Reading, PA Market Value Analysis (MVA) 10/24/12
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1 Reading, PA Market Value Analysis (MVA) 10/24/12
2 The Reinvestment Fund builds wealth and opportunity for lowwealth communities and low and moderate income individuals through the promotion of socially and environmentally responsible development. We achieve our mission through: Profile of TRF Capital Grants, loans and equity investments Knowledge Information and policy analysis; PolicyMap & Policy Solutions Innovation Products, markets and strategic partnerships
3 Reading MVA Agenda Overview of 2012 MVA Process and Results Using the Data to Drive Public Action Question & Answer
4 In general The Market Value Analysis (MVA) is a tool designed to assist the private market and government officials to identify and comprehend the various elements of local real estate markets. It is based fundamentally on local administrative data sources. By using an MVA, public sector officials and private market actors can more precisely craft intervention strategies in weak markets and support sustainable growth in stronger market segments.
5 Who is using the MVA? TRF has done this work under contract to cities, states and foundations including: City of Philadelphia, PA City of Wilmington, DE City of Newark, NJ (and an additional 8 regions across the state) District of Columbia City of Baltimore, MD City of San Antonio, TX City of Pittsburgh, PA City of Detroit, MI City of New Orleans, LA (in process) City of Milwaukee, WI (in process)
6 TRF MVA Process Our Normative Assumptions when Analyzing Markets: Public subsidy is scarce and it alone cannot create a market; Public subsidy must be used to leverage, or clear the path, for private investment; In distressed markets, invest into strength (e.g., major institution of place, transportation hub, environmental amenities) Build from Strength ; All parts of a city are customers of the services and resources that it has to offer; Decisions to invest and/or deploy governmental programs must be based on objectively gathered data and sound quantitative and qualitative analysis.
7 What are the indicators of strength in markets? Hospital / University Complex Large employer with a range of employment opportunities ranging from lower to higher skill Committed to place Large prior public commitment Mix of housing stock and land uses Confluence of public transportation Natural amenities (public parks, great public spaces)
8 Preparing the MVA 1. Take all of the data layers and geocode to Census block groups. 2. Inspect and validate those data layers. 3. Using a statistical cluster analysis, identify areas that share a common constellation of characteristics. 4. Map the result. 5. Visually inspect areas of the City for conformity with the statistical/spatial representation. 6. Re-solve and re-inspect until we achieve an accurate representation.
9 Components of the Reading MVA Median sales price (February) Coefficient of variance for sales price Subsidized rental stock as a % of all rental units Vacant housing units as a % of all housing units Foreclosure filings as a % of residential parcels Ratio of commercial to developed area Owner-occupied as a % of all housing units New construction as a % of residential parcels
10 Reading Region Study Area
11 Reading Region Study Area Berkshire Country Club Albright College Railroad Yard Schuylkill Ave. Hampden Park Reading High School W. Buttonwood St. Goggle Works Reading Park Reading Area Community College Reading Hospital Neversink Reservoir
12 Median Sales Price, /12
13 Median Sales Price, /12
14 Sales Price Coefficient of Variation, /12
15 Sales Price Coefficient of Variation, /12
16 Housing Choice Vouchers February, 2012
17 Housing Choice Vouchers February, 2012
18 % Commercial Land February, 2012
19 % Commercial Land February, 2012
20 % Vacant Housing Units, 2010
21 % Vacant Housing Units, 2010
22 % Owner Occupied Housing Units, 2010
23 % Owner Occupied Housing Units, 2010
24 % New Construction /12
25 % New Construction /12
26 % Residential Foreclosures /12
27 % Residential Foreclosures /12
28 Reading MVA 2012 Characteristics Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with Foreclosure Filing A $170, % 27.9% 4.2% 81.0% 2.5% 3.3% B $145, % 10.3% 4.4% 80.8% 0.2% 2.6% C $104, % 32.6% 5.3% 60.1% 0.3% 4.4% D $97, % 13.8% 4.7% 76.2% 0.9% 4.2% E $56, % 37.7% 10.4% 52.2% 0.1% 6.1% F $23, % 11.0% 13.3% 49.7% 0.0% 6.9% G $20, % 43.2% 16.0% 24.4% 0.0% 5.4% H $12, % 26.0% 19.1% 38.2% 0.0% 4.5%
29 Reading Study Area MVA Characteristics Market Types # of Block Groups # of Block Groups in Reading # of Housing Units A ,726 B ,186 C ,024 D 5 2 2,426 E ,533 F ,859 G ,057 H ,483
30 Market Type: A Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF A $170, % 27.9% 4.2% 81.0% 2.5% 3.3%
31 Market Type: B Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF B $145, % 10.3% 4.4% 80.8% 0.2% 2.6%
32 Market Type: C Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF C $104, % 32.6% 5.3% 60.1% 0.3% 4.4%
