residential housing analysis

Transcription

1 This section was prepared by Zimmerman/Volk Associates, Inc. It was completed September 20, B Page 4B.1 residential housing analysis

2 STUDY CONTENTS MARKET POSITION ANALYSIS 4B.31 Introduction 4B.31 Market Potential 4B.53 Potential Housing Market 4B.75 Table 1: Potential Housing Market 4B.97 4B.10 Table 2: Target Residential Mix By Household Type 4B Table 3: Target Groups For Multi-Family For-Rent 4B Table 4: Target Groups For Multi-Family For-Sale 4B Table 5: Target Groups For Single-Family Attached For-Sale 4B Table 6: Target Groups For Urban Single-Family Detached For-Sale 4B Target Markets 8 4B.19 Table 7: Summary Of Selected Rental Properties 4B Table 8: Summary Of Selected For-Sale Properties 4B Table 9: Optimum Market Position 4B B.39 4B.41 Appendix A: Calculations of Residential Values 4B Optimum Market Position 17 Market Capture 37 Potential Alternative Development Scenarios 39 Building and Unit Types 4B Multi-Family 4B Multi-Family Unit Types 4B Single-Family Attached 4B Single-Family Detached 4B Traditional Neighborhood Development 4B Methodology 4B Assumptions and Limitations 4B Rights and Study Ownership 4B o Page 4B.2

3 M A R K E T P O S I T I O N A N A L Y S I S Fort Monroe City of Hampton, Virginia September 20, 2006 INTRODUCTION This study identifies the market potential for new market-rate dwelling units both new construction and existing units, including adaptive re-use of non-residential buildings to be leased or sold within a redevelopment of Fort Monroe, a military installation located on Old Point Comfort at the tip of the Virginia Peninsula surrounded by the Chesapeake Bay to the east and south, and Mill Creek to the west. The property is a national historic landmark, containing dozens of attractive residences in addition to non-residential buildings; the fort itself, which is surrounded by a moat and contains the Casemate Museum; and the Old Point Comfort Lighthouse. Because of the illustrious history of the site, the exceptional beauty of the existing buildings, and the extraordinary water views that are available from the property, this analysis encompasses the market for new second/vacation housing units as well as year-round primary units. From the market perspective, the redevelopment of Fort Monroe holds the potential to become a development of national importance, attracting future residents and property owners from a larger draw area than would normally apply to new developments in Hampton Roads. The depth and breadth of the potential market for the site have been determined using Zimmerman/Volk Associates proprietary target market methodology. In contrast to classical supply/demand analysis which is based on supply-side dynamics and baseline demographic projections target market analysis establishes the optimum market position for a property derived from the housing preferences and lifestyle characteristics of households in the draw area and within the framework of the relevant housing market context. Page 4B.3

4 The target market methodology is particularly effective in defining housing potential because it encompasses not only basic demographic characteristics, such as income qualification and age, but also less-frequently analyzed attributes such as mobility rates, lifestyle patterns and compatibility issues. This study therefore has determined: Where do the potential renters or buyers for new primary and second/vacation dwelling units within a redevelopment of Fort Monroe currently live (the draw areas); Who are the potential renters/buyers and what are they like (the target markets); How many are likely to rent or purchase at the site if appropriate housing units were to be made available (depth and breadth of the market); What are their housing preferences in aggregate (multi-family, single-family attached and detached); What will they pay to rent or purchase newly-created dwelling units on the site (market-entry rents and prices); and What are their alternatives (supply-side analysis relevant new construction in Hampton Roads). The target market methodology is described in detail in the METHODOLOGY section at the end of this study. NOTE: Tables 1 through 6 outline the depth and breadth of the market for new year-round primary and second/vacation housing units within a redevelopment of Fort Monroe. Tables 7 and 8 summarize relevant supply-side data. Table 9 details the optimum market position for new dwelling units on the site. Tables 1 through 9 are located after the METHODOLOGY section. The Appendix Tables, which are included in a separate document, contain migration and target market data covering the appropriate draw areas for the site. Page 4B.4

5 MARKET POTENTIAL American households, perhaps more than any other nation s, have always demonstrated extraordinary mobility. Last year, depending on region, between 16 and 18 percent of American households moved from one dwelling unit to another. Household mobility is higher in urban areas and in the West; a higher percentage of renters move than owners; and a higher percentage of younger households move than older households. Analysis of migration, mobility and geo-demographic characteristics of households currently living within defined draw areas is therefore integral to the determination of the depth and breadth of the potential market for new year-round primary and second/vacation dwelling units to be developed within the Fort Monroe site. (See Appendix Tables and METHODOLOGY below.) Based on migration analysis as derived from taxpayer records compiled by the Internal Revenue Service the principal draw areas for new primary housing development on Fort Monroe are the local (City of Hampton) and the regional draw areas (the Cities of Newport News, Norfolk, Virginia Beach, Chesapeake, Poquoson and Portsmouth, and Suffolk, and York and Isle of Wight Counties). The analysis also factors in the market potential from all other counties represented in City of Hampton migration. As derived from migration analysis, then, the draw area distribution of market potential for new year-round residences in the City of Hampton would be as follows (see Appendix One, Table 6): Market Potential By Draw Area City of Hampton, Virginia City of Hampton (Local Draw area): Regional Draw Area: Balance of US: Total: 39.8 percent 26.1 percent 34.1 percent percent SOURCE: Zimmerman/Volk Associates, Inc., Migration analysis often demonstrates a correlation between source counties for purchasers of primary residences and purchasers of second/vacation homes. In addition, as noted above, because Page 4B.5

