central business district (cbd) and over-the-rhine … purpose. e ea comprehensive housing study...

Central Business District (CBD) and Over-the-Rhine (OTR) Neighborhoods

Greater Cincinnati, Hamilton County, OH

A Residential Market Study and Inventory for Cincinnati Equity Fund and Downtown Cincinnati, Inc.

Executive Summary

By

Cincinnati Equity Fund & Downtown Cincinnati Inc. CBD & OTR Housing Market Study 15-Dec-06

Executive Summary

Introduction……………………………….…………...…………… 3 Methodology……………………………….…………...…………… 3 Professional Conclusions……………………………….………… 5 Housing Market Trends……………………………….………….. 8 Facts & Figures……………………………….…………...……….. 11 Inventory Introduction……………………………….………….. 12 CBD Condominium Market……………………………….……… 13 Summary Inventory Composition Amenities Absorption Mixed-Use Summary Mixed-Use Composition CBD Apartment Market……………………………….…………… 21 Summary Inventory Composition Amenities Mixed-Use Summary Mixed-Use Composition Southbank Riverfront Condominium Market………………… 32 Summary Inventory Composition Amenities Absorption Development Cost……………………………….…………...…… 37

TABLE OF CONTENTS


Executive Summary

INTRODUCTION

Purpose. A comprehensive housing study compiled for the market within the metro

Cincinnati neighborhoods of the Central Business District (CBD) and Over-the-Rhine (OTR).

To support the ongoing planning and promotion of residential and mixed-

use redevelopment in the Cincinnati metro core. Sponsorship. The study was commissioned by both the Cincinnati Equity Fund (CEF)

and Downtown Cincinnati Inc. Professional Consulting Team Property Advisors and Dinn Focused Marketing, Inc.

METHODOLOGY Demographic Analysis Comparative data and estimates for the CBD and OTR, plus their surrounding neighborhoods of West End, Pendleton, Mount Adams, East End and

the northern edge of the five Northern Kentucky cites of Ludlow, Covington, Newport, Bellevue and Dayton, known collectively as the South Bank. See inset map at upper right.

Analysis of the household populations, ethnic shares, marital and familial status, levels of education, household incomes by age, their vehicles, com-

mute times, occupation by industry sector, length of residence, and housing units by type, year built and owner status. Data is derived from baseline U.S. Census 2000 data, plus precise AGS 2006 estimates and 2011 projections parsed and later mapped to the Census

block group level. Psychographic Analysis Comparative Experian MOSAIC market segmentation estimates for the same neighborhoods above, plus additional outlying housing submarkets that

already serve the core market with housing buyers.

CincinnatiCincinnatiCincinnatiCincinnatiCincinnati

BellevueBellevueBellevueBellevueBellevue

DaytonDay tonDaytonDaytonDayton

Fort ThomasFort ThomasFort ThomasFort ThomasFort Thomas

Newp ortNewp ortNewp ortNewp ortNewp ort

WoodlawnWoodlawnWoodlawnWoodlawnWoodlawnE 2nd StE 2nd StE 2nd StE 2nd StE 2nd St

W 5th St

W 5th St

W 5th St

W 5th St

W 5th St

Mai

n S

tM

ain

St

Ma i

n S

tM

a in

St

Ma i

n S

t

W 10th St

W 10th St

W 10th St

W 10th St

W 10th St

E 6th StE 6th StE 6th StE 6th StE 6th St

Johnson St

J ohnson St

Johns on St

Johns on St

Johns on St

BullBullBulBullBull

ague Rdague Rdague Rdague Rdague Rd

Boo

ne S

tB

oone

St

Boo

ne S

tBo

one

StB

oone

St

W 9th StW 9th StW 9th StW 9th StW 9th St

Western Ave

Western Ave

Western Ave

Western Ave

Western Ave

Montague

Montague

Montagu

Montague

Montague

Park Ave

Park Ave

Park Ave

Park Ave

Park Ave

Dayton Pike

Dayton Pike

Dayton Pike

Dayton Pike

Dayton Pike

E 6th St

E 6th St

E 6th St

E 6th St

E 6th St

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

Donnermeyer D

r

Donnermeyer D

r

Donnermeyer D

r

Donnermeyer D

r

Donnermeyer D

r

Berry Ave

Berry Ave

Berry Ave

Berry Ave

Berry Ave


N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave


W 7th StW 7th StW 7th StW 7th StW 7th St E 6th StE 6th StE 6th StE 6th StE 6th St




W Mehring WayW Mehring WayW Mehring WayW Mehring WayW Mehring Way

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

ve

Del

ta A

veD

elta

Ave

Del

ta A

veD

elta

Ave

Del

ta A

ve

Straight StStraight StStraight StStraight StStraight St

Edw

ards

Rd

Edw

ards

Rd

Edwa

rds

Rd

Edw

ards

Rd

Edw

ards

Rd

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Cen

tral A

veC

entra

l Ave

Cen

tral A

veC

entra

l Ave

Cen

tral A

ve W McMicken Ave

W McMicken Ave

W McMicken Ave

W McMicken Ave

W McMicken Ave

Liberty HlLiberty HlLiberty HlLiberty HlLiberty HlElm St

Elm St

Elm St

Elm St

Elm St

Eden Park Dr

Eden Park Dr

Eden Park Dr

Eden Park Dr

Eden Park Dr

pple Stpple Stpple Stpple Stpple St

W McMillan StW McMillan StW McMillan StW McMillan StW McMillan St

Wes

tern

Hills

Via

Wes

tern

Hills

Via

Wes

tern

Hills

Via

Wes

tern

Hills

Via

Wes

tern

Hills

Via

Eastern AveEastern AveEastern AveEastern AveEastern Ave

Hig

h lan

d Av

eH

ighl

and

Ave

Hig

hla n

d A

veH

ighl

a nd

Ave

Hig

hla n

d Av

e

Central Ave

Central Ave

Central Ave

Central Ave

Central Ave

Wilmer AWilmer AWilmer AWilmer AWilmer A

Free

man

Ave

Free

man

Av e

Free

man

Ave

Free

man

Ave

Free

man

Ave

6th St6th St6th St6th St6th St

Walnut St

Walnut St

Walnut St

Walnut St

Walnut St

W 3rd StW 3rd StW 3rd StW 3rd StW 3rd St

Airport Rd

Airport Rd

Airport Rd

Airport Rd

Airport Rd

Vine

St

Vine

St

Vine

St

Vine

St

Vine

St


Gest StGest StGest StGest StGest St

Clif

ton

Ave

Clif

t on

Ave

Clift

on A

veC

lifto

n Av

eC

lifto

n A

ve

E University AveE University AveE University AveE University AveE University Ave

Lincoln AveLincoln AveLincoln AveLincoln AveLincoln Ave

Madison Rd

Madison Rd

Madison Rd

Madison Rd

Madison Rd

son Aveson Aveson Aveson Aveson Ave

Stat

e Av

eat

e Av

eta

te A

veta

te A

veta

te A

ve

Beekman St

Beekman St

Beekman St

Beekman St

Beekman St

E Pete Rose Way

E Pete Rose Way

E Pete Rose Way

E Pete Rose Way

E Pete Rose Way

Erie AErie AErie AErie AErie A

Linn

St

L inn

St

L inn

St

L inn

St

L inn

St

Elm St

Elm StElm St

Elm St

Elm St

Campbell CountyCampbell CountyCampbell CountyCampbell CountyCampbell County

Hamilton CountyHamilton CountyHamilton CountyHamilton CountyHamilton County


Executive Summary

METHODOLOGY, continued.

Psychographic Analysis, continued. Identification and consumer summary of the top 11 lifestyle segments found within this core market, shown in red shade below.

Identification and consumer summary of the top five attached housing lifestyle segments found within a 10-minute drive of the CBD, shown in the

violet border below, including the sought-after Young Cosmopolitans. Housing Market Performance and Analysis Gathered all recorded housing activity over the period January 1, 2002 through June 30, 2006, including charting of most significant market pricing,

sales or resales velocity and housing product type trends. Comparative analysis with the larger Cincinnati Center City housing market defined as the four Cincinnati zip codes of 45202, 45203, 45206 and

45219, plus the incorporated Northern Kentucky cities of Ludlow, northern Covington, Newport, Bellevue and Dayton shown as light blue shade below.

Analysis of for-sale housing performance by development for projects with six closings or more during the sample period, plus regression analysis of

relevant median pricing or sales inventory trends to reveal housing market strengths and currently unserved niches.

