1

ConsumerInsights

Top Amenities by Generation

Top 50 MPCs of 2013

Regional Ranking Snapshot

2014 Mid-Year Outlook on Housing Demand

2

Consumer research in the real estate world is often overlooked because it is difficult and expensive to conduct. However, understanding what home buyers value is critical, given the market climate and competitive field today. Our third annual Consumer Insights report couples our timely market research with qualitative findings from our proprietary “What Do You Call Home?” survey to provide better information on consumer marketing strategies for your communities.

What Do You Call Home?

E-MAIL SURVEYOur survey includes over 100 questions and several hundred variables regarding shoppers’ opinions on their next home and community.

PARTNERSBuilders, developers, and Zillow joined in the effort nationwide by sending an e-mail to their prospective shoppers.

NATIONWIDE SAMPLEOver 22,000 responses are collected across the nation annually. We have access to over 50,000 total responses in our past survey database.

ConsumerInsights

3

What Do You Call Home?

Insight Customized

GEOGRAPHICWe understand that geography affects consumer preferences. Responses can roll up to a national or regional level or drill down to the MSA or submarket level.

PRICE POINTWe understand that affordability is different for each new home shopper. Respondents

were asked their desired price point and payment in their next home; our report

can be filtered accordingly.

GENERATIONS & LIFESTAGEWe understand that lifestage impacts purchasing behaviors. Reports are available specifically for 55+ and the millennial buyers.

Consumer Insights is a “focus-forward” study so that real estate practitioners can use this information to make strategic decisions moving forward. The information can be customized to meet your needs.

to Increase Your Bottom Line

HOMEKitchenBathroomPrivate outdoor livingGreat spaceArchitectural styleYard preferencesSpecifications & Technology

INTERIOR STYLEInterior style preferencesExterior style preferencesInterior specificationsTextureColor

COMMUNITYCommunity amenitiesLifestyle

ATTITUDESHow they liveHow they shopWhat they value

Fantastic Insight On:

To learn more about how you can better develop your next community, marketing strategy, or new product design, please contact:

MOLLIE CARMICHAELPrincipal

mcarmichael@realestateconsulting.com (949) 870-1214

4

will consider a smaller backyard if it is designed as a great outdoor space.

80%

of prospective shoppers say that design is one of the most important factors motivating them to buy a new home.

81%

ConsumerInsights

ConsumerInsights

5

of all shoppers have pets.

67% ConsumerInsights

Look out for multi-generational living! 39% plan on an elderly parent and 35% plan on a child over 18 living with them in their next purchase.

ConsumerInsights

6

Top kitchen features include large islands, walk-in pantries, and high-tech appliances.

will use either their tablet or mobile phone while shopping for their next home.

62%

ConsumerInsights

ConsumerInsights

7

New Home Shoppers

BoomersBorn 1946 to 1964

ConsumerInsights

Generations

79%have 2 or fewer

people in household.

34%have 2 or fewer

people in household.

LIFE STAGE

10%66%

SingleFamily

14%21%

SingleFamily

Highest percentage of college graduates at 45%

9%44%

SingleFamily

56%have 2 or fewer

people in household.

47%have a down payment of

30% or greater—thanks to their home equity. This generation is looking for the lowest monthly

payment but not necessarily the lowest price. Boomer payments are lower than Gen Y because

they are moving down and putting down equity. Their larger down

payments help! This consumer will rely heavily on equity—particularly

for the consumer that needs to travel further out to purchase or “cash out” for financial security.

will rely on savings for their down payment. They are the most budget-conscious of all

shopping groups.

They are almost 2x more likely to get their down payment from

their family than Gen X.

47%of Boomers Gen X

are paying the highest monthly payments...not the Boomers.

They also have the highest incomes.

PAYMENT, PRICE, AND DOWN PAYMENT

of Gen Y

19% will pay $2,500+/month

52% want a home under $2,500/month

26% are looking for a home priced above $400k (varies by geography)

28% will pay $2,500+/month

45% want a home under $2,500/month

37% are looking for a home priced above $400k (varies by geography)

18% will pay $2,500+/month

69% want a home under $2,500/month

33% are looking for a home priced above $400k (varies by geography)

WWW.REALESTATECONSULTING.COM

New Home Shoppers

Gen XBorn 1965 to 1979

New Home Shoppers

Gen YBorn 1980 to 2000

Let’s look at who’s shopping out there today for a new home! Who are they? What do they want? This infographic is part of a new series of studies by JBREC on generational differences, based on responses from 22,000 new home shoppers. This Generations infographic details each generation’s life stage and behavior in regards to purchasing a home. Visit www.realestateconsulting.com and let us help your team improve your home or community strategies by better understanding your consumers by specific location.