6 of the history of the site, exceptional beauty of the existing buildings, and the potential for extraordinary water views, the market for new housing is likely to extend beyond the region. A s extrapolated from migration data, then, and in combination with anecdotal information from real estate agents and other knowledgeable sources, the most promising draw areas for vacation/second homes within Fort Monroe are the Washington, D.C. draw area (the District of Columbia, Arlington and Fairfax Counties, Virginia; and Montgomery and Prince George s Counties, Maryland); the Baltimore Draw Area (City of Baltimore and Baltimore County, Maryland); the Philadelphia Draw Area (Philadelphia, Chester and Delaware Counties, Pennsylvania); and the New York Draw Area (Manhattan, Brooklyn, and Queens Boroughs, New York; Westchester County, New York; and Bergen County, New Jersey). The draw area distribution of market potential for new second/vacation homes in Fort Monroe would therefore be as follows (see Appendix One, Table 12): Market Potential By Draw Area Second/Vacation Units FORT MONROE City of Hampton, Virginia Washington, D.C. Draw Area: 26.9 percent Baltimore/Philadelphia Draw Areas: 15.1 percent New York Draw Areas: 37.6 percent Balance of the U.S.: 20.4 percent SOURCE: Zimmerman/Volk Associates, Inc., Total: percent The Washington, Baltimore, Philadelphia, and New York draw areas form the core of market potential, given appropriate marketing and advertising within those areas. As the property becomes established as a destination, the principal draw areas are likely to expand to include households from further afield. Page 4B.6

7 POTENTIAL HOUSING MARKET As determined by the target market methodology, in the year 2006, up to 6,750 empty nesters and retirees, younger single- and two-person households, and traditional and non-traditional families represent the potential market for new year-round primary and second/vacation housing units within a traditional neighborhood redevelopment of Fort Monroe. The housing preferences of these draw area households according to tenure (rental or for-sale), housing type and broad financial capacity can be arrayed as follows (see also Table 1): Potential Market For New Housing Units New Year-Round and Second-Vacation Housing Units FORT MONROE City of Hampton, Virginia NUMBER OF PERCENT HOUSING TYPE HOUSEHOLDS OF TOTAL Multi-family for-rent % Multi-family for-sale 1, % Single-family attached for-sale 1, % Low-range single-family detached % Mid-range single-family detached 1, % High-range single-family detached 2, % SOURCE: Zimmerman/Volk Associates, Inc., Total 6, % The potential market typically includes the full range of housing types, corresponding to target household preferences, as follows (see also BUILDING AND UNIT TYPES below): Multi-family for-rent (e.g. apartments and/or lofts within multi-unit buildings); Multi-family for-sale (e.g. apartments and/or lofts within multi-unit buildings); Single-family attached for-sale (e.g. townhouses/rowhouses and/or duplexes); and Single-family detached houses (e.g. bungalows and/or cottages, two-story houses, as well as the largest and most expensive houses or mansions). Multi-family rental apartments represent just over 10 percent of the market potential; however, only a small segment of that market potential is for year-round rental units. Vacation rentals Page 4B.7

8 should be accommodated, as they are in other resort locations, through seasonal rental of individually-owned units. However, rental multi-family has been presented in this initial analysis; whether to include this housing type in the ultimate housing mix can be determined through the charrette process. Depending on the amount of land available for new residential development, higher-density housing types condominiums and townhouses will maximize unit yield. Given the spectacular views available, ranging from open water to an urban skyline, there is more than sufficient market potential for both condominiums and townhouses to achieve higher densities on the site. However, the distribution of a full range of housing types excluding large-lot single-family detached units, and based on the housing preferences and income levels of the draw area households that represent the potential market for new year-round and second/vacation housing units on the site would be as follows (see again Table 1): Target Residential Mix New Year-Round and Second-Vacation Housing Units FORT MONROE City of Hampton, Virginia NUMBER OF PERCENT HOUSING TYPE HOUSEHOLDS OF TOTAL Multi-family for-rent % (lofts/apartments, leaseholder) Multi-family for-sale 1, % (lofts/apartments, condo/co-op ownership) Single-family attached for-sale 1, % (townhouses/duplexes, fee-simple/ condominium ownership) Urban single-family detached 1, % (detached houses, fee-simple) SOURCE: Zimmerman/Volk Associates, Inc., Total 4, % Page 4B.8

9 Table 1 Potential Housing Market Derived From New Unit Purchase And Rental Propensities Of Draw Area Households With The Potential To Rent/Purchase Year-Round And Second-Vacation Units Fort Monroe The City of Hampton, Virginia The City Of Hampton; Regional Draw Counties; All Other U.S. Counties Draw Areas for Year-Round Units Washington, D.C. Metro Draw Area; Baltimore Metro Draw Area; Philadelphia Metro Draw Area; New York Metro Draw Area; Balance of the U.S. Draw Areas For Second-Vacation Units Total Households With The Potential To Rent/Purchase Year-Round/Second-Vacation Units At Fort Monroe 6,750 Potential Housing Market Year-Round and Second-Vacation Units Single- Multi Family Family Attached Detached For-Rent For-Sale All Ranges Low-Range Mid-Range High-Range Total l Households: 680 1,280 1, ,370 2,020 6,750 x Distribution}: 10.1% 19.0% 16.6% 4.1% 20.3% 29.9% 100.0% Target Residential Mix Year-Round and Second-Vacation Units (Excluding Large-Lot Detached) Single- Multi Family Family Attached.... Detached.. For-Rent For-Sale All Ranges Urban Total Total Households: 680 1,280 1,120 1,100 4,180 {Mix Distribution}: 16.3% 30.6% 26.8% 26.3% 100.0% NOTE: Reference Appendix Tables. SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.9

10 TARGET MARKETS The market for urban housing is now being fueled by the convergence of the two largest generations in the history of America: the 82 million Baby Boomers born between 1946 and 1964, and the 78 million Millennials, who were born from 1977 to Boomer households have been moving from the full-nest to the empty-nest life stage at an accelerating pace that will peak sometime in the next decade and continue beyond Since the first Boomer turned 50 in 1996, empty nesters have had a substantial impact on urban, particularly downtown housing. After fueling the dramatic diffusion of the population into everlower-density exurbs for nearly three decades, Boomers, particularly affluent Boomers, are rediscovering the merits and pleasures of urban living. At the same time, Millennials are just leaving the nest. The Millennials are the first generation to have been largely raised in the post- 70s world of the cul-de-sac as neighborhood, the mall as village center, and the driver s license as a necessity of life. As has been the case with predecessor generations, significant numbers of Millennials are heading for the city. They are not just moving to New York, Chicago, San Francisco and the other large American cities; often priced out of these larger cities, Millennials are discovering second, third and fourth tier urban centers. The convergence of two generations of this size simultaneously reaching a point when urban housing matches their life stage is unprecedented. This year, there are about 41 million Americans between the ages of 20 and 29, forecast to grow to over 44 million by In that same year, the population aged 50 to 59 will have also reached 44 million, from 38 million today. The synchronization of these two demographic waves will mean that there will be an additional eight million potential urban housing consumers nine years from now. The potential market for new for-sale year-round and second/vacation housing units within a resort-oriented development of Fort Monroe consists of a range of predominantly two-person households older empty nesters and retirees, as well as younger singles and couples and Page 4B.10

