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Home My WebLink AboutIowa City South District-Residential Market Potential PresentationResidential Market Potential The South District Study Area, City of Iowa City, Iowa ZIMMERMAN/VOLK ASSOCIATES, INC. South District Study Area Is there a market for missing-middle housing types? What should the rents and prices of those units be? How quickly will they be absorbed? ZIMMERMAN/VOLK ASSOCIATES, INC. Zimmerman/Volk Associates, Inc. Traditional & Non-Traditional Families:38% Younger Singles & Couples:36% Empty-Nesters & Retirees:26% Yes, there is a market. They will rent or purchase 695 to 980 Market-Rate and Affordable Missing Middle Housing Units over a five-year timeframe. ZIMMERMAN/VOLK ASSOCIATES, INC. Courtyard Building Mansion Building Missing-Middle Housing Types Multi-Family Rental and For-Sale ZIMMERMAN/VOLK ASSOCIATES, INC. Mansion Buildings Microlofts, 1 & 2br lofts Monthly rents: $950 to $1,750 Unit sizes: 400 to 1,100 sq. ft. ($1.59 to $2.38 psf) Optimum Market Position: Rental Missing-Middle Housing Types Courtyard Buildings 1 to 3br apartments Monthly rents: $1,300 to $2,250 Unit sizes: 750 to 1,350 sq. ft. ($1.67 to $1.73 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Courtyard Buildings 1 to 3br condominium apartments Base prices: $175,000 to $375,000 Unit sizes: 900 to 1,700 sq. ft. ($191 to $194 psf) Optimum Market Position: For-Sale Missing-Middle Housing Types Mansion Buildings 1 and 2br condominium apartments Base prices: $$135,000 to $195,000 Unit sizes: 750 and 1,100 sq. ft. ($177 to $180 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Missing-Middle Housing Types Single-Family Attached For-Sale Triplexes and Rowhouses Duplexes and Townhouses ZIMMERMAN/VOLK ASSOCIATES, INC. Optimum Market Position: For-Sale Missing-Middle Housing Types Fee-Simple Triplexes and Rowhouses 2br units Base prices: $165,000 to $210,000 Unit sizes: 950 to 1,250 sq. ft. ($168 to $174 psf) Fee-Simple Duplexe and Townhouses 2 and 3br units Base prices: $230,000 to $375,000 Unit sizes: 1,350 to 2,300 sq. ft. ($163 to $170 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Missing-Middle Housing Types Single-Family Detached For-Sale Cottages and Bungalows Traditional Neighborhood Houses ZIMMERMAN/VOLK ASSOCIATES, INC. Fee-Simple Cottages and Bungalows 1 & 2br units Base prices: $145,000 to $225,000 Unit sizes: 800 to 1,300 sq. ft. ($173 to $181 psf) Optimum Market Position: For-Sale Missing-Middle Housing Types Fee-Simple Traditional Neighborhood Houses 3 to 5br units Base prices: $275,000 to $525,000 Unit sizes:1,500 to 2,950 sq. ft. ($178 to $183 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Annual Market Capture (Forecast Absorption) Rental Market:15 to 20% For-Sale Market:10 to 15% ZIMMERMAN/VOLK ASSOCIATES, INC. 139 to 196 Missing-Middle Units Absorbed Per Year Over the Next Five Years Rental Lofts—Mansion Bldgs:32 to 42 units Rental Apts—Courtyard Bldgs:39 to 52 units Condo Lofts—Mansion Bldgs:4 to 6 units Condo Apts—Courtyard Bldgs:7 to 10 units For-Sale—Triplexes; Rowhouses:6 to 8 units For-Sale—Duplexes; Townhouses:9 to 14 units For-Sale—Cottages; Bungalows:16 to 24 units For-Sale—Traditional Neighborhood Houses:26 to 40 units City of Iowa City:49% Balance of Johnson County:10% Linn and Polk Counties, IA, Cook County, IL:8% Balance of US:33% Where Does the