CincinnatiCincinnatiCincinnatiCincinnatiCincinnati

BellevueBellevueBellevueBellevueBellevue

BromleyBromleyBromleyBromleyBromley

Day tonDay tonDay tonDay tonDay ton

Fort ThomasFort ThomasFort ThomasFort ThomasFort Thomas

LudlowLudlowLudlowLudlowLudlow

Newp ortNewportNewportNewportNewport

Park HillsPark HillsPark HillsPark HillsPark Hills

SouthgateSouthgateSouthgateSouthgateSouthgateVilla HillsVilla HillsVilla HillsVilla HillsVilla Hills

WoodlawnWoodlawnWoodlawnWoodlawnWoodlawnE 2nd StE 2nd StE 2nd StE 2nd StE 2nd St

W 5th St

W 5th St

W 5th St

W 5th St

W 5th St

Mai

n St

Ma i

n S t

Ma i

n S t

Ma i

n S

tM

a in

S t

W 10th St

W 10th St

W 10th St

W 10th St

W 10th St


Bullock StBullock StBullock StBullock StBullock St

Devou Park Rd

Devou Park RdDevou Park Rd

Devou Park RdDevou Park Rd

Boon

e St

Boon

e St

Boon

e St

Boon

e St

Boon

e St

W 19th St

W 19th St

W 19th St

W 19th St

W 19th St


Montague Rd

Montague Rd

Montague Rd

Montague Rd

Montague Rd

Park Ave

Park Ave

Park Ave

Park Ave

Park Ave

Crescent SPRG Rd

Crescent SPRG Rd

Crescent SPRG Rd

Crescent SPRG Rd

Crescent SPRG Rd

Highwater Rd

Highwater Rd

Highwater Rd

Highwater Rd

Highwater RdE 18th StE 18th StE 18th StE 18th StE 18th St

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave


N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas Ave

N Fort Thomas AveE 10th StE 10th StE 10th StE 10th StE 10th St


Lafeuille Ave

Lafeuille Ave

Lafeuille Ave

Lafeuille Ave

Lafeuille Ave



W Mehring WayW Mehring WayW Mehring WayW Mehring WayW Mehring Way

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

ve

Jeffe

rson A

veWestbrook DrWestbrook DrWestbrook DrWestbrook DrWestbrook Dr

Del

ta A

veD

elta

Ave

Del

ta A

veD

elta

Ave

Del

ta A

ve

Straight StStraight StStraight StStraight StStraight St

Edwa

rds

Rd

Edwa

rds

Rd

Edwa

rds

Rd

Edwa

rds

Rd

Edwa

rds

Rd

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Torrence Pkwy

Cen

tral A

veC

entra

l Ave

Cen

tral A

veC

entra

l Ave

Cen

tral A

ve W McMicken Ave

W McMicken Ave

W McMicken Ave

W McMicken Ave

W McMicken Ave

Quebec Rd

Quebec Rd

Quebec Rd

Quebec Rd

Quebec Rd

Rut

ledg

e Av

eR

utle

dge

Ave

Rut

ledg

e Av

eR

utle

dge

Ave

Rut

ledg

e Av

eR

osem

ont A

veR

osem

ont A

veR

osem

ont A

veR

osem

ont A

veR

osem

ont A

ve

Elm St

Elm St

Elm St

Elm St

Elm St

Delhi Ave

Delhi Ave

Delhi Ave

Delhi Ave

Delhi Ave

Eden Park Dr

Eden Park Dr

Eden Park Dr

Eden Park Dr

Eden Park Dr

Whi

te S

tW

hite

St

Whi

te S

tW

hite

St

Whi

te S

t

asson Rdasson RdWasson Rdsson Rdasson Rd

Mar

burg

AM

arbu

rg A

Mar

burg

AM

arbu

rg A

Mar

burg

A

Werk RdWerk RdWerk RdWerk RdWerk Rd

Hopple StHopple StHopple StHopple StHopple Sty Creek RdCreek RdCreek RdCreek RdCreek Rd

Crookshank RdCrookshank RdCrookshank RdCrookshank RdCrookshank Rd

Cleves Warsaw PikeCleves Warsaw PikeCleves Warsaw PikeCleves Warsaw PikeCleves Warsaw Pike

Western Hills ViaWestern Hills ViaWestern Hills ViaWestern Hills ViaWestern Hills Via

Beechmont Cir

Beechmont Cir

Beechmont Cir

Beechmont Cir

Beechmont Cir

Eastern AveEastern AveEastern AveEastern AveEastern Ave

Hig

hlan

d Av

eH

ighl

and

Ave

Hig

hlan

d Av

eH

ighl

and

Ave

Hig

hlan

d Av

e

Neb

rask

a Av

eN

ebra

ska

Ave

Neb

rask

a Av

eN

ebra

ska

Ave

Neb

rask

a Av

e


Warsaw Ave

Warsaw Ave

Warsaw Ave

Warsaw Ave

Warsaw Ave Wilm

er A

ve

Wilm

er A

ve

Wilm

er A

ve

Wilm

er A

ve

Wilm

er A

ve

Free

man

Ave

Fre e

man

Ave

Fre e

man

Ave

Fre e

man

Ave

Fre e

man

Ave

W 6th StW 6th StW 6th StW 6th StW 6th St Airport Rd

Airport Rd

Airport Rd

Airport Rd

Airport Rd

And

erso

n Fe

rry R

dA

nde r

son

Ferry

Rd

And

e rso

n Fe

rry R

dAn

ders

on F

erry

Rd

And

e rso

n Fe

rry R

d

Aubu

rn A

v eAu

burn

Av e

Aubu

rn A

v eAu

burn

Av e

Aubu

rn A

v e

Hillside Ave

Hillside Ave

Hillside Ave

Hillside Ave

Hillside Ave

Gest StGest StGest StGest StGest St

Clift

on A

veC

lifton

Ave

Clift

on A

veC

lifton

Ave

Clift

on A

ve

Lincoln AveLincoln AveLincoln AveLincoln AveLincoln Ave

Red

BR

ed B

Red

BR

ed B

Red

B

Stat

e Av

e

Stat

e Av

e

Stat

e Av

e

Stat

e Av

e

Stat

e Av

e

Erie

AEr

ie A

Erie

AEr

ie Er

ie A

Campbell CountyCampbell CountyCampbell CountyCampbell CountyCampbell County

Kenton CountyKenton CountyKenton CountyKenton CountyKenton County

Cincinnati Center City Housing Market (DFM)

CBD/OTR Housing Market

10-minute Drive Border from CBD (red star in Downtown at left)


Executive Summary

PROFESSIONAL CONCLUSIONS: Central Business District

Strong recent advances in condominium sales, product design and mixed-use projects. The CBD is a condo market in renewal. There has been a rapid and steady advance in condominium closing performance in the last three years, led

by proven local development teams offering their first for-sale condominium project. This condo renewal has been predominately market-driven. During this advance, we have noted a progression of condo product distinctions, our three “generations” of for-sale product:

A predictable “first generation” of renovations to landmark or historic Downtown buildings have progressed to Larger, “second generation” projects of new construction that offer modern design and river views, also seen in Mixed-use “third generation” projects looming on the horizon with the launch of The Banks and Ovation, larger scale projects with a much

greater “live-work-shop-play” market impact. Demand for condominiums exceeds 400 units per year. The current demand for luxury condominiums along the Cincinnati Center City

is over 400 new units per year, a tenfold gain of demand only five years ago. This surge in activity is not just driven by sustained home affordability alone, but rather on the swell of affluent consumer preference and changing life-styles. If we also consider the growth of all condominium sales $200,000-$300,000 that would include more young professional condo buyers, the de-mand would leap 50% to some 600 new condos per year.

Demand is largely from four psychographic lifestyle segments. Based upon our analysis of the psychographics of our metro housing market,

we note that the likely potential urban housing renters or buyers will come from current households segmented by MOSAIC as Young Cosmopolitans, Affluent Urban Professionals, Enterprising Couples and Dream Weavers. These “clusters” represent today the best household profiles for urban hous-ing consideration. We provide their descriptions and locations later in this report, along with detailed description of their lifestyles.

Within a larger, more market-inclusive 15-minute drive of Fifth and Vine

Streets in Downtown, we can isolate by psychographics over 53,500 potential households with the income, household size and buying habits to be ready for an urban condominium lifestyle. If just ten percent become viable, engaged condo buyers over the next five years, this would draw over 1,000 new condo residents to the core Center City markets per year. The metro condo market is really just emerging in urban housing awareness, design and experience-based salesmanship.

DOWNTOWN RIVERFRONT HOUSING MARKETCondo Closings over $200,000 in Last 10 Years by Quarter

with Select Outstanding 2004-2005 Contract Sales

-

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

Jan-

96

Jul-9

6Ja

n-97

Jul-9

7Ja

n-98

Jul-9

8Ja

n-99

Jul-9

9Ja

n-00

Jul-0

0Ja

n-01

Jul-0

1Ja

n-02

Jul-0

2Ja

n-03

Jul-0

3Ja

n-04

Jul-0

4Ja

n-05

Jul-0

5Ja

n-06

Jul-0

6Ja

n-07

Jul-0

7Ja

n-08

Jul-0

8

Closing Date

Tota

l Con

do

Clo

sin

gs

Total Condo Closings per Qtr

Condo Closings per Qtr Trendline

Condo Closings per Qtr (4-mo. avg)

New

Urb

an C

ondo

s

Approaching 125per quarter

Approaching 150 per quarter

CINCINNATI CENTER CIT Y ATTACHED HOUSING MAR KET


Executive Summary

PROFESSIONAL CONCLUSIONS, Over-the-Rhine

Agency-driven redevelopment to date, hindered by housing stock and smaller scale. OTR, built long ago as a housing destination, is or will be associated with all of these trends above, yet is not today in renewal. Rather, OTR is in

well-intended and “agency-driven” speculation. There are twice the households and half the median incomes of the CBD. More importantly, their housing stock as it would naturally relate to urban renewal is quite different. Unlike the over 60% share of CBD housing in apartments or condos with 50 or more units, OTR has nearly three-quarters of their housing stock, or 3,500 homes, in attached clusters of nine or less units. Theirs is an older, proven neighborhood design with a high concentration of housing under very different market dynamics and preferences when compared to the CBD.

Opportunity to serve younger “stakeholders” left behind in the CBD. Our growth in the CBD has left behind the young professional residents and their more limited buying power. Our escalating price points and overly

large designs meant for the more affluent move-down household have today all but excluded these young owners, shoppers and lifestyle patrons that are so crucial to any Downtown renewal.

