Market for Condominium & Townhouse Product &
Pricing for Downtown Elgin Housing Development
Client: Par Development, Inc.
Par Development, Inc. engaged Gruen Gruen + Associates (GG+A) to conduct a survey of workers of downtown Elgin employers in order to estimate the demand for condominium and town house units that Par Development plans to develop in downtown Elgin. The development is planned to include an eight-story, 60-unit condominium building and 116 town houses located on South Grove Avenue, across from Festival Park and the Fox River.
The objective of the survey research and analysis was to provide Par Development with information as to:
GG+A designed the survey instrument, provided direction for the distribution of the copies of the survey, coded the responses, and tabulated and analyzed the results using its SPSS software package.
- The type of market segments most likely to purchase downtown condominium and town house products;
- The demographic characteristics and current housing patterns of these households;
- The factors most important to their housing decisions;
- The level of interest in alternative unit-types at varying price points;
- The perceived advantages and disadvantages of living in Elgin; and
- Type of product features, pricing, and marketing strategies that will help assure the market-responsiveness of the planned development in a pioneering location.