1/1/04
County
Ottawa
Phone
(616) 217-6989
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Greenly Street, east of 120th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/16/06
4/13/07
8/22/08
17
5
1
Quarterly Contracts
0.6
0.5
0.1
17
22
23
0.6
0.6
0.4
Project Size
34
Total Sold
23
Remaining
To Be Sold
11
Months
Remaining
26.7
FLOOR PLANS OFFERED
Plan
Standard
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/16/06
4/13/07
8/22/08
Price Per
Sq. Ft.
2/1.0
---
RR
1E
NA
1,062
$99,900
$94,900
$89,900
$84.65
Averages:
1,062
$99,900
$94,900
$89,900
* Best Sellers
Adjusted
Sales Price
$96,950
$84.65
$96,950
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
OPT Trim
INCL Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$97/Mo.
NA
COMP
Incentives:
Comments:
Total units and sales exclude 16 leased units.
Page 1 of 1
Macatawa Legends-Sports Club
Van Til Builders
MF-Multi-Family
Municipality
Holland
Township
High School Dist.
205-West Ottawa
Total Units
20
Mstr Plan Comm
Macatawa Legends
Opening Date
2/1/06
County
Ottawa
Phone
(616) 738-7800
Product/Description
MF-Ranch Villas
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
New Holland Street, east of 114th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/17/07
8/22/08
1
0
0
Quarterly Contracts
0.2
0.0
0.0
1
1
1
0.2
0.1
0.1
Project Size
20
Total Sold
1
Remaining
To Be Sold
19
Months
Remaining
583.4
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/17/07
8/22/08
Plan 2,520
3/3.0
F&S
R
2E
NA
2,520
$344,900
$344,900
$---
Plan 2,631
2/2.5
F&S
R
2E
NA
2,631
349,900
349,900
299,900
Averages:
2,631
$347,400
$347,400
$299,900
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
113.99
288,600
$113.99
$288,600
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
CERM Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GL++ Roof
$230/Mo.
NA
COMP
Incentives:
None.
Comments:
Project size and sales reflect current phase only.
Pricing and square footage include finished walkout basement.
Page 1 of 1
Macatawa Legends-The Club Ten
Hearthstone Development
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
205-West Ottawa
Total Units
12
Mstr Plan Comm
Macatawa Legends
Opening Date
2/1/06
County
Ottawa
Phone
(616) 738-7800
Product/Description
MF-Duplex
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/17/07
8/22/08
0
3
0
Quarterly Contracts
0.0
0.3
0.0
0
3
3
0.0
0.2
0.1
Project Size
12
Total Sold
3
Remaining
To Be Sold
9
Months
Remaining
92.1
FLOOR PLANS OFFERED
Plan
Hearthstone Villa
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/17/07
8/22/08
2/2.0
---
R
1E
7-10
1,247
$199,900
$191,900
$139,900
1,247
$199,900
$191,900
$139,900
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$112.19
$119,100
$112.19
$119,100
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
THOT Dishwasher
INCL Hand Rails
VFT Kitchen Sink
SS Laundry Tub
SGSC Refrigerator
OPT Washer/Dryer
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GL++ Roof
$150/Mo.
NA
COMP
Incentives:
None.
Comments:
Three units will be built in a stand-alone, detached condominium configuration.
Project size and sales reflect current phase only.
Page 1 of 1
Macatawa Legends-The Grove
Prins Construction
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
205-West Ottawa
Total Units
84
Mstr Plan Comm
Macatawa Legends
Opening Date
2/1/06
County
Ottawa
Phone
(616) 738-7800
Product/Description
MF-Flats
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/17/07
8/22/08
0
0
0
Quarterly Contracts
0.0
0.0
0.0
0
0
0
0.0
0.0
0.0
Project Size
84
Total Sold
0
Remaining
To Be Sold
84
Months
Remaining
NA
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/17/07
8/22/08
Plan 1,097
1/1.0
---
FLAT
1E
NA
1,097
$249,000
$---
$---
$---
$---
Plan 1,966
2/2.0
---
FLAT
2E
NA
1,966
399,000
---
---
---
---
Plan
* Best Sellers
Averages:
$324,000
Price Per
Sq. Ft.
Adjusted
Sales Price
$0
$0
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GL++ Roof
$TBD
NA
COMP
Incentives:
Comments:
Project size and sales reflect current phase only. Floor plans reflect six units located in Sunny Brow building. Representative floor
plans.
Page 1 of 1
Macatawa Legends-Village Green
Prins Construction
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
205-West Ottawa
Total Units
25
Mstr Plan Comm
Macatawa Legends
Opening Date
7/1/05
County
Ottawa
Phone
(616) 738-7800
Product/Description
MF-Duplex
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/17/07
8/22/08
1
1
4
Quarterly Contracts
0.1
0.1
0.2
1
2
6
0.1
0.1
0.2
Project Size
25
Total Sold
6
Remaining
To Be Sold
19
Months
Remaining
119.6
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/17/07
8/22/08
Plan 1,387
2/2.0
FAM
R
2E
NA
1,387
$294,700
$---
$---
Plan 1,400
2/2.0
SUN
R
2E
NA
1,400
199,900
199,900
Plan 1,515
2/2.5
SUN
R
2E
10+
1,515
333,450
333,450
Plan 1,739
3/3.0
LOFT
CC
3E
NA
1,739
434,190
Plan 2,388
2/2.5
FAM
R
2E
NA
2,388
Plan 3,388
4/4.5
FAM
CC
3E
NA
Plan 3,640
5/4.0
F&L
CC
2E
Plan 3,797
4/3.5
FAM
CC
3E
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
199,900
142.79
180,050
333,450
220.10
294,600
434,190
434,190
249.68
408,340
---
294,700
294,700
123.41
273,850
3,388
536,900
536,900
536,900
158.47
508,050
NA
3,640
524,900
524,900
524,900
144.20
504,050
NA
3,797
654,632
654,632
654,632
172.41
627,782
Averages:
2,552
$425,525
$425,525
$425,525
$166.74
$399,532
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
WOOD Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
INCL Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
OPT Homeowner Assoc. Fee
TBD
ENG$ Landscaping
FULL Patio/Balcony
NA
GL++ Roof
COMP
Incentives:
None.
Comments:
Project size and sales reflect current phase only. Three units will be built in a detached condominium configuration. All plans except
1,400 and 1,515 include a finished walkout basement.
Page 1 of 1
Summerlin South Condominiums
Pocan Builders
MF-Multi-Family
Municipality
Holland
Township
High School Dist.