The elements of project success found recently in the CBD, however, can be duplicated or incorporated into new OTR for-sale housing projects as

allowed by market timing and growth: product choice, location and access, onsite or neighborhood amenities and new home availability. Like the advances in the CBD, project scale and presence will be critical to OTR. There is a distinct advantage in larger condo project scale. Larger projects offer the geometry and opportunity to provide a range of floorplans, bet-

ter parking solutions and a visible presence in the neighborhood. We have found that the renovation of four condo units within an historic shell may provide four new housing units, but lends no sense of intended redevelopment or sense of neighborhood change. We recommend that OTR move further away from the renovation of the existing neighborhood fabric toward the creation of an updated version of OTR’s original housing inspiration. We must consider larger projects.

Redevelopment of OTR has the opportunity to concentrate projects into a “critical mass” of change into a clustered and visible new residential draw,

an enclave within the historic neighborhood or a “gateway of change.” These would be an organized progression of projects with refined street-scape, color, lighting and “branding,” with collaborative parking solutions and shared amenities readily available. Motivated buyers will notice.

OTR has the opportunity to serve the edgier young professionals that have been shut out from Downtown living in the CBD market. Until the likes

of sweeping urban mixed-use projects like The Banks, there is little room for the younger, more engaged urban condo buyer in today’s palette of CBD new housing projects. With the recommended project scale and presence, the marketing benefit for a young professional is lower relative price points. More affordable condos or rental units in OTR could fill this void.


Executive Summary

PROFESSIONAL CONCLUSIONS, Over-the-Rhine, continued.

OTR projects must provide better parking, security and “branding.” We have the need in the CBD to offer these lifestyle interests a greater sense of security against the real or perceived neighborhood threats. By fix-

ing the “broken windows” of adjacent streets’ neglect with thoughtful security programs, we can set new expectations of OTR safety and sanctity. We recommend that CEF publicly celebrate their redevelopment plans as a steady signal of change, of a greater overall value model. No private or

agency redevelopment project will benefit today from being “built in stealth.” We recommend that the public marketing efforts, especially in OTR, reach to overcome the stigma of our urban core. Efforts must generate interest beyond the initial “local believers” in housing to the more consistent, deeper ranks of “local buyers.” We have identified thousands in our nearby market.

We have noted that the optimal value model for local urban housing is made from four key components; unit design, site location and connection,

lifestyle amenities and today’s availability. When “stacked” in the early project planning, these factors yield an optimal market position relative to the competition. And as we have learned from the most recent CBD successes, you must serve the buyer with their notion of value and that you cannot “outrun the unaware consumer.”


Executive Summary

HOUSING MARKET TRENDS

We have dedicated access to the sales and marketing efforts of our Cincinnati Center City new housing. Project developers have offered anonymous buyer profile information on select, prominent condo projects. The following accounts and observations are not backed by the data-driven analyses that is the basis of the full Housing Market Report. Instead, they offer crucial insights and trend drivers in the results of our study. In each case, the ac-counts come from partial surveys and interviews with key developers, sales reps, and condo buyers: For the CBD condo locations, the largest market segment of buyers to date have been from out-of-market relocations tied to Downtown corpora-

tions and existing Downtown owners or renters who already engage the Downtown lifestyle. These buyers fit well within psychographic segments of Young Cosmopolitans and Affluent Urban Professionals, as described in detail later in the complete Housing Market Study report. Their key drivers for buying a new residence are design, parking, pricing and availability. From their contract sales prices and corporate positions, we have noted their household incomes generally range $60,000-$150,000.

For the more prominent and view-oriented projects, the majority of buyers were local metro residents within 15-minutes of Downtown that fall into

the Dream Weaver and Enterprising Couples psychographic segments who are one-fourth self employed, one-fourth professionals and manag-ers and only ten percent retired. Larger units over 2,000 square feet serve as their primary residence, while the smaller units under 2,000 square feet have an even mix of primary residences and second homes. The key drivers behind these purchases were two or more parking spaces avail-able, views of Downtown or the Riverfront, and upgrades or customization. From their contract sales prices and sales representative accounts, we have noted their household incomes generally range over $200,000.

We have noted that the local Census tracts with the highest concentration of the household segmentation cited above, and detailed in the Housing

Market Study report, are the same tracts for the previous homes for the vast majority of the buyers above to a significant correlation. Our MO-SAIC data has identified both the potential market depth for specific household profiles and the source of our most current wave of Cincinnati Center City condo buyers.

The critical design issue for every project in the Cincinnati Center City market is parking with a strong preference for two covered spaces per resi-

dence. Most projects, however, program an average of 1.50-1.75 spaces per unit under heavy geometric and construction costs constraints. The interim solution for many projects seems to offer one parking space for the smallest units and two for the largest, with a pool of spaces available for optional purchase at the point of sale.

Typically, the largest and most prominent of residences have been the first to sell in projects without sales releases or phasing. In some cases,

units were combined and customized to create larger hybrid residences. The smallest units were primarily the slowest to sell given their sub-premium location within the building, lack of covered parking and long-lead time for construction and move in.

Though expected by recent development teams, there has not been a discernable bias against Ohio residents moving to a Kentucky condo, given

the range and depth of new condo product along the Kentucky Southbank shoreline. Key projects from the “first generation” of Cincinnati Center City housing market have already seen a small share of resales in our market of transi-

tion. The majority of these have been resold within a year for a gain of up to $100,000 from the original purchase price for select units in promi-nent projects.


Executive Summary

In the complete Housing Market Study report, we provide detailed market performance charts that track the recent condominium closings by adjusted price per square foot, against unit square feet. Two sample charts are provided at right. The top chart depicts color-coded symbology for the most prominent fifteen new condo projects deemed to be the main drivers in today’s Center City market. In the case of select projects such as Harbor Greene and The Ascent, we have noted both the positions of the sold condos and those that remain unsold. Please note that those projects with both sold and unsold symbology, per above, have two trendlines and refer to the accompanying legend. We note that the general market trend advances in price per SF with unit size (orange arrow), while the new condo projects mimic this trend at pricing $130 per SF higher than the general mar-ket trend (red arrow). We also note that this chart is a snapshot of a very dynamic market in transition with many of the cited projects close to sell out. With that, we recast this chart below right with only those projects actively for sale today and any range of product available. Gone is the market leader of Park Place at Lytle, the American Build-ing, Michigan Terrace, Twains Pointe and Waters Edge. Resales of Adams Place, Edgecliff and St. James at the Park condos, a quiet driver of older and established resale condos, have also been removed. The result is a current Center City condo market drawn apart, the smaller, more affordable con-dos seen Downtown and along Eastern Avenue opposed to the luxury and high-end, new construc-tion towers emerging along the shoreline. For us, this is a condo market in transition as the prod-uct and position choices are revealed. The obvious niche is more affordable product in the 1,000-2,050 square foot range priced $190-$260 per SF as shown by the green shaded ellipse. The current demand for attached Center City living could jump 50% with condo product priced $200,000-$300,000. The other, clearly unserved niche is shown here as a gold shaded ellipse above the current Down-town product and priced just under the new, more sophisticated shoreline projects, updated or new construction that ranges 900-1,950 square feet over a price range of $250-$320 per SF. Please note that the more affordable of the shoreline projects is today in the greatest demand; for example, The Ascent condominiums saw their smaller array of one-bedroom plans sell first and sell out.

CINCINNATI RIVERFRONT ATTACHED HOUSING MARKETCondo Pricing per SF vs. Condo SF for New & Resale Projects

(Last 4.5 Years)

$100

$120

$140

$160

$180

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

Condo Square Feet

Clo

sin

g P

rice

per

SF

Park Place at Lytle

Twains Point

Michigan Terrace

Adams Place Resales

Edgecliff Resales

St. James Resales

Captains Watch

The McAlpin

American Building

Harbor Greene (sold)

Waters Edge (sold)

The Ascent (sold)

SouthShore (ph 1)

The Views (ph 1)

One River Plaza (prelim)

Park Place at Lytle Trend

Adams Place Resales Trend

Captains Watch Trend

Michigan Terrace Trend

The McAlpin Trend

American Building Trend

Overall Condo Median

Harbor Greene (West) Trend

Harbor Greene (sold) Trend

The Ascent Trend

The Ascent (sold) Trend

SouthShore Trend

The Views Trend

One River Plaza Trend


HOUSING MARKET TRENDS, continued.

CINCINNATI RIVERFRONT ATTACHED HOUSING MARKETCondo Pricing per SF vs. Condo SF for Select New Projects

(Last 4.5 Years)

$100

$120

$140

$160

$180

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$220

$240

$260

$280

$300

$320

$340

$360

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$500

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

Condo Square Feet

Clo

sin

g P

rice

per

SF

Captains Watch

The McAlpin

Harbor Greene (sold)

The Ascent (sold)

SouthShore (ph 1)

The Views (ph 1)

One River Plaza (prelim)

Captains Watch Trend

The McAlpin Trend

Overall Condo Median

Harbor Greene (West) Trend

Harbor Greene (sold) Trend

The Ascent Trend

The Ascent (sold) Trend

SouthShore Trend

The Views Trend

One River Plaza Trend

CINCINNATI CENTER CIT Y ATTACHED HOUSING MARKET

UNSERV ED PRO DUCT NICH E

AFFO RDABLE P RO DUCT


Executive Summary

In our demand analysis, we depict the overall housing market performance of the larger Cincinnati Center City Attached Housing Market by plotting the number of all home closings over the last 4.5 years in $5,000 price increments over the range of $100,000-$700,000, as shown in the chart at right. This expanded market includes the CBD and OTR. In typical housing submarkets throughout the Midwest, this plot by home pricing distribution would normally describe a “skewed bell curve” of closings that peaks early in the lower price points, then falls away steadily under a range of move-up homes and then trails off into the mar-ket’s luxury home closings. This typical plot is easily reflected on this chart, although we understand that the early advance on such a bell curve has been truncated by starting at $100,000. A more typical sales distribution seen in other surrounding markets is shown as the blue bell curve, the expected performance of more balanced submarkets. Older two– and three-family housing stock shown in light green represents a hurdle for our local market distribution; their housing distribution is “compressed inward” and peaks higher than the typical market curve as the price points are held in check. This compression is represented by the orange arrow. Though pricing is held in check by the older housing stock, the general housing market performance and velocity is advancing. We then plot at lower right the last 18 quarters of attached home transfer closings in the same expanded market by their monthly inventories. For each sample set, we then added two trendli-nes, first a 3-month moving average that flexes with the seasonal cycle of home transfers, then an overall regression analysis that scribes the general median sales rate over time. For total home sales in orange, we note the significant overall growth in SFA activity for the first three years beginning in January 2002, followed by a softer advance seen in the last 18 months. This seems effected by the slow reversal of activity growth by the older two– and three-family homes shown in green beginning in the fourth quarter of 2004. Overall condo sales shown in blue, however, have been strong and nearly linear in their activity growth, beginning in January 2002 at five closings per month to the recent high of 35 per month seen last June. The complete and comprehensive analysis of these trends and supporting conclusions are provided in the complete Housing Market Study report.

