tom’s truck center...tom’s truck center 7 employment commute map: 92701 (santa ana) localized...

TOM’S TRUCK CENTERPricing & Absorption Analysis

Tom’s Truck Center/Carmenita Truck Center

Santa Ana, CA

September 2019

Subject

Property

E. 4th Street

TEAM CONTACT INFORMATION & OBJECTIVEOC041-19

Tom’s Truck Center │ 2

CONTACT INFORMATION

This market analysis was prepared by Meyers Research, a market research and consulting firm specializing in the real

estate industry. It has been commissioned by Tom’s Truck Center/Carmenita Truck Center.

Michelle Wolkoys-Weedon, Senior Vice President, Advisory served as Project Director and oversaw all aspects of this

assignment. Rian Graber managed the engagement on a day-to-day basis. Follow-up questions should be directed to

Michelle Weedon.

OBJECTIVEThe objective of this assignment was to assess the market opportunity for the development of Tom’s Truck Center – a 117du residential project loosely bounded by Garfield

Street and the Metro Railway between 2nd and 4th Streets in the city of Santa Ana, California. The community, as proposed, will include 84 3-story SFD homes with roof

decks, ranging in size from 1,864-2,304 square feet, and 33 3-story ATT townhomes ranging in size from 1,363-1,836 square feet. The site will also incorporate a food/drink

café (TBD) in a renovated historic building located at the Northern boundary of the site, which will ultimately serve as an amenity for community residents and further proof of

the vibe and transition of the area. Santa Ana, in general, is undergoing a shift in its Downtown area, and now has a “cool” factor with the ever changing landscape that is now

home to a variety of places to eat and drink from breakfast to late night options. The subject property’s proximity to downtown and rail will prove to be a unique and valuable

piece of its success. This analysis details Meyers’ pricing and absorption recommendations in today’s market (September 2019). Our conclusions include recommended base

prices, premiums and absorption.

LIMITING CONDITIONS

Tom’s Truck Center/Carmenita Truck Center is responsible for representations about its development plans, marketing expectations and for disclosure of any significant

information that might affect the ultimate realization of the projected results.

There will usually be differences between projected and actual results because events and circumstances frequently do not occur as expected, and the differences may be

material.

We have no responsibility to update our report for events and circumstances occurring after the date of our report.

Payment of any and all of our fees and expenses is not in any way contingent upon any factor other than our providing services related to this report.

Michelle Wolkoys-Weedon

Senior Vice President, Advisory

3200 Bristol Street, Suite 640

Costa Mesa, CA 92612

714-619-7880

[email protected]

TABLE OF CONTENTS

Location Analysis 4

Product, Recommendations & Conclusions 13

Competitive New Home Market 19

Competitive DETACHED Resale Market 31

Competitive ATTACHED Resale Market 39

Case Study Neighborhoods 47

Appendix 55


Location AnalysisTom’s Truck Center, City of Santa Ana, California


SUBJECT IS CENTRALLY LOCATED IN SANTA ANA & PROXIMATE TO EMPLOYMENT IN ORANGE COUNTYRegional Location Map

✓ Tom’s Truck Center is located In Santa Ana between East 4th Street and East 2nd Street between Garfield and Breeden. It is in the Downtown Santa Ana area.

✓ Location also provides easy access to I-5, CA-55, CA-22 and CA-57.

✓ TRAVEL: John Wayne Airport/SNA (7 miles), Long Beach Airport/LGB (21 miles) and Los Angeles Int’l Airport/LAX (40 miles)

Source: ESRI, Meyers LLC


DRIVE TIME: 15, 30 AND 45-MINUTESDrive Time From Subject. Most of OC, including employment hubs, is located within a 15 to 30-minute drive. Subject is located in the heart of OC.

15-Min30-Min

45-Min



EMPLOYMENT COMMUTE MAP: 92701 (SANTA ANA)Localized Workforce – Most residents (58%) are expected to work within 10 miles.

Source: ESRI, OntheMap, Meyers LLC

Top 10 Employers – Orange County

• Localized Workforce

• 58% of residents living in 92701 zip code work

within 10 miles.

• 77% work within 24 miles.

• Only 10% of residents work >50 miles.

• Proximate to major employers in Santa Ana, Irvine,

Costa Mesa, Newport Beach and Anaheim. Subject

is proximate to I-5 and I-405, which allows for

convenient employment access.

Rank Employer Industry Employees

1 The Walt Disney Co Recreation 29,000

2 University of California, Irvine Education 23,605

3 St. Joseph Health System Healthcare 11,925

4 Allied Universal Healthcare 8,229

5 Kaiser Permanente Healthcare 7,694

6 Boeing Co. Aerospace 6,103

7 Wal-Mart Stores, Inc. Retail 6,000

8 California State University, Fullerton Education 5,781

9 Bank of America Banking 5,500

10 Target Retail 5,400


Downtown Santa

Ana Historic District

WALKING TIME: 10, 55 AND 20-MINUTESDowntown Santa Ana is within a 10 to 15-minute walking distance from Subject property.

15-Min

10-Min

20-Min


Subject


DOWNTOWN SANTA ANA – RESTAURANTSSubject is proximate to DTSA, which provides a variety of places to eat and drink from breakfast to late night options.



DOWNTOWN SANTA ANA – ART WALK MAP (FIRST SATURDAY OF EACH MONTH)Downtown Santa Ana events area within a 15 to 20-minute walk and accessible by Trolley Bus.



DOWNTOWN SANTA ANA – ORANGE COUNTY STREETCAR SERVICE- EXPECTED TO BEGIN IN 2020Downtown Santa Ana Transportation – Gentrification


✓ The OC Streetcar provides greater transportation options along the 4.15-mile route from the Santa Ana Regional Transportation

Center along Santa Ana Boulevard, 4th Street, and the Pacific Electric right-of-way to Harbor Boulevard (Garden Grove).

✓ The OC Streetcar serves the historic downtown Santa Ana and Civic Center, including government offices and courthouses,

restaurants, shops, artists’ village, schools and community enrichment organizations.


TOMS TRUCK CENTER – MAP OF NEARBY AREASubject location and Key Points

Source: Client, Meyers LLC


Recommendations & ConclusionsTom’s Truck Center, City of Santa Ana, California


PREMIUMSAdditional premium revenue is estimated to be $710,266 or $8,456/unit for the DET

Alley homes. Note there is a 8% price spread between the best (internal) and worst

(external 2nd Street/Garfield) lots. See page 17.

ATT premium revenue is estimated at $59,636 or $1,777/unit, with a negative -5%

(-$30k) assigned to the 5 townhomes that front 4th Street. See page 18.

PRODUCTDetached Condo = 84du, 3-story DET Alley Load + Roof Decks (4B to 4B+L+D)

Row Towns = 33du, 3-story Townhomes (2B+D to 4B)

ABSORPTIONTownhomes = 5/month; DET = 4/month

HOA/ASSESSMENTDET=$175/month; ATT=$250/month. 1.1% total tax rate (no Mello-Roos/CFD).

UPGRADESEstimated at 3% of base prices.

TOM’S TRUCK CENTER = 84 DET CONDO W/ ROOF DECKS + 33 ROW TOWNS (ALL 3-STORY)Pricing Recommendations & Assumptions

3-Story ATT

Unit Characteristic Total % $/Unit Total

4th Street Frontage 5 -5.0% -$29,318 -$146,591

Front edge/end unit 7 3.0% $17,591 $123,136

Internal end unit/green 7 2.0% $11,727 $82,091

Total $58,636

Per Unit Average $1,777

3-Story DET Alley

Unit Characteristic Total % $/Unit Total

2nd St/Garfield frontage 22 -3.0% -$20,890 -$459,584

Northern edge 8 -2.0% -$13,927 -$111,414

End unit 36 1.5% $10,445 $376,023

Open space/green 10 3.0% $20,890 $208,902

Internal frontage/street scene 20 5.0% $34,817 $696,339

Total $710,266

Per Unit Average $8,456

3-Story DET Condo with Roof Decks @ 4.0/Month

Unit

Bed Bath Flrs Cars Mix Size Price PSF Sale Price PSF Opt/Upgr Premium Total Price PSF

1 4 3.5 3+RD 2 45 1,861 $703,500 $378 $711,956 $383 $21,105 $8,456 $733,061 $394

2 4 3.5 3+RD 2 21 2,035 $737,625 $362 $746,081 $367 $22,129 $8,456 $768,209 $377

3 4+L+D 3.5 3+RD 2 18 2,304 $792,750 $344 $801,206 $348 $23,783 $8,456 $824,988 $358

Total/Average: 84 1,999 $731,156 $367 $739,612 $371 $21,935 $8,456 $761,546 $382

3-Story Row Townhomes @ 5.0/Month

Unit

Bed Bath Flrs Cars Mix Size Price PSF Sale Price PSF Opt/Upgr Premium Total Price PSF

1 2+D 2.5 3 2 13 1,363 $550,000 $404 $551,777 $405 $16,500 $1,777 $568,277 $417

2 3 3.5 3 2 15 1,627 $600,000 $369 $601,777 $370 $18,000 $1,777 $619,777 $381

3 4 3.5 3 2 5 1,836 $640,000 $349 $641,777 $350 $19,200 $1,777 $660,977 $360

Total/Average: 33 1,555 $586,364 $379 $588,140 $381 $17,591 $1,777 $605,731 $392

PlanHome Configuration Base Price (Sept 2019) Base+Premium Assumptions/Total Price

PlanHome Configuration Base Price (Sept 2019) Base+Premium Assumptions/Total Price

Tom’s Truck Center │ 15Source: Client, Meyers LLC

TOM’S TRUCK CENTER = 84 DET CONDO W/ ROOF DECKS + 33 ROW TOWNS (ALL 3-STORY)Product Positioning

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

$850,000

1,200 1,400 1,600 1,800 2,000 2,200 2,400

Net

Ba

se

Pri

ce

Unit Size (Square Feet)

3-Story DET + Roof Deck 3-Story ATT Row Townhomes +5% Roof Deck

$30k (5%) differential ATT to DET


TOMS TRUCK CENTER – 3D SITE LAYOUT84 Detached Alley with Roof Decks + 33 Row Townhomes



TOMS TRUCK CENTER– DETACHED ALLEY LOAD HOMES + ROOF DECKSSite Plan Detail – 10% price differential between the BEST (internal frontage) and WORST (2nd St/Garfield) lot conditions


22 homes -3% (-$20k) 2nd Street/Garfield Frontage

20 homes +5% (+$35k) Internal Frontage/Street Scene


TOMS TRUCK CENTER– 3-STORY ATTACHED ROW TOWNSSite Plan Detail


5 towns -5% (-$3k) 4th Street


Competitive New Home MarketTom’s Truck Center, City of Santa Ana, California


MAP OF ORANGE COUNTY BY SUBMARKET5 Distinct Submarket

Source: Meyers Research, ZONDA

The subject site is located in the Central Submarket (BLUE), which is the most active new home submarket simply because it also captures the City of Irvine.


