Residential subdivisions are physically challenging because, as one developer stated, “The gremlins live in the ground,” and no development is more sensitive to the dirt than a subdivision.
Sensitivities extend beyond the dirt, however. In the present economy, lot and speculative inventory pricing is competitive. Present neighbors may prefer no more neighbors; some environmentalists prefer no growth. The political obstacles in the path of preliminary plat approval can be formidable.
With any subdivision appraisal, adequate discovery of competing inventory, whether existing, under development, or proposed, is necessary to estimate market demand adequacy, providing reasonable assurance of adequate absorption at values projected. Residential demand is estimated from an analysis of labor market and population trends. Our subdivision appraisals give the reader a comprehensive residential market overview.