Potential Market For New Housing in the District Live Now? How Is Mobility Distributed Throughout Iowa City? (ZVA’s per-capita weighted Mobility Distribution Index) Origin District Intra-City Intra-County Inter-County Aggregated Central 215.57 81.80 78.46 160.07 Southwest 73.07 173.46 71.62 95.20 Northwest 64.60 85.93 107.65 100.40 South 65.36 80.20 68.99 76.91 Southeast 39.89 54.62 62.62 50.38 North/ North Corridor 38.38 121.32 79.83 62.93 Northeast 32.78 85.53 37.89 38.86 Downtown 146.25 67.04 257.70 198.38 South Central 1.61 216.02 55.79 44.70 How Many Households Have the Potential To Move To the South District Each Year? 2,120 households (Citywide: 8,575 households) Who Are the Potential Renters and Buyers of New Housing In the South District Study Area? Traditional & Non-Traditional Families: 38% Younger Singles & Couples: 36% Empty Nesters & Retirees: 26% What Are Their General Housing Preferences? Multi-Family For-Rent:41% Multi-Family For-Sale:9% Single-Family Attached For-Sale:13% Single-Family Detached For-Sale:37% ZIMMERMAN/VOLK ASSOCIATES, INC. What Kind of Housing Is Currently Available? General rents and prices In the Iowa City market area. ZIMMERMAN/VOLK ASSOCIATES, INC. General Rent Ranges $680 to $3,297 per month 365 sf (studio) to 1,685 sf (3br) ($0.93 to $2.94 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Rise at Riverfront Crossings Aspire at West Campus Latitude at River Landing General Price Ranges (Resale Co/TH) $171,800 (CO) to $875,000 (CO) 688 sf (1br CO) to 3,482 sf (5br TH) ($93 to $341 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Plaza Towers Linn Street Place Windsor Ridge General Price Ranges (New CO/TH) $215,000 (TH) to $845,000 CO) 490 sf (1br CO) to 2,275 sf (3br CO) ($131 to $582 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. One University Place Pine Grove Villas Churchill Meadows General Price Ranges (Resale SFD) $187,900 to $995,000 1,258 sf (3br/2ba) to 5,269 sf (6br/4.5ba) ($111 to $229 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Cardinal Ridge Peninsula Neighborhood Peninsula Neighborhood General Price Ranges (New SFD) $175,000 to $689,900 768 sf (2br/1ba) to 6,203 sf (5br/3.5ba) ($111 to $235 psf) ZIMMERMAN/VOLK ASSOCIATES, INC. Sycamore Trails Cardinal Pointe West Windmill Heights What Are The Financial Capabilities of the Target Households? ZIMMERMAN/VOLK ASSOCIATES, INC. Financial Capabilities 471 Potential Annual Renter Households Courtyard and Mansion Lofts and Apartments $3,000 and up 12% $2,500 to $3,000 14% $2,000 to $2,500 23%$1,500 to $2,000 25% $1,000 to $1,500 26% ZIMMERMAN/VOLK ASSOCIATES, INC. Financial Capabilities 108 Potential Annual Buyer Households Condominiums: Courtyard and Mansion Buildings $300,000 and up 38% $250,000 to $300,000 13% $200,000 to $250,000 19% $150,000 to $200,000 16% $100,000 to $150,000 14% ZIMMERMAN/VOLK ASSOCIATES, INC. Financial Capabilities 147 Potential Annual Buyer Households Fee-Simple Attached Units $350,000 and up 35% $300,000 to $350,000 19% $250,000 to $300,000 19% $200,000 to $250,000 16% $150,000 to $200,000 11% ZIMMERMAN/VOLK ASSOCIATES, INC. Financial Capabilities 424 Potential Annual Buyer Households Fee-Simple Detached Houses $400,000 and up 26% $350,000 to $400,000 22%$300,000 to $350,000 14% $250,000 to $300,000 13% $200,000 to $250,000 16% $150,000 to $200,000 9% ZIMMERMAN/VOLK ASSOCIATES, INC.