$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000

DETACHED NEW HOME OFFERINGS THROUGHOUT ORANGE COUNTY BY SUBMARKETDET communities make up 59% of the new home stock in Orange County


✓ The subject site is located in the Central Submarket (shown in BLUE), which is the most active submarket simply because it also captures the City of Irvine.

✓ The subject site is located in Santa Ana, on the fringe of more recent gentrification in the downtown area. Higher density product and it’s fringe location dictate a value play,

making it one of the most affordable DET new home offerings throughout all of Orange County.

Coastal S. $2.31MNorth $1.52M Central $1.48M Inland South $1.2MCoastal N. $2.31M

FHA Limit $726,525


$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000

✓ We’ve seen a huge uptick in the number of ATT projects throughout Orange County in an attempt to bring attainable product to the market.

✓ The North submarket (Orange) is clearly the most affordable submarket, with our Townhomes priced slightly below, but on a similar slope as the North ATT trendline, and

ultimately competing with a handful of The Olson Company’s offerings in Anaheim and La Habra (generally priced below $600k).

ATTACHED NEW HOME OFFERINGS THROUGHOUT ORANGE COUNTY BY SUBMARKETATT communities make up 41% of the new home stock in Orange County


Coastal S. $1.3MNorth $622K Central $800K Inland South $700KCoastal N. $878K

FHA Limit $726,525


✓ We analyzed ATT new home projects throughout Orange County by BED count.

✓ 18% or 111 of the 612 total ATT new home floor plans in OC are 2-bedroom units.

✓ The subject property will introduce a 2-bedroom+Den floorplan, with a 2-car side-by-side garage, which is relatively

unique to most of the more affordable 2-bed units that have 2-car tandem conditions.

SUMMARY OF ATTACHED NEW HOME PROJECTS IN ORANGE COUNTY BY BEDROOM COUNT 2% of new home projects in Orange County offer 1-bedroom units, while 18% over 2-bedroom alternatives

Source: Meyers Research; Individual Community Sales Offices

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

3-Story DET Alley (Santa Ana) @ 4.00/mo.Detached Condos; Province

3-Story Townhomes (Santa Ana) @ 5.00/mo.Townhomes; Province

OC ATT: 4-Bedroom (Built 2018)Avg. 2,958 SF Units @ $1,383,751 ($468/SF)


OC ATT: 2-Bedroom (Built 2018)Avg. 1,692 SF Units @ $861,677 ($509/SF)


OC ATT: 1-Bedroom (Built 2018)Avg. 1,263 SF Units @ $632,290 ($501/SF)


+5% Roof Deck

Log. OC ATT:1-Bedroom


MAP OF GREATER NEW HOME COMPETIVE MARKET AREA21 Active Projects in the Primary & Secondary CMAs

Subject

District Walk

Lewis+Mason

Vantage at Old Town Tustin

Levity at Tustin Legacy

Paseo Del MarC2E

Central Park West

LUXCity Square

Avery

17 West The Place

Sunny Sage

Gardenia

Source: Meyers Research, MLS, Carto

Magnolia Park

Euclid Place

Elara

BLUE = Primary CMA

GREEN = Secondary CMA


SUMMARY OF NEW HOME COMPETIVE MARKET AREA21 Active Projects in the Primary & Secondary CMAs

✓ We analyzed 21 new home attached and small-lot detached projects in Santa Ana, Tustin, Anaheim, Garden Grove, Costa Mesa and Irvine.

✓ The Primary CMA is made up of new home projects in Anaheim, Garden Grove, Tustin and Santa Ana, generally inland and more affordable markets.

✓ The Secondary CMA is composed of more coastal or employment-centric new home projects in Costa Mesa and Irvine (Irvine Business District + Central Park West).

✓ Average overall sales rates and sales over the L3M are similar at 4.2 and 4.3 homes/month, respectively. Worth noting, however, is that these averages drop to 2.7 and

2.8/month when Levity is pulled out of the totals.

✓ Levity at Tustin Legacy is the newest “urban” entrant into the market, offering 3 product lines (2-ATT and 1 3-story DET). Sales velocity at Levity is artificially high given

the recent presales, with their Grand Opening scheduled for September 28, 2019.

✓ Tom’s will offer new ATT (3-story THs) and DET (3-story alley load + roof deck) to the Downtown Santa Ana area, offering a unique ownership opportunity within a

gentrifying area, at price points at or below new home alternatives in the Primary CMA.


BUILDER / LOT UNIT COUNT SUMMARY SALES PACE AVERAGE MONTHLY S.P. VERSUS PROJECT

COMMUNITY DEVELOPER CITY SIZE TOTAL SOLD REMAIN ALL 3 MO. SF NET PRICE $/SF HOA TAX PAYMENT

3-Story DET Alley + Roof Province Santa Ana Alley 84 New New 4.0 -- 1,999 $731,156 $367 $175 1.1% $3,554

3-Story Townhomes Province Santa Ana TH 33 New New 5.0 -- 1,555 $586,364 $379 $250 1.1% $3,095

Magnolia Park Van Daele Homes Anaheim 1,680 53 43 10 3.0 0.3 2,202 $742,092 $337 $188 1.1% $3,814

Elara DeNova Homes Costa Mesa 2,500 56 38 18 2.2 2.3 2,182 $898,323 $412 $172 1.1% $4,531

Euclid Place KB Home Anaheim 2,625 39 17 22 2.2 3.3 1,782 $614,340 $345 $153 1.1% $3,149

Sunny Sage Homes NCGG, LLC Garden Grove 3,500 7 4 3 0.1 0.0 2,000 $760,000 $380 $132 1.3% $3,915

District Walk The Olson Company Anaheim ATT 42 20 22 2.6 3.3 1,572 $555,871 $354 $308 1.1% $3,005

Lewis + Mason Trumark Homes Anaheim TH 153 64 89 3.9 4.3 1,840 $654,918 $356 $268 1.4% $3,626

17 West/The Gallery Meritage Homes Costa Mesa ATT 89 51 38 2.0 1.7 1,950 $854,990 $438 $337 1.1% $4,486

17 West/Lofts Meritage Homes Costa Mesa ATT 176 42 134 1.7 2.3 2,174 $912,490 $420 $337 1.1% $4,765

The Place Intracorp Companies Costa Mesa Det Condo 42 39 3 2.4 4.0 2,190 $1,044,936 $477 $92 1.1% $5,162

C2E Intracorp Companies Irvine TH 71 61 10 2.8 3.3 1,748 $829,732 $475 $272 1.1% $4,298

Lux Intracorp Companies Irvine ATT 39 21 18 3.2 2.3 1,900 $938,402 $494 $258 1.1% $4,811

CitySquare Meritage Homes Irvine TH 44 4 40 0.1 0.7 2,038 $875,000 $429 $278 1.3% $4,633

Paseo Del Mar KB Home Irvine TH 93 0 93 NEW NEW 1,524 $793,498 $521 $300 1.3% $4,249

Hudson Lennar Irvine ATT 176 140 36 7.4 8.3 1,048 $607,590 $580 $482 2.1% $3,936

Tribeca Lennar Irvine TH 120 75 45 2.7 1.7 1,498 $752,263 $502 $505 2.1% $4,782

Gardenia Shea Homes Garden Grove 4,000 70 19 51 4.0 3.3 2,580 $878,704 $341 $144 1.1% $4,408

Vintage at Old Town Tustin Taylor Morrison Tustin TH 140 46 94 5.1 5.7 1,751 $664,070 $379 $296 1.1% $3,518

Fleet in Levity Lennar Tustin TH 101 11 90 13.4 13.4 1,788 $719,190 $402 $332 1.5% $4,061

Velocity in Levity Lennar Tustin ATT 60 13 47 15.9 15.9 2,129 $841,823 $396 $425 1.5% $4,790

Icon in Levity Lennar Tustin DET 57 7 50 8.5 8.5 2,351 $1,035,490 $440 $170 1.5% $5,540

Avery at the Grove Taylor Morrison Santa Ana 6,500 22 8 14 0.9 1.3 2,847 $962,030 $338 $97 1.1% $4,765

1,650 723 927 4.2 4.3 1,957 $806,464 $420 $264 1.3% $4,297 NEW HOME AVERAGE:


$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

1,200 1,600 2,000 2,400 2,800 3,200

NE

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UNIT SIZE (Square Feet)



District Walk (Anaheim) 2.60/mo.Townhomes; The Olson Company (None)

Lewis + Mason (Anaheim) 3.94/mo.Townhomes; Trumark Homes (None)

Magnolia Park (Anaheim) 3.02/mo.1,680; Van Daele Homes (None)

Elara (Costa Mesa) 2.25/mo.2,500; DeNova Homes (None)

Euclid Place (Anaheim) 2.21/mo.Detached Condos; KB Home (None)

Sunny Sage Homes (Garden Grove) 0.14/mo.3,500; NCGG, LLC (None)

Gardenia (Garden Grove) 4.02/mo.4,000; Shea Homes (None)

Vintage at Old Town Tustin (Tustin) 5.08/mo.Townhomes; Taylor Morrison (None)

Fleet in Levity (Tustin Legacy/Tustin) 13.42/mo.Townhomes; Lennar (None)

Velocity in Levity (Tustin Legacy/Tustin) 15.86/mo.Attached; Lennar (None)

Icon in Levity (Tustin Legacy/Tustin) 8.54/mo.DET; Lennar (None)

Avery at the Grove (Santa Ana) 0.90/mo.6,500; Taylor Morrison (None)

+5% Roof Deck


RED = Anaheim ATT

BLUE = Anaheim DET

TEAL = Garden Grove

PINK = Tustin

GREY = Levity at Tustin Legacy

NAVY = Santa Ana

PRIMARY NEW HOME CMA – 11 ACTIVE PROJECTSCMA Base Pricing

DISTRICT WALK (2.6/Mo.)LEWIS+MASON (3.9/Mo.)