206-Zeeland
Total Units
66
Mstr Plan Comm
None
Opening Date
1/1/05
County
Ottawa
Phone
(616) 836-0428
Product/Description
MF-Ranch Villas
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
32nd Street and Country Club Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/22/06
4/26/07
8/21/08
9
16
7
Quarterly Contracts
0.5
1.6
0.4
9
25
32
0.5
0.9
0.7
Project Size
66
Total Sold
32
Remaining
To Be Sold
34
Months
Remaining
46.4
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/22/06
4/26/07
8/21/08
Amber
1/1.0
---
R
2E
7-10
977
$126,900
$128,900
Topaz
2/1.0
---
R
2E
7-10
1,062
132,900
Emerald
1/1.0
---
R
2E
7-10
1,065
132,900
Ruby
1/1.0
---
R
2E
7-10
1,065
Jewel
1/1.0
---
R
2E
7-10
Opal
2/2.0
---
R
2E
7-10
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$128,900
$131.93
$114,600
134,900
134,900
127.02
122,600
134,900
134,900
126.67
120,600
132,900
134,900
134,900
126.67
120,600
1,154
142,900
144,900
143,900
124.70
129,600
1,185
139,900
141,900
141,900
119.75
127,600
1,085
$134,733
$136,733
$136,567
$125.87
$122,600
Air Conditioning
OPT Bath Flooring
VFT Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$85/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
The Baker Lofts
Bosgraaf Commerical, LLC
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
NA
Total Units
73
Mstr Plan Comm
None
Opening Date
12/15/05
County
Ottawa
Phone
(616) 836-2753
Product/Description
MF-Loft Conversion
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
171 East 24th Street, at Columbia Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
61
1.9
61
1.9
Project Size
73
Total Sold
61
Remaining
To Be Sold
12
Months
Remaining
6.4
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$121,400
$233.91
$120,900
741
163,200
220.24
162,700
778
170,400
219.02
169,900
NA
896
174,900
195.20
174,400
OP
NA
924
199,800
216.23
199,300
MR2
OP
NA
1,253
190,500
152.04
191,000
LOFT
MR2
OP
NA
1,274
184,500
144.82
186,000
---
MR2
OP
NA
1,675
266,250
158.96
266,750
---
MR1
OP
NA
1,700
266,000
156.47
268,500
Averages:
1,254
$218,868
$174.54
$219,277
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
263
0/1.0
---
MR1
OP
NA
519
268
0/1.0
---
MR1
OP
NA
266
0/1.0
---
MR1
OP
NA
253
0/1.0
---
MR1
OP
270
1/1.0
---
MR1
154
2/1.5
---
166
2/1.0
178
3/2.0
103
3/1.0
Plan
* Best Sellers
8/22/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Dishwasher
OPT Hand Rails
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
$125/Mo.
LMTD Patio/Balcony
NA Special Service Dist Fee
NA
COMP
Incentives:
Select units can be leased with option to purchase and 100% of rent goes toward down payment.
Comments:
Total units and sales exclude 25 units that were leased with options to purchase.
Page 1 of 2
The Baker Lofts (Cont.)
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
NA
Total Units
73
Mstr Plan Comm
None
Opening Date
12/15/05
County
Ottawa
Phone
(616) 836-2753
Product/Description
MF-Loft Conversion
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
171 East 24th Street, at Columbia Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
61
1.9
61
1.9
Project Size
73
Total Sold
61
Remaining
To Be Sold
12
Months
Remaining
6.4
FLOOR PLANS OFFERED
Adjusted
Sales Price
$365,600
$208.56
$367,100
2,280
305,000
133.77
305,500
1,254
$218,868
$174.54
$219,277
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
272
2/1.0
---
MR1
OP
NA
1,753
019
4/2.0
---
MR1
OP
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/22/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Dishwasher
OPT Hand Rails
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
$125/Mo.
LMTD Patio/Balcony
NA
COMP
Incentives:
Select units can be leased with option to purchase and 100% of rent goes toward down payment.
Comments:
Total units and sales exclude 25 units that were leased with options to purchase.
Page 2 of 2
The Links at Rolling Meadows
Prins Construction
Municipality
MF-Multi-Family
Holland
Township
High School Dist.
203-Hamilton
Total Units
129
Mstr Plan Comm
None
Opening Date
6/1/01
County
Ottawa
Phone
(616) 355-6312
Product/Description
MF-Ranch Villas
State
Michigan
Models
2
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Matt Urban Drive and 48th Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/23/06
4/30/07
8/21/08
66
2
6
Quarterly Contracts
1.1
0.2
0.4
66
68
74
1.1
1.0
0.9
Project Size
129
Total Sold
74
Remaining
To Be Sold
55
Months
Remaining
64.5
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/23/06
4/30/07
8/21/08
St. Anne's
1/1.5
SUN
R
1E
U7
976
$169,900
$159,900
Prestwick
1/1.5
---
R
2E
7-10
1,162
194,900
Jubilee
1/1.5
SUN
R
2E
7-10
1,345
219,900
Muirfield
1/1.5
DEN
R
2E
7-10
1,380
Gulland
1/1.5
---
R
2E
10+
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$159,900
$163.83
$146,250
169,900
169,900
146.21
146,250
214,780
219,900
163.49
196,250
229,900
216,900
219,900
159.35
196,250
1,410
308,400
308,400
308,400
218.72
280,750
1,255
$224,600
$213,976
$215,600
$171.79
$193,150
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Carpeting
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
CAST Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GLF+ Roof
$220/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Hathaway Lakes-Ranch
Eastbrook Homes
Municipality
MF-Multi-Family
Nunica
Township
High School Dist.
202-Spring Lake
Total Units
79
Mstr Plan Comm
Hathaway Lakes
Opening Date
6/1/06
County
Ottawa
Phone
(616) 296-1134
Product/Description
MF-Ranch Villas
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Cleveland Street and 136th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/14/06
4/30/07
8/21/08
1
1
1
Quarterly Contracts
2.2
0.1
0.1
1
2
3
2.2
0.2
0.1
Project Size
79
Total Sold
3
Remaining
To Be Sold
76
Months
Remaining
677.1
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/14/06
4/30/07
8/21/08
Alder
1/1.0
---
R
1E
U7
905
$146,990
$139,990
Aspen
2/2.0
---
R
2E
U7
1,204
173,990
Birch
2/2.0
---
R
2E
U7
1,204
172,990
Cedar
1/2.0
---
R
2E
U7
1,204
Dogwood
1/2.0
BNUS
R
2E
U7
Averages:
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$130,990
$144.74
$127,440
170,990
164,990
137.03
156,440
170,990
164,990
137.03
156,440
172,990
170,990
164,990
137.03
154,440
1,204
175,990
173,990
164,990
137.03
154,440
1,144
$168,590
$165,390
$158,190
$138.28
$149,840
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$169/Mo.
NA
COMP
Incentives:
Comments:
HOA includes both maintenance and master association dues. Base home prices include a standard lot fee of $35,000.
Page 1 of 1
Lake Pointe
Wolverine Development and Construction
Municipality
MF-Multi-Family
Spring Lake
Township
High School Dist.
202-Spring Lake
Total Units
36
Mstr Plan Comm
None
Opening Date
10/1/05
County
Ottawa
Phone
(616) 638-4280
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
917 West Savidge Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/12/06
4/16/07
8/21/08
19
5
5
Quarterly Contracts
2.3
0.5
0.3
19
24
29
2.3
1.3
0.8
Project Size
36
Total Sold
29
Remaining
To Be Sold
7
Months
Remaining
8.4
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/12/06
4/16/07
8/21/08
Mastersuite
2/2.0
---
MR1
2E
NA
1,304
$240,000
$240,000
Villa
3/3.5
LOFT
MR2
2E
NA
1,912
310,000
Averages:
1,608
$275,000
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$179,900
$137.96
$172,350
310,000
305,000
159.52
295,450
$275,000
$242,450
$150.78
$233,900
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
CEDR Fencing
ENG$ Landscaping
LMTD Patio/Balcony
MINR Roof
COMP
$210/Mo.