CINCINNATI RIVERFRONT ATTACHED MARKETSearch Area SFA Sales by Price ($5,000)

All Homes Sold 1.1.02-6.30.06

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nsf

ers

Condo

TTFam

“INWA RD” PRIC E POINT P RESSURE fr om OLDER STO CK

CINCINNATI CENTER CIT Y ATTACHED HOUSING MARKET

CINCINNATI RIVERFRONT ATTACHED MARKETSearch Area SFA Sales over $100,000 by Month

Sold 1.1.02-6.30.06 - Solid Trendlines are 3-mo. Moving Average

0

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TTFamCondoTotal SalesTTFam Median Pricing TrendCondo Median Pricing TrendTotal SFA Median Pricing Trend


HOUSING MARKET TRENDS, continued.


Executive Summary

FACTS AND FIGURES

DEMOGRAPHIC SUMMARYCBD OTR

2006 Total Households 1,984 3,0842006 Median Income 22,589 11,540

1 Estimated Household Income - Young Professionals1 Estimated Household Income - Move-Down Affluent2006 Median Age 40.9 30.12006 Education - Share with College Degree 39.30% 27.20%2000 Owner-Occupied Housing Units 1.10% 5.00%

2 Adjusted Owner-Occupied Housing Units 7.80% n/a2000 Percent in Labor Force 44.09% 54.20%2000 Daytime Employees 82,893 6,9662000 Percent Resident - Walk to Work 43.80% 24.90%2000 Median Home Value $205,713 $91,7132000 Average Contract Rent $460 $258

CBD CONDOMINIUM SUMMARY

2,260 units

Total Units Sold/Under Contract 314 units

Total Units Available for Purchase 308 units

Average Size Range

Average Price Range

Average Price/SF Range

CBD APARTMENT SUMMARY

3,467 units

Total Units Occupied 2,662 units

Average Size Range

Average Monthly Rental Rate Range

Average Price/SF Range

Average Occupancy Rate 91%

1Based on psychographic lifestyle segments.

2

$60,000 - $150,000

Over $200,000

Total Units (Existing, Under Construction/Renovation, Under Development, and Planned)

1,683 SF - 2,134 SF

$894 - $1,086

$0.89/SF - $0.93/SF

Since 2006 Census demographic estimates do not accurately track high-growth markets, we have adjusted the 2006 estimate to include documented attached housing transfers.

$311,853 - $498,760

$180.72/SF - $210.91/SF

Total Units (Existing, Under Construction/Renovation, Under Development, and Planned)

1,013 SF - 1,207 SF


Executive Summary

INVENTORY INTRODUCION

It is the intent of the following research to provide an inventory of the condominium and apartment developments, including mixed-use, located in the Central Business District (CBD) of Cincinnati, Hamilton County that have been added to the market since 2002. The CBD is loosely defined as Central Parkway to the north, the Ohio River to the south, Central Avenue to the west, and I-71 to the east. The following also includes an inventory of condominium projects located in the Southbank Riverfront, Kentucky that have been added to the market since 2002. The Southbank Riverfront is loosely defined as the riverfront communities (Covington, Newport, Bellevue, and Dayton) from Ohio River to the north and Fourth Street to the south. All information contained within this survey was obtained from property owners, developers and brokers of their respective pro-jects. Information in this study is categorized by development status. A description of development status is listed below. Existing New Construction is complete and units are

available for occupancy.

Existing Renovation Construction on an existing structure is complete and units are available for occupancy.

Under Construction New Construction is ongoing and units are not available for occupancy.

Under Renovation Renovation of an existing structure is ongoing and units are not available for occupancy.

Pre-Development Construction has not begun but development plans are finalized or in finalization stages.

Pre-Redevelopment Renovation has not begun but development plans are finalized or in finalization stages.

Planned Construction has not begun and development plans are still being designed.

Planned Renovation Renovation has not begun and development plans are still being designed.


Executive Summary

CBD CONDOMINIUM MARKET: Summary

Central Business District (CBD)Condominium Summary by Year Built

538 29

165

41

194150

338

0

50

100

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200

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300

350

400

2002

2003

2004

2005

2006

2007

2008

Pre-Dev

/Planne

d

Year Built/Renovated

*For graphical purpuses, Pre-Deve/Planned Does Not Include The Banks Development, a potential 1,300 units

Num

ber o

f Uni

ts

Units AvailableCincinnati CBD Condominiums Total Units Units Sold For Purchase % Units SoldExisting - - - -Existing Renovation 278 226 52 81%Under Construction 55 27 28 49%Under Renovation 139 43 96 31%Pre-Development - - - -Pre-Redevelopment - - - -Planned 1,770 18 132 1%Planned Renovation 18 - - -Total 2,260 314 308 14%


Executive Summary

CBD CONDOMINIUM MARKET: Inventory

COMPLEX ADDRESS YEAR BUILT TOTAL UNITS

18 East Fourth 18 East Fourth Street 1907/2003 21646 Main 646 Main Street 1920/2005 4815 Elm 815 Elm 1876/2005 5911 Race 911 Race Street 1915/2003 4Adolphus Lotze 19 West Court Street 1880/2002 3American Building 30 East Central Parkway 1928/2005 31Brittany Condo 104 West Ninth Street Renovated 2006 15Broadway Tower 622 Broadway Planned 120Edge Condo 310 Culvert Street 1936/2007 77Fifth and Race Fifth and Race Planned 200Gibson Lofts 637 Walnut Street 1894/2003 8Lofts at Fountain Square 413 Vine Street Planned 18Lofts of Fifth 323 West Fifth Street 1880/2003 5One River Plaza One River Plaza 2008 150Park Place at Lytle 400 Pike Street 1905/2005 115Parker Flats 345 West Fourth Street UC 55The Banks Second Street Planned 1,300The Fort Washington 621 Main Street Renovated 2004 10The Georgia 223 West Ninth Street 1890/2002 2The Lofts at Graydon Place 26 East Sixth Street 1905/2004 29The McAlpin on Fourth 15 West Fourth Street 1874/2007 62Williamson Lofts 335 West Fifth Street 1890/2006 26

TOTAL UNITS 2,260

CINCINNATI CBD CONDOMINIUM INVENTORY


Executive Summary

CBD CONDOMINIUM MARKET: Composition

CENTRAL BUSINESS DISTRICT (CBD) CONDOMINIUM MARKET COMPOSITION

STATUS SIZE (SF) LEASE RATE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY

Existing Renovation 2 BR/2 BA Flat 21 21 1,826 1,932 $230,000 $442,000 $125.96 $228.78 2004 2004 2005

Existing Renovation - Flat 5 3 - - - - - - 2005 2005 2005

Existing Renovation 1 BR/2 BA Flat 2 2 940 1,218 $210,000 - $223.40 - 2001 2001 2001Existing Renovation 2 BR/2 BA Flat 2 1 2,663 2,663 $502,000 $775,000 $188.51 $291.03 2001 2001 2001



Existing Renovation 2 BR/2 BA Flat 21 18 1,219 1,562 $175,900 $599,000 $144.30 $383.48 2004 2004 2005Existing Renovation 3 BR/2 BA Flat 10 10 1,590 5,082 $336,113 $1,500,000 $211.39 $295.16 2004 2004 2005

Existing Renovation 1 BR w/den Flat 5 1 1,000 1,198 $189,000 $199,900 $189.00 $166.86 2005 2005 2006Existing Renovation 2 BR/1 BA Flat 5 3 1,100 1,250 $199,900 $199,900 $181.73 $159.92 2005 2005 2006Existing Renovation 2 BR w/den Flat 5 2 1,350 1,350 $209,900 $209,900 $155.48 $155.48 2005 2005 2006

Planned - - 120 - - - - - - - - - -

Under Renovation 1 BR/2 BR/3 BR Flat 77 23 821 4,000 $149,000 $1,500,000 $181.49 $375.00 2006 2006 2007

Planned 1 BR/1 BA Flat - 750 - $150,000 - - - - - -Planned 2 BR/1 BA Flat - 1,500 - $300,000 - - - - -

Existing Renovation 1 BR/1.5 BA Flat 2 2 1,165 1,165 $199,000 $225,000 $170.82 $193.13 2002 2003 2004Existing Renovation 2 BR/2 BA Flat 2 1 1,665 1,665 $269,000 $362,000 $161.56 $217.42 2002 2003 2004Existing Renovation 2 BR/2.5 BA Flat 2 1 1,800 1,800 $300,000 $300,000 $166.67 $166.67 2002 2003 2004Existing Renovation 3 BR/2.5 BA Flat 2 2 2,800 2,800 $720,000 $740,000 $257.14 $264.29 2002 2003 2004

