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,,,,` The Goose Holiow Local Development Committee funded research to assess the <br />emerging markets for residential and commercial uses in Goose Hollow. This research <br />~Nas prepared by professionals experienced in economics and retail and residential sales <br />and leasing. The research focused on qualitative information collected in personal <br />interviews supported by demographic information from the US Census. The first pages <br />of this appendix summarize this research and are followed by the complete reports. <br />Residential profile <br />Market interviews indicate there is a strong unmet demand from people who want to <br />live in Goose Hollow but can't find the type of housing they want. People interviewed <br />inciuded mostly 1 and 2 person households, predominantly between the ages of 30 and <br />60. Half of these households are renters and half are buyers. Most households own <br />one car. The following tables indicate the amount renters and owners are willing to <br />budget for housing. <br />Renters(49%): 70% 1 person and 30% 2 person households <br />mix of renters <br />housing budget/month <br />assumed annuai income <br />% median one person hshid* <br />erson hshld' <br />n two <br />di <br />% 42% <br />5350-5600 <br />514,000 S24,000 f <br />43% 74% <br />38% 65% 42% <br />5700-5950 <br />528,000 538,000 <br />~ 86°,'0 117% <br />76% 103% 16%' <br />51050-51500 <br />542,000 S60,OQ0 <br />13Q°,% 185% <br />1l3% ~62°~n <br />p <br />a <br />me <br />Owners(51 %): 26% 1 per son, 66% 2 person, 8% 3+ person households <br />' mix of owners 50% 50% <br />I sales price 5130,000-$175,000 5200,000-5300,000 <br />' based on paying ;iu% ot income ror ren~. <br />Residential building type <br />54% of those interviewed were looking for a larger multifamily building with 30 or more <br />units. Of this 54%, half are renters and half are owners. Another 24% prefer a <br />compiex of smaller buildings containing a totai of 10 to 20 units. Two thirds of this <br />24% are owners. Most of the remaining owners are looking for rowhouses and the <br />remaining renters have no preference as to building type. The attached Market <br />Interview report details neighborhood, building and unit features most often mentioned <br />in the interview. <br />lmplications for residential development <br />More than 58% of renters intervie~ved make over 60% of the median income for <br />Portland. Not many rental projects are being built in the city that serve this market <br />segment. Availability of public financing that focuses on renters making 60% or less is <br />currently extremely limited. This sita may offer the opportunity to structure mostly <br />orivate financing for a rental product starting at 5700/month. While there is a strong <br />interest in ownership product, the location of the site appears to more readily lend itself <br />to a rental project. A condominium could be used to separate uses for investment <br />v~-• purooses or to provide a wider mix o? incomes. <br />,p, _ <br />D ~ <br />- ~;:CH~~',S _ <br />