Our team of advisors has had the opportunity to work with clients on projects around the nation. The following are samples of some of the projects we have worked on in the last year.

Private Investor/Developer – Jaco Area of Puntarenas, Costa Rica

Challenge: A private investor purchased an ocean-front parcel of land near Jaco, one of two primary resort housing concentrations in Costa Rica, with the intent of developing it into a residential community. The core issues, however, were: 1) the resort market in Costa Rica has evolved significantly since the original purchase; 2) the local area, although desirable, was somewhat removed from existing development, creating a “pioneering” opportunity;

3) the Country as a whole was beginning to feel the impact of a softening U.S. economy/housing market

(a major source of buyers); and, 4) secondary statistical data are generally not available in Costa Rica. The goal of the analysis was to assess the opportunity for market success at this site and to recommend logical product, pricing and absorption.

Answer: The Sullivan Group physically visited the Subject Property and all actively selling new resort housing developments in the region to determine: what is being offered in the market, what is selling and what is not, the typical buyer profile, what amenities they prefer and what the best way to reach them is. At the end of this process, we were not only able to create macro-level statistics that otherwise did not exist, but were also able to provide key recommendations (unit sizes, base prices, premium opportunities, etc.) for the Subject development within the context of the local area.

Mexican Builder/Developer – Baja Norte, Mexico

Challenge: A major Mexican home builder/developer

that traditionally builds homes for locally-employed

Mexican households was considering expanding

into the coastal Baja market. The key, however,

was that they did not understand the preferences

of or demand from the American Baby Boomer

target market (the majority of buyers in that area),

nor did they understand the level of competitive supply.

Answer: Sullivan Group surveyed a number of parcels that the client was considering for development to help narrow their focus towards the most opportune sites. We also visited every new home project from Playas de Tijuana to Ensenada that targeted American buyers to determine factors such as unit types, sizes, prices, absorption rates, buyer profile, amenities, etc. The end result of the analysis was a detailed overview of demand implications from north of the U.S./Mexico border regarding product preferences, expected growth patterns, potential demand, etc., resulting in a narrowed focus on which sites to develop and logical product types for each site.

Local Builder – Phoenix, Arizona

Challenge: A local builder required an

independent analysis of its competitive positioning

and product presentation at eight of its selling efforts

in Maricopa County . The builder’s goal for the project was to create a repositioning strategy that would identify opportunities to increase monthly absorption rates at each community.

Answer: Sullivan Group conducted a review of each floorplan offered at the eight selling efforts to identify its strengths and weaknesses, potential targeted buyer and merchandising effectiveness (if the plan was modeled at the community). Our recommendations and conclusions were based not only on our assessment of the builder’s product positioning, but also on our examination of the competitive communities in the defined market area. Potential repositioning strategies for the builder included decreasing base selling prices, “right sizing” the level of standard features and value engineering floorplans, introducing new floorplan(s) to the current product in order to target an additional buyer type or to “wait out” the market conditions in Phoenix for improvement.

Woodfin Suite Hotels, LLC – Salt Lake City, Utah

Challenge: A national hotel chain was considering the redevelopment of one of its older existing sites into a mixed-use (residential over retail) community. It appeared to present a good opportunity since it benefited from a number of locational attributes (proximate to light rail, a Wild Oats market, entertainment and employment cores). But such a development would require ultimate selling prices that would be at the higher end of the market.

Answer: After reviewing local supply conditions and assessing demand for this type of product, there appeared to be a notable opportunity for market success. This was supported by the stable sales activity experienced at the few other actively selling projects and the major presence of target buyers (urban-oriented professionals, empty nesters, etc.) in Salt Lake County. In addition, the site’s highly visible and easily accessible location created one of the best possible scenarios for urban/infill residential development, implying that the target pricing could be achieved.

Westervelt Realty – Birmingham and Tuscaloosa, Alabama

Challenge: A major land holder in the State of Alabama sought our assistance in updating revenue projections for two of their planned residential communities, as well as in creating a logical mix of product (along with home sizes, prices, absorption rates, etc.) for a +/-1,500-acre parcel of land in a new area of the market.

Answer: Sullivan Group assessed current economic, demographic and housing market conditions in the relevant areas, visited all three Subject sites, surveyed the market for all new home project activity and presented key conclusions relative to product, pricing, absorption and buyer profile. While each parcel analyzed presented different opportunities and challenges, all three appeared to be well positioned for market success.

AIG - Kauai, Hawaii

Challenge: AIG sought our assistance in determining the feasibility of their financing of a new single-family home subdivision on the island of Kauai.

Answer: Sullivan Group Real Estate Advisors visited or contacted all relevant new home communities throughout the Hawaiian Islands and was able to determine that the project will likely succeed due to a lack of existing and planned new home supply, local slow growth attitudes, evolving demographics on the mainland, location, and product quality.

City of Henderson - Henderson, Nevada

Challenge: The City of Henderson contacted the Sullivan Group to conduct a market analysis to develop absorption projections for Pulte Homes’ Provence master-planned community.

Answer: Sullivan Group Real Estate Advisors were able to assist the City of Henderson in solidifying their bond plans to cover the infrastructure costs of this new community. Our answers were developed using our experience in assuming this role for numerous agencies and cities in Nevada, Arizona, and California (including Chula Vista, Oxnard, and Ione).

Focus Property Group - Las Vegas, Nevada

Challenge: Focus Property Group contacted The Sullivan Group to help evaluate the residential development opportunity associated with an 11,000 home new master plan called South Edge.

Answer: The Sullivan Group worked with Focus and a consortium of seven of the metropolitan area’s largest homebuilders to establish a development plan for the South Edge community. Based on current and anticipated market conditions, the Sullivan Group provided recommendations regarding product segmentation for each homebuilder (including unit sizes and price points based on various lot sizes) and a build-out projection for the master plan. We also assessed similar “new urbanist” master plans around the country to understand the various opportunities and challenges associated with creating such a community.