NA
Incentives:
None.
Comments:
Boat slip rental optional at Barret Marina starting at $1,500/Yr.
Page 1 of 1
Marina Bay
Pioneer Construction
Municipality
MF-Multi-Family
Spring Lake
Township
High School Dist.
201-Grand Haven
Total Units
48
Mstr Plan Comm
None
Opening Date
5/1/05
County
Ottawa
Phone
(616) 638-5797
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
2
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
Savidge Street, east of Buchanan Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/7/06
4/16/07
8/21/08
8
7
7
Quarterly Contracts
0.6
0.7
0.4
8
15
22
0.6
0.6
0.6
Project Size
48
Total Sold
22
Remaining
To Be Sold
26
Months
Remaining
47.0
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/7/06
4/16/07
8/21/08
Lower
2/2.0
---
MR1
1E
NA
1,200
$389,000
$419,000
Middle/Upper
3/2.0
---
MR1
1E
NA
1,600
399,000
Averages:
1,400
$394,000
Plan
* Best Sellers
Price Per
Sq. Ft.
Adjusted
Sales Price
$419,000
$349.17
$413,700
459,000
459,000
286.88
454,700
$439,000
$439,000
$313.57
$434,200
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$95/Mo.
NA
COMP
Incentives:
None.
Comments:
Boat slips optional for $40,000 to $47,500.
Page 1 of 1
Spring Lake Villas
Sanders Building Company
Municipality
MF-Multi-Family
Spring Lake
Township
High School Dist.
NA
Total Units
43
Mstr Plan Comm
None
Opening Date
1/15/08
County
Ottawa
Phone
(616) 893-8288
Product/Description
MF-Conventional TH
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Ottawa County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Ottawa County
603 Parkview Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
2
0.3
2
0.3
Project Size
43
Total Sold
2
Remaining
To Be Sold
41
Months
Remaining
148.3
FLOOR PLANS OFFERED
Adjusted
Sales Price
$259,000
$108.82
$236,000
2,570
269,000
104.67
246,000
2,570
269,000
104.67
245,000
2,507
$265,667
$105.97
$242,333
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Cape Cod
3/2.5
BNUS
CC
2E
7-10
2,380
East Hampton
3/2.5
BNUS
2S
2E
7-10
Nantucket
2/2.5
B&S
2S
2E
7-10
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
THOT Dishwasher
NA Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
VNYL Fencing
FULL Patio/Balcony
$150/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 1
Coffee Creek-Village Green Townhomes
Phillippe Builders, Inc.
Municipality
MF-Multi-Family
Chesterton
Township
High School Dist.
NA
Total Units
91
Mstr Plan Comm
Coffee Creek
Opening Date
1/21/07
County
Porter
Phone
(219) 921-1200
Product/Description
MF-Conventional TH
State
Indiana
Models
1
Minimum Lot Size
NA
Corridor
Porter County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Porter County
East of Route 49, north of I-80
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
3/15/08
8/25/08
8
0
0.6
0.0
8
8
0.6
0.4
3/15/08
8/25/08
Project Size
91
Total Sold
8
Remaining
To Be Sold
83
Months
Remaining
198.9
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$197,900
$163.42
$191,050
214,900
214,900
168.29
206,050
216,900
216,900
163.33
209,050
1,409
217,900
217,900
154.65
209,050
1,306
$211,900
$211,900
$162.25
$203,800
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Westfield
2/1.5
---
2S
2E
OPT
1,211
$197,900
Wheatfield
2/2.5
---
2S
2E
OPT
1,277
Briarwood
2/2.0
---
R
2E
OPT
1,328
Meadowview
2/2.5
---
2S
2E
OPT
Plan
* Best Sellers
Averages:
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
OPT
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
GOLF Roof
MACF Fencing
FULL Patio/Balcony
$TBD
NA
COMP
Incentives:
Up to $5,000 off immediate occupancy homes and all closing costs paid.
Comments:
Page 1 of 1
Marina Shores at Dune Harbor-Bayshore
Brant Construction
Municipality
MF-Multi-Family
Portage
Township
High School Dist.
NA
Total Units
72
Mstr Plan Comm
None
Opening Date
5/1/06
County
Porter
Phone
(219) 763-3500
Product/Description
MF-3-Story Walkup
State
Indiana
Models
1
Minimum Lot Size
NA
Corridor
Porter County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Porter County
Dune Harbor Drive, west of IN-249
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
4
0.1
4
0.1
Project Size
72
Total Sold
4
Remaining
To Be Sold
68
Months
Remaining
471.7
FLOOR PLANS OFFERED
Adjusted
Sales Price
$319,900
$394.45
$317,300
1,156
289,900
250.78
287,300
1,156
385,900
333.82
383,300
NA
1,173
355,900
303.41
353,300
Averages:
1,074
$337,900
$314.62
$335,300
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
A
1/1.0
---
FLAT
OP
NA
811
B
1/1.0
---
FLAT
OP
NA
C
2/2.0
---
2S
OP
NA
D
2/2.0
---
2S
OP
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$225/Mo.
NA
COMP
Incentives:
Up to $70,000 off inventory units.
Comments:
The Bayshore condominiums feature nine, eight-unit buildings and total unit count refects Phase I.
Project to also include the Williamsport condominiums featuring three, 16-unit buildings.
30-50 foot boat slips available for lease: $2,000-$5,000 per year.
Page 1 of 1
Marina Shores at Dune Harbor-Cottage
Brant Construction
Municipality
SF-Production
Portage
Township
High School Dist.
NA
Total Units
37
Mstr Plan Comm
None
Opening Date
5/1/06
County
Porter
Phone
(219) 763-3500
Product/Description
SF-Cluster
State
Indiana
Models
2
Minimum Lot Size
5,250 Sq. Ft.
Corridor
Porter County
Sales
On-Site
Lot Dimensions
50' x 105'
Broker Coop
Yes
Active Adult
No
Submarket
Location
Porter County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
6
0.2
6
0.2
Project Size
37
Total Sold
6
Remaining
To Be Sold
31
Months
Remaining
143.4
FLOOR PLANS OFFERED
Adjusted
Sales Price
$417,785
$258.37
$394,685
1,875
429,785
229.22
407,685
1,897
465,785
245.54
441,685
2,146
451,785
210.52
427,685
1,884
$441,285
$234.23
$417,935
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Spinnaker
2/2.0
---
R
2E
OPT
1,617
Windstar
3/2.0
---
R
2E
OPT
Lazarette
3/3.0
---
R
2E
OPT
Mariner
3/3.0
---
CC
2E
OPT
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
RYD Homeowner Assoc. Fee
$150/Mo.
NA
COMP
Incentives:
Comments:
Prjoect also features 21 custom lots priced between $158,000 and $399,000. None sold as of 8/21/2008.
Maintenance-free homes and total unit count reflects Phase I.
Above pricing includes an average $129,885 lot.
Garages are rear-loaded.
Page 1 of 1
Marina Shores at Dune Harbor-Harbor Pointe
Brant Construction
Municipality
MF-Multi-Family
Portage
Township
High School Dist.
