DEVELOPMENT ANALYSIS
NEW PRODUCT TYPE

ADAM GREENFADER
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

TABLE OF CONTENTS
GOAL OF THIS STUDY

PG. 3

...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

NEW PRODUCT TYPE
The geographical boundaries ...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

ADDENDUM 1

HIGHLIGHTED DEVELOPMENTS: HISTORI...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Paseo del Rocío: Trujillo Alto - 3/2, 1,290 s...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

_____________________________________________...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

El Ensueño de Monte Sol: Fajardo - 3/2, 1,198...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

_____________________________________________...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Brisas del Parque Escorial: Parque Escorial -...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

The Residences: Parque Escorial - 3/2.5, 1,60...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

_____________________________________________...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

The Courtyard: Caguas, 2500+ sq. ft., (Sold o...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Vereda de la Reina: Toa Alta, 1,293 Sqft., So...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

_____________________________________________...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Los Altos del Escorial: Parque Escorial 1,740...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Caminos Verdes: Trujillo Alto, 1,500—1,700 sq...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

DESIGN CRITERIA:
Each of the aforementioned w...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

Exterior Design of Buildings: Aesthetics, Qua...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

3. End-used needs: technology, ergonomics, fu...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

ADDENDUM 2

RECOMMENDATIONS: SIGNIFICANT DESI...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

2. Community Front Entrance: “Curb Appeal”
Th...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

the colors of the building façade, one can cu...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

2. Reception area at front door:
The foyer or...
Development Analysis
November 28, 2005

Caguas Site
Golden Mile Development

8. Laundry location:
There seems to be a spli...
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DEVELOPMENT ANALYSIS NEW PRODUCT TYPE

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This study was conducted to determine if a new product type - elevator buildings could be developed in a primarily single family market.

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DEVELOPMENT ANALYSIS NEW PRODUCT TYPE