8

BoomersBorn 1946 to 1964

Gen XBorn 1965 to 1979

Gen YBorn 1980 to 2000

ConsumerInsights

Top AmenitiesCheck out what 22,000 new home shoppers shared as the amenities they most wanted in their next community. Below are the top 25 preferences by generation. The major differences relate to the presence of children for the younger generations.

23

Village Square Recreational Center Children’s Park

Grocery Store Close By Grocery Store Close ByGrocery Store Close By

Fitness CenterWalking Trails Walking Trails

Fitness Center Fitness Center Walking Trails

Restaurants Close By Restaurants Close ByRestaurants Close By

Organized On-Site Programming Shaded AreasCommunity-Wide events

Yoga/Pilates Studio Running Dog Park

RunningCommunity Intranet with Events,

Clubs, Bulletin Boards, etcLake, Pond, Stream, and Water

Elements, $50/Month

Organized On-Site Programming

Community Intranet with Events, Clubs, Bulletin Boards, etc

Children’s Water/Play Area

Community-Wide events Shaded Areas Community-Wide events

Shopping ShoppingVillage Square

Wi-Fi Internet Access in Public Areas

Shopping Recreational Center

Community High-Speed Internet

Recreational Center Village Square

Community High-Speed Internet

Wi-Fi Internet Access in Public Areas

Wi-Fi Internet Access in Public Areas

Shaded Areas Children’s Park Community High-Speed Internet

Look for our future trends in what consumers want in communities and homes by generation.

We believe it starts with your consumers.

Today’s shoppers rated Service & Retail as the most important

amenities for their next community

purchase.

*

All three generations ranked Fitness

Center and Walking Trails as top

amenities above retail shopping.

*

Community-Wide events rank above

pools, parks, and other typical amenities. Events can be much less

expensive too!

*

A Dog Park is among the top park choices. It scored highest for Gen

Y, followed by the Boomers.

*

Wi-Fi Internet Access and a

Community Intranet with Events, Clubs,

etc. are more important to the Boomers than

they are toGen X and Gen Y.

*

54

78

6

109

1112131415

1

9

BoomersBorn 1946 to 1964

Gen XBorn 1965 to 1979

Gen YBorn 1980 to 2000

Library Live Music in the Park Live Music in the Park

Cycling Movies in the ParkAdult-only Pool (18+)

Community Intranet with Events, Clubs, Bulletin Boards, etcAmphitheater Outdoors Dog Park

Art Shows in the Park Basketball Courts Lake, Pond, Stream, and Water Elements, $50/Month

Hiking Trails with Historical Markers of the Area

Lake, Pond, Stream, and Water Elements, $50/MonthOpen Space, $50/Month

WATER PARKSADVENTURE REC CENTERARTS &ENTERTAINMENTNATURE EVENTS SERVICE &

RETAILSPECIAL

AMENITIES

Let us help! We can help optimize your community and home design for better homes, better places, and better profit.

Please contact Mollie Carmichael at mcarmichael@realestateconsulting.com or (949) 870-1214.

Events and experiences, as a whole, rank above “hard amenities”

like a pool.

*

Consumer research in the real estate world is often overlooked because it is difficult and expensive to conduct. However, understanding what home buyers value is critical, given the market climate and competitive field today. Our third annual Consumer Insights report couples our timely market research with qualitative findings from our proprietary “What Do You Call Home?” survey to provide better information on consumer marketing strategies for your communities.