NA
Total Units
28
Mstr Plan Comm
None
Opening Date
5/1/06
County
Porter
Phone
(219) 763-3500
Product/Description
MF-Flats
State
Indiana
Models
1
Minimum Lot Size
NA
Corridor
Porter County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Porter County
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
4
0.1
4
0.1
Project Size
28
Total Sold
4
Remaining
To Be Sold
24
Months
Remaining
166.5
FLOOR PLANS OFFERED
Adjusted
Sales Price
$424,900
$275.19
$422,300
1,739
449,900
258.71
438,300
1,642
$437,400
$266.38
$430,300
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
1st Floor
2/2.0
---
FLAT
OP
NA
1,544
2nd Floor
3/2.0
---
FLAT
2E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$225/Mo.
NA
COMP
Incentives:
Comments:
The Harbor Pointe condominiums feature seven, four-unit buildings and total unit count refects Phase I.
Project to also include the Williamsport condominiums featuring three, 16-unit buildings.
Page 1 of 1
Stonefield-Village
Ener-Con Companies
Municipality
MF-Multi-Family
Mount Pleasant
Township
High School Dist.
NA
Total Units
132
Mstr Plan Comm
None
Opening Date
6/4/04
County
Racine
Phone
(414) 764-7800
Product/Description
MF-Flats
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
1/2 Mile north on Oakes Rd. off Hwy. 20
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
12/31/04
4/5/05
9/19/05
3/29/06
8/7/08
7
9
11
7
37
Quarterly Contracts
1.0
2.9
2.0
1.1
1.3
7
16
27
34
71
1.0
1.6
1.7
1.6
1.4
Project Size
132
Total Sold
71
Remaining
To Be Sold
61
Months
Remaining
43.1
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$109,900
$97.26
$114,300
152,900
122,900
108.28
127,300
---
---
---
---
---
---
---
---
---
159,900
151,900
146,900
118,900
98.26
123,300
---
134,900
151,900
146,900
118,900
97.06
118,300
1,370
---
159,900
159,900
154,900
124,900
91.17
119,300
1,830
175,900
192,900
197,900
192,900
149,900
81.91
155,300
1,317
$147,900
$151,650
$159,067
$154,067
$124,233
$94.33
$126,300
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
12/31/04
4/5/05
9/19/05
3/29/06
8/7/08
B Upper Middle
2/2.0
---
FLAT
OP
NA
1,130
$135,900
$135,900
$134,900
$129,900
B Lower
2/2.0
---
FLAT
OP
NA
1,135
139,900
149,900
157,900
D Lower A
2/2.0
---
2S
2E
NA
1,150
---
139,900
---
D Lower B
2/2.0
---
2S
2E
NA
1,150
---
139,900
B Upper End
2/2.0
---
FLAT
OP
NA
1,210
139,900
C Lower
2/2.0
---
FLAT
1E
NA
1,225
D Upper
2/2.0
---
2S
2E
NA
C Upper
3/2.0
---
FLAT
OP
NA
Averages:
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
INCL Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACF Fencing
FULL Patio/Balcony
$125/Mo.
NA
COMP
Incentives:
Varies on inventory homes with preferred lender.
Comments:
Page 1 of 1
Taylor Harbor
Coldwell Banker
MF-Multi-Family
Municipality
Mount Pleasant
Township
High School Dist.
NA
Total Units
104
Mstr Plan Comm
None
Opening Date
1/1/02
County
Racine
Phone
(262) 681-2020
Product/Description
MF-Flats
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
Braun Road, east of Highway 31
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
12/31/04
5/9/05
9/30/05
3/29/06
8/8/08
42
4
6
4
34
Quarterly Contracts
1.2
0.9
1.3
0.7
1.2
42
46
52
56
90
1.2
1.1
1.2
1.1
1.1
Project Size
104
Total Sold
90
Remaining
To Be Sold
14
Months
Remaining
12.3
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$145,000
$116.00
$145,000
156,900
162,900
116.36
162,900
160,000
164,000
99.39
164,000
171,900
188,900
189,900
99.95
189,900
$157,400
$160,200
$165,450
$106.74
$165,450
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
12/31/04
5/9/05
9/30/05
3/29/06
8/8/08
Lower
2/2.0
---
FLAT
2E
NA
1,250
$139,900
$142,900
$142,900
$135,000
Lower 2
2/2.0
---
FLAT
2E
NA
1,400
---
---
---
Upper
2/2.0
---
FLAT
2E
NA
1,650
---
---
---
Upper 2
2/2.0
---
FLAT
2E
NA
1,900
168,900
171,900
Averages:
1,550
$154,400
$157,400
Plan
* Best Sellers
Air Conditioning
INCL Bath Flooring
VFT Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
VFT Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
OPT
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
NA Roof
$75/Mo.
NA
COMP
Incentives:
$10,000-35,000 off inventory homes.
Comments:
Remaining units are specs priced with upgrades. Above pricing reflects last known base price.
Page 1 of 1
Atwater at Gaslight Pointe
Municipality
MF-Multi-Family
Racine
Township
High School Dist.
NA
Total Units
40
Mstr Plan Comm
None
Opening Date
10/15/06
County
Racine
Phone
(262) 637-7801
Product/Description
MF-Mid-Rise Condo
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
4 Gaslight Drive, east of South Main Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
12/19/07
8/20/08
26
0
1.8
0.0
26
26
1.8
1.2
12/19/07
8/20/08
Project Size
40
Total Sold
26
Remaining
To Be Sold
14
Months
Remaining
12.0
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$190,900
$252.18
$184,100
197,900
197,900
215.81
191,100
230,900
230,900
244.86
223,100
1,092
226,900
226,900
207.78
220,100
NA
1,097
229,900
229,900
209.57
223,100
1E
NA
1,121
241,900
241,900
215.79
235,100
MR1
1E
NA
1,279
259,900
259,900
203.21
252,100
MR1
1E
NA
1,339
266,900
266,900
199.33
260,100
MR1
1E
NA
1,351
268,900
268,900
199.04
262,100
Averages:
1,245
$266,067
$266,067
$213.71
$258,100
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
310
1/1.0
---
MR1
1E
NA
757
$190,900
202
1/1.0
DEN
MR1
1E
NA
917
203, 303
1/1.5
---
MR1
1E
NA
943
101
1/1.0
---
MR1
1E
NA
102
1/1.0
DEN
MR1
1E
301
1/1.0
DEN
MR1
210
1/1.5
DEN
110
2/2.0
---
111
2/2.0
---
Plan
* Best Sellers
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Trim
OPT Windows
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
WOOD
INCL
CERM
WOOD
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACD Fencing
FULL Patio/Balcony
$288/Mo.
NA
COMP
Incentives:
Comments:
Page 1 of 2
Atwater at Gaslight Pointe (Cont.)
Municipality
MF-Multi-Family
Racine
Township
High School Dist.
NA
Total Units
40
Mstr Plan Comm
None
Opening Date
10/15/06
County
Racine
Phone
(262) 637-7801
Product/Description
MF-Mid-Rise Condo
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
4 Gaslight Drive, east of South Main Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
12/19/07
8/20/08
26
0
1.8
0.0
26
26
1.8
1.2
12/19/07
8/20/08
Project Size
40
Total Sold
26
Remaining
To Be Sold
14
Months
Remaining
12.0
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$287,900
$203.03
$281,100
413,900
413,900
231.10
401,100
376,900
376,900
205.28
364,100
$266,067
$266,067
$213.71
$258,100
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
211, 311
2/2.0
---
MR1
1E
NA
1,418
$287,900
406
2/2.5
DEN
MR1
2E
NA
1,791
107
2/2.5
---
MR1
2E
NA
1,836
Averages:
1,245
Plan
* Best Sellers
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Trim
OPT Windows
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
WOOD
INCL
CERM
WOOD
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
NA Roof
MACD Fencing
FULL Patio/Balcony
$288/Mo.
