Perfect-Real Estate-Development

Real Estate Site Evaluation

We Begin with An Overall General Market Evaluation

A general market evaluation is an analysis of the specifics of the areas in which a particular piece of property is located.  A through market evaluation takes into account a certain period of time and often other factors such as those used to find similar properties to compare to the subject property.

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Site Evaluation

When we do a site evaluation, we keep in mind the ultimate redevelopment prospects, based upon anticipated return on the investment anticipated in the initial site development plans and land use options, regulatory requirements, and anticipated community reactions.

Our experience and continuing involvement in Ohio provides us with unique insights on prospective project properties  also contribute to the initial selection of a site based on corollary items such as site control, available utilities, existing labor pool and transportation infrastructure.

One of the first steps to the redevelopment of any site involves identification and assessment of potential property reuses.

We also identify all relevant stakeholders early in the redevelopment evaluation process.  Stakeholders may include other property owners and local governments, as well as lenders and other investors or developers.

Making Sure Before Investing

What We Look At for Site Evaluation

We start with researching public records data about the physical characteristics of any potential property. Many times, our personal experience also gives us insights into what the pluses and minuses of the specific property may be as well as those of the area in which it is located.

We can also do an exterior inspection of the general property and any buildings or structures on it.   We include facts about the general neighborhood, as well as the physical condition of the improvements, and any potential environmental concerns or items of deferred maintenance.

One of the selection criteria we use is an initial determination of the property’s reuse potential and how that meets your investment benchmarks.  Doing this will help make sure that any potential issues can be identified, and plans made to either avoid these, handle them or – in an extreme case – walk away from the potential project BEFORE spending any significant time or money on it.

Potential land use requirements for industrial, commercial, residential and even open space will depend on demographic, economic and environmental considerations. These will be covered in financial analysis and engineering planning as well.

Any eventual site development plan would be based on these important considerations, reflect objectives best suited to reduce exposure and manage long-term liability within the economic context of redevelopment (i.e., least cost with maximum financial return from investments for repurposed property assets).

Opportunity

Our overall evaluation also takes into account the opportunity cost that may occur – that is, how the cost of doing a project with this property might look like relative to doing another project. 

We are always focused on your best interests.  Unless there are some extenuating circumstances, our objective is to select the more profitable – and more easily completed project, based on your timeframes and desires.

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