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Mississippi Lakes Symposium

Mississippi Lakes Symposium. Demographic Overview. Sardis Lake, Mississippi. Waterfront Developments. Opportunities and Market Sources. Waterfront Development. Development Uses. Commercial. Residential. Retail. Recreation and Entertainment. Resort / Hotel. Seasonal / Vacation Residence.

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Mississippi Lakes Symposium

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  1. Mississippi Lakes Symposium Demographic Overview Sardis Lake, Mississippi

  2. Waterfront Developments

  3. Opportunities and Market Sources Waterfront Development Development Uses Commercial Residential Retail Recreation and Entertainment Resort / Hotel Seasonal / Vacation Residence Primary Residence Primary Market Sources Area Residents Area Residents Area Residents Other Visitors / Tourists Baby Boomers Inter and Intra-regional Migration Your Project HH Income > $100,000++ Median Home Value + Premium

  4. Major Lake Resources in Mississippi Arkabutla Sardis Enid Grenada Okatibbee Ross Barnett

  5. National Association of Realtors(Survey of Second Home Owners-2006) • Median age: 55-59 years (45-74 years~70%) • Married couples: 75-83% • Couples w/o children at home: 70-75% • Ethnicity: 85-95% white • Primary residence w/in 300 miles: 60% (25% over 1,000 miles) • Drive to second home: 82% • Detached single-family: 41% (versus 61% for primary) • Value of home less than primary residence: 68% • Purchase new: ~1 out of 4 • Owner use (median): 39 days • 2004: Good investment choice - 92%; Bad/don’t know – 8% • 2005: Good investment choice - 82%; Bad/don’t know – 18%

  6. Demographic Overview

  7. Proximity Market Areas

  8. Second Homes(By Numbers)

  9. Second Homes (By Percent Share)

  10. Characteristics of Successful Waterfront Developments • Physical Attributes • Location, location, location • Natural land characteristics • Shoreline configuration • Year-round access and use • Climate • Cultural Aspects • Authenticity • Historic characteristics • Symbolic value/meaning • Architectural character • Landscape character • Maintenance • Amenities, appropriate and correctly scaled • Economic/Demographic Variables • Age distribution • Population growth • Households • Household income • Median home value • Housing tenure • Owner Occupied • Renter Occupied • Vacant • Scenic Qualities • Length and breadth of views • Views to site/land • Adjacent uses • Focal points (clustered experiences) Source: New York State DOS Division of Coastal Resources; PPS; ERA|AECOM; 2009.

  11. U.S. Household Base

  12. ESRI LifeMode Groups

  13. LifeMode Household Changes

  14. LifeMode Average HH Size

  15. LifeMode Median Age

  16. LifeMode Median HH Income

  17. LifeMode Median Net Worth

  18. LifeMode Median Home Value

  19. LifeMode Home Ownership Rate

  20. Summary of Characteristics

  21. Markets by Locationsegment distribution

  22. Markets by Location% of US Total

  23. 10 Largest SegmentsMedian Income $150,000 +

  24. 10 Largest SegmentsMedian Income $100,000 to $149,999

  25. 10 Largest SegmentsMedian Income $50,000 to $99,999

  26. Analysis and Opportunities • Strengths • Relatively pristine • Large number of waterfront development opportunities. • Affordability an option (land price) • Warm climate • Less risk from natural disasters • Opportunities • Vast waterfront areas, including rivers, streams and lakes • Optimum size lakes with proximity to economic and urban centers • Primary residences – local market conditions • Integrated, mixed use waterfront development (at best locations.) •  Weaknesses • Smaller market • Abundant competitive sites across region • Lower population growth rates, especially in the target age groups • Low average household incomes • Limited number of lakes with optimum scale and size • High levels of vacant and renter-occupied homes • Lacks Unique Selling Proposition (USP) • Not widely recognized at the national level • Financing (everywhere)

  27. Strategies to Move Forward • Developing a waterfront vision – Generate a sense of community ownership of the waterfront and defining its future • Establishing partnerships – Strengthen community involvement and ensure the key players are on board • Taking a look around – Understand your waterfront opportunities, its assets, key issues and opportunities • Developing a strategy – Pull it all together to fulfill your vision • Taking it one step at a time – Implement your vision

  28. Contact Information David Nissenson Consultant 142 North Abingdon Street Arlington, VA 22203 Email: dnissenson@verizon.net Cell: 571-214-9326

  29. End of Presentation • Questions and Answers

  30. High Society • 11.7 MM Households • 10.6% of all households • Nearly one-quarter of all household income • Professionals and management • Well-educated • High levels of home ownership • Mostly married couples • Affluent neighborhoods • Limited ethnic diversity • Civic responsibilities, exercise, financial planning, travel, Internet or print over TV

  31. Upscale Avenues • 15.7 MM households • 14.2% of all households • Prosperous through hard work • Well-educated • Home ownership varies by personal taste • Invest in their homes • Savers/investors • Leisure activities include golf and bicycling • Partial to new cars

  32. High Hopes • 4.7 MM households • 4.2% of all US households • Prefer single-family homes • 50% own their homes • Mobile • Younger, college-educated • One-third less than 35 years of age • Mix of married couples, single-parent families, and singles

  33. Family Portrait • 8.6 MM households • 7.7% of all US households • Fastest growing LifeMode • Families w/ Children • Ethnically diverse • 30 percent Hispanic • Single-family homes • Large household size • Visit theme parks and zoos • Own minivans or SUV

  34. Traditional Living • 10.1 MM households • 9.1% of all US households • Middle America • Higher median age • Live in older, slower growing established neighborhoods • Buy American sedans • Belong to fraternal organizations • Rely on traditional information sources for news (newspapers)

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