NA
COMP
Incentives:
Comments:
Page 2 of 2
River Bend Lofts
Harvest Development
Municipality
MF-Multi-Family
Racine
Township
High School Dist.
NA
Total Units
58
Mstr Plan Comm
None
Opening Date
8/15/06
County
Racine
Phone
(262) 930-5555
Product/Description
MF-Loft Conversion
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
6th and Marquette Streets
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/7/08
Quarterly Contracts
14
0.6
14
0.6
Project Size
58
Total Sold
14
Remaining
To Be Sold
44
Months
Remaining
74.8
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
107
0/1.0
---
FLAT
OP
NA
470
$64,800
$137.87
$62,150
115
0/1.0
---
FLAT
OP
NA
480
65,280
136.00
62,630
103
0/1.0
---
FLAT
OP
NA
490
65,880
134.45
63,230
105
0/1.0
---
FLAT
OP
NA
530
---
---
---
113
1/1.0
---
FLAT
OP
NA
620
---
---
---
101
0/1.0
---
FLAT
OP
NA
660
74,980
113.61
72,330
117
0/1.0
---
FLAT
1E
NA
800
---
---
---
213, 313, 413
1/1.0
---
FLAT
OP
NA
1,050
116,844
111.28
114,194
203, 303, 403
1/1.0
---
FLAT
OP
NA
1,150
---
---
---
Averages:
1,280
$117.65
$142,445
Plan
* Best Sellers
8/7/08
$150,595
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
WOOD Range/Oven
Passage Doors
CERM Kitchen Sink
SGSC Refrigerator
Vanity Tops
SGDS Carpeting
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
LMTD Patio/Balcony
$142/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 1 of 3
River Bend Lofts (Cont.)
Harvest Development
Municipality
MF-Multi-Family
Racine
Township
High School Dist.
NA
Total Units
58
Mstr Plan Comm
None
Opening Date
8/15/06
County
Racine
Phone
(262) 930-5555
Product/Description
MF-Loft Conversion
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/7/08
Quarterly Contracts
14
0.6
14
0.6
Project Size
58
Total Sold
14
Remaining
To Be Sold
44
Months
Remaining
74.8
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$154,517
$117.06
$146,867
1,350
159,728
118.32
152,078
1,430
164,152
114.79
156,502
NA
1,450
170,320
117.46
157,670
1E
NA
1,450
170,801
117.79
163,151
FLAT
2E
NA
1,450
175,801
121.24
163,151
---
FLAT
1E
NA
1,460
166,076
113.75
158,426
---
FLAT
1E
NA
1,460
166,076
113.75
158,426
---
FLAT
1E
NA
1,460
166,720
114.19
159,070
Averages:
1,280
$150,595
$117.65
$142,445
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
202, 302, 402
2/2.0
---
FLAT
1E
NA
1,320
212, 312, 412
2/2.0
---
FLAT
1E
NA
208, 308, 408
2/2.0
---
FLAT
1E
NA
201, 301, 401
2/2.0
---
FLAT
2E
214, 314, 414
2/2.0
---
FLAT
215, 315, 415
2/2.0
---
204, 304, 404
2/2.0
209, 309, 409
2/2.0
211, 311, 411
2/2.0
Plan
* Best Sellers
8/7/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
WOOD Range/Oven
Passage Doors
CERM Kitchen Sink
SGSC Refrigerator
Vanity Tops
SGDS Carpeting
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
LMTD Patio/Balcony
$142/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 2 of 3
River Bend Lofts (Cont.)
Harvest Development
Municipality
MF-Multi-Family
Racine
Township
High School Dist.
NA
Total Units
58
Mstr Plan Comm
None
Opening Date
8/15/06
County
Racine
Phone
(262) 930-5555
Product/Description
MF-Loft Conversion
State
Wisconsin
Models
1
Minimum Lot Size
NA
Corridor
Racine County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
East Racine
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/7/08
Quarterly Contracts
14
0.6
14
0.6
Project Size
58
Total Sold
14
Remaining
To Be Sold
44
Months
Remaining
74.8
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$177,693
$120.88
$165,043
1,540
185,594
120.52
172,944
1,570
180,346
114.87
172,696
NA
1,590
181,951
114.43
169,301
2E
NA
1,720
200,847
116.77
188,197
2E
NA
1,730
203,491
117.62
190,841
Averages:
1,280
$150,595
$117.65
$142,445
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
217, 317, 417
2/2.0
---
FLAT
2E
NA
1,470
216, 316, 416
2/2.0
---
FLAT
2E
NA
205, 305, 405
2/2.0
---
FLAT
1E
NA
206, 306, 406
2/2.0
---
FLAT
2E
210, 310, 410
2/2.0
---
FLAT
207, 307, 407
2/2.0
---
FLAT
Plan
* Best Sellers
8/7/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
WOOD Range/Oven
Passage Doors
CERM Kitchen Sink
SGSC Refrigerator
Vanity Tops
SGDS Carpeting
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
NA Roof
MASN Fencing
LMTD Patio/Balcony
$142/Mo.
NA
COMP
Incentives:
None.
Comments:
Page 3 of 3
Central Lofts
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
NA
Total Units
23
Mstr Plan Comm
None
Opening Date
11/15/07
County
Van Buren
Phone
(616) 836-0756
Product/Description
MF-Loft Conversion
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
Remote
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
500 Erie Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/26/08
Quarterly Contracts
8
0.9
8
0.9
Project Size
23
Total Sold
8
Remaining
To Be Sold
15
Months
Remaining
17.6
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$165,000
$200.00
$159,050
888
177,600
200.00
171,650
935
187,600
200.64
181,650
NA
980
197,550
201.58
191,600
OP
NA
1,480
247,000
166.89
241,050
FLAT
OP
NA
1,605
286,000
178.19
280,050
---
FLAT
OP
NA
1,830
366,000
200.00
360,050
---
FLAT
OP
NA
1,840
360,000
195.65
354,050
---
FLAT
OP
NA
1,935
387,000
200.00
381,050
Averages:
1,369
$263,750
$192.66
$257,800
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
12
1/1.0
---
FLAT
OP
NA
825
107
1/1.0
---
FLAT
OP
NA
05/11
1/1.0
---
FLAT
OP
NA
14
1/1.0
---
FLAT
OP
10
2/2.0
---
FLAT
102
2/2.0
---
03
2/2.0
01
2/2.0
09
3/2.5
Plan
* Best Sellers
8/26/08
INCL Bath Flooring
Air Conditioning
NA Foyer Flooring
Fireplace
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
CERM Carpeting
WOOD Kitchen Sink
SGSC Refrigerator
NA Washer/Dryer
WOOD Dishwasher
NA Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
STD Landscaping
MINR Roof
MASN Fencing
$150/Mo.
LMTD Patio/Balcony
NA
COMP
Incentives:
Any unit can be leased with option to purchase and 100% of rent goes toward down payment.