✓ It’s not unusual to see 3-story ATT or DET homes in Orange County, particularly in “walkable” or infill locations.

✓ Both product lines are positioned alongside Lewis+Mason – 3-story townhomes in the Platinum Triangle area of Anaheim. A higher tax rate and higher HOA fees create a

gap, making the subject property more attractive on monthly payment. See page 29 for more detail on this Trumark community.

✓ Euclid Place and District Walk are the most affordable new home offerings in the Primary CMA - both located in Anaheim (better connotation) but both are small enclaves (+/-

40du) with extremely tough edges that have negatively affected their overall marketability/pace and kept prices at bay.

See page 28 for a total monthly commitment comparison and true positioning of Tom’s Truck site.

VINTAGE (5/Month)


PRIMARY NEW HOME CMA – MONTHLY PAYMENT COMPARISONCMA Monthly Payment – Tom’s offers value

✓ We assumed a 1.1% total tax rate and monthly HOA of $175 (DET) $200 (ATT), which provides a competitive advantage and fosters value, even when compared to some of

the most affordable infill alternatives.

✓ Vintage at Old Town boasts a $296 HOA, while the new Levity masterplan has a 1.5% total tax rate and HOA fees ranging from $170 to $425, widening that gap on total

monthly payment.

✓ Lewis + Mason has a 1.4% total tax rate and $268 HOA, putting it on par with monthly payments at Vintage at Old Town Tustin.

✓ KB’s Euclid Place and Olson’s District Walk are the only two projects with similar monthly payments when compared to our recommended prices at the subject property, and

both of these communities are small, infill enclaves with extremely tough edges despite their superior Anaheim address. The mass and ultimate walkability in a gentrifying

area will allow Tom’s to outsell both these projects given similar payment.

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200

TO

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District Walk (Anaheim) 2.60/mo.Townhomes; The Olson Company (None)

Lewis + Mason (Anaheim) 3.94/mo.Townhomes; Trumark Homes (None)

Magnolia Park (Anaheim) 3.02/mo.1,680; Van Daele Homes (None)


Euclid Place (Anaheim) 2.21/mo.Detached Condos; KB Home (None)

Sunny Sage Homes (Garden Grove) 0.14/mo.3,500; NCGG, LLC (None)

Gardenia (Garden Grove) 4.02/mo.4,000; Shea Homes (None)

Vintage at Old Town Tustin (Tustin) 5.08/mo.Townhomes; Taylor Morrison (None)

Fleet in Levity (Tustin Legacy/Tustin) 13.42/mo.Townhomes; Lennar (None)

Velocity in Levity (Tustin Legacy/Tustin) 15.86/mo.Attached; Lennar (None)

Icon in Levity (Tustin Legacy/Tustin) 8.54/mo.DET; Lennar (None)

Avery at the Grove (Santa Ana) 0.90/mo.6,500; Taylor Morrison (None)

+5% Roof Deck


RED = Anaheim ATT

BLUE = Anaheim DET

TEAL = Garden Grove

PINK = Tustin

GREY = Levity at Tustin Legacy

NAVY = Santa Ana


LEWIS + MASON BY TRUMARK HOMES2 product lines in the Platinum Triangle

• 153 Total Units

• LEWIS: 1,554 to 1,772 square feet (2 to 3 Bedrooms)

• MASON: 1,858 SF to 2,185 square feet (3 to 4 Bedrooms) + Rooftop Decks

• Total Tax = Approx. 1.4%

• HOA = $267.50/month

LEWIS 3-Story Towns MASON 3-Story Tonws + Rooftop Decks

LEWIS MASON


SECONDARY NEW HOME CMA – 14 ATT + 7 DET ACTIVE PROJECTSCMA Base Pricing

✓ The Secondary CMA was used as a gut check with higher density alternatives in superior locations.

✓ These communities are not far in proximity from the subject site, but are all in more desirable cities/areas and attractive given their employment-centric or coastal location.

✓ The Place by Intracorp offers 3-story DET Condos with roof decks in Coastal Costa Mesa and are the largest and highest priced homes in this competitive set.

✓ We also used ATT offerings in employment-centric Irvine (within CPW or along the Jamboree corridor) all of which are much higher density and generally priced from $700k+.

✓ Tom’s ATT and DET homes are positioned 25%-30% ($100k to $200k) below these secondary comps, and become even more of a value when total monthly commitment is

factored in, given the high tax rates and fees associated with most of these new home comps.,

See page 31 for true positioning on monthly payment.

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

600 1,000 1,400 1,800 2,200 2,600

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17 West/The Gallery (Costa Mesa) 2.04/mo.Attached; Meritage Homes (None)

17 West/Lofts (Costa Mesa) 1.67/mo.Attached; Meritage Homes (None)

The Place (Costa Mesa) 2.36/mo.Detached Condos; Intracorp Companies (None)

C2E (Irvine) 2.82/mo.Townhomes; Intracorp Companies (None)

Lux (Irvine) 3.22/mo.Attached; Intracorp Companies (None)

CitySquare (Irvine) 0.10/mo.Townhomes; Meritage Homes (None)

Paseo Del Mar (Irvine) NEW/mo.Townhomes; KB Home (None)

Hudson (Central Park West/Irvine) 7.44/mo.Attached; Lennar (None)

Tribeca (Central Park West/Irvine) 2.72/mo.Townhomes; Lennar (None)

+5% Roof Deck


BLUE = Detached Costa Mesa

GREEN = Costa Mesa ATT/DET Condo

PURPLE = Irvine IBC

ORANGE = Irvine “CPW”


✓ We assumed a 1.1% total tax rate and monthly HOA of $175 (DET) $200 (ATT), which provides a competitive advantage and fosters value, even when compared to some of

the most affordable infill alternatives.

✓ Tom’s Trucks monthly payment is (at minimum) $1,000 less than this Secondary CMA. Necessary but compelling none-the-less.

SECONDARY NEW HOME CMA – MONTHLY PAYMENT COMPARISONCMA Monthly Payment – Tom’s offers value

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

600 1,000 1,400 1,800 2,200 2,600

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17 West/The Gallery (Costa Mesa) 2.04/mo.Attached; Meritage Homes (None)

17 West/Lofts (Costa Mesa) 1.67/mo.Attached; Meritage Homes (None)

The Place (Costa Mesa) 2.36/mo.Detached Condos; Intracorp Companies (None)

C2E (Irvine) 2.82/mo.Townhomes; Intracorp Companies (None)

Lux (Irvine) 3.22/mo.Attached; Intracorp Companies (None)

CitySquare (Irvine) 0.10/mo.Townhomes; Meritage Homes (None)

Paseo Del Mar (Irvine) NEW/mo.Townhomes; KB Home (None)

Hudson (Central Park West/Irvine) 7.44/mo.Attached; Lennar (None)

Tribeca (Central Park West/Irvine) 2.72/mo.Townhomes; Lennar (None)

+5% Roof Deck


BLUE = Detached Costa Mesa

GREEN = Costa Mesa ATT/DET Condo

PURPLE = Irvine IBC

ORANGE = Irvine “CPW”


Competitive DET Resale MarketTom’s Truck Center, City of Santa Ana, California


NEWER (BUILT 2005+) DETACHED RESALES BY CITY – 2019YTDValue comparison of surrounding area cities

Source: Meyers Research, MLS, Esri

ZOOM IN

COSTA MESA

Built 2014

2,396 SF

4,341 SF Lots

$1.2M

$499/SF

IRVINE

Built 2015

3,319 SF

5,340 SF Lots

$1.68M

$507/SF

TUSTIN

Built 2011

3,122 SF

5,793 SF Lots

$1.2M

$384/SF

ORANGE

Built 2012

2,863 SF

6,060 SF Lots

$1.21M

$422/SF

SANTA ANA

Built 2014

2,285 SF

4,283 SF Lots

$743,621

$325/SF

ANAHEIM

Built 2016

2,296 SF

3,808 SF Lots

$740,012

$322/SF

GARDEN GROVE

Built 2013

3,045 SF

5,339 SF Lots

$881,000

$289/SF

FOUNTAIN VALLEY

Built 2010

3,031 SF

7,005 SF Lots

$1.14M

$375/SF

WESTMINSTER

Built 2013

2,147 SF

2,921 SF Lots

$779,800

$363/SF


NEWER (BUILT 2005+) DETACHED RESALES BY CITY – 2019YTDPriced alongside Anaheim and Santa Ana trendlines

SF PRICE PSF

Irvine 72 2015 5,340 3,319 $1,682,491 $507

Orange 43 2012 6,060 2,863 $1,207,983 $422

Tustin 54 2011 5,793 3,122 $1,199,547 $384

Costa Mesa 47 2014 4,341 2,396 $1,196,652 $499

Fountain Valley 17 2010 7,005 3,031 $1,135,600 $375

Garden Grove 37 2013 5,339 3,045 $881,000 $289

Westminster 51 2013 2,921 2,147 $779,800 $363

Santa Ana 52 2014 4,283 2,285 $743,621 $325

Anaheim 70 2016 3,808 2,296 $740,012 $322

AVERAGENAME DOM

YEAR

BUILT

LOT

SIZE✓ It’s not surprising to see that Anaheim and Santa Ana are the most affordable

markets when compared to their surrounding cities.

