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r--, 0 Basel seve. revi� phase be c: ph -,7s. 1 nevi, foil( of this real estate market overview, we have reached al preliminary conclusions regarding the study area's key alization opportunities and constraints. During later s of this assignment, these market - related conclusions will mbined with other factors affecting the area such as its c:.'_ condition and layout to develop an overall alization strategy. The key market conclusions are as ws: 1. L? .Nsal'e o The real estate category with the strongest potential is residential real estate. The study area is very attractive for low- and moderate - income families seeking to purchase a first home. The area is also attractive for low- and.moderate- income renters. o Further investments in both renter- and owner - occupied housing rehabilitation would benefit the area by making the area more attractive and preserving the housing stock. Given the incomes of area owner-occupants and renters, continued availability and possible expansion or public rehabilitation financing programs will be needed to encourage housing rehabilitation. o wit-hin the Study area's historic district, investment continues in substantial housing improvementZ. Encouragement of housing re.nabilitation by young families seeking affordable older homes will further stabilize the Near Westside Neighborhood and strengthen the demand for resales of renovated homes. o The feasibility of building new rental or owner - occupied housing in the study area is limited. Given local construction costs, it is unlikely t_^.at new housing can be built w-* th acceptable sales prices o_r rent levels unless major public subsidies are provided. New market -rate units with rents or purchase prices adequate to cover all development costs would not be marketable in the study area in the near future. 2• RA�-a11 �.iarkA. o Retail development potential in new or rehabilitated buildings within the study area 5 APPLIED REAL ESTATE ANALYSIS, INC.