Market Movers in Tuscaloosa

Our work with Tuscaloosa, Alabama began as part of the city's Tuscaloosa Forward Strategic Community Plan to Renew and Rebuild. On April 27, 2011, a 1.5 mile-wide EF4 tornado carved a devastating 5.9 mile long path through the city limits of Tuscaloosa. Within six minutes, 12 percent of the city was destroyed, 7,000 were left unemployed, and more than 5,700 businesses and homes were affected. The Tuscaloosa Forward initiative was started as an investment in the idea that through smart decision-making and careful planning, Tuscaloosa can become a better and stronger city.

We completed a 2012 Housing Needs Analysis for the city, identifying the demographics-based need for new housing, primarily within the storm impact area of the 2011 tornado. With so many factors on the table - the growth of Tuscaloosa as a college town paired with the staggering hit the low-income demographics took as a result of the tornado, the loss of local revenue as a result of business loss and population resettlement - there is a lot of separate data that must be analyzed in order to provide Tuscaloosa with the analyses needed to make the right decisions for the city as it regains its footing.

Zanola is working as part of the Alabama Center for Real Estate team, which has recently put together the following five separate studies for Tuscaloosa:

1. Total Housing Needs Analysis – 2013 update to previously completed 2012 housing needs analysis for the city of Tuscaloosa
2. Multifamily Housing Needs Focus – Expanded research and focused analysis for multifamily housing
3. Low Income Housing Needs Focus – Expanded research and focused analysis for low-income multifamily housing
4. New Homes Needs Focus – Expanded research and focused analysis for new homebuilding
5. Business Formation Report – Expanded research and focused analysis for retail demand compared to past, present, and planned retail offerings

Zanola is proud to be part of the rebuilding efforts in the city of Tuscaloosa. Keep an eye on ACRE and Tuscaloosa, Alabama - together, we're moving the market!

 – Denise Kruse

Market Movers in Hoover, Alabama

We just finished up a study for Gene Smith, a councilman for the city of Hoover, Alabama. Hoover is currently considering the elimination of public school bus service in the city, and Zanola was asked by Gene Smith, as a private citizen, to conduct a study on how this decision would affect home sales and home prices, as well as jobs and retail sales through 2020.

The study has received some attention from local media, as the topic seems to have the city abuzz. Our study predicted that, by 2016, with the disruption of public school bus service, the average price of a home, number of total home sales, and number of new home sales would decrease compared to current projections in the city of Hoover. The trends are forecast to continue through 2020 to impact housing, employment, and retail sales. Public school bus service seems to be a valuable asset for the city of Hoover.

The two-part study digs deep into the following two perspectives:

• School Transportation and Real Estate Impact Overview - Focus on school transportation relevance to home values
• School Transportation Broader Economic and Socioeconomic Impacts Overview - Focus on school transportation to broader community focus

We appreciate Gene Smith engaging Zanola for this study. Keep an eye on Hoover, Alabama.

By Denise Kruse

Market Movers

We are currently working with a client creating a New Homes Development Demand Studyto discover and recommend the best value-increasing combination of residential development, new home types, and amenities that will lead the development to its most positive future. The study has a fourfold purpose:

• Discover demographics demand
• Reveal existing and anticipated competition
• Forecast market share and absorption
• Substantiate value to focus market area

Through extensive research, we were able to project a five-year demographics analysis as a basis for anticipating demand over the seven-year forecast for the client’s new homes market area, including a separate and detailed review of current residents, anticipated quantitative and qualitative growth, age migration and other existing household trends, and additional notable demand characteristics. Historic and current growth have both been studied to come up with estimated 2018 demographics numbers.

We are excited to see how the local economy in this market area might be ripe for a new development, and even more excited to share the client and their plans with all of you. Stay tuned for more information on this client - together, we’re moving the market!

By Denise Kruse