  1. 1. DEVELOPMENT ANALYSIS NEW PRODUCT TYPE ADAM GREENFADER
  2. 2. Development Analysis November 28, 2005 Caguas Site Golden Mile Development TABLE OF CONTENTS GOAL OF THIS STUDY PG. 3 SCOPE OF THIS STUDY PG. 3 ABOUT AXYON PG. 3 MARKET RESEARCH SOURCES PG. 4 CURRENT ECONOMIC OUTLOOK PG. 4 MARKET AREA PG. 5 HOUSING SUPPLY & DEMAND PG. 5-7 KEY FACTS PG. 7 TARGET PROFILE PG. 8 HISTORICAL DESIGN ASSUMPTIONS PG. 9 CURRENT COMPETITION PG. 9-26 HIGHLIGHTED DEVELOPMENTS PG. 27-39 S.W.O.T ANALYSIS PG. 40-43 STRENGTHS PG. 40-41 WEAKNESS PG. 41-42 OPPORTUNITIES PG. 42 THREATS PG. 43 PRICE POINT ANALYSIS PG. 44 OPTION RATE ANALYSIS PG. 45 DESIGN CRITERIA PG. 46-47 DESIGN RECCOMENDATIONS PG. 48-51 CONCLUSION PG. 52 _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 2
  3. 3. Development Analysis November 28, 2005 Caguas Site Golden Mile Development NEW PRODUCT TYPE The geographical boundaries between the Caguas market area and metropolitan region are becoming increasingly blurred. Today Caguas is not so much of a distinct municipality but rather part of the larger metropolis. There is strong demand for new housing in Caguas. The numbers are projected to be 1,963 non subsidized units over the next five years. This demand is currently being met by both single family and multi-family housing units. The average single family unit in the Caguas market area is $314,000. The average multi-family unit in the Caguas market area is $177,000 (non elevators) and $263,000 elevators. There is a clear trend in the Caguas market towards higher density; a trend towards apartment buildings with elevators. The proposed site is located in the heart of Caguas and its central location makes it ideal for this product type. Careful attention should be taken however to not avoid ―over-pricing‖ the units so they would compete directly with the condominium of the metropolitan region. A typical elevator (mid-rise) apartment in 2009 should be priced at approximately $229 a square foot or $343,000 for a 1,500 square foot unit. Caguas Market Area Residential Price Projections Delivery phase Non-Elevator Walk-Up Year Appreciation Price per Sqft. 2005 Mid-Rise Elevator Year Appreciation Price per Sqft. 2005 $126 $175 2006 7% $134 2007 7% $143 2008 7% $153 2009 7% $164 2006 7% $187 2007 7% $200 2008 7% $214 2009 7% $229 _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 3
  4. 4. Development Analysis November 28, 2005 Caguas Site Golden Mile Development ADDENDUM 1 HIGHLIGHTED DEVELOPMENTS: HISTORICAL DESIGN FEATURES: In order for AXYON to develop a comprehensive set of design recommendations, we decided to explore developments outside the immediate Caguas area. Many of the developments have been sold and are no longer on the market. The following developments have been included in this study in order to provide examples of design elements that AXYON has determined to be unique and contribute added value. We suggest that particular design aspect examples drawn from these projects should be considered in the design process of the development of Hacienda Jimenez. 1. PASEO DEL ROCÍO 2. EL ENSUEÑO DE MONTE SOL 3. BRISAS DEL PARQUE ESCORIAL 4. THE RESIDENCES AT PARQUE ESCORIAL 5. THE COURTYARD 6. VEREDA DE LA REINA 7. LOS ALTOS DEL ESCORIAL 8. CAMINOS VERDES 9. PASEO DE LOS CUMBRES _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 4
  5. 5. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Paseo del Rocío: Trujillo Alto - 3/2, 1,290 sq. ft., Interesting and value added design elements: Creative landscaping around clusters and parking facilities Façade movement and color differentiation Stained wood for all closet doors Tiled bathroom walls—with separate designs in guest and master Shower curtain-rod guard Protected security balcony on garden level apartments Addition of gymnasium to recreational facilities _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 5
  6. 6. Development Analysis November 28, 2005 Caguas Site Golden Mile Development _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 6
  7. 7. Development Analysis November 28, 2005 Caguas Site Golden Mile Development El Ensueño de Monte Sol: Fajardo - 3/2, 1,198 sq. ft., Interesting and value added design elements: Individual covered parking spaces which could be enclosed to facilitate a fully secure and private parking area Unique to this development are the ground floor commercial studio units which can be utilized as a separate and private living space, a home office, art studio, storage, etc.,. Note: AXYON studies reveal that in this $35,000 - $100,000 income range, 38% of the market have home offices and/or work from home. A unit that can be accessed separately from the apartment is seen as a great benefit, and offers added value to any resident with the need for extra space. _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 7
  8. 8. Development Analysis November 28, 2005 Caguas Site Golden Mile Development _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 8
  9. 9. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Brisas del Parque Escorial: Parque Escorial - 3/2, Aprox. 1,400 sq. ft. Interesting and value added design elements: Access to water spigots directly in front of parking spaces, allowing for easy car washing—an activity that the majority of this market prefers to do at home. Safety tiles (ridged edge or bull-nose edge) on all stairways, internal and external. An added value safety feature. Note: Interior stairways should be larger than the standard 3 foot-wide. _________________________________________________________________________________ Axyon Advanced Solutions For Real Estate Development All Rights Reserved ® 9