✓ Westminster, Santa Ana and Anaheim all have average DET resale prices in

the $700s, keeping in mind this data reflects transactions of “newer” (built

2005+) housing stock.

✓ Tom’s Trucks is positioned alongside the Anaheim and Santa Ana trendlines,

both in terms of size and price.

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

$1,700,000

1,000 1,500 2,000 2,500 3,000 3,500 4,000

SA

LE

VA

LU

E




+5% Roof Deck

Log. Santa Ana

Log. Tustin

Log. Costa Mesa

Log. Anaheim

Log. Westminster

Log. Garden Grove

Source: Meyers Research, MLS


SANTA ANA DETACHED RESALES BY AREA – 2019YTDTom’s Truck site is located in the SW of I-5 (RED) submarket – 67% of resales in Santa Ana are located in this submarket area.

Santa Ana: Northeast of I-5 = Avg Year Built 1959, 1,727 SF, 7,188 SF Lots, $675K, $391/SF, 49 DOM

Santa Ana: SW of I-5/East of Santa Ana River = Avg Year Built 1953, 1,555 SF, 6,641 SF Lots, $618K, $397/SF, 46 DOM

Santa Ana: West of Santa Ana River = Avg Year Built 1966, 1,474 SF, 6,353 SF Lots, $568K, $385/SF, 41 DOM

$450,000

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

$850,000

1,000 1,400 1,800 2,200 2,600 3,000

SA

LE

VA

LU

E




Santa Ana: Northeast of I-5 (Built 1959)Avg. 7,188 SF Lots @ $674,662 ($391/SF)

Santa Ana: Southwest of I-5/East of River (Built 1953)Avg. 6,641 SF Lots @ $617,902 ($397/SF)

Santa Ana: West of River (Built 1966)Avg. 6,353 SF Lots @ $567,678 ($385/SF)

City of Santa Ana (Built 1956)Avg. 7,024 SF Lots @ $632,075 ($396/SF)

+5% Roof Deck

Log. Santa Ana: NE of I-5

Log. Santa Ana: SW of I-5/E of Santa Ana River

Log. Santa Ana: W of Santa Ana River

Log. City of Santa AnaSource: Meyers Research, MLS


Blue: Up to $600k

Green: $600k’s

Red: Over $600k

DET RESALES BY PRICE RANGE WITHIN A 1- AND 3-MILE RADIUSCompetitive DET Resale Market



$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

1,000 1,500 2,000 2,500 3,000 3,500

SA

LE

VA

LU

E




1-Mile Radius (DOM=57) (Built 1941)Avg. 6,545 SF Lots @ $556,673 ($381/SF)

3-Mile Radius (DOM=44) (Built 1956)Avg. 7,456 SF Lots @ $688,415 ($397/SF)

City of Santa Ana (DOM=45) (Built 1956)Avg. 7,024 SF Lots @ $632,075 ($396/SF)

City of Santa Ana (Built 2005+)(DOM=52)Avg. 4,283 SF Lots @ $743,621 ($325/SF)

+5% Roof Deck

Log. 1-Mile Radius

Log. 3-Mile Radius

Log. City of Santa Ana

Log. City of Santa Ana (Built 2005+)

Source: Meyers Research. MLS

DET RESALES 2019YTD – 1-MILE, 3-MILE & CITY OF SANTA ANA Extremely old housing stock (1940’s and 1950’s).

Newer built homes (2005+) show a trend towards smaller lots (4,283 SF) and larger home sizes (2,285 SF).

1-Mile Radius = Average Year Built 1941, 1,461 SF, 6,545 SF Lots, $557K, $381/SF, 57 DOM

3-Mile Radius = Average Year Built 1956, 1,733 SF, 7,456 SF Lots, $688K, $397/SF, 44 DOM

City of Santa Ana = Average Year Built 1956, 1,597 SF, 7,024 SF Lots, $424K, $632/SF, 45 DOM

DET positioned $40k (6%) above 1-mile trendline


0

10

20

30

40

50

60

70

80

90

100

0

20

40

60

80

100

120

140

160

<$400k $400k-500k $500k-600k $600k-700k $700k-800k $800k-900k $900k-1.0M $1.0M-1.1M $1.1M-5.7M

Avera

ge

Days o

n M

ark

et

# o

f T

ran

sacti

on

s

# of Sales Avg. Days on Market

SANTA ANA DET SALES & ACTIVE LISTINGS BY PRICE RANGE, 2019YTD45 Days on Market; AGING product (Average Year Built 1956)

✓ There are currently 154 active DET Listings in Santa Ana. With an

average sales pace of approximately 62 homes per month during the past

eight months, this equates to approximately 2.5 months of existing supply.

✓ It’s important to note the aged housing stock across ALL pricing segments.

The average year built is 1956. The highest price segment correlates with

more recently built product, with an avg. year built of 1979 (mature).

✓ 29% of resales are priced from $600k’s with an average year built of 1959,

6,756 SF Lots and 1,602 SF homes. The average DOM for these homes

was 42 days. Subject will compete directly with this price cohort, offering

new construction, small lot detached homes (smaller lots) and larger

homes (2,000 SF Avg.)

✓ Average DOM = 45, which suggests an opportunity to increase the price

point since is falls far below the 90 day norm.

Subject Property


Price RangeAvg. Year

Built

Avg. Days

on Market

# of

Sales

Sales

Rate

# of

Active

Listings

Months of

Supply

<$400k 1933 68 11 1.49 0 0.00

$400k-500k 1948 38 62 8.39 11 1.31

$500k-600k 1954 46 139 18.80 40 2.13

$600k-700k 1959 42 134 18.13 40 2.21

$700k-800k 1963 41 70 9.47 22 2.32

$800k-900k 1961 36 10 1.35 10 7.39

$900k-1.0M 1950 84 9 1.22 8 6.57

$1.0M-1.1M 1953 86 10 1.35 3 2.22

$1.1M-5.7M 1979 72 10 1.35 20 14.78

Total/Avg: 1956 45 455 61.6 154 2.5


SANTA ANA DET ACTIVE LISTINGS & SALES 2019YTDDET Competitive Resale Market

✓ The … ACTIVE LISTINGS = Average Year Built 1960,1,936 SF, $797K, $412/SF, 68 DOM

CLOSINGS = Average Year Built 1956, 1,597 SF, $623K, $396/SF, 45 DOM


$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

1,000 1,400 1,800 2,200 2,600 3,000

SA

LE

VA

LU

E




Santa Ana, Listings (Built 1960) 68 DOMAvg. 9,530 SF Lots @ $796,717 ($412/SF)

Santa Ana, Sales (Built 1956) 45 DOMAvg. 7,024 SF Lots @ $632,075 ($396/SF)

+5% Roof Deck

Trendline - ACTIVE MLS City of Santa Ana

Trendline - SOLD MLS City of Santa Ana


Competitive ATT Resale MarketTom’s Truck Center, City of Santa Ana, California

Tom’s Truck Center │ 40Source: Meyers Research, MLS, Esri

ZOOM IN

COSTA MESA

Built 2017

2,053 SF

$869,687

$424/SF

IRVINE

Built 2013

1,747 SF

$822,884

$471/SF

TUSTIN

Built 2008

1,666 SF

$663,561

$398/SF

ORANGE

Built 2007

1,671 SF

$572,108

$342/SF

SANTA ANA

Built 2008

1,759 SF

$553,956

$315/SF

ANAHEIM

Built 2011

1,409 SF

$514,669

$365/SF

GARDEN GROVE

Built 2009

1,409 SF

$486,423

$346/SF

FOUNTAIN VALLEY

Built 2008

1,054 SF

$407,450

$387/SF

NEWER (BUILT 2005+) ATTACHED RESALES BY CITY – 2019YTDValue comparison of surrounding area cities


NEWER (BUILT 2005+) ATTACHED RESALES BY CITY – 2019YTDPriced alongside Anaheim and Santa Ana trendlines

✓ Tustin, Irvine and Costa Mesa truly start to separate themselves with product and value,

while the remaining markets tend to lump up under the $650k mark when we consider

“newer” (built 2005+) resale transactions shown below.

✓ The Santa Ana “average” resale price is $554k for a unit built in 2008, while our

recommended base prices slot in just above that with an average of $586k.

✓ Our recommended positioning slots in nicely alongside transactions in Anaheim, which has

seen quite a bit of new ATT development over the last decade, while remaining below

Tustin, which has proved to be a higher priced market in general.