11 traditional families. The target groups for the site can be characterized by housing preferences as follows (see also Tables 2 through 6): HOUSEHOLD TYPE Target Residential Mix By Household and Unit Types New Year-Round and Second-Vacation Housing Units FORT MONROE City of Hampton, Virginia PERCENT... MULTI-FAMILY SINGLE-FAMILY... OF TOTAL FOR-RENT FOR-SALE ATT. FOR-SALE DET. FOR-SALE Empty-Nesters & Retirees 47% 31% 62% 43% 44% Traditional & Non-Traditional Families 25% 29% 5% 27% 45% Younger Singles & Couples 28% 40% 33% 30% 12% Total 100% 100% 100% 100% 100% SOURCE: Zimmerman/Volk Associates, Inc., The largest general market segment is composed of older households (empty nesters and retirees). A significant number of these households have children who no longer live at home; another large percentage are retired, with incomes from pensions, savings and investments. The primary residences of nearly 57 percent of these households are in the Washington, Baltimore, Philadelphia, and New York draw areas; a significant number of the units purchased by these households are likely to be used as second or vacation homes prior to retirement. These older households are quite dissimilar in their attitudes from family-oriented households. They have different expectations, and paramount among them is the perceived ease and convenience of singlelevel living, meaning a master suite on the ground floor and few stairs in the unit. They want their dwelling unit to accommodate, to the fullest extent possible, their ability to age in place. These potential purchasers are also among the most affluent households in the country Old Money; Urban, Small-Town, and Suburban Establishment; Affluent Empty Nesters; and Cosmopolitan Elite, among other. These older households make up more than 60 percent of the market for condominium units (multi-family for-sale) and 43 to 44 percent of the market for Page 4B.11

12 townhouses (single-family attached) and detached houses on the site. Older households represent more than 38 percent of the market for year-round residences, and 46 percent of the market for second/vacation homes. As noted above, over the next several years, this group of households should comprise a significantly larger proportion of the market as increasing numbers of the Baby Boom generation enter the empty-nest lifestage. The next largest general market segment is composed of younger households (younger singles and couples). Although these households have not yet reached their full income potential, those that represent the potential market for Fort Monroe have incomes above the median for each group. The largest potential markets for the site in this segment are e-types, The VIPs, New Bohemians, Upscale Suburban Couples, and Ex-Urban Power Couples, one-third of whom are currently living in Hampton Roads. These households are predominantly dual-income professionals, small business owners, or knowledge workers. Younger singles and couples represent 40 percent of the market for rental units, approximately a third of the market for condominium units (multi-family forsale), 30 percent of the market for townhouses (single-family attached), and just 12 percent of the market for detached houses on the site. Younger households make up approximately 25 percent of the market for both year-round residences and second/vacation homes. The smallest general market segment is comprised of family-oriented households (traditional and non-traditional families). Traditional families contain a married man and woman with an average of two or more children. These can also include blended families, in which each parent was previously married to another individual and each has children from that prior marriage. Non-traditional families, which during the 1990s became an increasingly larger proportion of all U.S. households, encompass a wide range of family households, from a single parent with one or more children, an adult caring for younger siblings, a grandparent with custody of grandchildren, to an unrelated couple of the same gender with adopted children. The largest potential markets for the sites in this segment are traditional family-oriented households. The households in several of the groups that are the primary markets for new primary and second/vacation housing within Fort Monroe Full-Nest Urbanites, The Social Register, The Page 4B.12

13 Entrepreneurs, and Exurban Elite have, on average, two or more children, aged in their teens and/or pre-teens. Heads of these traditional family households are business people, including professionals and small business owners. Family-oriented households comprise just five percent of the market for new condominiums (multi-family for-sale), 27 percent of the market for new townhouses (single-family attached), and 45 percent of the market for new detached houses within Fort Monroe. More than 25 percent of the market for year-round residences are family households, who also comprise just under 29 percent of the market for second/vacation homes. (Reference APPENDIX FOUR, TARGET MARKET DESCRIPTIONS, for greater detail on each target group.) Page 4B.13

14 Table 2 Target Residential Mix By Household Type Derived From New Unit Purchase And Rental Propensities Of Draw Area Households With The Potential To Rent/Purchase Year-Round And Second-Vacation Units Fort Monroe The City of Hampton, Virginia Multi- Single Family Family Attached.... Detached.. Total For-Rent For-Sale All Ranges Urban Number of Households: 4, ,280 1,120 1,100 Empty Nesters & Retirees 47% 31% 62% 43% 44% Traditional & Non-Traditional Families 25% 29% 5% 27% 45% Younger Singles & Couples 28% 40% 33% 30% 12% 100% 100% 100% 100% 100% SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.14

15 Table 3 Target Groups For Multi-Family For-Rent Fort Monroe City of Hampton, Virginia..... Number of Households..... Empty Nesters Year- Second- Percent of & Retirees Round Vacation Total Total Urban Establishment % Small-Town Establishment % Suburban Establishment % Affluent Empty Nesters % Cosmopolitan Elite % Mainstream Retirees % Subtotal: % Traditional & Non-Traditional Families The Entrepreneurs % Ex-Urban Elite % Full-Nest Urbanites % Unibox Transferees % Full-Nest Exuurbanites % New-Town Families % Subtotal: % Younger Singles & Couples e-types % Fast-Track Professionals % The VIPs % Upscale Suburban Couples % New Bohemians % Twentysomethings % Subtotal: % Total Households: % SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.15