  10. 10. Development Analysis November 28, 2005 Caguas Site Golden Mile Development The Residences: Parque Escorial - 3/2.5, 1,600 sq. ft., Interesting and value added design elements: Streetscaping identifies building entrances and circulation areas The recreational facilities are featured right at the entrance of the development Double doors as the entrance to each unit—adds a luxurious feel Large kitchen size (11‘ 6‘‘ x 15‘) Half bathroom on first floor—very important _________________________________________________________________________________ 10 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  11. 11. Development Analysis November 28, 2005 Caguas Site Golden Mile Development _________________________________________________________________________________ 11 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  12. 12. Development Analysis November 28, 2005 Caguas Site Golden Mile Development The Courtyard: Caguas, 2500+ sq. ft., (Sold out in 2001) Interesting and value added design elements: The veranda is a nice alternative to a balcony Large and functional ‗multi-purpose‘ space Landing at the top of the interior stairs offers a great view down on first level Laundry area located upstairs, closer to the bedrooms Master bedroom circulation is excellent—very well thought out design Double doors to the master bedroom and balconies are quite elegant The master bedroom closet/bathroom/vanity area design is unique to this market _________________________________________________________________________________ 12 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  13. 13. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Vereda de la Reina: Toa Alta, 1,293 Sqft., Sold out 2004 Interesting and value added design elements: Convertible family room/ fourth bedroom is very practical Double access to the balcony from both the kitchen as well as the living room is a unique feature to this market of walk-up apartments—allowing for more efficient circulation as well as greater kitchen ventilation. The balcony at Veredas de la Reina is 7 feet wide, allowing for a regular size table and chairs to fit comfortably. _________________________________________________________________________________ 13 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  14. 14. Development Analysis November 28, 2005 Caguas Site Golden Mile Development _________________________________________________________________________________ 14 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  15. 15. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Los Altos del Escorial: Parque Escorial 1,740, sq.ft. Interesting and value added design elements: This unit has an ideal kitchen size (11‘ 6‘‘ x 14‘ 9‘‘) _________________________________________________________________________________ 15 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  16. 16. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Caminos Verdes: Trujillo Alto, 1,500—1,700 sq. ft., Interesting and value added design elements: Blue tinted windows – modern look Large Penthouse terrace Fully enclosed family room with bathroom facilities Gym with weight room in recreational facilities _________________________________________________________________________________ 16 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  17. 17. Development Analysis November 28, 2005 Caguas Site Golden Mile Development DESIGN CRITERIA: Each of the aforementioned walk-up developments have been evaluated by using a comprehensive design system. The focus of our analysis is to submit recommendations based on unique design aspects that we have identified as value added design characteristics. Community/Site Design: Aesthetics, Quality, and Distribution 1. Streetscapes: logic, flow/movement, terrain, circulation, lighting The design aspects that characterize a community‘s streetscape are critical in understanding how the community functions on a macro-level. Examples include: the flow of both automobile and pedestrian traffic, elements that highlight the organizational layout of the individual buildings, utilization of terrain aspects to increase views. How does the community feel to the resident and to the guest? 2. Parking facilities: access, arrangement, protection, spacing, lighting, distance This aspect is a very important design feature to the Puerto Rican market. How do the residents access their autos? Is it convenient? Examples of this are: the arrangement of the spaces (side-by-side vs. front-to-back), covered parking, access to water for car washing, parking-space size, utilization of parking area lighting, and distance from parking-space to residence. 3. Landscaping: beauty, privacy, comfort Landscaping integrates nature into the community setting, and provides the residents with an aesthetic value. The placement of green areas, trees, vegetation, fountains, cobblestone pathways, hills and burms, ponds, and gardens not only offer the residents and guests a welcome retreat from the sometimes hectic city-life and provide added privacy and beautification. Are there areas for personal gardens or private outside spaces? 4. Views and vistas: airflow/ventilation, light flow, views How are the buildings positioned? In order to capture the most ideal views, airflows, and natural light, the building placement must be well thought out in the design phase of the development. A very important part of this process is understanding wind direction as well as the positioning of the sun, in reference to the bedroom windows, patios, decks, and garden areas. 4. Density: open spaces, garden areas, building placement, # of units per building The amount of apartments in each building or cluster has a dramatic effect on the resident‘s perspective of value of their investment. Is there a comfortable amount of space between neighbors‘ front doors? What do they see out their windows—their neighbors‘ windows or their beautiful recreational facilities? Is the design layout of the buildings space-efficient? _________________________________________________________________________________ 17 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  18. 18. Development Analysis November 28, 2005 Caguas Site Golden Mile Development Exterior Design of Buildings: Aesthetics, Quality, and Distribution 1. Architecture: appearance, style, size, color scheme, façade The design of the individual buildings is another aspect AXYON investigates vis-à-vis the perceived value for the client. Is there a unique architectural element that sets the building design apart from the ordinary? What style are they intended to represent—Spanish, Caribbean, Mediterranean, etc. Is the color-scheme utilized in a way that enhances the architectural design? What does the exterior façade project— sophistication, attention to detail, unique design, and incorporation of the surrounding environment? 2. Ease of access: stair layout, elevator, amount of floors, floor layout, parking How does the client approach their residence? How are the stairs laid out, and how many stairs are there, before each landing? How wide are the stairways, and are there safety tiles and rails? Is there handicapped access to all apartments, some, or none? From the parking facilities, what is the walking distance to each apartment or level? Are there elevators, and if so, how are they incorporated into the design? How many apartments are on each floor or level—how are the apartments situated in reference to each other? 