SF PRICE PSF

Costa Mesa 54 2017 2,053 $869,687 $424

Irvine 53 2013 1,747 $822,884 $471

Tustin 30 2008 1,666 $663,561 $398

Orange 37 2007 1,671 $572,108 $342

Santa Ana 47 2008 1,759 $553,956 $315

Anaheim 48 2011 1,409 $514,669 $365

Garden Grove 58 2009 1,405 $486,423 $346

Fountain Valley 41 2008 1,054 $407,450 $387

AVERAGENAME DOM

YEAR

BUILT

$350,000

$450,000

$550,000

$650,000

$750,000

$850,000

$950,000

$1,050,000

500 1,000 1,500 2,000 2,500 3,000

SA

LE

VA

LU

E




+5% Roof Deck

Log. Santa Ana

Log. Tustin

Log. Irvine

Log. Costa Mesa

Log. Orange

Log. Anaheim

Log. Garden Grove



Santa Ana: Northeast of I-5 = Average Year Built 1978, 1,050 SF, $359K, $342/SF, 38 DOM

Santa Ana: SW of I-5/East of Santa Ana River = Average Year Built 1979, 1,002 SF, $350K, $349/SF, 44 DOM

Santa Ana: West of Santa Ana River = Average Year Built 1976, 1,049 SF, $360K, $343/SF, 37 DOM

SANTA ANA DETACHED RESALES BY AREA – 2019YTDTom’s Truck site is located in the SW of I-5 (RED) submarket

$175,000

$275,000

$375,000

$475,000

$575,000

$675,000

$775,000

400 800 1,200 1,600 2,000 2,400

SA

LE

VA

LU

E




Santa Ana: Northeast of I-5 (DOM=38) (Built 1978)Avg. 1,050 SF Units @ $358,968 ($342/SF)

Santa Ana: Southwest of I-5/East of River (DOM=44) (Built 1979)Avg. 1,002 SF Units @ $349,863 ($349/SF)

Santa Ana: West of River (DOM=37) (Built 1976)Avg. 1,049 SF Units @ $360,421 ($343/SF)

City of Santa Ana (DOM=42) (Built 1979)Avg. 1,015 SF Units @ $352,456 ($347/SF)

+5% Roof Deck

Log. Santa Ana: NE of I-5

Log. Santa Ana: SW of I-5/E of Santa Ana River

Log. Santa Ana: W of Santa Ana River


3320 S. Alton - Canopy Lane

South Coast Metro

DET CONDO; Built 2011

DOM=12; HOA=$166/Mo.


Blue: Up to $500k

Green: $500k’s

Red: Over $600k

ATT RESALES (2019YTD) BY PRICE RANGE WITHIN A 1- AND 3-MILE RADIUSCompetitive ATT Resale Market

Higher resale values in Tustin at Tustin

Legacy (Newer Development)



ATT RESALES 2019YTD – 1-MILE, 3-MILE & CITY OF SANTA ANA Mature product (late 1970’s & 1980’s) and LOW DOM <56 Days. The more recently built product is located within the I-mile radius and is >1,300 SF and

priced above $500k.

1-Mile Radius = Average Year Built 1987, 1,233 SF, $396K, $321/SF, 56 DOM

3-Mile Radius = Average Year Built 1978, 1,117 SF, $392K, $351/SF, 40 DOM

City of Santa Ana = Average Year Built 1979, 1,015 SF, $352K, $347/SF, 42 DOM

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

500 800 1,100 1,400 1,700 2,000 2,300 2,600

SA

LE

VA

LU

E



3-Story Townhomes (Santa Ana) @5.00/mo.Townhomes; Province

1-Mile Radius (DOM=56) (Built 1987)Avg. 1,233 SF Units @ $396,166 ($321/SF)

3-Mile Radius (DOM=40) (Built 1978)Avg. 1,117 SF Units @ $392,151 ($351/SF)

City of Santa Ana (DOM=42) (Built 1979)Avg. 1,015 SF Units @ $352,456 ($347/SF)

City of Santa Ana (Built 2005+)(DOM=47)Avg. 1,759 SF Units @ $553,956 ($315/SF)

+5% Roof Deck

Log. 1-Mile Radius

Log. 3-Mile Radius


Log. City of Santa Ana (Built 2005+)



0

10

20

30

40

50

60

70

80

0

10

20

30

40

50

60

70

<$250k $250k-300k $300k-350k $350k-400k $400k-450k $450k-500k $500k-550k $550k-600k $600k-700k

Avera

ge

Days o

n M

ark

et

# o

f T

ran

sacti

on

s

# of Sales Avg. Days on Market

SANTA ANA ATT SALES & ACTIVE LISTINGS BY PRICE RANGE, 2019YTDATT RESALES: 42 Days on Market & low inventory levels

✓ There are currently 102 active ATT Listings in the City of Santa Ana.

With an average sales pace of approximately 36 homes per month

during the past eight months, this equates to approximately 3 months

of existing supply.

✓ It’s important to note the aged housing stock across pricing segments

under $500k. The average year built is 1979. The higher price

segments correlate with more recently built product.

✓ The newest product is priced from $550k to $600k and has the lowest

inventory levels. Resales priced in the $600k’s have the highest DOM

(74). However, it still falls way under 90 days.

✓ Average DOM = 42, which suggests an opportunity to increase the

price point since is falls far below the 90 day norm.

✓ New construction positioned towards the top of the market within

walking distance to the heart of DTSA will be well received.

Subject Property


Price RangeAvg. Year

Built

Avg. Days

on Market

# of

Sales

Sales

Rate

# of Active

Listings

Months of

Supply

<$250k 1977 42 32 4.35 11 2.53

$250k-300k 1974 40 64 8.70 28 3.22

$300k-350k 1974 46 61 8.29 17 2.05

$350k-400k 1975 32 35 4.76 13 2.73

$400k-450k 1977 34 33 4.48 12 2.68

$450k-500k 1983 50 12 1.63 9 5.52

$500k-550k 2006 68 12 1.63 3 1.84

$550k-600k 2008 42 16 2.17 2 0.92

$600k-700k 2004 74 1 0.14 7 51.52

Total/Avg: 1979 42 266 36.1 102 2.8


$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

500 1,000 1,500 2,000 2,500

SA

LE

VA

LU

E




Santa Ana, Listings (Built 1978) 57 DOMAvg. 1,034 SF Units @ $365,437 ($354/SF)

Santa Ana, Sales (Built 1979) 42 DOMAvg. 1,015 SF Units @ $352,456 ($347/SF)

+5% Roof Deck

Trendline - ACTIVE MLS City of Santa Ana (ATT)

Trendline - SOLD MLS City of Santa Ana (ATT)

SANTA ANA ATTACHED ACTIVE LISTINGS & SALES 2019YTDThe ATT resale housing stock is made up of 1970’s product (mostly under 1,200 square feet).

Not surprising, the higher priced sales & listings tend to be in the South Coast Metro area of the City.

✓ The …ACTIVE LISTINGS = Average Year Built 1978,1,034 SF, $365K, $354/SF, 57 DOM

CLOSINGS = Average Year Built 1979, 1,015 SF, $352K, $347/SF, 42 DOM


The proposed Townhomes are much larger and multi-

functional when compared to the existing ATT housing

stock in Santa Ana, which will appeal to a much

broader audience.

The downside is making sure that pure price points

don’t totally exceed the market.


Case Study NeighborhoodsTom’s Truck Center, City of Santa Ana, California


CASE STUDY NEIGHBORHOODS MAP5 Selected Case Studies: Santiago Street Lofts (2007), Artist Walk Village (2004/2011), Lacy Collection (2014), City Place (2007) and Ventana Walk (2018).

City Place

Ventana Walk

Lacy Collection

Artist Walk Village

Santiago Street Lofts

Subject



CASE STUDY NEIGHBORHOODS: BASE PRICING CHART5 newer neighborhoods that are located nearby in the city of Santa Ana

Ventana Walk by Olson is the newest community with 3-story towns completed last year (2018), but does not offer the downtown locale. Even so, these units are reaching

$560k and $600k for similar unit sizes. Tom’s Trucks is positioned 2%-5% above these higher priced units with a superior, walkable location associated with the gentrification of

downtown Santa Ana.

City Place built in 2007, north of I-5 on Main Street across from the Main Place Mall. Several product lines, including a Live-Work product line that is always difficult to

monetize, all built around retail (Mother’s Market, Coffee Bean, etc) and near CHOC Hospital and other employment nodes. Different vibe and locale, Beginning to age (12-

years-old).

Santiago Street Lofts by Lennar (Live-work TH) and Lacy Collection by City Ventures (2-story THs) are the closest proximity and most comparable in terms of offering fringe

locations to the redevelopment taking place downtown. These projects were built in 2007 and 2014 respectively, with Lacy garnering higher overall price points, likely due to age

and product (live-work always a tougher sell). We’ve positioned the ATT product $30k (5%) above Lacy Collection’s price line, and between 2% and 4% above the higher

resales in these two communities.

See pages 51-55 for detail on each of these communities.

$450,000

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

1,300 1,500 1,700 1,900 2,100 2,300 2,500

SA

LE

VA

LU

E




Santiago Street Lofts (Lennar)(L/W) (Built 2007)Avg. 1,696 SF Units @ $538,727 ($318/SF)

Artist Walk Village (Olson 2004/City Ventures 2011)(L/W) (Built 2005)Avg. 1,674 SF Units @ $533,350 ($319/SF)

Lacy Collection (City Ventures) (Built 2014)Avg. 1,469 SF Units @ $531,667 ($362/SF)

City Place (Built 2007)Avg. 1,832 SF Units @ $558,758 ($305/SF)

Ventana Walk (Olson Homes) (Built 2018)Avg. 1,706 SF Units @ $550,873 ($323/SF)

+5% Roof Deck

Log. Santiago Street Lofts

Log. Artist Walk Village

Log. Lacy Collection

Log. City Place

Log. Ventana Walk



CASE STUDY: SANTIAGO STREET LOFTS (BUILT 2007) LENNARCase Study: LIVE-WORK; Closings sold 0.7% or $4k < Listing

Santiago Street Lofts (Lennar)(L/W)

Address Sale Date Sale Value Unit Size PPSF

669 N Poinsettia Street 8/14/19 $510,000 1,583 $322.17

933 E Santa Ana Boulevard 8/9/19 $500,000 1,583 $315.86







932 E Civic Center Drive 5/14/19 $514,000 1,583 $324.70


■ Built in 2007

■ 1 to 2-bedroom plans

■ Units Range from 1,558 to 2,269 SF

■ DOM=32 Days

■ Typical HOA: $264 to $303

■ Tax Rate: 1.1%

Source: Meyers Research, MLS, Redfin

Legacy

Collection


CASE STUDY: ARTIST WALK VILLAGE (BUILT 2004/2011) OLSON HOMES/CITY VENTURESCase Study: LIVE-WORK; Closings sold 0.5% or $3,530 < Listing