16 Table 4 Target Groups For Multi-Family For-Sale Fort Monroe City of Hampton, Virginia..... Number of Households..... Empty Nesters Year- Second- Percent of & Retirees Round Vacation Total Total Old Money % Urban Establishment % Small-Town Establishment % Suburban Establishment % Affluent Empty Nesters % Cosmopolitan Elite % Cosmopolitan Couples % New Empty Nesters % Mainstream Retirees % Subtotal: % Traditional & Non-Traditional Families The Entrepreneurs % Full-Nest Urbanites % New-Town Families % Subtotal: % Younger Singles & Couples e-types % Ex-Urban Power Couples % Fast-Track Professionals % The VIPs % Upscale Suburban Couples % New Bohemians % Twentysomethings % Subtotal: % Total Households: , % SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.16

17 Table 5 Target Groups For Single-Family Attached For-Sale Fort Monroe City of Hampton, Virginia..... Number of Households..... Empty Nesters Year- Second- Percent of & Retirees Round Vacation Total Total Old Money % Urban Establishment % Small-Town Establishment % Suburban Establishment % Affluent Empty Nesters % Cosmopolitan Elite % Cosmopolitan Couples % New Empty Nesters % Mainstream Retirees % Subtotal: % Traditional & Non-Traditional Families The Social Register % The Entrepreneurs % Nouveau Money % Ex-Urban Elite % Full-Nest Urbanites % Unibox Transferees % Full-Nest Exurbanites % New-Town Families % Subtotal: % Younger Singles & Couples e-types % Ex-Urban Power Couples % Fast-Track Professionals % The VIPs % Upscale Suburban Couples % New Bohemians % Twentysomethings % Subtotal: % Total Households: , % SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.17

18 Table 6 Target Groups For Urban Single-Family Detached For-Sale Fort Monroe City of Hampton, Virginia..... Number of Households..... Empty Nesters Year- Second- Percent of & Retirees Round Vacation Total Total Old Money % Urban Establishment % Small-Town Establishment % Suburban Establishment % Affluent Empty Nesters % Cosmopolitan Elite % Cosmopolitan Couples % New Empty Nesters % Mainstream Retirees % Subtotal: % Traditional & Non-Traditional Families The Social Register % The Entrepreneurs % Nouveau Money % Ex-Urban Elite % Full-Nest Urbanites % Unibox Transferees % Full-Nest Exurbanites % New-Town Families % Subtotal: % Younger Singles & Couples e-types % Ex-Urban Power Couples % Fast-Track Professionals % The VIPs % Upscale Suburban Couples % New Bohemians % Twentysomethings % Subtotal: % Total Households: , % SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Page 4B.18

19 OPTIMUM MARKET POSITION From a market perspective, the assets of the site are considerable, including: Adjacency to, and panoramic views of, the Chesapeake Bay; The historic environment of the site; and The limited new resort construction available in Hampton Roads. From a market perspective, the challenges of the site are few, and include: Limited automobile access to the site (although some buyers are likely to view this as an asset); and The current lack of neighborhood-oriented retail within a reasonable drive of the site. Summary information for relevant rental and for-sale (covering both attached and detached) communities is provided as follows: for rental properties, the cities of Hampton, Newport News, Norfolk, and Portsmouth (see Table 7 following this section); for for-sale properties, the cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News (see Table 8 following Table 7). The optimum market position for Fort Monroe has therefore been developed based on a variety of factors, including but not limited to: Development of the property using the principles of traditional neighborhood design; The site s assets and challenges; The new unit primary and second/vacation home purchase propensities of draw area households; Building heights and densities sufficient to preserve the historic context as well as to promote neighborhood vitality; and A high-profile marketing campaign throughout Hampton Roads and the Washington, Baltimore, Philadelphia and New York metropolitan areas. Page 4B.19

20 Based on the characteristics of the target households, the residential context, and development of the property using the principles of the New Urbanism, the optimum market position for new resort-oriented residential development within Fort Monroe is as follows (see also Table 9 following Table 8): Optimum Market Position New Year-Round and Second-Vacation Housing Units FORT MONROE City of Hampton, Virginia HOUSING BASE RENT/ UNIT SIZE RENT/PRICE ANNUAL TYPE PRICE RANGE RANGE PER SQ. FT. MARKET CAPTURE MULTI-FAMILY FOR-RENT 16.3% 34 Soft Lofts $750 to 550 to $1.27 to $1,400/mo. 1,100 sf $1.36 MULTI-FAMILY FOR-SALE 30.6% 64 Soft Lofts $225,000 to 750 to $290 to $435,000 1,500 sf $300 Apartments $325,000 to 900 to $350 to $1,000,000 2,500 sf $400 SINGLE-FAMILY ATTACHED FOR-SALE 26.8% 56 Townhouses/ $475,000 to 1,500 to $313 to Duplexes $875,000 2,800 sf $317 URBAN SINGLE-FAMILY DETACHED FOR-SALE 26.3% 55 Houses $725,000 to 1,800 to $383 to $1,150,000 3,000 $403 SOURCE: Zimmerman/Volk Associates, Inc., Base prices for existing units, or new units developed through adaptive re-use of existing buildings, have been calculated at an average of between $300 and $400 per square foot, depending on unit condition, configuration, and square footage. All rents and prices are in year 2006 dollars and apply to the first marketing phase only. The recommended price levels place the units within the current purchasing capabilities of the target households and establish an optimum initial market position for residential development within Fort Monroe. The proposed prices do not include buyer options and upgrades, or view or location premiums, which are likely to be significant, depending on location. Page 4B.20