3. Security: doors & windows, intercom systems, alarm systems, entrances to buildings and apartments, lighting, main community entrance Security is another very important design aspect which is considered critical to the new home market in the Caguas region. How secure does the homeowner perceive their home to be? Have the developers considered security features such as controlled access, both at the main gate as well as for each unit—intercom systems, porticos as a barrier of entry to buildings, and technological infrastructure for individual security systems. Interior Design of Apartments: Aesthetics, Quality, and Distribution 1. Efficiency: circulation, use of interior space Does the design take into account movement paths which facilitate the greatest amount of ―utilizable space‖? Is the floor plan based on traditional or modern design concepts i.e. small or large size kitchen, family-room, and dining-room? How have windows, mirrors, and walls been used to create the effects of more space or more privacy? Where are the bathrooms placed? Are the inside stairways positioned for access or privacy? How are landings on stairways used? 2. Space: layout of formal/casual areas, comfort, utility Is the internal layout of the apartment designed for maximum utility? How has the design incorporated the use of guest space versus private space? What specific space trade-offs is the developer willing to make? _________________________________________________________________________________ 18 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  19. 19. Development Analysis November 28, 2005 Caguas Site Golden Mile Development 3. End-used needs: technology, ergonomics, functionality Are the basic needs of the end-user accounted for in the apartment design, i.e. the amount of power outlets, cable TV, internet, telephone connections, air conditioning hook-ups, etc.,. Is the apartment an ―intelli-home‖? _________________________________________________________________________________ 19 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  20. 20. Development Analysis November 28, 2005 Caguas Site Golden Mile Development ADDENDUM 2 RECOMMENDATIONS: SIGNIFICANT DESIGN CONSIDERATIONS These chosen aspects of design we have recognized as leading-edge, and will enable Hacienda Jimenez to achieve the quickest and most profitable sell-out through a focused strategy of product differentiation. The need to differentiate one‘s product from that of the masses cannot be over-emphasized. The current market environment in the Caguas region is seeing a steady increase in community development which will have the effect of intensifying competition in this market. Product differentiation, through unique, forwardthinking design will allow Hacienda Jimenez to become a distinctive community, and in turn will greatly surpass the market acceptance of its competitors. Note: These design recommendation elements are not in order of importance, however, are categorized as Community, Exterior, and Interior. Community Design Recommendations: 1. Community Facilities and Amenities: The community recreational facilities should have multiple access points and be centrally clustered as a unified and enclosed environment, which offers a more impressive presentation. They should be located at or near the front of the development for the reasons of higher profile and greater visibility, which are very important for the sales process. Having these facilities at or near the front entrance will also enable the security personnel to maintain watch over the facilities, adding greater value to their services and a more secure environment for children and guests. The facilities should include (space permitting) a uniquely designed swimming pool integrated with a jacuzzi and ―kiddy pool‖, one or more tennis courts, a full basketball court, a clubhouse, gymnasium, gazebos, children‘s play areas, and some form of exercise path for walking/jogging (utilizing the natural environment as an added benefit). In addition to these standard recreational amenities we suggest the construction of a ―community center‖/multi-purpose facility that could be used as a meeting place, conference center, day care facility, and a variety of other functions. Also, a volleyball court like we have seen in the competing Valle Santa Cecilia could add value to this area. _________________________________________________________________________________ 20 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  21. 21. Development Analysis November 28, 2005 Caguas Site Golden Mile Development 2. Community Front Entrance: “Curb Appeal” The front entrance of the community is incredibly important to the image of any development Hacienda Jimenez should invest a considerable amount in the development of this frontage. This area will also act as a buffer between the residents and the road. This will provide the added value of security and aesthetic beauty. The utilization of elements such as shaped walls, green areas, gardens, fountains, tropical and native trees (such as palms and flamboyans), and an inset guard house will contribute to these added value characteristics, promoting Hacienda Jimenez as a resort style community. 3. Distribution/ Density of Buildings: Based on our analysis we have determined that off-setting the buildings in each cluster has the effect of making each building more individual and unique. Also, by arranging the buildings in this manner, the parking facilities can be broken up into more aesthetically pleasing groupings, thus eliminating the undesirable ―sea of parking‖ that results from straight-line building development. 4. Parking Facilities: In addition to the previous recommendation, these facilities should offer at least one covered parking space to each unit, perhaps at an additional cost. Our research has shown that the walkup market has a high preference to covered parking—if available, buyers usually would pay a premium for this feature, even if they are not located in direct proximity to one‘s unit. . 