Artist Walk Village (Olson 2004/City Ventures 2011)(L/W)


231 N Bush Street 8/9/19 $500,000 1,500 $333.33

151 W 2nd Street 6/25/19 $519,000 1,542 $336.58

216 E 3rd Street 5/3/19 $499,000 1,473 $338.76

202 N Bush Street 4/17/19 $600,000 2,076 $289.02

208 N Bush Street 3/11/19 $510,000 1,500 $340.00

210 N Spurgeon Street 10/17/18 $485,000 1,500 $323.33

232 N Bush Street 8/7/18 $515,000 1,553 $331.62

200 N Spurgeon Street 8/2/18 $600,000 2,000 $300.00

227 N Bush Street 6/1/18 $480,500 1,500 $320.33

269 N Bush Street 2/16/18 $625,000 2,100 $297.62

■ Built in 2005



■ DOM=111 Days

■ Typical HOA: $250

■ Tax Rate: 1.1%



CASE STUDY: LACY COLLECTION (BUILT 2014) CITY VENTURESCase Study: 2-Story Townhomes; Closings sold $200 > Listing

Lacy Collection (City Ventures)


804 E Santa Ana Blvd 4/16/19 $550,000 1,541 $356.91

610 E 5th Street 3/27/19 $585,000 1,596 $366.54

605 N Garfield Street 11/27/18 $499,000 1,354 $368.54


909 Brown Street 6/14/18 $526,000 1,354 $388.48

609 N Garfield Street 2/28/18 $510,000 1,461 $349.08

■ Built in 2014



■ DOM=20 Days


■ Tax Rate: 1.1%



CASE STUDY: CITY PLACE (BUILT 2007)Case Study: Closings sold 0.7% or $3,754 < Listing

City Place


232 E Jeanette Lane 7/26/19 $515,000 1,450 $355.17

337 Memory Lane 6/20/19 $596,000 2,199 $271.03

226 E Jeanette Lane 5/28/19 $573,888 1,829 $313.77

612 E Jeanette Lane 5/8/19 $590,000 2,247 $262.57

426 E Jeanette Lane 4/8/19 $555,000 2,170 $255.76

141 E City Place Drive 3/13/19 $590,000 1,625 $363.08

221 E Jeanette Lane 3/5/19 $495,000 1,472 $336.28

236 E Jeanette Lane 2/27/19 $470,000 1,345 $349.44

512 E Jeanette Lane 1/31/19 $551,000 2,199 $250.57

229 Memory Lane 9/27/18 $589,000 1,757 $335.23

■ Built in 2007



■ DOM=44 Days

■ Typical HOA: $224 to $285

■ Tax Rate: 1.1%



CASE STUDY: VENTANA WALK (BUILT 2018) OLSON HOMESCase Study: 3-Story Townhomes; Model Home back on market; Closings sold 0.9% or $5k < Listing

Ventana Walk (Olson Homes)


1520 W 1st Street #27 8/26/19 $553,800 1,513 $366.03

1510 W First Street #33 12/28/18 $585,000 1,881 $311.00

1510 W First Street #32 12/17/18 $560,273 1,509 $371.29

1601 W Walnut Street #60 10/26/18 $534,890 1,504 $355.64

1570 W First Street #13 9/21/18 $579,830 1,881 $308.26

1570 W First Street #16 9/7/18 $579,515 1,881 $308.09

1590 W First Street #2 9/5/18 $602,192 1,794 $335.67

1509 W First Street #4 8/31/18 $493,720 1,509 $327.18

1551 W Walnut Street #48 1/19/18 $490,516 1,794 $273.42

1530 W First Street #19 1/12/18 $528,990 1,794 $294.87

■ Built in 2018



■ DOM=34 Days


■ Tax Rate: 1.1%



AppendixTom’s Truck Center, City of Santa Ana, California


COMPETITIVE MARKET DETAILAppendix

COMMUNITY SPECIFICS AND SALES PACE FLOORPLAN SUMMARY COMPETITIVE MARKET PRICING SUMMARY

Project Name Builder Name Base Current Incentives Net Base Net Base Typical Total Monthly Payment Inputs 80.0%

Location Master Plan Size Base Price/ Price Options / Closing $ / Price ($ Price/ Options / Total Price/ Monthly Base Addl 4.3%

Product Details Sales Summary SF Bed Bath Level Pkg Price Sq. Ft. Reduction Upgrades Other Reduction) Sq. Ft. Upgrades Premiums Price SF HOA Tax Taxes Mo.Pmt.

Magnolia Park Van Daele Homes 1,838 3 2.5 2 2 $674,885 $367 $0 $0 ($5,000) $674,885 $367 $0 $0 $674,885 $367 $188 1.10% 4.00% $5,712

Anaheim - 2,375 4 3.5 3 2 $784,990 $331 $0 $0 ($5,000) $784,990 $331 $0 $0 $784,990 $331 $188 1.10% 4.00% $6,614

Product: Single Family Total Units: 53 2,394 4 3.5 3 2 $766,400 $320 $0 $0 ($5,000) $766,400 $320 $0 $0 $766,400 $320 $188 1.10% 4.00% $6,461

Configuration: 1,680 Units Sold: 43 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Lot Dimensions: 35'x48' 3 Months Sold: 1 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Sales Open Date: Jun-18 Units Remaining: 10 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Overall Sales Rate: 3.0 % Remaining: 19% #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

3 Mon. Sales Rate: 0.3 - #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Totals/Averages: 2,202 $742,092 $337 $0 $0 ($5,000) $742,092 $337 $0 $0 $742,092 $337 $188 1.10% 4.00% $6,262

Elara DeNova Homes 1,975 3 2.5 2 2 $874,990 $443 $0 $0 ($5,000) $874,990 $443 $0 $0 $874,990 $443 $172 1.10% 0.00% $4,418

Costa Mesa - 2,169 3 2.5 2 2 $899,990 $415 $0 $0 ($5,000) $899,990 $415 $0 $0 $899,990 $415 $172 1.10% 0.00% $4,539

Product: Single Family Total Units: 56 2,401 4 2.5 2 2 $919,990 $383 $0 $0 ($5,000) $919,990 $383 $0 $0 $919,990 $383 $172 1.10% 0.00% $4,636



Sales Open Date: Mar-18 Units Remaining: 18 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 2,182 $898,323 $412 $0 $0 ($5,000) $898,323 $412 $0 $0 $898,323 $412 $172 1.10% 0.00% $4,531

Euclid Place KB Home 1,448 3 2.5 2 2 $599,880 $414 $0 $0 $0 $599,880 $414 $0 $0 $599,880 $414 $153 1.10% 3.00% $4,563

Anaheim - 1,933 3 2.5 3 2 $610,880 $316 $0 $0 $0 $610,880 $316 $0 $0 $610,880 $316 $153 1.10% 3.00% $4,644

Product: Detached CondosTotal Units: 39 1,964 3 2.5 3 2 $632,260 $322 $0 $0 $0 $632,260 $322 $0 $0 $632,260 $322 $153 1.10% 3.00% $4,801



Sales Open Date: Jan-19 Units Remaining: 22 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 1,782 $614,340 $345 $0 $0 $0 $614,340 $345 $0 $0 $614,340 $345 $153 1.10% 3.00% $4,670

Sunny Sage Homes NCGG, LLC 2,000 3 2.5 2 2 $760,000 $380 $0 $0 $0 $760,000 $380 $0 $0 $760,000 $380 $132 1.10% 0.15% $3,915

Garden Grove - #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Product: Single Family Total Units: 7 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A


- 3 Months Sold: 0 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Sales Open Date: Apr-17 Units Remaining: 3 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 2,000 $760,000 $380 $0 $0 $0 $760,000 $380 $0 $0 $760,000 $380 $132 1.10% 0.15% $3,915

Aura DeNova Homes 2,143 3 2.5 2 2 $969,990 $453 $0 $0 $0 $969,990 $453 $0 $0 $969,990 $453 $189 1.10% 0.80% $5,542

Costa Mesa - 2,169 3 2.5 2 2 $890,990 $411 $0 $0 $0 $890,990 $411 $0 $0 $890,990 $411 $189 1.10% 0.80% $5,106

Product: Single Family Total Units: 33 2,401 4 2.5 2 2 $909,990 $379 $0 $0 $0 $909,990 $379 $0 $0 $909,990 $379 $189 1.10% 0.80% $5,211



Sales Open Date: Jul-17 Units Remaining: 0 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 2,238 $923,657 $413 $0 $0 $0 $923,657 $413 $0 $0 $923,657 $413 $189 1.10% 0.80% $5,287







District Walk The Olson Company 1,355 2 2.5 3 2 $523,661 $386 $0 $0 ($12,000) $523,661 $386 $0 $0 $523,661 $386 $308 1.10% 0.00% $2,849

Anaheim - 1,553 2 2.5 3 2 $518,445 $334 $0 $0 ($12,000) $518,445 $334 $0 $0 $518,445 $334 $308 1.10% 0.00% $2,824

Product: Townhomes Total Units: 42 1,569 3 3.0 3 2 $562,158 $358 $0 $0 ($12,000) $562,158 $358 $0 $0 $562,158 $358 $308 1.10% 0.00% $3,036

Configuration: ATT Units Sold: 20 1,682 3 3.5 3 2 $575,094 $342 $0 $0 ($12,000) $575,094 $342 $0 $0 $575,094 $342 $308 1.10% 0.00% $3,098