Planned Renovation - Flat 18 - - - - - - - - - -

Existing Renovation 1 BR/1 BA Flat 2 2 1,097 1,309 $195,000 $210,000 $177.76 $160.43 2002 2003 2003Existing Renovation 2 BR/2 BA Flat 2 2 1,483 1,483 $284,500 $284,500 $191.84 $191.84 2002 2003 2003Existing Renovation 3 BR/3 BA Flat 1 1 2,496 2,496 $450,000 $450,000 $180.29 $180.29 2002 2003 2003

Planned 1 BR/2 BR/3 BR Flat 150 18 1,430 5,750 $400,000 $2,000,000 $279.72 $347.83 2007 2006 2008

Existing Renovation 1 BR Flat 5 3 950 1,015 $180,000 $235,000 $189.47 $231.53 2004 2004 2005Existing Renovation 2 BR Flat 87 83 950 3,220 $180,000 $750,000 $189.47 $232.92 2004 2004 2005Existing Renovation 2 BR Garden 2 2 1,650 1,650 $470,000 $475,000 $284.85 $287.88 2004 2004 2005Existing Renovation 3 BR Flat 20 17 1,635 3,830 $310,000 $1,150,000 $189.60 $300.26 2004 2004 2005Existing Renovation 4 BR Flat 1 1 4,075 4,075 $1,250,000 $1,250,000 $306.75 $306.75 2004 2004 2005

Broadway Tower

Gibson Lofts

Lofts of Fifth

Park Place at Lytle

Edge Condo

18 East Fourth

911 Race

Adolphus Lotze

Brittany Condos

646 Main

American Building

815 Elm

Fifth & Race

Lofts at Fountain Square

One River Plaza

200


Executive Summary

CBD CONDOMINIUM MARKET: Composition

STATUS SIZE (SF) LEASE RATE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY

Under Construction Loft Flat 55 27 1,078 1,616 $199,500 $350,000 $185.06 $216.58 2004 2005 2007

Planned - - 1,300 - - - - - - - - - -


Existing Renovation 2 BR/2 BA Flat 1 1 1,051 1,051 $164,000 $164,000 $156.04 $156.04 2002 2003 2003Existing Renovation 3 BR/3.5 BA Flat 1 1 1,894 1,894 $216,000 $216,000 $114.04 $114.04 2002 2003 2003

Existing Renovation 1 BR/1.5 BA Flat 8 8 1,050 1,050 $169,000 $187,500 $142.38 $178.57 2004 2004 2005Existing Renovation 2 BR/1.5 BA Flat 4 4 1,400 1,400 $179,500 $259,000 $128.21 $155.36 2004 2004 2005Existing Renovation 2 BR/1.5 BA Garden 1 1 1,500 1,500 $237,500 $267,500 $158.33 $158.33 2004 2004 2005Existing Renovation 2 BR/2 BA Penthouse 1 1 3,200 3,200 $359,900 $359,900 $112.47 $112.47 2004 2004 2005Existing Renovation 2 BR/ 2 BA Flat 6 6 1,400 1,600 $187,500 $259,000 $133.93 $148.44 2004 2004 2005Existing Renovation 2 BR/2.5 BA Flat 1 1 2,350 2,350 $419,500 $419,500 $178.51 $178.51 2004 2004 2005Existing Renovation 2 BR/2.5 BA Garden 2 1 1,900 1,900 $274,500 $274,500 $144.47 $144.47 2004 2004 2005Existing Renovation 2 BR/3 BA Flat 1 1 2,850 2,850 $495,000 $495,000 $173.68 $173.68 2004 2004 2005Existing Renovation 3 BR/2.5 BA Flat 4 4 2,050 2,050 $349,500 $379,500 $170.49 $185.12 2004 2004 2005Existing Renovation 3 BR/3.5 BA Penthouse 1 1 3,800 3,800 $699,000 $699,000 $183.95 $183.95 2004 2004 2005

Under Renovation 1 BR/2 BA Flat 6 4 1,090 1,150 $292,000 $294,000 $267.89 $255.65 2004 2004 2007Under Renovation 2 BR/2 BA Flat 51 16 1,190 1,955 $243,300 $599,700 $204.45 $306.75 2004 2004 2007Under Renovation 3 BR/2 BA Flat 5 0 2,860 3,350 $605,000 $784,500 $211.54 $234.18 2004 2004 2007

Existing Renovation 1 BR/1 BA Flat 14 7 910 910 $122,000 $122,000 $134.07 $134.07 2006 2006 2006Existing Renovation 2 BR/2 BA Flat 12 0 1,720 1,720 $275,000 $275,000 $159.88 $159.88 2006 2006 2006

CBD CONDOMINIUM TOTAL/AVERAGE 2,260 314 1,683 2,134 $311,853 $498,760 $180.72 $210.91

The Lofts at Graydon Place

The Banks

Williamson Lofts

Parker Flats

The McAlpin on Fourth

The Georgia

The Fort Washington


Executive Summary

CBD CONDOMINIUM MARKET: Amenities

Pool

Clu

broo

m

Fitn

ess

Cen

ter

Fron

t Des

k/A

ttend

ant

Con

trolle

d Ac

cess

Priv

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Park

ing

Gar

age

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ing

Spac

e (A

vg.)

Balc

ony

Fire

plac

e

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tric

(E)/G

as(G

) Hea

t

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h-R

ise

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door

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a

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Vie

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er V

iew

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Rac

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Cou

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Pet

s

18 East Fourth X X X 2 E X X911 Race X 1 X X G X X646 Main 2 X G XAdolphus Lotze 1 G XAmerican Building X X X X X X 2 X X E X X XBrittany Building X X 1 G XEdge Condo X X X 2 X X E X X XFifth & Race Planned X X XGibson Lofts X X 2 X X G X X X XThe Lofts at Graydon Place X X 1 X G X X XLofts at Fountain Square Planned X XLofts of Fifth X 1 X X G XPark Place at Lytle X X X X X 1 X E X X X XParker Flats X X 1 X X G XThe Fort Washington X 1 X G X XThe Georgia X 1 G X XThe McAlpin X X 1 X E XOne River Plaza X X 2 X E X X X XWilliamson Lofts X 1 G X X X

CINCINNATI CBD CONDOMINIUM MARKET AMENITIES

N/A = information not availableX = amenity present


Executive Summary

CBD CONDOMINIUM MARKET: Absorption

ABSORPTIONCOMPLEX ADDRESS TOTAL UNITS UNITS SOLD UNITS/MONTH

18 East Fourth 18 East Fourth Street 21 21 0.55646 Main 646 Main Street 4 0 0.00911 Race 911 Race Street 4 4 0.25American Building 30 East Central Parkway 31 28 0.72Brittany Condo 104 West Ninth Street 15 6 0.33Edge Condo 310 Culvert Street 77 23 5.75Gibson Lofts 637 Walnut Street 8 6 1.50Lofts of Fifth 323 West Fifth Street 5 5 0.80One River Plaza One River Plaza 150 18 6.00Park Place at Lytle 400 Pike Street 115 106 3.21Parker Flats 345 West Fourth Street 55 27 1.80The Fort Washington 621 Main Street 10 8 0.38The Georgia 223 West Ninth Street 2 2 0.14The Lofts at Graydon Place 26 East Sixth Street 29 28 0.88The McAlpin on Fourth 15 West Fourth Street 62 20 1.00Williamson Lofts 335 West Fifth Street 26 7 2.33

CINCINNATI CBD CONDOMINIUM MARKET AVERAGE 1.60

CINCINNATI CBD CONDOMINIUM MARKET ABSORPTION


Executive Summary

CBD CONDOMINIUM MARKET: Mixed-Use Summary

The following table summarizes commercial square footage contained within Cincinnati CBD Mixed-Use Condominium developments. Including 70,000 SF of planned commercial space located in The Banks, a mixed-use development containing condominiums, apartments, office, and retail space. This square footage is also included in the inventory of Cincinnati CBD Mixed-Use Apartment developments found in the subsequent pages.

Cincinnati CBD Condominium Mixed-Use Total Space Vacant/Available Space (SF) % Vacant/Available SpaceExisting - - -Existing Renovation 13,150 7,700 59%Under Construction - - -Under Renovation 12,600 12,600 100%Pre-Development - - -Pre-Redevelopment - - -Planned 98,000 98,000 100%Planned Renovation 5,130 1,830 36%Total 128,880 120,130 93%


Executive Summary

CBD CONDOMINIUM MARKET: Mixed-Use Composition

STATUS SIZE (SF) LEASE RATE/SF OCCUPIED OCCUPANT/INTENDED OCCUPANT

Existing Renovation 1,100 $15.50 Yes Thesing Companies

Existing Renovation 2,250 $10.00 Vacant Retail

Existing Renovation 850 N/A Yes Media Advantage LLP

Existing Renovation 3,500 $15.00 Vacant None

Planned Renovation 3,300 N/A Yes JeanRo BistroPlanned Renovation 1,830 N/A Vacant None

Existing Renovation 1,200 Will Not Disclose Yes Marilyn, Zayas-Davis (Law Office)

Planned 70,000 - - -

Existing Renovation 750 $20.00 Vacant None

Existing Renovation 3,500 $15.00 Yes Akash India Restaurant

Under Renovation 2,000 150.00 SF (for sale) Vacant RetailUnder Renovation 4,000 150.00 SF (for sale) Vacant Retail