WWW.REALESTATECONSULTING.COM

Live Music in the Park Yoga/Pilates Studio Sport Fields

Hiking Trails with Historical Markers of the Area

Cycling Yoga/Pilates Studio

Dog Park Children’s Water/Play Area Tennis Courts

Organized On-Site ProgrammingTennis CourtsHiking Trails with Historical

Markers of the Area

Sport Fields Basketball CourtsRemote Guard Gate, $50/month

16171819202122232425

21 32t

22 N/A

23 26

24 50t

25 34

1 1

2 2

3 4

4 5

5 10t

6 7

7 6

8 3

9 8

10 13

11 10t

12 14

13 28

14 16

15 N/A

16 24

17 18

18 N/A

19 15

20 31

3,419 2,851

1,444 1,434

854 982

841 948

838 508

791 605

726 760

649 1,007

618 573

600 500

570 508

566 471

509 301

475 441

464 304

457 308

445 387

378 190

373 466

372 282

20%

1%

-13%

-11%

65%

31%

-4%

-36%

8%

20%

12%

20%

69%

8%

53%

48%

15%

99%

-20%

32%

THE VILLAGES The Villages, FL (Central FL)

THE IRVINE RANCH1 Orange County, CA

CINCO RANCH Katy, TX (Houston)

MOUNTAIN'S EDGE Las Vegas, NV

NOCATEE Ponte Vedra, FL (Jacksonville)

RIVERSTONE Houston, TX

PROVIDENCE Las Vegas, NV

THE WOODLANDS Houston, TX

LAKEWOOD RANCH Sarasota, FL

ALAMO RANCH2 San Antonio, TX

STAPLETON Denver, CO

SUMMERLIN Las Vegas, NV

CROSS CREEK RANCH Houston, TX

LAKE NONA Orlando, FL

ALIANA Houston, TX

WOODFOREST Montgomery, TX (Houston)

SIENNA PLANTATION Houston, TX

CANYON LAKES WEST Cypress, TX (Houston)

BRAMBLETON Ashburn, VA (Washington)

VALENCIA Los Angeles, CA

Villages of Lake Sumter, LLC

The Irvine Company

Newland Communities

Focus Property Group

The PARC Group

Johnson Development Corp.

Focus Property Group

The Woodlands Development Company

Schroeder-Manatee Ranch, Inc.

Galo Properties

Forest City

The Howard Hughes Corporation

Johnson Development Corp.

Tavistock Group

Aliana Development Company

Johnson Development Corp.

Johnson Development Corp.

Land Tejas Companies

Soave Enterprises

FivePoint Communities

2013

20132012

Rank Increased 1Irvine includes Cypress Village, Portola Springs, Stonegate, Woodbury & Laguna Altura

Rank Declined2Estimate

2012

Project Name & Location

Rankings Developer Net Sales YOY%∆

TopMaster-Planned Communities of 2013

50

FIRETHORNE Houston, TX

RANCHO MISSION VIEJO San Juan Capistrano, CA

DAYBREAK Salt Lake City, UT

CANE BAY PLANTATION Charleston, SC

EAGLE SPRINGS Humble, TX (Houston)

JDC/Firethorne

Rancho Mission Viejo, LLC

Kennecott Land

Gramling Brothers Real Estate & Dev.

Newland Communities

361 280

360 0

353 304

341 214

321 277

29%

N/A

16%

59%

16%

20%

1%

-13%

-11%

65%

31%

-4%

-36%

8%

20%

12%

20%

69%

8%

53%

48%

15%

99%

-20%

32%

YOY%∆

29%

N/A

16%

59%

16%

11

26 47

27 N/A

28t 29t

28t 19t

30 22

31 29t

32 37

33 19t

34 N/A

35 48

36 N/A

37 40

38 N/A

39 39

40 N/A

41t 35t

41t 41

43t 42

43t N/A

45 35

2013

20132012 2012

Project Name & Location

46t N/A

46t N/A

48 38

49 N/A

50 12

Rankings Developer Net Sales YOY%∆

SOURCE: John Burns Real Estate Consulting, LLC, January 2014

WESTHEIMER LAKES Katy, TX (Houston)

RIVERSTONE Naples, FL

THE BRIDGES Delray Beach, FL (West Palm)

OAKHURST AT KINGSWOOD Houston, TX

HIGHLANDS RANCH2 Denver, CO

Land Tejas Companies

GL Homes

GL Homes

Friendswood Development

Shea Homes

230 159

230 188

225 245

224 221

220 507

45%

22%

-8%

1%

-57%

CANYON HILLS Lake Elsinore, CA (Riverside)

CRYSTAL FALLS Leander, TX (Austin)

VALENCIA RESERVE Palm Beach, FL

SHADOW CREEK RANCH Houston, TX

MOUNTAIN HOUSE Tracy, CA (Central Valley)