21 Table 7 Page 1 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... Eastern Hampton..... Cordoba (1972) % occupancy 100 Spanish Trail 84 1br/1ba $525 to 434 to $1.00 to Pool, patio, $ $1.21 Curtesy officer. 48 2br/1ba $ $ br/1.5ba $750 1,100 $0.68 Hampton Harbor (1991) % occupancy 8A Hampton Harbor Ave br/2ba $699 to 1,120 $0.62 to Playground/courtyard, $719 $0.64 Security guard, Patios. Bridgeport (1998) % occupancy 100 Bridgeport Cove Dr br/2ba $ $0.71 Clubhouse, pool, 48 3br/3ba $809 1,156 $0.70 Playground/courtyard, Fitness center. Foxcroft I (1972) % occupancy 263-D Clemwood Parkway 16 1br/1ba $ $0.95 Swimming pool, 33 2br/1.5ba $725 1,080 $0.67 Playground/courtyard, 40 2br/2ba $ $0.86 Fireplaces, patios. 15 3br/2.5ba $1,125 1,440 $0.78 Harbor Square (1970) % occupancy 101 West Pembroke Avenue 44 1br/1ba $ $1.05 Playground br/1ba $700 to 860 to $0.81 to $ $ br/1.5ba $899 1,036 $0.87 Page 4B.21 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

22 Table 7 Page 2 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... Eastern Hampton (continued)..... Kensington Square (1976) % occupancy 59 Stapleford Way 56 1br/1ba $ $1.00 Clubhouse, pool, 56 2br/1.5ba TH $905 1,080 $0.84 Playground/courtyard, 56 2br/2ba $ $0.91 Fitness center, 16 3br/2.5ba $1,250 1,440 $0.87 Fireplaces, patios. Mill Creek Landing (1998) 54 95% occupancy 117 B Atlantic Avenue 42 2br/2ba $960 to 1,216 to $0.79 to Controlled Access, $1,075 1,290 $0.83 Patios. 12 3br/2ba $1,165 to 1,334 to $0.87 to $1,235 1,334 $0.93 Willow Oaks (1972) % occupancy 600 Willow Oaks Blvd. 24 2br/2.5ba $925 1,300 $0.71 Swimming pool, 75 3br/2.5ba $1,025 to 1,675 to $0.61 to Playground/courtyard. $1,125 1,765 $0.64 Fireplaces, patios Western Hampton..... Coliseum (1980) % occupancy 135A Pine Chapel Road 78 1br/1ba $ $0.89 Courtesy officer, 104 2br/1.5ba $ $0.74 Patios. Cambridge (1976) % occupancy 5109 Goldsboro Dr. 68 1br/1ba $ $0.91 Swimming pool, 372 2br/1ba $740 to 850 to $0.72 to Playground/courtyard, $865 1,200 $0.87 Storage, patios. 25 3br/2ba $1,000 1,500 $0.67 Falcon Creek (2006) In lease-up 4900 Falcon Creek Way 1br/1ba $ $1.17 Walking trails; 2br/2ba $1,020 to 894 to $1.03 to Clubhouse; pool; $1,035 1,001 $1.14 business center. Page 4B.22 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

23 Table 7 Page 3 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... Western Hampton (continued)..... Northampton Village (1974) % occupancy 103-A Kathann Dr br/1ba $660 to 638 to $0.91 to Swimming pool, $ $1.03 Tennis, fitness center, br/1.5ba $ $0.85 Playground/courtyard, 212 2br/2ba $ $0.86 Patios. 91 3br/2ba $890 1,085 $0.82 Township in Hampton % occupancy Woods (1987) 176 1br/1ba $699 to 500 to $1.12 to Clubhouse, pool, 260 Marcella Road $ $1.40 Tennis, fitness center, 120 2br/2ba $995 to 1,050 to $0.95 to Fireplaces, patios. $1,119 1,150 $0.97 Spinnaker Cove (1987) % occupancy 102 Misty Cove 105 1br/1ba $680 to 600 to $1.13 to Clubhouse, pool, $ $1.21 Tnnis, fitness center, 105 2br/2ba $880 to 1,000 to $0.88 to Fireplaces, patios, $965 1,000 $0.97 Storage. Addison at Hampton (1986) % occupancy 2 Wyndham Dr br/1ba $730 to 489 to $1.18 to Clubhouse, pool, $ $1.49 Tennis, fitness center, 84 2br/2ba $1,010 to 904 to $1.07 to Storage, fireplaces, $1,085 1,010 $1.12 Patios. Hampton Center (1985) % occupancy 6001 Terrell Lane 178 1br/1ba $699 to 689 to $0.98 to Pool, tennis courts, $ $1.01 Ftness center, 66 2br/1ba $859 to 950 to $0.90 to Fireplaces, patios. $ $ br/2ba $935 to 1,100 to $0.85 to $975 1,100 $ br/2ba $1,135 to 1,350 to $0.84 to $1,279 1,475 $0.87 Page 4B.23 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

24 Table 7 Page 4 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... Western Hampton (continued)..... Signature Place (1991) % occupancy 101 Signature Way 96 1br/1ba $765 to 642 to $1.05 to Clubhouse, pool, $ $1.19 Tennis, fitness center, 24 2br/1ba $945 to 927 to $1.02 to Fireplaces, patios, $ $1.03 Storage, garages. 96 2br/2ba $985 to 1,082 to $0.91 to $995 1,100 $ br/2ba $1,199 1,270 $0.94 Tradewinds (1989) % occupancy 2 Tradewinds Quay 96 1br/1ba $747 to 700 to $1.07 to Clubhouse, pool, $ $1.08 Tennis, fitness center, 134 2br/2ba $904 to 950 to $0.95 to Storage, garages, $ $0.96 Patios. 54 3br/2ba $1,110 to 1,210 to $0.92 to $1,130 1,210 $0.93 Bridgewater on the % occupancy Lake (1997) 72 1br/1ba $770 to 775 to $0.99 to Clubhouse, pool, 507 Marcella Road $ $1.00 Tennis, fitness center br/2ba $985 to 1,050 to $0.94 to Storage, garages, $1,045 1,100 $0.95 Patios. 26 3br/2ba $1,105 to 1,150 to $0.95 to $1,135 1,200 $0.96 Lake Ridge (2004) % occupancy 900 Lake Ridge Road 186 2br/2ba $1,080 to 1,000 to $1.08 to Clubhouse, pool, $1,100 1,000 $1.10 Business center. 96 3br/2ba $1,300 to 1,200 to $1.08 to $1,320 1,200 $1.10 Page 4B.24 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

