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South End Springfield Residential Market Potential

South End Springfield Residential Market Potential

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Published by Greg Saulmon

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Published by: Greg Saulmon on Nov 14, 2013
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R
ESIDENTIAL
M
ARKET
P
OTENTIAL
 
The South End Neighborhood
City of Springfield, Hampden County, Massachusetts
September, 2013 Conducted by
Z
IMMERMAN
/V
OLK
A
SSOCIATES
 ,
 
I
NC
.
 
P.O. Box 4907 Clinton, New Jersey 08809
 
Z
IMMERMAN
/V
OLK
A
SSOCIATES
,
 
I
NC
.
 
P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336  www.ZVA.cc • info@ZVA.cc Research & Strategic Analysis
S
TUDY
C
ONTENTS
 
Residential Market Potential 1 Introduction 1 Overview of the City of Springfield 3 City-Wide Market Potential 6
Where are the potential renters and buyers of new and existing housing units in the City of Springfield likely to move from? 
 6
 
Market Potential for the South End Neighborhood 8
Where are the potential renters and buyers of new housing units in the South End neighborhood likely to move from? 
 8
 How many households have the potential to move to the South End neighborhood if appropriate housing units were to be made available? 
 9
What are their housing preferences in aggregate? 
 9
Table 1: Annual Potential Housing Market 11
Rental Distribution 13
Table 2: Target Groups For New Multi-Family For-Rent 14
For-Sale Distribution 15
Table 3: Target Groups For New Multi-Family For-Sale 16 Table 4: Target Groups For New Single-Family Attached For-Sale 18
Target Market Analysis 19
Who is the potential market for new housing in the South End? 
 19
Table 5: South End Housing Market By Household Type 23
The Current Context 24
What are the alternatives? 
 24 Multi-Family For-Rent 25
Table 6: Summary Of Selected Rental Properties 27
Multi-Family and Single-Family Attached For-Sale 29
Table 7: Summary Of Selected Multi-Family Listings 30
Market-Rate Rent and Price Ranges: South End Neighborhood 32
What will they pay to live in the South End? 
 33
Table 8: Optimum Market Position: Market-Rate Dwelling Units 36
How fast will the units lease or sell? 
 37
 
ESIDENTIAL
M
 ARKET
P
OTENTIAL
 Page ii South End Neighborhood
City of Springfield, Hampden County, Massachusetts September 
, 2013
 
Z
IMMERMAN
/V
OLK
A
SSOCIATES
,
 
I
NC
.
In-Unit Amenities 39  Additional Amenities 40 Methodology 42  Assumptions and Limitations 52 Rights and Study Ownership 53
 

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