Planned 7,000 N/A Vacant RestaurantPlanned 7,000 N/A Vacant DeliPlanned 7,000 N/A Vacant GroceryPlanned 7,000 N/A Vacant Service Retailers

Under Renovation 6,600 $10.00 Vacant None

CBD CONDOMINIUM MIXED-USE 128,880 $14.25

Lofts at Fountain Square

18 East Fourth

Adolphus Lotze

646 Main

Gibson Lofts

Williamson Lofts

Lofts of Fifth

The McAlpin on Fourth

One River Plaza

The Fort Washington

The Lofts at Graydon Place

The Banks: Phase I


Executive Summary

CBD APARTMENT MARKET: Summary

Central Business District (CBD)Apartment Summary By Year Built

650

443113027

1,072

4877

1,505

0200

400600800

1,0001,200

1,4001,600

1999

and U

nder

2000

2001

2002

2003

2004

2005

2006

2007

Pre-Dev

elopm

ent/P

lanned


Num

ber o

f Uni

ts

Cincinnati CBD Apartments Total Units Units Occupied % Units OccupiedExisting 1,775 1,697 96%Existing Renovation 1,042 965 93%Under Construction - - -Under Renovation - - -Pre-Development - - -Pre-Redevelopment - - -Planned 650 - -Planned Renovation - - -Total 3,467 2,662 77%


Executive Summary

CBD APARTMENT MARKET: Inventory


125 West Ninth Street 125 West Ninth Street 1840/2003 2211 West Ninth Street 211 West Ninth Street 1875/1992 5325 West Fifth Street 325 West Fifth Street 1890/2007 5550 East Fourth 550 East Fourth 1970 22Aurora Townhouse 203 East Eighth Street 1900/2005 7Baker Shoe 609 - 619 Race Street 1926/2001 18Biltmore Apartment 330 West Fourth Street 1880/1996 27City West 1202 Linn Street 2002 850East Eighth Lofts 325 East Eighth Street 1904/1999 156Emery Center 100 East Central Parkway Renovated 2000 59Fourth & Plum 231 West Fourth Street 1925/1980 193Garfield Tower 111 Garfield Place 1968 160Groton Lofts 700 Race Street 1996 42Hale Justis Lofts 20 East Central Parkway Renovated 2001 30Kinsey Flats 327 West Fourth Street 1967/2003 25Lofts at Shillito Place 151 West Seventh Street 1999 97Lombardy Building 322 West Fourth Street 1880/1995 92Lytle Tower 405 Broadway Street 1928 113Manna Lofts 633 Main Street 1880/2006 3One Lytle Place 621 Mehring Way 1980 231Reason & Faith Building 15 East Eighth Street 1910/2005 4Shillito Place 107 Shillito Place 1900/2000 18Sixth and Race Sixth and Race Street 2004 30Sycamore Place at Saint Xavier Park 628 Sycamore Place Renovated 2002 105The Banks Second Street Planned 650The Gramercy 135 Garfield Place 1992 148The Greenwich on the Park 120 Garfield Place 1995 64The Phelps 506 East Fourth Street 1926 131The Renaissance 224 East Eighth Street 1903/2002 117The Waldo 204 West Eighth Street 1890/2007 39Wells Building West Fourth & Central Avenue 1875 24

TOTAL UNITS 3,467

CINCINNATI CBD APARTMENT INVENTORY


Executive Summary

CBD APARTMENT MARKET: Composition

STATUS BEDROOM TYPE # UNITS MIN SF MAX SF MIN RENT MAX RENT MIN RENT/SF MAX RENT/SF YEAR BUILT OCCUPANCY

Existing Renovation 2 BR/1.5 BA 2 1,600 1,600 $900 $900 $0.56 $0.56 1840 50%

Existing Renovation 1 BR/1 BA 2 800 800 $550 $550 $0.69 $0.69 1992 100%Existing Renovation 2 BR/1 BA 3 1,100 1,100 $775 $775 $0.70 $0.70 1992

Existing Renovation Loft 5 800 1,000 $1,000 $1,150 $1.25 $1.15 2007 0%

Existing 1 BR/1 BA 7 1,240 3,000 $1,400 $3,100 $1.13 $1.03 1970 100%Existing 2 BR/2 BA 12 1,604 2,714 $1,765 $2,870 $1.10 $1.06 1970Existing 3 BR/2.5 BA 3 2,698 2,944 $2,835 $3,100 $1.05 $1.05 1970

Existing Renovation 1 BR/1 BA 7 1,100 1,100 $700 $700 $0.64 $0.64 2005 100%

Existing Renovation Studio 6 600 600 $610 $610 $1.02 $1.02 2001 100%Existing Renovation 2 BR/1.5 BA 6 1,250 1,250 $995 $995 $0.80 $0.80 2001Existing Renovation 2 BR/1.5 BA 6 1,325 1,325 $1,095 $1,095 $0.83 $0.83 2001

Existing Renovation 1 BR/1 BA 14 700 700 $450 $550 $0.64 $0.79 1996 96%Existing Renovation 2 BR/1 BA 7 900 900 $600 $800 $0.67 $0.89 1996Existing Renovation 2 BR/2 BA 6 1,300 1,300 $650 $850 $0.50 $0.65 1996

Existing 1 BR/1 BA 200 723 723 $625 $625 $0.86 $0.86 2002 99%Existing 2 BR/1 BA 200 892 892 $650 $650 $0.73 $0.73 2002Existing 2 BR/1.5 BA 100 971 971 $750 $750 $0.77 $0.77 2002Existing 3 BR/2 BA 50 1,310 1,683 $975 $975 $0.58 $0.58 2002Existing 4 BR/2 BA 300 1,683 1,683 $1,050 $1,050 $0.62 $0.62 2002

Existing Renovation Studio 20 566 794 $650 $740 $1.15 $0.93 1999 94%Existing Renovation 1 BR/1 BA 74 700 1,451 $700 $1,280 $1.00 $0.88 1999Existing Renovation 1 BR w/den 21 843 1,044 $820 $1,099 $0.97 $1.05 1999Existing Renovation 2 BR/2 BA 41 1,185 1,888 $1,185 $1,700 $1.00 $0.90 1999

Existing Renovation Studio 15 797 1,425 $675 $1,285 $0.82 $0.93 2000 93%Existing Renovation 1 BR/1 BA 23 674 911 $575 $750 $0.82 $0.85 2000Existing Renovation 2 BR/2 BA 21 1,072 2,071 $995 $1,600 $0.77 $0.93 2000

125 West Ninth Street

Baker Shoe

Aurora Townhouse

325 West Fifth Street


City West

550 East Fourth

Biltmore Apartment

East Eighth Lofts

Emery Center


Executive Summary



Existing Renovation Studio 10 500 700 $595 $595 $1.19 $0.85 1980 96%Existing Renovation 1 BR/1 BA 137 700 1,100 $630 $795 $0.90 $0.72 1980Existing Renovation 2 BR/1 BA 46 900 1,100 $895 $895 $0.99 $0.81 1980

Existing Studio 550 550 $530 $530 $0.96 $0.96 1968 N/AExisting 1 BR/1 BA 650 750 $580 $705 $0.89 $0.94 1968

Existing Studio 12 646 747 $600 $650 $0.93 $0.87 1996 88%Existing 1 BR/1 BA 18 790 1,108 $695 $875 $0.79 $0.88 1996Existing 2 BR/1 BA 12 1,097 1,324 $900 $970 $0.72 $0.82 1996

Existing Renovation Loft 7 1,250 1,250 $745 $890 $0.60 $0.71 2001 90%Existing Renovation 1 BR/1 BA 8 1,000 1,275 $795 $925 $0.73 $0.80 2001Existing Renovation 1 BR/1.5 BA 10 1,350 1,450 $925 $1,050 $0.69 $0.72 2001Existing Renovation 2 BR/1.5 BA 5 1,525 1,525 $1,095 $1,350 $0.72 $0.89 2001

Existing Renovation 1 BR/1 BA 15 666 1,065 $675 $995 $1.01 $0.93 2003 96%Existing Renovation 2 BR/1 BA 10 1,075 1,349 $795 $1,045 $0.74 $0.77 2003

Existing Studio 9 588 652 $595 $770 $1.01 $1.18 1999 80%Existing 1 BR/1 BA 50 1,000 1,026 $795 $935 $0.80 $0.91 1999Existing 2 BR/2 BA 25 1,505 1,505 $1,100 $1,320 $0.73 $0.88 1999Existing 2 BR/2.5 BA 1 1,690 1,690 $1,395 $1,395 $0.83 $0.83 1999Existing 2 BR/2 BA 5 1,343 1,343 $1,250 $1,250 $0.93 $0.93 1999Existing 3 BR/2.5 BA 7 2,243 2,243 $1,695 $1,995 $0.76 $0.89 1999

Existing Renovation 1 BR/1 BA 40 600 900 $435 $550 $0.73 $0.61 1995 100%Existing Renovation 2 BR/2 BA 52 900 1,200 $650 $800 $0.72 $0.67 1995

Existing Renovation Studio 84 400 500 $490 $595 $1.23 $1.19 1928 91%Existing Renovation 1 BR/1 BA 23 500 500 $565 $700 $1.13 $1.40 1928Existing Renovation 2 BR/1 BA 6 1,000 1,000 $850 $850 $0.85 $0.85 1928

Existing Renovation 1 BR/1 BA 3 1,200 1,500 $1,200 $1,500 $1.00 $1.00 2006 33%

Groton Lofts

Garfield Tower

160

Fourth & Plum

Manna Lofts

Hale Justis Lofts

Lytle Tower

Kinsey Flats

Lofts at Shillito Place

Lombardy Building


Executive Summary



Existing 1 BR/1 BA 105 665 1,013 $879 $1,084 $1.32 $1.07 1980 N/AExisting 2 BR/2 BA 105 1,254 1,486 $1,249 $1,800 $1.00 $1.21 1980Existing 2 BR/2 BA 21 1,486 1,486 $1,800 $2,000 $1.21 $1.35 1980