ATT 3 Months Sold: 10 1,701 3 3.5 3 2 $599,995 $353 $0 $0 ($12,000) $599,995 $353 $0 $0 $599,995 $353 $308 1.10% 0.00% $3,219




Totals/Averages: 1,572 $555,871 $354 $0 $0 ($12,000) $555,871 $354 $0 $0 $555,871 $354 $308 1.10% 0.00% $3,005

Lewis + Mason Trumark Homes 1,554 2 2.5 3 2 $587,640 $378 $0 $0 ($5,000) $587,640 $378 $0 $0 $587,640 $378 $268 1.10% 0.33% $3,281

Anaheim - 1,598 2 3.0 3 2 $593,150 $371 $0 $0 ($5,000) $593,150 $371 $0 $0 $593,150 $371 $268 1.10% 0.33% $3,309


Configuration: TH Units Sold: 64 1,772 3 2.5 3 2 $635,275 $359 $0 $0 ($5,000) $635,275 $359 $0 $0 $635,275 $359 $268 1.10% 0.33% $3,525

Lot Dimensions: ATT 3 Months Sold: 13 1,858 3 2.5 3 1 $687,135 $370 $0 $0 ($5,000) $687,135 $370 $0 $0 $687,135 $370 $268 1.10% 0.33% $3,791

Sales Open Date: Mar-18 Units Remaining: 89 2,070 4 3.5 3 2 $710,140 $343 $0 $0 ($5,000) $710,140 $343 $0 $0 $710,140 $343 $268 1.10% 0.33% $3,909

Overall Sales Rate: 3.9 % Remaining: 58% 2,084 4 3.5 3 2 $692,000 $332 $0 $0 ($5,000) $692,000 $332 $0 $0 $692,000 $332 $268 1.10% 0.33% $3,816

3 Mon. Sales Rate: 4.3 - 2,185 4 3.5 3 2 $736,000 $337 $0 $0 ($5,000) $736,000 $337 $0 $0 $736,000 $337 $268 1.10% 0.33% $4,042

Totals/Averages: 1,840 $654,918 $356 $0 $0 ($5,000) $654,918 $356 $0 $0 $654,918 $356 $268 1.10% 0.33% $3,626

17 West/The Gallery Meritage Homes 1,894 3 3.0 3 2 $830,990 $439 $0 $0 ($7,500) $830,990 $439 $0 $0 $830,990 $439 $337 1.10% 0.00% $4,369

Costa Mesa - 1,905 2 3.0 3 2 $860,990 $452 $0 $0 ($7,500) $860,990 $452 $0 $0 $860,990 $452 $337 1.10% 0.00% $4,515

Product: Attached Total Units: 89 2,051 3 3.0 3 2 $872,990 $426 $0 $0 ($7,500) $872,990 $426 $0 $0 $872,990 $426 $337 1.10% 0.00% $4,573

Configuration: ATT Units Sold: 51 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

ATT 3 Months Sold: 5 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A




Totals/Averages: 1,950 $854,990 $438 $0 $0 ($7,500) $854,990 $438 $0 $0 $854,990 $438 $337 1.10% 0.00% $4,486

17 West/Lofts Meritage Homes 2,104 1 4.0 4 2 $884,990 $421 $0 $0 ($7,500) $884,990 $421 $0 $0 $884,990 $421 $337 1.10% 0.00% $4,631

Costa Mesa - 2,243 1 4.0 4 2 $939,990 $419 $0 $0 ($7,500) $939,990 $419 $0 $0 $939,990 $419 $337 1.10% 0.00% $4,898

Product: Attached Total Units: 176 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Configuration: ATT Units Sold: 42 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A





Totals/Averages: 2,174 $912,490 $420 $0 $0 ($7,500) $912,490 $420 $0 $0 $912,490 $420 $337 1.10% 0.00% $4,765

The Place Intracorp Companies 2,051 2 3.0 3 2 $999,990 $488 $0 $0 $0 $999,990 $488 $0 $0 $999,990 $488 $92 1.10% 0.00% $4,944

Costa Mesa - 2,077 3 3.0 3 2 $1,014,949 $489 $0 $0 $0 $1,014,949 $489 $0 $0 $1,014,949 $489 $92 1.10% 0.00% $5,017

Product: Detached CondosTotal Units: 42 2,130 3 3.0 3 2 $1,049,990 $493 $0 $0 $0 $1,049,990 $493 $0 $0 $1,049,990 $493 $92 1.10% 0.00% $5,187

Configuration: Det Condo Units Sold: 39 2,311 3 2.5 3 2 $1,024,826 $443 $0 $0 $0 $1,024,826 $443 $0 $0 $1,024,826 $443 $92 1.10% 0.00% $5,065

Lot Dimensions: ATT 3 Months Sold: 12 2,379 3 3.0 3 2 $1,134,923 $477 $0 $0 $0 $1,134,923 $477 $0 $0 $1,134,923 $477 $92 1.10% 0.00% $5,599

Sales Open Date: Mar-18 Units Remaining: 3 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 2,190 $1,044,936 $477 $0 $0 $0 $1,044,936 $477 $0 $0 $1,044,936 $477 $92 1.10% 0.00% $5,162







C2E Intracorp Companies 1,245 2 2.5 3 2 $722,880 $581 $0 $0 $0 $722,880 $581 $0 $0 $722,880 $581 $272 1.10% 0.00% $3,780

Irvine - 1,414 2 2.5 3 2 $749,990 $530 $0 $0 $0 $749,990 $530 $0 $0 $749,990 $530 $272 1.10% 0.00% $3,911

Product: Townhomes Total Units: 71 1,895 3 3.5 3 2 $868,880 $459 $0 $0 $0 $868,880 $459 $0 $0 $868,880 $459 $272 1.10% 0.00% $4,488

Configuration: TH Units Sold: 61 1,907 3 3.5 3 2 $866,880 $455 $0 $0 $0 $866,880 $455 $0 $0 $866,880 $455 $272 1.10% 0.00% $4,478

Lot Dimensions: ATT 3 Months Sold: 10 1,990 4 3.5 3 2 $882,880 $444 $0 $0 $0 $882,880 $444 $0 $0 $882,880 $444 $272 1.10% 0.00% $4,556

Sales Open Date: Oct-17 Units Remaining: 10 2,039 4 3.5 3 2 $886,880 $435 $0 $0 $0 $886,880 $435 $0 $0 $886,880 $435 $272 1.10% 0.00% $4,575



Totals/Averages: 1,748 $829,732 $475 $0 $0 $0 $829,732 $475 $0 $0 $829,732 $475 $272 1.10% 0.00% $4,298

Lux Intracorp Companies 1,587 3 2.5 3 2 $859,652 $542 $0 $0 $0 $859,652 $542 $0 $0 $859,652 $542 $258 1.10% 0.00% $4,429

Irvine - 1,860 4 3.5 3 2 $929,152 $500 $0 $0 $0 $929,152 $500 $0 $0 $929,152 $500 $258 1.10% 0.00% $4,766

Product: Attached Total Units: 39 2,077 4 3.5 3 2 $997,652 $480 $0 $0 $0 $997,652 $480 $0 $0 $997,652 $480 $258 1.10% 0.00% $5,099

Configuration: ATT Units Sold: 21 2,077 4 3.5 3 2 $967,152 $466 $0 $0 $0 $967,152 $466 $0 $0 $967,152 $466 $258 1.10% 0.00% $4,951





Totals/Averages: 1,900 $938,402 $494 $0 $0 $0 $938,402 $494 $0 $0 $938,402 $494 $258 1.10% 0.00% $4,811

CitySquare Meritage Homes 1,868 4 3.5 3 2 $845,000 $452 $0 $0 $0 $845,000 $452 $0 $0 $845,000 $452 $278 1.10% 0.15% $4,484

Irvine - 2,076 4 3.5 3 2 $880,000 $424 $0 $0 $0 $880,000 $424 $0 $0 $880,000 $424 $278 1.10% 0.15% $4,658


Configuration: TH Units Sold: 4 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Lot Dimensions: ATT 3 Months Sold: 2 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Sales Open Date: Apr-16 Units Remaining: 40 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



Totals/Averages: 2,038 $875,000 $429 $0 $0 $0 $875,000 $429 $0 $0 $875,000 $429 $278 1.10% 0.15% $4,633

Paseo Del Mar KB Home 1,138 2 2.5 3 2 $695,380 $611 $0 $0 $0 $695,380 $611 $0 $0 $695,380 $611 $300 1.10% 0.15% $3,761

Irvine - 1,252 2 2.5 3 2 $700,380 $559 $0 $0 $0 $700,380 $559 $0 $0 $700,380 $559 $300 1.10% 0.15% $3,786



Lot Dimensions: ATT - 1,848 4 3.5 3 2 $896,665 $485 $0 $0 $0 $896,665 $485 $0 $0 $896,665 $485 $300 1.10% 0.15% $4,763

Sales Open Date: Aug-19 Units Remaining: 93 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Overall Sales Rate: NEW % Remaining: 100% #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

3 Mon. Sales Rate: NEW - #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Totals/Averages: 1,524 $793,498 $521 $0 $0 $0 $793,498 $521 $0 $0 $793,498 $521 $300 1.10% 0.15% $4,249







Hudson Lennar 684 1 1.0 1 0 $472,990 $692 $0 $0 ($5,000) $472,990 $692 $0 $0 $472,990 $692 $482 1.10% 1.00% $3,171

Irvine Central Park West 924 1 1.5 1 0 $529,990 $574 $0 $0 ($5,000) $529,990 $574 $0 $0 $529,990 $574 $482 1.10% 1.00% $3,495

Product: Attached Total Units: 176 1,072 2 2.0 1 0 $649,990 $606 $0 $0 ($5,000) $649,990 $606 $0 $0 $649,990 $606 $482 1.10% 1.00% $4,178

