Atlanta New Housing Market

Review

THE COMPANY

•30 year history and experience

•Serving 35 markets nationwide

•Leading provider of primary and secondary market information to the homebuilding and related industries

METROSTUDY PRIMARY RESEARCH METHODOLOGY

• COMPREHENSIVE - We drive the streets of every active AND planned subdivision using a copy of the plat. Visually inspect and record data on every lot.

• TIMELY – Years of execution ensure a highly managed timeline for rapid delivery of our survey results. Complete survey during last 2 weeks of calendar quarter.

• ACCURATE – With laser focus on the information that is most important, we train our field research personnel to follow strict research rules to insure consistency and accuracy.

METROSTUDY TIMELINE

• Research begins at Planning & Zoning• Our field personnel use Recorded Plats• Researchers drive every platted new home

subdivision of 4 lots or more every 90 days• We drive every street of every active

project• Deliver finished research to clients within

thirty days of end of quarter• Accurate information on future and vacant

lots, starts, closings, absorption, products, and pricing.

Salt Lake

No. Cal.

So. Cal.

Denver

Phoenix

Tucson

DFW

Austin

San AntonioHouston

South Fla.

North Fla.

Tampa Bay

Naples

Chicago

DC-MD-NVA

RaleighCharlotte

Atlanta

ATLANTA HOUSING MARKETATLANTA HOUSING MARKETATLANTA HOUSING MARKETATLANTA HOUSING MARKET

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

3Q95 3Q96 3Q97 3Q98 3Q99 3Q00 3Q01 3Q02 3Q03 3Q04

5.00%

5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

HOME PRICE MORTAGE RATE

National Economic Overview HOUSING AFFORDABILITY $60K Household Income

North Atlanta Housing Market

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

Fin Vacant Finished Vacant % of Total Inv.

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Fin Vacant Under Const Housing Mos

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Fin Vacant Finished Vacant MOS

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0-100 100-150 150-200 200-250 250-300 300-400 400-500 500-5000

HOUSING INVENTORY ANNUAL CLOSINGS

NORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKETNORTH ATLANTA HOUSING MARKET

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

0-100 100-150 150-200 200-250 250-300 300-400 400-500 500-5000

ANNUAL STARTS ANNUAL CLOSINGS

South Atlanta Housing Market

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2Q

00

3Q

00

4Q

00

1Q

01

2Q

01

3Q

01

4Q

01

1Q

02

2Q

02

3Q

02

4Q

02

1Q

03

2Q

03

3Q

03

4Q

03

1Q

04

2Q

04

Quarterly Starts Quarterly Closings

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

-

1,000

2,000

3,000

4,000

5,000

6,000

2Q

00

3Q

00

4Q

00

1Q

01

2Q

01

3Q

01

4Q

01

1Q

02

2Q

02

3Q

02

4Q

02

1Q

03

2Q

03

3Q

03

4Q

03

1Q

04

2Q

04

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Fin Vacant Finished Vacant % of Total Inv.

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

-

2,000

4,000

6,000

8,000

10,000

12,000

2Q

00

3Q

00

4Q

00

1Q

01

2Q

01

3Q

01

4Q

01

1Q

02

2Q

02

3Q

02

4Q

02

1Q

03

2Q

03

3Q

03

4Q

03

1Q

04

2Q

04

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Fin Vacant Under Const Housing Mos

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

-

1,000

2,000

3,000

4,000

5,000

6,000

2Q

00

3Q

00

4Q

00

1Q

01

2Q

01

3Q

01

4Q

01

1Q

02

2Q

02

3Q

02

4Q

02

1Q

03

2Q

03

3Q

03

4Q

03

1Q

04

2Q

04

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Fin Vacant Finished Vacant MOS

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0-100 100-150 150-200 200-250 250-300 300-400 400-500 500-5000

HOUSING INVENTORY ANNUAL CLOSINGS

SOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKETSOUTH ATLANTA HOUSING MARKET

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0-100 100-150 150-200 200-250 250-300 300-400 400-500 500-5000

ANNUAL STARTS ANNUAL CLOSINGS

ATLANTA TOP COMMUNITIES

RANKED BY SALESSubdivision Name Market Area Price Range Annual Starts Annual Sales

Woodlands,The Cherokee $160-$230 345 330

Annewakee Trails Douglas $117-$400 300 323

Bridge Mill Cherokee $110-$450 339 321

Summer Grove Coweta $131-$390 328 308

Hamilton Mill Gwinnett $180-$650 245 297

Eagles Landing Henry $105-$650 307 289

Bentwater Paulding $140-$500 256 252

Monarch Village Henry $100-$300 217 188

Mirror Lake Douglas $110-$1000 174 165

Cutters Mill Dekalb $122-$179 191 158

TH/ Chattahoochee Bluffs Cobb $200-$250 212 147

Mulberry Park Gwinnett $110-$207 189 147

Springlake Falls Gwinnett $133-$159 168 147

Bridle Point Gwinnett $131-$161 156 146

Tribble Mill Gwinnett $178-$305 148 145

ATLANTA TOP ATLANTA TOP COMMUNITIESCOMMUNITIES

RANKED BY SALESRANKED BY SALESSubdivision Name Market Area Price Range Annual Starts Annual Sales

Whittington Forsyth $131-$172 211 138

Ellington Newton $115-$160 111 135

Deer Crossing Clayton $145-$171 142 132

Brookstone Cobb $129-$860 158 124

Walden Park Fulton (South) $160-$400 116 124

Riverbend Overlook Dekalb $125-$150 120 121

Holly Mill Cherokee $95-$173 133 118

Pinecrest Station Gwinnett $141-$182 121 114

Amhurst Fulton (South) $136-$205 118 114

Hampton Forsyth $193-$340 99 113

NorthBridge Estates Clayton $120-$161 146 110

Bethelview Forsyth $158-$175 113 107

Kensington Pointe Henry $134-$168 95 107

Natures Point Douglas $117-$152 115 106

Sugarloaf/ Longmont@ Gwinnett $178-$255 136 103

UNDER $150,000

$150,000 to $ 200,000

$200,000 to $300,000

$300,000 to $400,000

ATLANTA CLOSINGS by Price Range

$$400,000+OVER$450,000

7% 8%

37% 30%

27% 29 %

21% 23 %

8% 9%

2Q 20042Q 2003

ATLANTA HOUSING MARKETATLANTA HOUSING MARKETATLANTA HOUSING MARKETATLANTA HOUSING MARKET

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Fult

on (

Nort

h)

Cher

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Fors

yth

Gw

innet

t

Cobb

Dek

alb

Pau

ldin

g

Hal

l

Cla

yton

Dougla

s

Faye

tte

Fult

on (

South

)

Hen

ry

Rock

dal

e

Cow

eta

New

ton

ANNUAL STARTS ANNUAL CLOSINGS Housing Mos

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