Comments:
One outdoor assigned parking space is included in base price.
Page 1 of 1
Everett Park-Duplex
Everett Park, LLC
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
NA
Total Units
50
Mstr Plan Comm
None
Opening Date
11/1/07
County
Van Buren
Phone
(269) 637-0300
Product/Description
MF-Duplex
State
Michigan
Models
0
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
Elkenberg Avenue and St. Joseph Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
0
0.0
0
0.0
Project Size
50
Total Sold
0
Remaining
To Be Sold
50
Months
Remaining
NA
FLOOR PLANS OFFERED
Adjusted
Sales Price
$249,000
$171.72
$243,450
1,550
249,000
160.65
243,450
1,580
269,000
170.25
263,450
1,580
269,000
170.25
263,450
1,540
$259,000
$168.18
$253,450
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Johnston
3/2.5
---
CC
1E
OPT
1,450
Bailey
3/2.5
---
CC
1E
OPT
Avery
3/2.5
---
2S
1E
OPT
Overton
3/2.5
---
2S
1E
OPT
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$225/Mo.
NA
COMP
Incentives:
Comments:
Total unit count reflects Phases I and II.
Page 1 of 1
Lighthouse Village-TH
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
NA
Total Units
10
Mstr Plan Comm
None
Opening Date
2/1/07
County
Van Buren
Phone
(269) 639-8742
Product/Description
MF-Courtyard
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
73rd Street and Parkview Lake
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
2
0.1
2
0.1
Project Size
10
Total Sold
2
Remaining
To Be Sold
8
Months
Remaining
74.7
FLOOR PLANS OFFERED
Adjusted
Sales Price
$194,900
$129.93
$192,850
1,700
181,400
106.71
179,350
1,600
$188,150
$117.59
$186,100
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Serenity
3/2.0
---
2S
2E
NA
1,500
Liberty
3/2.0
---
2S
2E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/21/08
Air Conditioning
INCL Bath Flooring
SGDS Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
COLO Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
WOOD Kitchen Sink
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
$50/Mo.
ENG$ Landscaping
FULL Patio/Balcony
NA
MINR Roof
COMP
Incentives:
Three percent of purchase price toward closing costs with preferred lender.
Comments:
Page 1 of 1
North Haven Village
Prins Construction
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
401-South Haven
Total Units
26
Mstr Plan Comm
None
Opening Date
3/1/04
County
Van Buren
Phone
(269) 214-0224
Product/Description
MF-Courtyard
State
Michigan
Models
2
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
Kentucky Avenue, south of Baseline Road
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
6/23/06
4/13/07
8/21/08
8
2
4
Quarterly Contracts
0.3
0.2
0.2
8
10
14
0.3
0.3
0.3
Project Size
26
Total Sold
14
Remaining
To Be Sold
12
Months
Remaining
46.1
FLOOR PLANS OFFERED
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/23/06
4/13/07
8/21/08
Plan 1,188
2/2.5
---
2S
1E
U7
1,188
$249,000
$249,000
$189,900
Plan 1,698
3/2.5
---
2S
2E
U7
1,698
290,770
290,770
Plan 1,828
4/3.0
---
CC
1E
7-10
1,828
299,000
299,000
1,188
$279,590
$279,590
Plan
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$159.85
$179,550
---
---
---
---
---
---
$159.85
$179,550
$189,900
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
CERM Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$185/Mo.
NA
COMP
Incentives:
Comments:
Project is aligns a private marina.
Boat slips available: $16,500 and $500 annual maintenance fee.
Total units excludes one retail unit.
Page 1 of 1
Riverwatch-Phase I
Filing Construction
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
NA
Total Units
25
Mstr Plan Comm
None
Opening Date
8/1/07
County
Van Buren
Phone
(269) 639-9224
Product/Description
MF-Mid-Rise Condo
State
Michigan
Models
1
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
815 Wells Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/22/08
Quarterly Contracts
7
0.5
7
0.5
Project Size
25
Total Sold
7
Remaining
To Be Sold
18
Months
Remaining
32.8
FLOOR PLANS OFFERED
Adjusted
Sales Price
$299,900
$316.68
$290,800
1,331
325,900
244.85
316,800
1,415
387,900
274.13
379,800
1,231
$337,900
$274.49
$329,133
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
One-Bed
1/1.0
---
MR1
1E
NA
947
Two-Bed
2/2.0
---
MR1
1E
NA
Three-Bed
3/2.0
---
MR1
1E
NA
Averages:
* Best Sellers
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/22/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
WOOD Range/Oven
Passage Doors
SGSC Refrigerator
Vanity Tops
CERM Kitchen Sink
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Kitchen Cabinets
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$184/Mo.
NA
COMP
Incentives:
None.
Comments:
Total unit count reflects Building I. An additional building to include 25 units proposed.
Page 1 of 1
Sherman Hills Condominiums
Pine Creek Construction
Municipality
MF-Multi-Family
South Haven
Township
High School Dist.
401-South Haven
Total Units
168
Mstr Plan Comm
None
Opening Date
4/1/06
County
Van Buren
Phone
(616) 399-6863
Product/Description
MF-Duplex
State
Michigan
Models
UC
Minimum Lot Size
NA
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
NA
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
Northwest corner of Second Avenue and 71 1/2 Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Project Size
Survey Date
6/27/06
4/30/07
8/21/08
0
0
0
Quarterly Contracts
0.0
0.0
0.0
0
0
0
0.0
0.0
0.0
168
Total Sold
0
Remaining
To Be Sold
168
Months
Remaining
NA
FLOOR PLANS OFFERED
Plan
A/B
Bed/
Bath
Extra
Room
Garage
Bsmt
Plan Size
(Sq. Ft.)
Base Sales Price
Elev
6/27/06
4/30/07
8/21/08
3/3.0
F&S
R
2E
NA
2,400
$399,900
$---
$---
$399,900
$0
* Best Sellers
Averages:
Price Per
Sq. Ft.
Adjusted
Sales Price
$---
$---
$0
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
OPT Foyer Flooring
Kitchen Counters
CERM Kitchen Sink
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
WOOD Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
GLF+ Roof
$275/Mo.
NA
COMP
Incentives:
Comments:
Includes private marina with access to Black River. Floor plans include finished walkout basement.
Page 1 of 1
A4.3
Single Family Detached Developments
By County
Lake Michigan Market Area
August 2008
Diamond Point-Cottage
Lake Michigan View Townhomes, LLC
Municipality
SF-Production
New Buffalo
Township
High School Dist.
NA
Total Units
17
Mstr Plan Comm
None
Opening Date
3/1/06
County
Berrien
Phone
(269) 469-8440
Product/Description
SF-Conventional
State
Michigan
Models
1
Minimum Lot Size
8,586 Sq. Ft.
Corridor
Berrien County
Sales
On-Site
Lot Dimensions
81' x 106'
Broker Coop
Yes
Active Adult
No
Submarket
Location
Berrien County
Buffalo Street and Bell Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/28/08
Quarterly Contracts
1
0.0
1
0.1
Project Size
17
Total Sold
1
Remaining
To Be Sold
16
Months
Remaining
479.7
FLOOR PLANS OFFERED
Adjusted
Sales Price
$375,000
$248.84
$363,750
1,599
383,000
239.52
369,750
1,803
395,000
219.08
382,750
2,001
425,000
212.39
408,750
1,728
$394,500
$228.30
$381,250
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Buffalo
3/2.0
---
R
OP
OPT
1,507
Barker
3/3.0
---
R
OP
OPT
Barton
3/2.5
---
CC
OP
OPT
Whittaker
4/4.5
---
CC
OP
OPT
* Best Sellers
Averages:
Base Sales Price
Price Per
Sq. Ft.