Existing Renovation 1 BR/1 BA 1 900 900 $1,000 $1,000 $1.11 $1.11 2005 50%Existing Renovation 2 BR/1 BA 3 1,900 1,900 $1,900 $1,900 $1.00 $1.00 2005

Existing Renovation Studio 6 600 600 $610 $610 $1.02 $1.02 2000 75%Existing Renovation 2 BR/1.5 BA 6 1,260 1,260 $995 $995 $0.80 $0.80 2000Existing Renovation 2 BR/1.5 BA 6 1,290 1,290 $1,095 $1,095 $0.85 $0.85 2000

Existing 1 BR/1 BA 6 677 971 $650 $995 $0.96 $1.02 2004 96%Existing 2 BR/ 2 BA 24 1,140 1,140 $1,050 $1,225 $0.92 $1.07 2004

Existing Renovation Studio 21 566 794 $620 $640 $0.81 $1.10 2002 99%Existing Renovation 1 BR/1 BA 30 700 1,451 $710 $1,270 $0.88 $1.01 2002Existing Renovation 1 BR w/den 24 1,022 1,161 $1,019 $1,170 $1.00 $1.01 2002Existing Renovation 2 BR/2 BA 30 1,167 1,888 $1,190 $1,800 $0.95 $1.02 2002

Planned - 650 - - - - - - - -

Existing Studio 34 554 592 $595 $665 $1.07 $1.12 1992 94%Existing 1 BR/1 BA 95 698 748 $650 $850 $0.93 $1.13 1992Existing 2 BR/2 BA 13 1,167 1,405 $1,055 $1,275 $0.90 $0.91 1992Existing 2 BR/2.5 BA 6 1,468 1,468 $1,195 $1,275 $0.81 $0.87 1992

Existing Studio 19 550 550 $595 $650 $1.08 $1.18 1995 95%Existing 1 BR/1 BA 8 625 625 $720 $720 $1.15 $1.15 1995Existing 2 BR/2 BA 37 1,075 1,204 $905 $975 $0.81 $0.84 1995

Existing Studio 74 375 670 $395 $695 $1.05 $1.04 1926 100%Existing 1 BR/1 BA 35 685 1,090 $650 $995 $0.95 $0.91 1926Existing 2 BR/2 BA 21 1,375 1,400 $1,075 $1,245 $0.78 $0.89 1926Existing 3 BR/3 BA 1 2,020 2,020 $1,925 $1,925 $0.95 $0.95 1926

The Banks

Shillito Place

Sixth and Race

Sycamore Place at Saint Xavier Park

The Gramercy

The Greenwich on the Park

The Phelps

One Lytle Place

Reason & Faith Building


Executive Summary



Existing Renovation 1 BR/1 BA 46 677 990 $759 $989 $1.00 $1.12 2002 95%Existing Renovation 2 BR/2 BA 27 1,000 1,600 $979 $1,200 $0.75 $0.98 2002Existing Renovation 3 BR/2 BA 44 1,700 2,000 $1,200 $1,600 $0.71 $0.80 2002

Existing Renovation Loft 6 550 600 $475 $550 $0.86 $0.92 2007 50%Existing Renovation 1 BR/1 BA 12 550 600 $600 $600 $1.09 $1.00 2007Existing Renovation 2 BR/1 BA 21 1,175 1,275 $900 $1,900 $0.77 $1.49 2007

Existing Renovation 1 BR/1 BA 18 375 375 $350 $375 $0.93 $1.00 1875 100%Existing Renovation 2 BR/1 BA 6 800 800 $750 $750 $0.94 $0.94 1875

CBD APARTMENT TOTAL/AVERAGE 3,467 1,013 1,207 $894 $1,086 $0.89 $0.93 91%

The Waldo

Wells Building

The Renaissance


Executive Summary

CBD APARTMENT MARKET: Amenities

Pool

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125 West Ninth Street G NA211 West Ninth Street X E NA325 West Fifth Street G NAFourth & Plum X X X X E X X X X550 East Fourth X X X X 1 G XAurora Townhouse E CatsBaker Shoe G X X X XBiltmore Apartment X G X NACity West X 1 X G X XEast Eighth Lofts X E X NAEmery Center X X 1 G X XGarfield Tower X X G X CatsGroton Lofts X X G X CatsHale Justis Lofts X X X G X XKinsey Flats X X 1 E X NALofts at Shillito Place X X X E X CatsLombardy Building X G X NALytle Tower X X X X 1 E X X XManna Lofts X 1 E XOne Lytle Place X X X E X X XReason & Faith Building X X X G X NAShillito Place X G X NASixth and Race X X X G X XSycamore Place at Saint Xavier Park X X X E X XThe Gramercy X X X X E X CatsThe Greenwich on the Park X X X X E XThe Phelps X G X XThe Renaissance X X X E X X XThe Waldo X X E XWells Building X 1 G X X

CINCINNATI CBD APARTMENT MARKET AMENITIES



Executive Summary

CBD APARTMENT MARKET: Mixed-Use Summary

The following table summarizes commercial square footage contained within Cincinnati CBD Mixed-Use Apartment developments. Including 70,000 SF of planned commercial space located in The Banks, a mixed-use development containing condominiums, apartments, office, and retail space. This square footage is also included in the inventory of Cincinnati CBD Mixed-Use Condominium developments found in the previous pages.

Cincinnati CBD Apartment Mixed-Use Total Space Vacant/Available Space (SF) % Vacant/Available SpaceExisting 96,433 26,783 28%Existing Renovation 63,748 23,550 37%Under Construction - - -Under Renovation - - -Pre-Development - - -Pre-Redevelopment - - -Planned 70,000 70,000 100%Planned Renovation - - -Total 230,181 120,333 52%


Executive Summary

CBD APARTMENT MARKET: Mixed-Use Composition

STATUS SIZE (SF) LEASE RATE/SF YEAR BUILT OCCUPIED OCCUPANT/INTENDED OCCUPANT

Existing Renovation 1,200 $8.00 1992 Vacant NONE

Existing Renovation 2,400 $11.00 1890 Vacant None

Existing Renovation 1,000 $15.00 1968 Yes North Star NavigatorsExisting Renovation 1,000 $15.00 1968 Yes Cricket NCR Wireless

Existing Renovation 2,500 N/A 2001 Yes Young TownExisting Renovation 1,100 $11.00 2001 Vacant None

Existing Renovation 2,000 $10.00 1996 Yes Avanti Hair SalonExisting Renovation 2,000 $10.00 1996 Yes Hype The Salon

Existing 4,000 $10.00 2002 Vacant None

Existing Renovation 1,325 $12.00 1999 Yes Charles & Associates Inc.Existing Renovation 3,620 $12.00 1999 Yes KKGExisting Renovation 1,790 $12.00 1999 Yes US Digital Partners

Existing Renovation N/A 2001 Yes Coffee EmporiumExisting Renovation N/A 2001 Yes Cincinnati Development Fund

Existing Renovation 1,300 $13.50 1980 Yes Café Barista and Deli

East Eighth Lofts

Emery Center

Fourth & Plum

325 West Fifth Street


City West

Biltmore Apartment

Baker Shoe

Aurora Townhouse


Executive Summary



Existing 1,650 $15.00 1968 Yes Studio West Hair CuttingExisting 1,650 $15.00 1968 Yes Cincinnati Shakespeare CompanyExisting 1,650 $15.00 1968 Vacant None


Existing Renovation 17,100 $11.00 2001 Vacant Office

Existing 2,400 $17.50 1999 Yes Business CourierExisting 32,000 $19.50 1999 Yes Landor

Existing Renovation 1,100 $9.00 1995 Yes Carrington's Hair SalonExisting Renovation 650 $14.00 1995 Yes Cincinnati Urban Floral DesignExisting Renovation 1,200 $8.00 1995 Yes The Pain Release CenterExisting Renovation 750 $11.00 1995 Vacant None

Existing Renovation 3,957 $11.00 1928 Yes Burrito Joe'sExisting Renovation 1,116 $11.00 1928 Yes Cahill CateringExisting Renovation 740 $8.00 1928 Yes Barber Shop

Existing Renovation 1,700 Owner Occupied 2006 Yes Manna Vegetarian Deli


Hale Justis Lofts

Lytle Tower

One Lytle Place

Lofts at Shillito Place

Lombardy Building

Manna Lofts

Groton Lofts

Garfield Tower


Executive Summary



Existing Renovation 1,500 $10.00 1910 Yes McKinney & NameiExisting Renovation 1,900 $10.50 1910 Yes Altman Law FirmExisting Renovation 1,900 $10.50 1910 Yes Altman & MacintoshExisting Renovation 1,900 $10.75 1910 Yes Alpha Investments

Existing 17,940 $23.45 2004 Yes Walgreen's

Existing 1,500 $12.00 1992 Yes Dry CleanerExisting 3,500 $11.75 1992 Yes Fast SignsExisting 3,460 $12.50 1992 Yes JalapeñosExisting 1,500 $18.00 1992 Yes Papa JohnsExisting 2,400 $12.00 1992 Yes SunshineExisting 4,500 $18.00 1992 Vacant Retail

Existing 1,650 $18.00 1995 Yes Izzy's

Existing Renovation N/A Will Not Disclose 2002 Yes Silverglades

Planned 70,000 - - - -

Existing Renovation 800 $13.50 1890 Yes Marrakech CaféExisting Renovation 700 $12.00 1890 Yes Elm Street DinerExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/AExisting Renovation 250 $11.00 1890 Vacant N/A

