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503 Cricket Road Case Solution
| Solution Id | Length | Case Author | Case Publisher |
|---|---|---|---|
| 1246 | 515 Words (2 Pages) | William J. Poorvu, Donald A. Brown | Harvard Business School : 396001 |
A Word File
Sexton and his mother met five groups of architect students for the design of the building. They then found a feasible design that will make the best use of the property. After choosing the architect and the design, Sexton found suitable. He spent hours conversing with the architect and his mother. He reviewed and revised the floor plans and the sketches until he found the design t satisfy himself that was aesthetically pleasing, economically feasible and which will fulfill the maximum use criteria.
Following questions are answered in this case study solution
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How well does Sexton carry out the conceptual, investigative, and planning stages of the development?
Case Analysis for 503 Cricket Road
During the designing phase, Sexton got concerned about who will manage the property so he asked his mother if she could shift to Charlottesville and work here as a broker and manage the building he also offered to make her a penthouse. Meanwhile, he looked for contractors who could undertake such a job. He then found the most experienced contractor and showed him the designs. He also told the contractor to make an estimate of the construction cost. Before doing a dollar investment, Sexton wanted to do an in-depth survey of the local market. In July 2002, he took two days to talk to real estate brokers to estimate the demand for his new luxury apartments and whether he could get a rent of $ 700 per unit or not and he got mixed reactions.
He visited the off-campus Housing Bureau, and he found that students wanted to live near the campus, and they were willing to pay higher prices for good and clean campus accommodation. He also got to know about a new survey from the housing guidance council was released. He went to ask for a copy, but he was told he can only read the survey in the office. Hence, he recorded important parts of the survey. The survey said that the demand for housing is increasing and will keep on increasing till 2006.
He then tried to get financing, but the banks were not giving a positive response as the amount was too high for banks to finance as they were facing losses already banks.
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