25 Table 7 Page 5 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Newport News..... Earle of Warwick % occupancy Square (1986) 40 1br/1ba $495 to 750 to $0.66 to Swimming pool, 40 Maxwell $ $0.67 Playground/courtyard, 31 2br/1.5ba $610 1,100 $0.55 Patios. 28 2br/2ba $635 1,050 $ br/2ba $800 1,200 $0.67 Newport Trace (1987) % occupancy 802 Constance Dr. 2 1br/1ba $ $0.67 Clubhouse, pool, 130 2br/2ba $675 to 900 to $0.75 to Storage, $ $0.77 Fireplaces. Chesapeake Bay (1987) % occupancy 550 St. Michael's Way 208 1br/1ba $760 to 486 to $1.20 to Clubhouse, pool, $ $1.56 Tennis, fitness center, 92 2br/2ba $960 to 926 to $0.99 to Playground/courtyard, $1,074 1,082 $1.04 Fireplaces, storage, patios. On the Square (2002) % occupancy 3100 William Styron Square 30 1br/1ba $850 to 665 to $1.28 to Clubhouse, fitness, $1, $1.10 Business center, 93 2br/2ba $1,052 to 1,002 to $1.05 to Storage, carports, $1,487 1,289 $1.15 Fireplaces, patios. 24 3br/2ba $1,300 to 1,192 to $1.09 to Mid-rise. $1,450 1,235 $1.17 Jefferson Point (1985) % occupancy 128 Jefferson Point Lane 108 1br/1ba $665 to 536 to $1.30 to Clubhouse, pool, $ $1.24 Tennis, fitness, 24 2br/1ba $900 to 908 to $0.99 to Business center, storage. $1, $1.13 Fireplaces, patios. 76 2br/2ba $855 to 789 to $1.10 to $1,130 1,027 $1.08 Page 4B.25 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

26 Table 7 Page 6 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Newport News {continued}..... Waverton Place *282 97% occupancy Impressions (1989) 102 1br/1ba $745 to 860 to $0.87 to Clubhouse, pool, 501 Coral Key Place $ $0.89 Fitness, tennis, 120 2br/2ba $870 to 1,086 to $0.80 to Patios, courtyard. $890 1,086 $0.82 *132 additional units 60 3br/2ba $970 to 1,280 to $0.76 to under construction. $990 1,280 $0.77 Windsor Crossing (1986) % occupancy 12-C Cedarwood Way 36 1br/1ba $ $0.95 Swimming pool, 120 2br/2ba $949 to 1,000 to $1.11 to Tennis, courtyard, $969 1,100 $0.88 Storage, patios. Park Place (2004) % occupancy 675 Town Center Dr. 37 1br/1ba $872 to 806 to $1.08 to Clubhouse, pool, $1, $1.34 Business center, fitness, 62 2br/2ba $1,131 to 1,154 to $0.98 to Carport, patios. $1,119 1,154 $0.97 Mid-rise. 12 3br/2ba $1,504 to 1,346 to $1.12 to $1,700 1,346 $1.26 Harbours (1985) % occupancy 502 Waters Edge Drive 96 1br/1ba $799 to 774 to $1.03 to Clubhouse, pool, $ $1.13 Tennis, courtyard, 264 2br/2ba $959 to 1,050 to $0.91 to Fireplaces, storage, $1,015 1,050 $0.97 Patios. 36 3br/2ba $1,099 to 1,185 to $0.93 to $1,350 1,185 $1.14 Forest Lake at Oyster % occupancy Point (1988) 72 1br/1ba $895 to 780 to $1.03 to Clubhouse, pool, 307 St. Thomas Drive $ $1.15 Tennis, fitness, 64 2br/1ba $ $1.02 Fireplaces, storage br/2ba $1,022 1,052 $ br/2ba $1,189 1,235 $0.96 Page 4B.26 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

27 Table 7 Page 7 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Norfolk..... Lafayette Towers (1964) % occupancy 4601 Mayflower Rd br/1ba $664 to 500 to $0.91 $ $1.33 to High-rise 41 2br/2ba $1,027 to 1,300 to $0.79 $1,127 1,300 $ br/2ba $1,144 to 1,800 to $0.64 $1,244 1,800 $0.69 Breezy Point (1997) % occupancy 8600 Glen Myrtle Avenue 384 1br/1ba $ $1.05 Tennis courts, pool, 256 2br/1ba $ $0.98 fitness center. Pembroke Towers (1964) % occupancy 601 Pembroke Ave br/1ba $700 to 409 to $1.18 to Pool. $ $1.71 High-rise 36 2br/2ba $1,125 to 1,104 to $1.02 $1,235 1,104 $ br/2ba $1,350 to 1,242 to $1.09 $1,480 1,242 $1.19 Beechwood (1984) % occupancy 7872 Ogden Ave. 24 1br/1ba $610 to 675 to $0.90 to Tennis courts, $660 to 695 to $0.95 Playground/courtyard. 88 2br/2ba $750 to 900 to $0.83 $ $ br/1.5baTH $ $ br/2ba $910 1,231 $0.74 John Knox Towers (1975) % occupancy 1210 Colonial Ave br/1ba $675 to 422 to $1.25 to Clubhouse. $ $1.60 High-rise 13 2br/1ba $ $1.23 Page 4B.27 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