Bed/
Bath
Plan
8/28/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
INCL Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MINR Roof
MACF Fencing
FULL Patio/Balcony
$200/Mo.
NA
COMP
Incentives:
Up to $36,000 off inventory homes.
Comments:
Optional upgrades include basements for $9,000, one-car detached garages for $15,000, and two-car detached garages for $25,000.
Recreational facilities inlcude an indoor swimming pool and sauna, recreational room and fitness center.
Page 1 of 1
Rock Lake Meadows
Modern Homes
SF-Production
Municipality
Trevor
High School Dist.
6545-Wilmot
Total Units
70
Township
Salem
Mstr Plan Comm
None
Opening Date
2/1/00
County
Kenosha
Phone
(262) 862-6000
Product/Description
SF-Conventional
State
Wisconsin
Models
1
Minimum Lot Size
20,000 Sq. Ft.
Corridor
Kenosha County
Sales
On-Site
Lot Dimensions
100' x 200'
Broker Coop
Yes
Active Adult
No
Submarket
Location
Kenosha County
Rock Lake Road and 257th Avenue
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
Quarterly Contracts
6/13/07
9/11/07
12/31/07
6
1
0
3/19/08
6/23/08
-2
0
2.1
0.3
0.0
-0.8
0.0
68
69
69
67
67
0.8
0.8
0.7
0.7
0.7
Project Size
70
Total Sold
67
Remaining
To Be Sold
3
Months
Remaining
4.5
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$273,428
$158.60
$240,978
283,220
283,220
155.79
253,770
285,668
285,668
150.19
252,218
304,426
304,426
304,426
150.11
270,976
284,230
284,230
284,230
284,230
137.91
259,780
284,325
292,694
292,694
292,694
292,694
133.04
268,244
2,218
293,199
301,568
301,568
301,568
301,568
135.96
277,118
2,336
291,261
299,630
299,630
299,630
299,630
128.27
284,180
2,608
---
---
---
---
---
---
---
$142.73
$263,408
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
6/13/07
9/11/07
12/31/07
3/19/08
6/23/08
Atwater-A
3/2.0
---
R
2E
10+
1,724
$265,159
$273,428
$273,428
$273,428
Brandywood-C
3/2.5
---
CC
2E
7-10
1,818
274,951
283,220
283,220
Fairfield-A
2/2.0
DEN
R
2E
10+
1,902
277,399
285,668
285,668
Ivanhoe
2/2.0
DEN
R
2E
10+
2,028
296,157
304,426
Cascade-C
3/2.5
---
2S
2E
U7
2,061
275,961
Driscoll-C
4/2.5
FAM
2S
2E
U7
2,200
Eastport-A
4/2.5
---
CC
2E
U7
Greenville-A
4/2.5
FAM
2S
2E
NA
Hammond-B
4/2.5
L&F
2S
2E
10+
Plan
* Best Sellers
Averages:
2,036
$282,302
$290,608
$290,608
$290,608
$290,608
Air Conditioning
INCL Bath Flooring
SGDS Carpeting
Fireplace
INCL Foyer Flooring
SGDS Kitchen Sink
Kitchen Counters
Passage Doors
COLO Range/Oven
SGSC Refrigerator
Vanity Tops
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
INCL Microwave
OPT Trim
OPT Windows
VNYL
WOOD
OPT
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
OPT Homeowner Assoc. Fee
$150/Yr.
ENG$ Landscaping
GDSD Patio/Balcony
NA
NA Roof
COMP
Incentives:
$10,000 toward options or upgrades with preferred lender.
Comments:
Page 1 of 1
The Woodlands
Urban Street Properties
Municipality
SF-Production
Michigan City
Township
High School Dist.
NA
Total Units
47
Mstr Plan Comm
None
Opening Date
4/1/06
County
La Porte
Phone
(219) 561-3515
Product/Description
SF-Conventional
State
Indiana
Models
1
Minimum Lot Size
43,500 Sq. Ft.
Corridor
La Porte County
Sales
On-Site
Lot Dimensions
150' x 290'
Broker Coop
Yes
Active Adult
No
Submarket
Location
La Porte County
1825 Tryon Road, west of Route 212
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/26/08
Quarterly Contracts
18
0.6
18
0.6
Project Size
47
Total Sold
18
Remaining
To Be Sold
29
Months
Remaining
46.6
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$299,900
$249.92
$281,650
1,562
349,900
224.01
331,650
1,965
384,900
195.88
366,650
NA
2,062
390,900
189.57
371,650
OP
NA
2,249
409,900
182.26
391,650
OP
NA
2,276
419,900
184.49
401,650
Averages:
1,886
$375,900
$199.31
$357,483
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Cottage
2/2.0
---
R
OP
NA
1,200
Escape
2/2.0
---
R
OP
NA
Gataway A
3/2.5
---
2S
OP
NA
Retreat
3/3.0
L&D
CC
OP
Hideaway
3/2.5
LOFT
CC
Getaway B
3/2.5
BNUS
2S
Plan
* Best Sellers
8/26/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
OPT Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
ENG$ Landscaping
MAJR Roof
CEDR Fencing
FULL Patio/Balcony
$125/Mo.
NA
COMP
Incentives:
Up to $10,000 concierge package included if closed within 30 days.
Comments:
Page 1 of 1
Everett Park-SF
Everett Park, LLC
Municipality
SF-Production
South Haven
Township
High School Dist.
NA
Total Units
36
Mstr Plan Comm
None
Opening Date
11/1/07
County
Van Buren
Phone
(269) 637-0300
Product/Description
SF-Conventional
State
Michigan
Models
0
Minimum Lot Size
5,500 Sq. Ft.
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
50' x 110'
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
Elkenberg Avenue and St. Joseph Street
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
1
0.1
1
0.1
Project Size
36
Total Sold
1
Remaining
To Be Sold
35
Months
Remaining
339.5
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$349,000
$232.67
$336,950
1,500
349,000
232.67
336,950
1,740
349,000
200.57
334,950
OPT
1,740
349,000
200.57
334,950
1E
OPT
2,500
419,000
167.60
405,950
1E
OPT
2,500
419,000
167.60
405,950
1,913
$372,333
$194.63
$359,283
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Monroe
3/2.0
---
R
1E
OPT
1,500
Rawson
3/2.0
---
R
1E
OPT
Arrington
3/3.0
DEN
R
1E
OPT
Dunford
3/3.0
DEN
R
1E
Casavant
4/2.5
D&L
CC
Nelson
4/2.5
D&L
CC
Plan
* Best Sellers
Averages:
8/21/08
Air Conditioning
INCL Bath Flooring
CERM Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
INCL Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
INCL Trim
OPT Windows
VNYL
WOOD
INCL
CERM
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
MAVL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$225/Mo.
NA
COMP
Incentives:
Comments:
Maintenance free community.
Total unit count represents Phases I and II.
