Haddock & Associates have years of experience in producing Market Studies and Feasibility Reports. Our reports have been accepted by HUD. We have received many favorable reports for our completeness, thoroughness and accuracy.
The HUD reports are requested of our clients to support loan requests. Market Studies define the marketable area, evaluate the competition, extract and analyze demographic data, and measure the market demand in a specific market, for a specific project, at a specific site. This is primary and critical information for any site under consideration. The Market Study is an in-depth analysis of some or all of the 65 plus market. We utilize our comprehensive database, mapping devices and on-site visits. Haddock & Associates present the analysis report in a form consistent with recognized data standards, including HUD formats. Our clientele base for market studies covers many states from coast to coast. We will be pleased to provide you with a summary of location experience, references and a price quote.
Haddock & Associates personally visits each site and market location. We want to be able to speak to the merits of that location and its suitability as relating to the market to be served. Since our studies are usually seen by developers and lenders we want all aspects relating to the market to be clearly in focus.
The Primary Market Area is the natural drawing area within the market influence of the selected site that would normally be expected to produce 70-80% of the residents. The balance of 20-30% will come from further distances and/or be elderly parents, living elsewhere, of local residents. The PMA is not necessarily a certain prescribed radius around a proposed site. Often, geographic boundaries and social or financial aspects may more nearly define the PMA. Whether the site is urban or small town in nature and the particular target-market sought also are great considerations. How we define the market has great bearing on the validity of the final conclusions.
Comparable competition must be effectively evaluated. How old are the existing facilities? Are they going to expand? What are the room sizes and amenities offered. What are the rental/fee rates? How long did it take them to fill up? How many vacancies do they have? Etc. What facilities/projects are in the planning stages? Where will they be built and when are they expected to open? What will they be offering? How will they impact the market? Etc. The competition has to be recognized for their claim on the available qualified potential residents.
Our up-to-date mapping and demographic data are all in-house and we can analyze data from any size or configuration of market boundaries. We have developed our methods of analysis along industry standard lines and take great pride in being both accurate and conservative. Utilizing the demographic data along with the competition survey, we can determine the number of units the market can support at the proposed location. We also recommend suggested opening rent rates and estimate the projected fill-up (absorption) rate.
In any report of this type, facts and figures do not tell the whole story but ultimately give support to the expert opinion of the surveyor. We are highly specialized in that we only do market studies of elderly (senior) housing, particularly assisted living including dementia. Our reports often are submitted to HUD for financing where they have been accepted. We have always had favorable comments. We do not try to write a compendium of the history of the state you live in. Our reports are thorough, to the point, and cover what a lender wants to know. The best news: our rates are very competitive. Please call or e-mail.