5. Security Measures: Security is the principal concern of clients in the walk-up market. The market standard is the use of controlled access gates and a manned guard house. Our recommendation is not only to ensure 24 hour security personnel, making rounds, but we suggest that for each cluster of units, individual entrance gates be implemented within the community. This will offer a greater level of security for each resident. In addition to/ or in place of these feature, we recommend that each building be equipped with an intercom system similar to those in condominiums. Exterior Design Recommendations: 1. Architectural Design of Buildings: In order to significantly set this development apart from its competition—both single family homes and apartments, the exterior architectural design is of extreme importance. Our research has shown that there are specific design elements that distinguish building design: 1) Façade movement: (breaking up the straight-line continuity) 2) Balcony aspects: creating different views by way of adding corner balconies within the façade movement 3) Window treatments such as overhangs and window frames can considerably add style and function to the façade 2. Color-scheme: The use of different colors to accent building features or to differentiate buildings or clusters can be very effective in creating a unique feel to a development. Once again, an excellent example of the utilization of a distinctive color-scheme is exhibited in the Courtyard development. By varying _________________________________________________________________________________ 21 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  22. 22. Development Analysis November 28, 2005 Caguas Site Golden Mile Development the colors of the building façade, one can cultivate a specific identity to the development. This color variation does not only apply to paint, but includes roofing materials, window tints (blue tinted windows such as those in the photos of Caminos Verdes, add a modern and unique look), landscaping, and use of wood, etc. 3. Access: From parking and amount of levels There should be a maximum of two levels from the parking facilities to the each individual unit entrance, enabling relatively easy access for the residents. 4. Front door: The entrance to each unit is another very important feature that affects the buyer‘s perceived value. The front door is the threshold to ones living space and speaks to what should be expected of the interior, just as the front entrance to the community does. The use of double doors provides a more elegant entranceway, at a relatively low cost in the development process. Also, doors with beveled/molded features, elegant door-handles, knockers, or windows provide added value to this very important element of the unit‘s exterior. Interior Design Recommendations: 1. Distribution of Space: The three major issues regarding interior distribution of space are: 1) Area of the master bedroom 2) Area of the living room/dining room space 3) Area of the kitchen (and family room space) AXYON has concluded from our research during this study that these spaces are of utmost importance when considering the distribution of available square feet in the Hacienda Jimenez units. The following measurements are both recommended minimum size and ideal size for these areas: MINIMUM SQUARE FOOTAGE Master bedroom: 14‘ x 12‘ Living room/dining room: 21‘ x 12‘ Kitchen: 11‘ x 12‘ Balcony/ terrace: 10‘ x 6‘ IDEAL/ RECOMMENDED SQUARE FOOTAGE Master bedroom: 16‘ x 13‘ Living room/dining room: 24‘ x 14‘ Kitchen: 12‘ x 15‘ Balcony/ terrace: 14‘ x 7‘ _________________________________________________________________________________ 22 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  23. 23. Development Analysis November 28, 2005 Caguas Site Golden Mile Development 2. Reception area at front door: The foyer or reception area just inside the front door is a critical interior space. It is important that residents can greet visitors without exposing their entire home. It would be ideal if this area were large enough to accommodate a mirror and table. 3. Half bathroom with centralized location: It is crucial that the 2nd bathroom be convenient for guests to access. (while not having to venture into the private, bedroom area of the house) A half-bath can easily fit in the same space as a laundry area, pantry, or closet, and can add great value to the unit‘s efficiency and livability. 4. Multiple Accesses to Balconies: During our research we have encountered only one development (Veredas de la Reina) that offers access to the balcony from both the kitchen and family room. This is a very useful feature that allows greater convenience and circulation throughout the most frequently used areas of the apartment. 5. Window placement in rooms: The idea of window placement involves two major concepts: 1) Positioning for views, ventilation, and light for each room 2) Positioning for furniture It is very important to position the windows in a manner so as to take advantage of views, crossventilation aspects, and lighting. However, what is more important is the positioning of windows in a way that offers the end-user the most options for their interior arrangement of furniture. This perspective should not be overlooked. As we have observed, many poor designs don‘t allow for multiple options for placing beds, entertainment centers, and other key items. For example, the most likely placement for the bed in the master bedroom is against a wall that does not have a window. 6. Intelligent home systems: The up-scale home market is currently using the ―Intelli-home‖ system. The intelli-system joins together all rooms in the residence by wiring them specifically for music, audio/video, internet and camera/intercom. This type of system would greatly differentiate Hacienda Jimenez from the competition and offer the market an up-to-the-minute technologically advanced home, unique to the market. 7. 12 x 12 or 18 x 18 ceramic tiles: The standard floor covering in apartments is still 12‘ x 12‘ ceramic Italian tile. However, in more luxurious residences (usually high-end single family homes), 18‘ x 18‘ tiles are used. The use of large tiles such as these would increase both the real and perceived value of the development. _________________________________________________________________________________ 23 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®
  24. 24. Development Analysis November 28, 2005 Caguas Site Golden Mile Development 8. Laundry location: There seems to be a split between laundry locations—either close to the kitchen or in the private/bedroom space of the unit. We have determined that either area is satisfactory for this purpose. However it should be noted that the best location for this area should not compromise the kitchen size. ` _________________________________________________________________________________ 24 Axyon Advanced Solutions For Real Estate Development All Rights Reserved ®

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