VISTANCIA Phoenix, AZ

THE MEADOWS Castle Rock, CO (Denver)

FISHHAWK RANCH Lithia, FL (Tampa)

STONE RIDGE Aldie, VA (Washington, DC)

ESTRELLA Goodyear, AZ (Phoenix)

DURBIN CROSSING2 Jacksonville, FL

TERAVISTA Round Rock, TX (Austin)

PAVILION PARK AT GREAT PARK Irvine, CA

HASTINGS FARMS Queens Creek, AZ (Phoenix)

ONE LOUDOUN Ashburn, VA (Washington, DC)

ST. CHARLES St. Charles, MD (Washington, DC)

VERRADO Buckeye, AZ (Phoenix)

HERITAGE WAKE FOREST Wake Forest, NC (Raleigh)

WESTRIDGE Dallas, TX

ROSEDALE Azusa, CA (Los Angeles)

Pardee Homes

The Lookout Development Group

GL Homes

Shadow Creek Ranch Development

Shea Homes

Sunbelt/Shea Homes

Castle Rock Development Company

Newland Communities

Van Metre Homes

Newland Communities

Durbin Crossing LLC/Durbin Crossing N. LLC

Newland Communities

Five Point Communities

William Lyon Homes

Miller & Smith/North American Seksui House, LLC

St. Charles Companies

DMB

Ammons Development Group

D.R. Horton

Brookfield/CDG/Starwood Capital

308 223

305 176

299 292

299 362

290 333

266 292

263 250

256 362

254 171

252 222

250 212

249 238

245 0

244 242

243 75

241 271

241 233

235 232

235 197

234 271

38%

73%

2%

-17%

-13%

-9%

5%

-29%

49%

14%

18%

5%

N/A

1%

224%

-11%

3%

1%

19%

-14%

TOTAL 23,463 20,875 12%

12

Bad Data = Bad Informationby John Burns, CEO

• Slightly falling sales. The Census Bureau will report sales next week. The CB’s reported margin of error is so high (last month’s 90% confidence level was +/- 17%) that this data should always be taken as suspect and viewed over a 3-month period, as the CB even states in the press release. June new home sales in our survey fell 6% from May, 3% of which was their normal seasonal decline. Your guess as to what will be reported is as good as mine, but I am going to bet on even more negative headlines, since sales were so grossly overstated in May.

The bottom line is this: don’t make decisions based on newspaper articles. Read the actual press release, including the methodology, and make sure the results jive with other data points and qualitative feedback you receive. The housing market continues to improve in 2014—but at a much slower pace than almost everyone expected.

We are getting a little sick of the bad data that has resulted in some very misleading headlines this month, so I am going to share some proprietary information from our June survey of 228 local building execs overseeing 12% of all US new home sales. We distributed this to our clients on Monday, July 6.

Here is the truth:

• Eroding confidence. Builder confidence eroded slightly in June and did not spike as reported by the NAHB. We ask the same 3 questions and believe the Housing Market Index should have fallen by 1-2 points instead of risen by 4 points. Very few of our clients are far more confident in the market than they were earlier this year.

• Rising starts. SF starts actually rose 4% this month in comparison to the 1% usual seasonal decline and did not decline 9% as reported by the Census Bureau (CB). The South, which the CB reported as the primary reason for the decline, was essentially flat, with the Southeast up 2%, Texas flat, and Florida down 2%. We have four offices in the South, and none of our local team members are seeing declining starts. Also, SF permits have been rising, and builders don’t pay for permits and not start the home unless there is a weather issue. Permits are the most accurate data but do not get as much headline attention because it is a start that generates economic activity.

John Burns, CEO(949) 870-1210

jburns@realestateconsulting.com

The next few pages show how we provide our clients with unparalleled networking opportunities, industry experience, service and cutting-edge research.

