Real Estate Case Case Study Solution
Improvement and Development Projects:
The consideration of projects i.e. improvement and development with respect to expected increase in the population, it was evaluated that there was a strong and competitive presence of residential projects in order to improve the lifestyle of the residents as well as to impact their lives in a potential manner. The projects with their expected impacts are listed in appendix – D. (Montgomery, 2015)
Conclusion:
Based on the site analysis of the Lake Forest for real estate, it is evaluated that although there are a number of strong residential products in the market. But, the thing that needs to be anticipated is based on the fact that not every apartment provides its customers ofwitha number of similar facilities expect providing the floor plans based on two bedrooms which seemed to be a common feature and considered as a common demand of customers while renting the apartment. Therefore, this is the only unmet demand that needs to be considered. On the other hand, as the vacancy rate is 4.9% (Unknown, 2019)is the Gaithersburg with an expected increase in the population of about 5.79%, there is a need of development of building in order to provide the facility of residency to a large number of people under specified space.
Appendices:
Appendix A – Demographic Profile
| Demographic Profile of Site Lake Forest Mall, Gaithersburg | ||
| Factors | 2015 | Estimated 2019 |
| Total Population | 89326 | Estimated by 5.79% increase from 2015-2019 – 111881 |
| Median Age | ||
| Male | 34.67 | 34.2 |
| Female | 37.03 | 37.2 |
| Total | 35.83 | 35.7 |
| Housing Units | 31,422 | 39,118.57 by 5.63% |
| Median Household Income | $74,098 | $85,773 |
| Average Household Size | 2.82 | 2.75 |
| Other 2019 relevant factors for analysis | |
| Factors | 2019 value |
| Unemployment rate | |
| Male | 18.45% |
| Female | 14.94% |
| Total | 6.6% |
| Home Value | |
| Median Home Value | $350,932 |
| Average Rental Rates | $1,634 |
| Estimated Vacancy rates for housing units by unit type | |
| Single Family Detached Units | 3.25% |
| Townhouse Units | 2.10% |
| Garden Apartment Units | 9.93% |
| Garden Condominium Units | 6.00% |
| Stacked TH Condo Units | 1.92% |
| High Rise Apartment Units | 9.93% |
| High Rise Condominium Units | 6.00% |
| Group Quarters | 0.00% |
Appendix B – Competitive Residential Products
| Competitive Residential Products | ||||
| Property name | Hidden Creek Apartment Homes | The Verandaha Appartments | Whetstone Appartments | Cider Mill Apartments |
| Address | 430 Allied Pl #1110, Gaithersburg, MD 20877, United States | 9308 Willow Creek Dr, Montgomery Village, MD 20886, United States | 22 Whetstone Dr, Gaithersburg, MD 20877, United States | 18205 Lost Knife Rd, Gaithersburg, MD 20886, United States |
| Number and type of units | One bedroom and two bedroom floor plans with upscale finishes. | One, two, and three bedroom apartments | One bedroom with one bath and two bedroom with one bath floor plans. | Thirteen floor designs of one, two and three bedrooms with bath. |
| Amenities | A resort-style pool, media theatre, two-story lounge with billiards, and courtyard with fire pit. | Poolside grilling, cyber cafe, and our strength and cardio centre. | Picnic Area with Grills, Large Bedroom Closet with built-in shelving, Courtyard Views and pet are allowed. | Large swimming pool, car wash, new fitness centre, and 2 soccer fields. |
Appendix C – Distance of Residential Products from Lake Forest mall and directions
Hidden Creek Apartment Homes
The Verandaha Apartments
Whetstone Apartments
Cider Mill Apartments
Appendix D – Improvement and Development Projects:
| Development Project | Project Nature | Impacts |
| Galaxy Project | Industrial park | · Improvised Residential life
· Increase in Tourists |
| Montgomery Pipeline | Pipeline | · Improvised Sanitary conditions
· Improvised Residential life |
| Traffic Improvement Project | Transportation | · Improved safety and reduction in congestion.
· Improves the turning of heavy traffic. |
| Redevelopment at Kentlands Market Square
|
Industrial | · Bring evolution in the retail industry
· Transformation of place into walkable one |
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