Existing Renovation 4,500 Owner Occupied 1876 Yes Tina's Café

CBD APARTMENT MIXED-USE TOTAL/AVERAGE 230,181 $12.85

Reason & Faith Building

The Waldo

Wells Building

Sixth and Race Apartments

The Gramercy

The Greenwich on the Park

The Renaissance

The Banks


Executive Summary

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Summary

Southbank RiverfrontCondominium Summary By Year Built

0 0 4

483

246

24

165

4912

0

100

200

300

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and U

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2002

2003

2004

2005

2006

2007

Pre-Dev

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Units AvailableSouthbank Condominiums Total Units Units Sold For Purchase % Units SoldExisting 254 164 90 65%Existing Renovation - - - -Under Construction 443 119 260 27%Under Renovation 40 13 27 33%Pre-Development 70 28 42 40%Pre-Redevelopment - - - -Planned 104 - - -Planned Renovation - - - -Total 911 324 419 36%


Executive Summary

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Inventory


Bluffs at Devou Park 101 Winding 2004 160Devou Lofts 210 Lookout Heights Drive 2003 49Domaine de la Rive 100 West River Center Boulevard 2000 12Hannaford East Sixth Street 1889/UR 40Harbor Green 101 West Harbor Green UC 38Illuminations East River Center and Scott Street Planned -Magnolia Lofts 226 Pike Street 2004 5Park Avenue Park Avenue Planned 104Pulse Eighth and Banklick UC 64Riverpointe Condominiums 336 Riverpointe Drive UC 145Southgate Townhomes Pike and Southgate 2006 4SouthShore 400 Riverboat Road Pre-Dev 70The Ascent at Roebling's Bridge East River Center and Scott Street UC 72The Views Grays Peak UC 124WatersEdge at Bellevue Taylor and Eden 2005 24

TOTAL UNITS 911

SOUTHBANK RIVERFRONT CONDOMINIUM INVENTORY


Executive Summary

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Composition

STATUS BEDROOM TYPE UNIT TYPE # UNITS UNITS SOLD MIN SF MAX SF MIN PRICE MAX PRICE MIN PRICE/SF MAX PRICE/SF CONST. BEGAN ON MARKET OCCUPANCY

Existing 2 BR/2.5 BA Flat 160 117 765 1,017 $143,900 $217,900 $188.10 $214.26 2004 2004 2006

Planned - - - - - - - - - - - - -

Existing 2 BR/2 BA TH 49 14 1,500 1,500 $172,000 $192,000 $114.67 $128.00 2003 2004 2004

Existing 2 BR/3 BR Flat 12 10 3,000 9,000 $1,400,000 $3,000,000 $466.67 $333.33 2000 2001 2001

Under Renovation 2 BR/2 BA Flat 40 13 905 2,634 $180,000 $420,000 $198.90 $159.45 2006 2006 2007

Under Construction 2 BR/2.5 BA Flat 38 23 1,800 3,900 $434,000 $1,400,000 $241.11 $358.97 2005 2004 2006

Planned - - - - - - - - - - - - -

Existing 1 BR/2 BR Flat 5 4 1,187 2,500 $135,000 $226,000 $113.73 $90.40 2004 2004 2005

Planned - Flat 100 - 1,250 3,000 - - - - - - -Planned - Penthouse 4 - 5,000 6,000 - - - - - - -

Under Construction 1 BR/1 BA Flats 32 0 740 1,500 $139,715 $150,000 $188.80 $100.00 Summer 2006 2006 2007Under Construction 2 BR/2 BA Flats 32 0 1,000 2,153 $184,000 $244,000 $184.00 $113.33 Summer 2006 2006 2007

Under Construction 2 BR / 3 BR TH 145 27 1,600 2,000 $201,900 $310,000 $126.19 $155.00 2005 2006 2007

Existing - TH 4 0 - - $400,000 - - - - - -

Pre-Development 1 BR/1 BA Flat 22 10 1,153 1,270 $350,000 $550,000 $303.56 $433.07 2006 2005 2008Pre-Development 2 BR/2 BA Flat 36 15 1,770 2,380 $625,000 $900,000 $353.11 $378.15 2006 2005 2008Pre-Development 3 BR/2 BA Flat 12 3 2,600 5,000 $1,500,000 $2,500,000 $576.92 $500.00 2006 2005 2008

Under Construction 1 - 4 BR Flat/Penthouse 72 51 950 7,000 $395,000 $5,000,000 $415.79 $714.29 2005 2004 2007

Under Construction 1 BR/2 BR/3 BR Flat 124 18 1,400 3,200 $250,000 $679,000 $178.57 $212.19 2006 2006 2007

Existing 2 BR/2.5 BA Flat 24 19 3,200 3,200 $800,000 $1,000,000 $250.00 $312.50 Spring 2005 2005 2006

SOUTHBANK RIVERFRONT CONDOMINIUM TOTAL/AVERAGE 911 362 1,754 3,368 $456,907 $1,119,260 $260.01 $280.20

Bluffs at Devou Park

Dayton Development

Devou Lofts

Domaine de la Rive

Park Avenue

Pulse

Hannaford

Harbor Green

Illuminations

Magnolia Lofts

WatersEdge at Bellevue

Riverpointe Condominiums

SouthShore

The Ascent at Roebling's Bridge

The Views

Southgate Townhomes


Executive Summary

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Amenities

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Bluffs at Devou Park X X X X 2 G X X X X XDevou Lofts X X 2 G X XDomaine de la Rive X X X X X 2 X X E X X X XHannaford X X X X 2 E X XHarbor Green X X X X 2 X G X X X XMagnolia Lofts X EPark Avenue X X X X 1 X X G X XPulse X X X 1 E X XRiverpointe Condominiums X X X X X G X X XSouthShore X X X X 2 E X X X X XThe Ascent at Roebling's Bridge X X X X X X E X X XThe Views X X X 2 X X G X X X X XWatersEdge at Bellevue X X X X 2 X X G X X X X X


SOUTHBANK RIVERFRONT CONDOMINIUM MARKET AMENITIES


Executive Summary

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET: Absorption

ABSORPTIONCOMPLEX ADDRESS TOTAL UNITS UNITS SOLD UNITS/MONTHBluffs at Devou Park 101 Winding 160 117 3.77Devou Lofts 210 Lookout Heights Drive 49 14 0.50Domaine de la Rive 100 West River Center Boulevard 12 10 0.18Hannaford East Sixth Street 40 13 1.30Harbor Green 101 West Harbor Green 38 23 0.74Magnolia Lofts 226 Pike Street 5 4 0.14Pulse Eighth and Banklick 64 0 0.00Riverpointe Condominiums 336 Riverpointe Drive 145 27 3.00Southgate Townhomes Pike and Southgate 4 0 0.00SouthShore 400 Riverboat Road 70 28 1.65The Ascent at Roebling's Bridge East River Center and Scott Street 72 51 12.75The Views Grays Peak 124 18 0.90WatersEdge at Bellevue Taylor and Eden 24 19 0.95

2.08

SOUTHBANK RIVERFRONT CONDOMINIUM MARKET ABSORPTION

SOUTHBANK RIVERFRONT CONDOMINIUM AVERAGE


Executive Summary

DEVELOPMENT COST

The table below provides ranges of development cost for new construction and historic renovation of apartment and condominium complexes. The following ranges were determined through discussions with market participants, reviews of local/market surveys and historical development cost data.

PROJECT TYPE STATUS RANGE OF DEVELOPMENT COST (per unit)*

Apartment New Construction $120,000 - $160,000Apartment Historic Renovation $90,000 - $130,000

Condominium New Construction $220,000 - $505,000Condominium Historic Renovation $180,000 - $230,000

*Land Value not Included

DEVELOPMENT COST RANGECBD and Southbank Riverfront Residential Projects


Executive Summary

CONFIDENTIALITY and DISCLAIMERS

This Executive Summary of the complete Housing Market Study report was compiled for the use and later dissemination of:

Cincinnati Equity Fund and Downtown Cincinnati, Inc.

The complete Housing Market Study report may be obtained in written or electronic formats from the Clients above with their expressed permission. The housing market data and information obtained from public records and compiled from onsite reviews is not proprietary, but the trends and conclu-sions, especially as they may relate to Clients’ proposed developments or future land acquisitions, are strictly confidential. Unless noted otherwise, any field survey information compiled in this market study was verified from a second source, usually in the form of a personal or telephone interview with another industry professional having knowledge of the builder, product, community or market trend. Property Advisors and Dinn Focused Marketing, Inc. have taken great care to gather, compile and document the information contained in this market study to their best abilities within the time and information constraints available. There is a small margin for error in each component of the study, but these errors are likely housing or demographic data undercounts that, when combined, have a negligible effect on the market trends derived and their inherent value to Clients and their associates. Our conclusions drawn from the complete Housing Market Study and this Executive Summary, if any, are based upon Clients’ disclosures, assembled housing data, reasonable industry and professional assumptions, and our twenty years’ experience in residential land development and new home sales. Clients and their associates must make their own assumptions and impart their own experience on the information presented in order to validate any conclusions drawn or even draw conclusions of their own. Any errors in data accuracy, word processing and/or report formatting are not intended and we will correct any reasonable error found by the Clients upon request. It has been a professional pleasure to provide the Cincinnati Equity Fund and Downtown Cincinnati, Inc. with this focused real estate information. Thank you. J. Scott Golan Michael J. Dinn, CRE CEO/President President Property Advisors Dinn Focused Marketing, Inc.

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