13

Regional Ranking Snapshot

Northern California• Home Prices (YOY)(1): 10.7%

• 2014 Forecast (1)(2): 7.3%• Job Growth (YOY): 2.5%• Resale Sales Volume (YOY): -6.7%

Southern California• Home Prices (YOY)(1): 8.8%

• 2014 Forecast (1)(2): 6.8%• Job Growth (YOY): 2.1%• Resale Sales Volume (YOY): -6.1%

Southwest• Home Prices (YOY)(1): 5.1%

• 2014 Forecast (1)(2): 4.7%• Job Growth (YOY): 1.9%• Resale Sales Volume (YOY): -0.9%

Midwest• Home Prices (YOY)(1): 3.9%

• 2014 Forecast (1)(2): 5.4%• Job Growth (YOY): 1.1%• Resale Sales Volume (YOY): 16.3%

Northwest• Home Prices (YOY)(1): 5.8%

• 2014 Forecast (1)(2): 4.7%• Job Growth (YOY): 1.7%• Resale Sales Volume (YOY): 8.5%

Texas• Home Prices (YOY)(1): 5.7%

• 2014 Forecast (1)(2): 6.3%• Job Growth (YOY): 3.1%• Resale Sales Volume (YOY): 8.0%

Southeast• Home Prices (YOY)(1): 4.6%

• 2014 Forecast (1)(2): 5.3%• Job Growth (YOY): 1.7%• Resale Sales Volume (YOY): 11.2%

Northeast• Home Prices (YOY)(1): 2.5%

• 2014 Forecast (1)(2): 4.6%• Job Growth (YOY): 0.9%• Resale Sales Volume (YOY): 12.1%

Northern Florida• Home Prices (YOY)(1): 8.5%

• 2014 Forecast (1)(2): 5.1%• Job Growth (YOY): 2.3%• Resale Sales Volume (YOY): 6.5%

Southern Florida• Home Prices (YOY)(1): 10.5%

• 2014 Forecast (1)(2): 8.6%• Job Growth (YOY): 2.9%• Resale Sales Volume (YOY): 7.3%

(1) Based on Burns Home Value IndexTM

(2) Dec-13–Dec-14

14

In our quest to be the first to properly call the bottom of a housing cycle, we developed a tool called the Housing Cycle Risk Index™ (HCRI). Our analysis has shown that the health of the market fundamentals (demand, supply, affordability, and US economic health)—which we measure with the HCRI—has proven to be a very good 1–2 year leading indicator for home price appreciation / depreciation. By monitoring the early signs of recovery or decline in market fundamentals, you will be better able to prepare for the future. Our proprietary index is measured on an A+ through F scale. When the risk index increases from a D to a B, price appreciation is likely to follow, and it is a good time to consider longer-term investments. When the risk index falls from a B to a D, this indicates a higher risk of price declines in the market and suggests lowering your risk profile and/or divesting some assets.

San

Jose

Ral

eigh

Cha

rlotte

Aus

tin

Ora

nge

Cou

nty

Dal

las

Portl

and

Den

ver

Min

neap

olis

Seat

tle

San

Die

go

Chi

cago

Hou

ston

Los

Ang

eles

Atla

nta

Was

hing

ton,

DC

Tam

pa

Orla

ndo

Las

Vega

s

Riv

ersi

de

Phoe

nix

Chart TitleMarket Volatility*Lower Higher

Very HighRisk

Fund

amen

tals

Poor (F)

Excellent (A)

Average (C)

Very LowRisk

LowRisk

MediumRisk

HighRisk

*Volatility measures the historic fluctuation in new home revenues. The calculation is the difference between the average of the three greatest annual increases in revenue (resale price appreciation * increases in SF construction) since 1990 and the three worst years. We use our Value Index resale price appreciation number rather than new home price appreciation because it is a more accurate reflection of the overall market.

Fully Recovered EconomiesTop metros in Texas have far surpassed their pre-2009 peak employment: Austin has reached 115% of the peak, Houston 111%, and Dallas 106%.

• Chicago and Washington, DC are two markets in which YOY employment gains have notably declined. The Chicago market is currently 97% of its pre-2009 peak employment, while Washington, DC is 103% of peak.

• Technology jobs have supported strong job growth in the Northwest, and in Southern Florida the tourism and retirement industries have done so.

• Most top markets in Southern California remain below

their prior peak levels of employment.