33 Market Type: D Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF D $97, % 13.8% 4.7% 76.2% 0.9% 4.2%
34 Market Type: E Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF E $56, % 37.7% 10.4% 52.2% 0.1% 6.1%
35 Market Type: F Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF F $23, % 11.0% 13.3% 49.7% 0.0% 6.9%
36 Market Type: G Market Types Median Sales Price Sales Price Variation % of Rental Stock with Housing Choice Vouchers % Commercial Area % Vacant Housing Units % of Housing Units Owner Occupied % New Construction % of Residences with Foreclosure Filings G $20, % 43.2% 16.0% 24.4% 0.0% 5.4%
37 Market Type: H Market Types Median Sales Price Sales Price Variation % of Rental Stock with HCV % Commercial Area % Vacant Housing Units % of Housing Units OO % New Construction % of Residences with FF H $12, % 26.0% 19.1% 38.2% 0.0% 4.5%
38 Reading Region MVA
39 Reading City MVA
40 Philadelphia MVA Examples: NTI Program NSP2 Application Strategy
41 General Framework for Implementation Match Markets to Interventions Understand market types Identify market intersection/transition areas Establish government role in each market - Define activities/interventions Assess and evaluate market changes
42 Philadelphia 2001 MVA Use* Regional Choice High Value Steady Transitional Distressed Reclamation Demolition of Dangerous Properties Encapsulation: Acquisition/Rehab Dead Tree Removal Land Assembly for Redevelopment Selective Enhancement of Lots Quality of Life Code Enforcement (broken window syndrome) Abandoned Car Removal Nuisance Abatement High Priority Low Priority Medium Priority Some Activity * These activities were deemed appropriate for the relevant market types when For more information on the Philadelphia MVA, see:
43 HUD s Neighborhood Stabilization Program (NSP) HUD prioritizes those activities most likely to stabilize a community. Specific attention is paid to the extent that proposed activities address the full extent of the problem. Example of one indicator HUD uses in determining NSP grants: (units acquired & rehabilitated + units demolished) Total vacant units in target area (USPS data)
44 NSP Allocations and Universe of Properties Without highly strategic allocation, NSP funds will only be able to touch a tiny fraction of the affected properties in these markets.
45 Philadelphia MVA 2008
46 Example: Philadelphia Foreclosure & Vacancy
47 Example: Phila. Scenario I
48 Example: Phila. Scenario I
49 Example: Phila. Scenario II
50 Example: Phila. Scenario II
51 Establish Government Role in Each Market High Value Appreciating Markets Characterized by: High value housing Strong price appreciation Population stability and in some instances growth Government Activity: Active code enforcement Enhance streetscape appeal Market neighborhood identity Remove barriers to new investment Government Role: Facilitate healthy functioning of the private market
52 Steady Markets Establish Government Role in Each Market Characterized by: Predominantly owner occupied Housing prices relatively high and stable Homes in good physical condition Government Activity: Active code enforcement Undertake capital projects to smooth transitions between market types Rapid response to any vacant units or public nuisance Invest in public amenities Government Role: Carefully respond to changes in any troubled sub-market(s)
53 Establish Government Role in Each Market Government Role: Transitional Markets Preserve housing stock and valued services. Characterized by: Population shifts Home to a disproportionate share of the City s aged people Dangerous properties are evident Government Activity: Carefully balance market-rate with any subsidized housing Invest in schools, recreation centers, commercial corridors Programs focused on encouraging home-owner investment Rapid encapsulation & rehabilitation of all vacant units Respond to all broken window symptoms
54 Establish Government Role in Each Market Government Role: Distressed Markets Identify ways to invest in areas of market strength Characterized by: Elevated vacancies - approx 7% of all housing stock Above average level of publicly assisted housing Some of the most substantial population losses in the City Government Activity: Invest in people-crime prevention, youth programs, coordination of social services Facilitate strategic site acquisition and assembly Pursue investment partnerships with neighborhood anchors Rapid response encapsulation, acquisition, rehabilitation
55 Establish Government Role in Each Market Highly Distressed Markets Characterized by: Substantial population loss Low property values Elevated vacancy rates Government Role: Create conditions for market rebirth; Build from strength Government Activity: Invest in people Large scale site acquisition & parcel marketing Landbank parcels Fund projects at critical scale Pursue investment partnerships with neighborhood anchors Preservation investments on strongest blocks Strategic site acquisition and assembly
56 Catherine Califano
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