Page 1 of 1
Lighthouse Village-SF
Municipality
SF-Production
South Haven
Township
High School Dist.
NA
Total Units
63
Mstr Plan Comm
None
Opening Date
2/1/07
County
Van Buren
Phone
(269) 639-8742
Product/Description
SF-Conventional
State
Michigan
Models
1
Minimum Lot Size
6,000 Sq. Ft.
Corridor
Van Buren County
Sales
On-Site
Lot Dimensions
60' x 100'
Broker Coop
Yes
Active Adult
No
Submarket
Location
Van Buren County
73rd Streete and Parkview Lane
INVENTORY
SUMMARY
CONTRACT SUMMARY
Survey Date
8/21/08
Quarterly Contracts
5
0.3
5
0.3
Project Size
63
Total Sold
5
Remaining
To Be Sold
58
Months
Remaining
216.6
FLOOR PLANS OFFERED
Base Sales Price
Price Per
Sq. Ft.
Adjusted
Sales Price
$174,900
$159.00
$154,900
1,344
194,900
145.01
170,900
1,350
219,900
162.89
194,900
10+
1,370
229,900
167.81
205,900
2E
10+
1,820
229,900
126.32
204,900
2E
10+
2,290
247,900
108.25
222,900
1,546
$216,233
$139.87
$192,400
Bed/
Bath
Extra
Room
Elev
Garage
Bsmt
Plan Size
(Sq. Ft.)
Spinnaker
2/1.5
---
R
2E
7-10
1,100
Daymark
2/1.5
---
R
2E
10+
Shoals
2/2.0
---
R
2E
10+
Breakwater
2/1.5
---
R
2E
Beacon
3/2.5
---
CC
Mainsail
4/2.5
DEN
2S
Plan
* Best Sellers
Averages:
8/21/08
Air Conditioning
OPT Bath Flooring
SGDS Carpeting
Fireplace
INCL Foyer Flooring
Kitchen Counters
Passage Doors
COLO Range/Oven
Vanity Tops
WOOD Kitchen Sink
SGSC Refrigerator
OPT Washer/Dryer
THOT Dishwasher
OPT Hand Rails
SS Laundry Tub
INCL Disposal
INCL
NA Microwave
OPT Trim
OPT Windows
VNYL
WOOD
INCL
FBGL
Community Security
NA Driveway
Gutters/Downspouts
INCL Insulation
Project Security
VNYL Fencing
ENG$ Landscaping
FULL Patio/Balcony
MINR Roof
$500/Yr.
NA
COMP
Incentives:
Three percent of purchase price toward buyer's choice with preferred lender.
Comments:
The Spinnaker, Breakwater, Shoals, and Mainsail all feature rear-loaded garages.
Page 1 of 1
Composite Summary
Selected Marina Facilities
Michigan City Primary Market Area
August 2008
A7.1
Number
of Slips
Occupancy
Percentage
As of August 2008
Size
Range
(Feet)
Rental Fee
Range
(Season)
Waiting
List
Amenities
Comments
Trail Creek Marina
700 East Michigan Boulevard
219.879.4300
55
95%
20-25
$1,2251,275
Yes
(25' only)
Electric Hookup, Pump out,
Ice, Restrooms, Showers
Transient slips available for
$1.00/foot with a 20 foot minimum
Washington Park Marina
200 Heisman Harbor Road
219.872.1712
800
90%
25-100
$1,6508,595
Yes
Winter Storage, Pumpout, Fuel Dock
Oselka Marina
514 West Water Street
New Buffalo, MI 49117
269.469.2600
180
100%
25-46
$1,800$ ,
4,700
Yes
Full Service Marina,,
Fuel Dock
Transient slips
p available for
$30-80/night
1,035
92%
---
---
---
---
---
Program/Location
Totals
Page 1 of 1
Composite Summary
Selected Marina Facilities
Michigan City Secondary Market Area
August 2008
A7.2
Number
of Slips
Occupancy
Percentage
As of August 2008
Size
Range
(Feet)
Rental Fee
Range
(Season)
Pier 1000 Marina
1000 Riverview Drive
Benton Harbor, MI 49023
269.927.4471
221
95%
30-50
$1,5753,175
Hammond Marina
701 Casino Center Drive
Hammond, IN 46320
219.659.7678
700
80%
30-50
Marina Shores at Dune Harbor
6159 South Dune Harbor Drive
Portage, IN 46368
219.762.5700
300
50%
Miller's Westerman's Marina
1330 Crisman Road
Portage, IN 46368
219.762.8767
52
Brian's Marina
285 Anchors Court
St. Joseph, MI 49085
269.983.2628
Eagle Pointe Harbor Marina
2351 Niles Road
269.429.7400
Program/Location
Waiting
List
Amenities
Comments
No
Electric, Water, Coded Gate,
Night Patrol, Heated Pool,
Fish Cleaning Station, Parking,
Telephone/Cable/Internet Hookup
Privately-owned dockominiums
$2,2254,610
No
Full Service Marina, Fuel Dock,
Transient Dockage, Retail Store,
Public Fishing Piers, Swim Beach,
Concierge Services
$30-80/day;
Casino River Boat currently occupying
300 slips will be available next season
30-50
$2,220$ ,
4,250
Yes
(35' only)
Full Service Marina,, Gated,,
Restrooms, Showers
Transient slips
p available for
100%
24-40
$9801,820
Yes
Full Service Marina, Gated,
Restrooms, Showers
---
201
70%
20-50
$1,0002,500
No
Full Service Marina,
Pool Area, Restrooms, Fuel Dock
$450/month
301
63%
30-40
$1,7502,300
No
Restrooms, Showers,
Winter Storage
$40/night or $175/week
Page 1 of 2
Number
of Slips
Occupancy
Percentage
As of August 2008
Size
Range
(Feet)
Rental Fee
Range
(Season)
Harbor Isle Resort & Marina
143 Anchors Way
269.982.0812
175
85%
25-60
$1,3503,600
Pier 33
250 Anchors Way
800.886.0493
220
90%
30-50
$1,9754,825
West Basin Marina
273 Marina Drive
269.983.5432
94
100%
30-50
$1,7174,386
Southport Marina
21-56th Streets
Kenosha, WI
262.657.5565
420
98%
30-60
$1,9794,995
2,684
80.0
---
---
Program/Location
Totals
Waiting
List
Amenities
Comments
Full Service Marina, Gated Access,
Fuel Dock, Sanitary Pumpout,
Restrooms, Showers, Swimming Pool,
Water, Electric, Telephone, Cable
Ship Store, Fish Cleaning Station
$65/night
Yes
Full Service Marina, Gated Access,
(35' only) Showers, Restrooms, Cable/Internet,
Launch on Command, Fuel Dock,
Fish Cleaning Station, Winterization
$50-75/night
No
Yes
---
Showers, Restrooms, Laundry
Facilities, Fish Cleaning Station,
Gas & Diesel, Pumpout Service,
Ship Store, Winterization and
Seasonal Storage
74 seasonal slips available;
20 transient slips available for
$21-84/night
Full Service Marina, Laundry
Facilities, Community Building,
Ship Store, Mechanical Service,
Hot Tub, Brokerage Sales
Indoor/Outdoor Storage
$40/night, up to 30' and
$1.25 per extra foot
---
---
Page 2 of 2