• San Jose is still 5% below peak employment, which is surprising, but this is because the 2001 peak (during the Tech Bubble) was so high. 94%

95%96%97%97%97%97%99%100%101%102%102%102%103%103%103%105%106%106%

111%115%

0% 20% 40% 60% 80% 100% 120% 140%

Las VegasSan Jose

PhoenixChicago

Orange CountyRiverside

TampaLos Angeles

AtlantaOrlando

MinneapolisSan Diego

PortlandSeattle

Washington, DCCharlotte

DenverRaleigh

DallasHouston

Austin

Fully Recovered EconomiesCurrent Employment / Pre-2009 Peak Employment

Source: JBREC, BLS, May 2014 versus prior Mays 2000-2009

Housing Cycle Risk Index

15

Great Long-Term Fundamentals• Strong job growth. Nonfarm payroll increased by 288K

in June, and Q2 job growth was the best quarter in years. We finally regained all of the jobs lost since 2008, led by growth in higher paying professional business services, and lower paying trade, transportation, and utility jobs. The hospitality, education, health care, and construction industries are also contributing nicely to growth, while government and manufacturing are not.

• Better affordability. The 30-year fixed rate mortgage fell to 4.1% in June, down from 4.5% last year, and home equity per owned household is up 23% YOY.

• Returning to normal. Mortgage credit availability

continues to improve, as does the securitization market for mortgages.

Lousy Short-Term Consumer Confidence

• Not spending. All three consumer confidence metrics remain below average. Spending was so bleak in Q1 that GDP declined a whopping 2.9%.

• Poor household formations. The household formation rate is a paltry 0.4%, and almost all of the growth is in rental households.

• Low entry-level buying activity. Different surveys

reveal near-record-low levels of renters leaving apartments to become homeowners, very low levels of mortgage applications, and a paltry 27% of home activity by first-time buyers.

• Lack of urgency. 38% of consumers in Fannie Mae’s National Housing Survey believe the rate will stay the same over the next 12 months. Our young adults are going back to school, getting married later, and having kids later.

2014 Mid-Year Outlookon Housing Demand

16

Mollie is a Principal in our custom consulting practice. For over 25 years, Mollie has helped companies increase profits dramatically by understanding the market and consumer first. She is passionate about guiding strategic planning decisions with consumer and market based methodologies in order to optimize financial results. Mollie has led research efforts throughout the country on masterplan communities and individual neighborhood design. In addition to managing various consulting assignments, Mollie leads our firm’s Consumer Insights research to help our clients understand what consumers value in their homes and communities.

Prior to joining the company, Mollie served as a Vice President of Strategic Marketing for Lennar, Centex Homes, Pulte Homes/Del Webb and Vice President of Residential Product Planning at The Irvine Company, where she led strategic planning, target land acquisition strategies, acquisition and market study due diligence, consumer and product segmentation, quantitative and qualitative consumer research, competitive research, as well as tactical media planning, model and sales office merchandising.

Mollie has been quoted in various media publications including the Wall Street Journal, MSNBC, Reuters, Businessweek, and Professional Builder. She has spoken on Consumer Insights and innovative planning ideas throughout the country at conferences including PCBC, ULI, UBS, and BIA.

AffiliationsULI – Community Development CouncilBuilding Industry Association55+ Housing Council

MOLLIE CARMICHAELPrincipal

17

INSIGHTWith over 45 consultants and research analysts working together to provide understanding and clarity through the intricacies of an ever-changing real estate cycle, our objective is to make you more successful. Through straightforward and open dialogue, we can determine how to best put our experience and knowledge to work in a way that assists you in reaching your business goals and financial targets.

RELATIONSHIPSWe have worked with every stakeholder in the industry: builders and developers, private and institutional investors, financial and legal service firms, and building product manufacturers. This dense network of high-achieving professionals allows us to see more clearly, create opportunity and generate creative solutions.

RESULTSOur team’s understanding of the complexities posed through changing economic and business climates is demonstrated through our consistent ability to deliver timely service with exceptional results.

KEY LEADERSHIP

John BurnsCEONational Market Outlook & Forecasts

Pete ReebSr. Vice PresidentSo. CaliforniaMarket Leader

Dean WehrliSr. Vice PresidentNo. CaliforniaMarket Leader

Lesley DeutchSr. Vice PresidentFlorida Market Leader

Lance RamellaSr. Vice PresidentMidwest Market Leader

Mollie CarmichaelPrincipalConsumer Research& Community

Jody KahnSr. Vice PresidentBuilder, Land, & Geographic Insight

Lisa Marquis JacksonSr. Vice PresidentBusiness Development

Don WalkerPresidentPortfolio & Valuations

Paige ShippSr. ManagerTexas Market Leader

David KalosisSr. Vice PresidentSoutheast Market Leader

Dan FultonSr. Vice PresidentMid-AtlanticMarket Leader

Ken PerlmanSr. Vice PresidentSouthwestMarket Leader

Steve DutraSr. Vice PresidentResearch & Data

Our team, led by experienced industry executives, is committed to helping our clients make great investment decisions based on knowing the facts.