Configuration: ATT Units Sold: 140 1,114 2 2.0 1 0 $654,990 $588 $0 $0 ($5,000) $654,990 $588 $0 $0 $654,990 $588 $482 1.10% 1.00% $4,206

ATT 3 Months Sold: 25 1,444 3 3.0 1 0 $729,990 $506 $0 $0 ($5,000) $729,990 $506 $0 $0 $729,990 $506 $482 1.10% 1.00% $4,632




Totals/Averages: 1,048 $607,590 $580 $0 $0 ($5,000) $607,590 $580 $0 $0 $607,590 $580 $482 1.10% 1.00% $3,936

Tribeca Lennar 1,093 1 1.5 3 1 $579,990 $531 $0 $0 ($5,000) $579,990 $531 $0 $0 $579,990 $531 $505 1.10% 1.00% $3,803

Irvine Central Park West 1,245 2 2.0 2 2 $599,990 $482 $0 $0 ($5,000) $599,990 $482 $0 $0 $599,990 $482 $505 1.10% 1.00% $3,916


Configuration: TH Units Sold: 75 1,257 1 1.5 3 2 $609,990 $485 $0 $0 ($5,000) $609,990 $485 $0 $0 $609,990 $485 $505 1.10% 1.00% $3,973

Lot Dimensions: ATT 3 Months Sold: 5 1,301 2 2.0 2 2 $619,990 $477 $0 $0 ($5,000) $619,990 $477 $0 $0 $619,990 $477 $505 1.10% 1.00% $4,030

Sales Open Date: May-17 Units Remaining: 45 1,465 2 2.0 2 2 $739,990 $505 $0 $0 ($5,000) $739,990 $505 $0 $0 $739,990 $505 $505 1.10% 1.00% $4,712

Overall Sales Rate: 2.7 % Remaining: 38% 1,529 2 2.0 2 2 $779,990 $510 $0 $0 ($5,000) $779,990 $510 $0 $0 $779,990 $510 $505 1.10% 1.00% $4,940

3 Mon. Sales Rate: 1.7 - 1,721 2 2.5 3 2 $869,990 $506 $0 $0 ($5,000) $869,990 $506 $0 $0 $869,990 $506 $505 1.10% 1.00% $5,451

1,736 3 2.5 2 2 $899,990 $518 $0 $0 ($5,000) $899,990 $518 $0 $0 $899,990 $518 $505 1.10% 1.00% $5,622

1,914 3 3.0 2 2 $964,990 $504 $0 $0 ($5,000) $964,990 $504 $0 $0 $964,990 $504 $505 1.10% 1.00% $5,991

1,965 3 3.0 2 2 $1,009,990 $514 $0 $0 ($5,000) $1,009,990 $514 $0 $0 $1,009,990 $514 $505 1.10% 1.00% $6,247

Totals/Averages: 1,498 $752,263 $502 $0 $0 ($5,000) $752,263 $502 $0 $0 $752,263 $502 $505 1.10% 1.00% $4,782

Greenleaf Pinnacle Residential 1,501 3 2.5 2 2 $595,990 $397 $0 $0 ($10,000) $595,990 $397 $0 $0 $595,990 $397 $343 1.10% 0.11% $3,289

Garden Grove - 1,639 4 3.5 3 2 $599,490 $366 $0 $0 ($10,000) $599,490 $366 $0 $0 $599,490 $366 $343 1.10% 0.11% $3,307

Product: Townhomes Total Units: 17 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Configuration: TH Units Sold: 17 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Lot Dimensions: ATT 3 Months Sold: 5 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A




Totals/Averages: 1,570 $597,740 $381 $0 $0 ($10,000) $597,740 $381 $0 $0 $597,740 $381 $343 1.10% 0.11% $3,298

Vintage at Old Town Tustin Taylor Morrison 1,386 3 2.5 3 2 $580,000 $418 $0 $0 $0 $580,000 $418 $0 $0 $580,000 $418 $296 1.10% 0.00% $3,110

Tustin - 1,528 3 3.5 3 2 $622,500 $407 $0 $0 $0 $622,500 $407 $0 $0 $622,500 $407 $296 1.10% 0.00% $3,316




Sales Open Date: Dec-18 Units Remaining: 94 1,884 3 2.5 2 2 $724,490 $385 $0 $0 $0 $724,490 $385 $0 $0 $724,490 $385 $296 1.10% 0.00% $3,811

Overall Sales Rate: 5.1 % Remaining: 67% 2,187 4 3.5 3 2 $725,500 $332 $0 $0 $0 $725,500 $332 $0 $0 $725,500 $332 $296 1.10% 0.00% $3,816


Totals/Averages: 1,751 $664,070 $379 $0 $0 $0 $664,070 $379 $0 $0 $664,070 $379 $296 1.10% 0.00% $3,518







Fleet in Levity Lennar 1,382 2 2.5 3 2T $645,990 $467 $0 $0 $0 $645,990 $467 $0 $0 $645,990 $467 $332 1.10% 0.40% $3,682

Tustin Tustin Legacy 1,629 2 2.5 3 2T $665,990 $409 $0 $0 $0 $665,990 $409 $0 $0 $665,990 $409 $332 1.10% 0.40% $3,786







Totals/Averages: 1,788 $719,190 $402 $0 $0 $0 $719,190 $402 $0 $0 $719,190 $402 $332 1.10% 0.40% $4,061

Velocity in Levity Lennar 1,553 2+B 2.0 3 2 $747,990 $482 $0 $0 $0 $747,990 $482 $0 $0 $747,990 $482 $425 1.10% 0.40% $4,304

Tustin Tustin Legacy 1,792 3+B 3.0 2 2 $788,990 $440 $0 $0 $0 $788,990 $440 $0 $0 $788,990 $440 $425 1.10% 0.40% $4,516

Product: Attached Total Units: 60 1,846 2+B 2.5 3 2 $800,990 $434 $0 $0 $0 $800,990 $434 $0 $0 $800,990 $434 $425 1.10% 0.40% $4,579

Configuration: ATT Units Sold: 13 2,114 3 3.0 3 2 $812,990 $385 $0 $0 $0 $812,990 $385 $0 $0 $812,990 $385 $425 1.10% 0.40% $4,641

ATT 3 Months Sold: 13 2,477 3+B 3.0 3 2 $909,990 $367 $0 $0 $0 $909,990 $367 $0 $0 $909,990 $367 $425 1.10% 0.40% $5,144

Sales Open Date: Aug-19 Units Remaining: 47 2,989 4+B 4.0 3 2 $989,990 $331 $0 $0 $0 $989,990 $331 $0 $0 $989,990 $331 $425 1.10% 0.40% $5,559



Totals/Averages: 2,129 $841,823 $396 $0 $0 $0 $841,823 $396 $0 $0 $841,823 $396 $425 1.10% 0.40% $4,790

Icon in Levity Lennar 1,938 3+B 2.5 3 2 $905,990 $467 $0 $0 $0 $905,990 $467 $0 $0 $905,990 $467 $170 1.10% 0.40% $4,868

Tustin Tustin Legacy 2,238 3+B 2.5 3 2 $967,990 $433 $0 $0 $0 $967,990 $433 $0 $0 $967,990 $433 $170 1.10% 0.40% $5,190

Product: Single Family Total Units: 57 2,461 3+B 2.5 3 2 $1,077,990 $438 $0 $0 $0 $1,077,990 $438 $0 $0 $1,077,990 $438 $170 1.10% 0.40% $5,760

Configuration: DET Units Sold: 7 2,767 4+B 2.5 3 2 $1,189,990 $430 $0 $0 $0 $1,189,990 $430 $0 $0 $1,189,990 $430 $170 1.10% 0.40% $6,341

- 3 Months Sold: 7 #N/A #### #### #### #### #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A




Totals/Averages: 2,351 $1,035,490 $440 $0 $0 $0 $1,035,490 $440 $0 $0 $1,035,490 $440 $170 1.10% 0.40% $5,540

Meyers Research is a nation-wide research firm guiding real estate investors throughout

the country. Our highly educated and experienced consulting staff believes in providing

the highest quality service possible to our clients, which means completing the exact

analysis they need. We are home to over 140 experts in 10 offices across the country.

Our company offers a unique research tool known as Zonda that offers an edge to our

research with easy access real-time data at a local level across the United States. Our

local Zonda database provides our team with a history of new and resale housing

information, maps, comprehensive data, and many other metrics we use in our analyses

to begin the reporting process with greater accuracy -- quickly, accurately and cost-

effectively -- with on the ground and in person research. Zonda provides access to over

275 metrics influencing the housing industry including monthly and annual historical

trends, future projections and real-time narrative reported by seasoned analysts across

the country.

Our senior executive team are thought leaders that individually have more than 30 years

of experience in housing and real estate research. With our advisory services, we have

navigated builders through different housing cycles and have a deep understanding of

local markets. Our consulting team has a broad range of housing expertise and

experience spanning the country including consumer research, feasibility studies,

portfolio valuation, business planning, and custom research designed to make better

decisions related to any real estate investment.

Zonda and Our Research

• Competitive Analysis throughout the Country

• Exclusive Access to our Research & Consulting Executives

• Metro Analysis & Housing Trends

• Apartment Analysis & Forecast

• Exclusive Client Events

• Presentations & Webinars

• Proprietary Surveys

Advisory

• For-Sale, Apartment, Commercial & Mixed Use

• Resort & International Development

• Strategic Direction & Planning

• Home Builder Operations Assessment

• Demand Analysis

• Consumer Research & Focus Groups

• Custom Economic Analysis & Forecasting

• Litigation Support & Expert Witness

• Financial Modeling

• Project & Product Positioning

Consumer and Product Strategy

• Consumer and Product Insights

• Tactical and Marketing Strategies

• Product Design Advisory

• Custom Consumer Research

• Customer Shop Research

COMPANY EXPERIENCEAppendix


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