Whether you call this a gut check or a reality check, the goal is the same: an objective opinion on the merits of the real estate project in question.
Cost: $100 to $300/hour depending on the complexity of research.
Turnaround time: A few hours.
What is the current competitive posture for pricing and absorption in the appropriate market area? Is it wise to spend more money on the due diligence required to close the deal?
Turnaround time: 1 to 2 days
By combining the insights gained from in-house analysis and conducting an on-site visit, we can get a much better sense of locational issues as well as key competitors impacting your project.
Turnaround time: 2 to 3 days
By tapping insights gained from in-house data analysis and field research, we can then review the assumptions the client has made for the project's revenue, sales rates, local job growth and where their buyers will be coming from.
Cost: $6,500+ depending on complexity of the analysis and the project's location
Turnaround time: 5 to 10 days
Has the client selected the appropriate product for this particular building site? What other options should they consider? This option can also include consumer research and focus groups.
Turnaround time: 10 to 20 days
Who are the client's buyers for their product in that particular price range? From where will they be coming, where do they work, and how do you translate them into buyers?
Cost: Variable depending on scope and complexity of assignment
Turnaround time: 10+ days
These studies generally conform to the guidelines set forth by state governments or the Dept. of Housing and Urban Development. Builders of affordable housing must include them as part of their application packets for tax credits, tax-exempt bonds or HOME Funds to prove there is a need for their proposed project at a specific location.
Cost: $4,000 to $7,500 depending on complexity of proposed project, income levels and populations served.
Turnaround time: 5-10 days