Trusted Analysis for Executive Decisions

WWW.REALESTATECONSULTING.COM

(949) 870-1200

18

Consulting Services

Our Custom Consulting Team helps our clients maximize opportunity in the housing market. Our clients benefit from a team that applies its public and private home building background, local market insight, and analytical processes to market research.

1. Market Feasibility

2. Consumer Research

3. Valuation & Cash Flows

4. Community Planning

5. Apartment Analysis

6. Litigation Support

7. Performance Improvement

8. Demand Model by Lifestage

9. Business Plan/Strategy Development

10. Loan Workouts/Restructuring

11. Commercial Analysis

12. Urban Residential & Mixed Used Redevelopment

13. International & Resort Services

Advisory

Scope ofAdvisory

Marketing and Sales

MarketHealth

People/Demographic

Shifts

Societal/GeographicPersonality

Demandby Lifestageand Price

ConsumerPersonality &Preferences

HousingSupply

Competitve Environment

Product

FinancialTesting

JBREC Client Segments

19

Research Services

Metro Analysis & ForecastThis monthly report provides an overview of major housing and economic metrics, as well as our forecasts, at an MSA level. This is combined with local insight, proprietary surveys, and extensive data analysis to provide a complete picture of the important housing dynamics and shifts at the market level.

MAF

Regional Analysis & ForecastThis comprehensive monthly report summarizes important information in ten regions and key metro areas. This includes five-year pricing forecasts, supply and demand, and housing affordability and market health.

RAF

U.S. Housing Analysis & ForecastThis monthly report examines more than 150 metrics related to housing, and includes an Executive Summary with an overview of the important metrics affecting the housing market and our view of its impact on the future.

USHAF

Home Builder Analysis & ForecastThis report examines each of the publicly traded home builders based on their geographic footprint, ranked by their forecasted market growth in mid, small and micro-cap. It also includes location comparisons of builders based on the builders’ market fundamentals and submarket desirability.

HBAF

Apartment Analysis & ForecastThis wide-ranging quarterly report includes an economic outlook for the multifamily market and analysis of the interplay between housing and apartment market dynamics and demographics. Included are five-year apartment rent forecasts, and rankings of top apartment REITs based on their regional diversification and economic factors.

AAF

Monthly Builder Survey Every month we survey more than 200 builders across the nation on new home market conditions. Our survey provides timely and accurate insights on housing market conditions just a few days after the end of every month. We believe our survey represents market conditions for production volume builders much more accurately than the Census Bureau.

Quarterly Land Survey and Land IndexOur quarterly land survey and index provides a balanced qualitative and quantitative approach to understanding the land market, using a proprietary model built through published data, local expertise, and our own market knowledge.

National Consumer ResearchWe have partnered with builders and developers across the nation to launch our third annual Consumer Insights survey. These three surveys combined present more than 50,000 total responses from prospective home buyers.

Ongoing Insight

• White Papers: We publish thorough research reports covering relevant and important topics.

• Truth in Housing: We regularly send out email notes to clients called “Truth in Housing” which include relevant non-confidential insight that we uncover in the field, at industry conferences, or through our industry contacts.

• Public Builder Call Summaries: We summarize key performance statistics and market insight from the public builder quarterly earnings conference calls.

• Industry Expert Webinars: We sponsor webinars with Q&A that inform our clients of timely market and consumer research.

The SummitOur annual client-only conference, The Summit, gathers leaders across the housing industry for one and a half days of thought-provoking discussion and networking.

Lisa Marquis JacksonSr. Vice President

For more information about our research, please contact:

The Housing Market Outlook, our other annual client-only conference, is designed to be the industry’s most informative day of the year. This new conference will highlight insight from 50 speakers from every region and discipline of the housing industry.

HOUSING MARKET OUTLOOK

lmjackson@realestateconsulting.com(214) 389-9003

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