28 Table 7 Page 8 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Norfolk {continued}..... Hague Towers (1965) % occupancy 330 Brambleton Ave., West 190 1br/1ba $725 to 528 to $1.21 to Pool, $ $1.37 fitness center. High-rise 17 2br/1ba $945 to 1,056 to $0.89 to $1,280 1,056 $ br/2ba $965 to 1,056 to $0.91 to $1,300 1,056 $1.23 Hampton Creek Aptss (1988) % occupancy 1612 Little Creek Rd., West 18 1br/1ba $ $0.95 Pool br/1ba $885 1,000 $0.89 Dockside (1986) % occupancy 390 Military Highway, S. 27 1br/1ba $740 to 684 to $1.08 to Clubhouse, pool, $ $1.11 tennis courts, 126 2br/2ba $850 to 924 to $0.92 to fitness center. $ $0.94 Ghent Village (1981) % occupancy 100 Westover Ave. 28 1br/1ba $775 to 569 to $1.36 to Clubhouse, pool, $1, $1.30 tennis courts, 102 2br/2ba $1,445 1,279 $1.13 fireplaces. 10 3br/2ba $1,545 1,334 $1.16 Crystal Lake (1985) 96 96% occupancy 5535 Virginia Beach Blvd. 96 2br/2ba $920 1,050 $0.88 Pool, storage. $975 1,200 $0.81 Page 4B.28 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

29 Table 7 Page 9 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Norfolk {continued}..... Park Crescent (1991) % occupancy 6450 Crescent Way 39 1br/1ba $1, $1.11 Clubhouse, 204 2br/2ba $1,310 1,285 $1.02 tennis, fitness center, 45 3br/2ba $1,500 1,560 $0.96 business center, fireplaces. Bristol at Ghent 268 Under Construction Granby Street 1br/1ba $925 to 565 to $1.64 to 5-Story parking garage $1, $1.51 Business Center, 2br/2ba $1,425 to 1,036 to $1.38 to clubhouse, pool, $1,695 1,192 $1.42 Fitness Center. 3br/2ba $1,925 to 1,324 to $1.45 to $1,955 1,324 $1.48 Heritage at Freemason % occupancy Harbour (2000) 42 1br/1ba $1,066 to 768 to $1.39 to Clubhouse, 200 College Place $1,259 1,026 $1.23 fitness center, 97 2br/2ba $1,345 to 1,071 to $1.26 to fireplaces, carports $1,484 1,189 $ br/2ba $1,472 to 1,189 to $1.24 to $1,887 1,361 $1.39 Brambleton at Duke 248 Project Proposal. 20-Story building 1br/1.5ba n/a n/a n/a 3br/2ba n/a n/a n/a Rents reportedly will start at $1,250 to $2,400 Page 4B City of Portsmouth..... Heights at Olde Towne (1973) % occupancy 303 Effingham St. 56 1br/1ba $1, $1.71 Clubhouse, pool, 74 2br/1ba $1, $1.40 business and 18 3br/2ba $1,495 1,122 $1.33 fitness centers. SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

30 Table 7 Page 10 of 10 Summary Of Selected Rental Properties Cities of Hampton, Newport News, Norfolk, and Portsmouth, Virginia June, 2006 Number Unit Reported Reported Rent per Property (Date Opened) of Units Type Base Rent Unit Size Sq. Ft. Additional Information Address..... City of Portsmouth {continued}..... Myrtles at Olde Towne (2004) % occupancy 850 Crawford Parkway 146 1br/1ba $1,060 to 751 to $1.41 to Clubhouse, pool, $1, $1.70 sports courts, 11 1br/1.5ba $1,270 to 936 to $1.36 to fitness center, $1, $1.59 garages. 89 2br/2ba $1,430 to 1,095 to $1.31 to $1,740 1,137 $1.53 Harbor Tower Apts. (1983) % occupancy One Harbor Court 94 1br/1ba $1,060 to 763 to $1.39 to Clubhouse, pool, $1, $1.52 fitness center, saunas, High-rise building 93 2br/2ba $1,230 to 1,050 to $1.17 to garages. $1,605 1,075 $ br/2.5ba $2,200 to 2,100 to $1.05 to $2,500 2,100 $1.19 Page 4B.30 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

31 Table 8 Page 1 of 6 Summary Of Selected For-Sale Properties Cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News, Virginia January/June, 2006 Total Total Sales Unit B e d s / Unit Price Unit Size Price Per Lots/ (Monthly Development (Date Opened) Type B a t h s Range Range Sq. Ft. Units Average) Developer/Builder.... City of Hampton Water-Oriented.... Mainsail at Southall Landing Mainsail, LLC. TH 3br/2.5ba $339,900 to 2,010 to $169 to 3br/3.5ba $521,467 2,705 $193 Condominiums At Bridge Street 30 Turzac Homes CO 2br/2.5ba $444,995 to 1,267 to $351 to 5br/2.5ba $674,995 1,913 $353 Phoebus Condominiums Ocean Properties CO 2br/2.5ba $594,995 to 1,746 to $341 to reservations 3br/2.5ba $1,194,995 3,062 $390 Lakes at Howe Farms S F 4br/2.5ba $630,000 to 3,100 to $163 to 5br/3.5.5ba $860,000 5,264 $ City of Hampton Non-Water-Oriented.... Gosnold Hope Townhomes Pace Construction TH 3br/2.5ba $255,000 to 1,722 to $146 to $259,000 1,773 $148 Reserve at Kings Cove (1.5) Platinum Homes, LLC SF 4br/2.5ba $327,500 to 2,340 to $135 to 5br/2.5ba $360,200 2,673 $140 Hayes Farm Estates S F 4br/2.5ba $367,500 2,600 $141 4br/3ba $379,900 2,700 $141 3br/2.5ba $407,500 2,700 $151 3br/2.5ba $407,900 2,700 $151 4br/3ba $421,900 3,000 $141 4br/2.5ba $434,500 3,040 $143 5br/2.5ba $439,500 3,325 $132 Page 4B.31 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc. Spec Homes.

