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Chatham Square Realtor Presentation


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Understanding and influencing the market position of you neighborhood works!

I prepared this presentation in collaboration with the organized residents of Chatham Square neighborhood. It is for a 50 minute tour of the neighborhood. Local realtors that were invited were initially hesitant to make the time for the tour but eventual 14 did. The outcome is that we now have 6 houses and counting where residents and\or realtors attribute the purchase to information residents collected and disseminated.

This is just one way in which residents can take charge of property values and improve the quality of life of in their neighborhood.

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Chatham Square Realtor Presentation

  1. 1. <ul><li>Chatham Square Neighborhood Association </li></ul><ul><li>Presentation </li></ul><ul><li>to </li></ul><ul><li>Realtors </li></ul>
  2. 2. Chatham Square New Haven Chatham Square Downtown
  3. 3. Chatham Square North-East corner of Fair Haven Quinnipiac River
  4. 4. <ul><li>3,500 people </li></ul><ul><li>1,100 households </li></ul><ul><li>42% Hispanic </li></ul><ul><li>Median Income $33k </li></ul><ul><li>Solid housing stock, mostly 2 and 3 family structures </li></ul><ul><li>Homeownership rate 45% in north, 28% in south and west (citywide rate of 31%)‏ </li></ul>Chatham Square Relevant Market Findings / Community Descriptors* *Source: Holt, Wexler, Farnam Urban Neighborhood Strategy Presentation Sept. 2005
  5. 5. Why Chatham Square <ul><li>Residents want to help close sales </li></ul><ul><li>Nearby waterfront </li></ul><ul><li>Logical extention of stronger waterfront market </li></ul><ul><li>Reinforce waterfront homeownership market </li></ul><ul><li>Historic houses </li></ul><ul><li>Two nearby commercial corridors </li></ul><ul><li>Proximity to anchoring institutions and sources of employment: Mary Wade Home for the Elderly; Clinton Avenue School; manufacturing </li></ul><ul><li>Community gardens and greenspaces </li></ul><ul><li>Nearby primary schools: 6 public, 3 private, 1 national recognized charter </li></ul>
  6. 6. Chatham Square Healthy Neighborhood Approach * <ul><li>“ Healthy neighborhood”: place where it makes economic sense to invest time, money, and energy, as well as where neighbors successfully manage issues </li></ul><ul><li>Focus on participation in real estate market, rather than protecting residents and prospective residents from it </li></ul><ul><li>Strategies are about cultivating demand for homes and rental units, not producing supply. A key value is to create a place that is attractive and affordable to a variety of income groups. </li></ul><ul><li>Residential real estate market is valued as a key barometer of neighborhood health. Home value represents the capitalization of all neighborhood assets; therefore strategies focus on this area. </li></ul><ul><li>Intensive, meaningful, ongoing discussion and relationship-building with and among residents is valued </li></ul><ul><li>Resident-defined outcomes are combined with realtor insights (strategies and tools)‏ </li></ul><ul><li>Focus on achieving resident desired outcomes </li></ul>*Source: Fall Creek Consulting
  7. 7. Chatham Square What Does Not Work: Community Analysis <ul><li>Drug sales, public drinking, and related crimes, especially in and around the park </li></ul><ul><li>Street litter, especially on the Clinton Avenue side of the park </li></ul><ul><li>Houses in need of repair </li></ul><ul><li>Traffic flow and noise </li></ul><ul><li>Homeownership: lower than city average south and west of park </li></ul><ul><li>Public infrastructure (sidewalks, park, public lighting) needs work </li></ul>
  8. 8. Chatham Square What Works: Community Analysis <ul><li>Committed residents </li></ul><ul><li>Parks, gardens, and other public green spaces </li></ul><ul><li>Diverse community (cultural, economic, ethnic, racial)‏ </li></ul><ul><li>Home-Buyer Incentives programs: Mary Wade Home, Foundation, Yale </li></ul><ul><li>Historic houses </li></ul><ul><li>2 & 3 family houses </li></ul><ul><li>Three local grocery stores, two commercial corridors </li></ul><ul><li>Proximity to bus routes, highway, waterfront, parks </li></ul><ul><li>Rehab of Quinnipiac Terrace & addition of 8 owner-occupied housing units </li></ul><ul><li>Ten primary schools: 6 public, 3 private, 1 award-winning charter </li></ul>
  9. 9. Chatham Square Neighborhood Association P lan* *Approved :January,2007