32 Table 8 Page 2 of 6 Summary Of Selected For-Sale Properties Cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News, Virginia January/June, 2006 Total Total Sales Unit B e d s / Unit Price Unit Size Price Per Lots/ (Monthly Development (Date Opened) Type B a t h s Range Range Sq. Ft. Units Average) Developer/Builder.... City of Norfolk Water-Oriented.... Lafayette River 130 n/ a Lafayette River Properties LLC CO 1br/1ba $269,900 to 900 to $227 to 7-story building 3br/2ba $499,900 2,200 $300 The Landings at Bolling Square Collins Enterprises CO 2br/2ba $329,900 to 1,231 to $268 to 28 in 1st Phase 3br/2ba $575,900 1,980 $291 TH 3br/2ba $399,900 to 2,114 to $189 to 31 in 1st Phase 4br/3.5ba $799,900 2,931 $273 Tanners Landing Axis Development CO 2br/2ba $375,000 to 1,589 to $236 to 3br/2ba $650,000 2,550 $255 The Spectrum at Willoughby Point 327 n/a Futura Group CO 1br/1ba $349,900 to 1,000 to $333 to TH 3br/2.5ba $1,000,000 3,000 $350 Harbor Walk (7/03) (3.0) Genesis Group CO 3br/2ba $375,000 to 2,018 to $190 to 1- & 2-Story 4br/3ba $506,500 2,670 $186 TH 3br/2.5ba $390,750 to 2,425 to $161 to $396,608 2,450 $162 Page 4B.32 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

33 Table 8 Page 3 of 6 Summary Of Selected For-Sale Properties Cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News, Virginia January/June, 2006 Total Total Sales Unit B e d s / Unit Price Unit Size Price Per Lots/ (Monthly Development (Date Opened) Type B a t h s Range Range Sq. Ft. Units Average) Developer/Builder.... City of Norfolk Non-Water-Oriented Boush Street Collins Enterprises LOFT 1br/1ba $153,500 to 770 to $199 to 6-story building 1br/1.5ba $209, $215 CO 1br/1ba $153,500 to 790 to $194 to 3br/2ba $425,500 1,921 $221 Ghent on the Square (8.1) 105 Westover Ave. CO 1br/1ba $204,000 to 799 $255 to $210,000 $263 Condo Conversion. 2br/2ba $239,500 to 1,024 to $234 to $267,500 1,038 $258 3br/2ba $279,000 to 1,234 $226 to $315,000 $255 The Row at Ghent (3.9) Bristol Develop. Group LLC CO 1br/1.5ba $242,900 to 969 to $227 to 5-story buildings 2br/2ba $295,900 1,305 $251 Also includes 268 rental apts. The Rotunda 66 n/ a Genesis Group CO 1br/1ba $268,280 to 976 to $366 to Adaptive re-use Penthouse 2br/2.5ba $926,160 2,531 $275 Granby Tower (12/05) 309 Marathon Develop. Group CO 1br/1ba $277,900 to 793 to $350 to 31-story building 1br/1.5ba $388,900 1,071 $363 2br/2ba $397,900 to 1,148 to $347 to 2br/2.5ba $709,900 1,762 $403 3br/2.5ba $689,900 to 1,977 to $275 to 4br/3.5ba $1,200,000 4,370 $349 Page 4B.33 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

34 Table 8 Page 4 of 6 Summary Of Selected For-Sale Properties Cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News, Virginia January/June, 2006 Total Total Sales Unit B e d s / Unit Price Unit Size Price Per Lots/ (Monthly Development (Date Opened) Type B a t h s Range Range Sq. Ft. Units Average) Developer/Builder.... City of Norfolk Non-Water-Oriented {continued}.... Harbor Heights Robinson Development CO/ 1br/1.5ba $295,500 to 1,104 to $268 to Group LOFT 3br/3ba $850,000 2,436 $ story building The Ellington 20 5 Ellington Partners, LLC CO 1br/1ba $345,300 to 1,300 to $264 to 4-story building 3br/2ba $475,950 1,800 $266 East Beach East Beach Development Manor CO 2br/2ba $439,000 to 1,387 to $317 to $469,900 $339 Fourplex CO 2br/2ba $439,000 to 1,281 to $318 to 3br/2ba $599,000 1,886 $343 Villas 2br/2.5ba $477,500 to 1,482 to $322 3br/2.5ba $580,500 1,803 $322 CO 3br/2ba $529,900 to 1,800 to $294 to 3br/3ba $625,000 2,068 $302 TH 3br/2.5ba $565,000 to 1,850 to $220 to 4br/3.5ba $749,000 3,400 $ City of Portsmouth Non-Water-Oriented.... New Port 1,628 n/a L. M. Sandler & Sons CO 1br/1ba $150,000 to 850 to $176 to TH 3br/2ba $400,000 2,000 $200 S F 3br/2.5ba $268,110 to 1,838 to $120 to 3br/2.5ba $361,521 3,015 $146 Sterling Point TH 3br/2.5ba $277,900 1,147 $ Page 4B.34 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.

35 Table 8 Page 5 of 6 Summary Of Selected For-Sale Properties Cities of Hampton, Norfolk, Portsmouth, Virginia Beach, and Newport News, Virginia January/June, 2006 Total Total Sales Unit B e d s / Unit Price Unit Size Price Per Lots/ (Monthly Development (Date Opened) Type B a t h s Range Range Sq. Ft. Units Average) Developer/Builder.... City of Portsmouth Non-Water-Oriented {continued}.... Park View S F 3br/2.5ba $429,000 to 2,739 to $157 to 3br/2.5ba $489,000 2,812 $ City of Virginia Beach Water-Oriented.... Old Beach Village 196 n/ a Hampton Roads Housing Lofts 1br/1ba $289,000 to 752 to $314 to 2br/2ba $489,000 1,558 $384 Flats 2br/2ba $499,000 to 1,543 to $314 to 4br/3.5ba $989,000 3,146 $323 The False Cape (9/04) (9.1) Futura Group CO $550,000 to 1,400 to $393 to 6-story building $1,300,000 2,700 $481 Point Chesapeake 158 n/ a Teny-Peterson Residential & CO 2br/2.5ba $789,000 to 2,000 to $375 to Napolitano Enterprises 4br/3ba $1,500,000 4,000 $395 Ocean Park CO 3br/2ba $923,895 to 2,276 to $406 to $1,312,500 2,618 $ City of Virginia Beach Non-Water-Oriented.... The Residences at Town Center Armada Hoffler CO 1br/1ba $360,000 to 816 to $441 to story building 3br/2ba $3,000,000 3,450 $870 Page 4B.35 SOURCE: Collaborative Community Research & Design; Zimmerman/Volk Associates, Inc.