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in the Twin Cities market. Shifts in the market for housing sales may be attributed to shifts in <br /> 411 demographics. <br /> Arden Hills is considered a terrific place to live and work by many for the following reasons: <br /> - Close-in location <br /> - Convenient motorways <br /> - Stable population <br /> - Good schools nearby <br /> - Community amenities <br /> - Good employers <br /> - Opportunities for the future <br /> 2. Arden Hills will change in the next 10 years: <br /> - More residents <br /> - Residents of different ages <br /> - Households of different types <br /> - Changes in lifestyle choices <br /> - Want/need more transit <br /> - Want/need a different mix of community amenities <br /> Minnesota's population growth is predicted to be 15%to 2015 and 40% growth to 2030. <br /> The Baby Boom generation(those born between 1945— 1965)was having relatively large <br /> families and buying large single family homes in the suburbs. Many of these folks are now <br /> approaching retirement,have accumulated wealth and are now looking to downsize into a <br /> 411111 <br /> smaller home requiring less upkeep, so they may spend more of their time doing things other <br /> than taking care of their homes. The Baby Bust generation(those born between 1965— 1975) <br /> accounts for a decrease in population growth. These folks are younger(27-37) and reflect <br /> lifestyle differences from the Boom generation. Many are getting married later in life or <br /> staying single. Families are smaller. Many are less interested in owning a single family <br /> home and prefer a more urban lifestyle. Many are purchasing town homes and <br /> condominiums.The Baby Boomlet generation(those born since 1975)reflect another surge <br /> in population growth,but may not be interested in the same lifestyle many of their parents <br /> (Baby Boomers)lived. This is the group who will become the future market of home buyers. <br /> Flexibility and variety of housing products will be important considerations in the future. <br /> Homes in the more expensive price ranges(above$450K)have many homes left unsold. <br /> Homes are selling quicker in the lower price ranges(below$450K),particularly in the $250K <br /> -$350K range. <br /> Mr. Bruce Chamberlin asked about the relevance of this information. <br /> Ms. Betty Hardell noted that developers should not build homes on speculation—to reduce <br /> the numbers of homes left unsold on the market. At this time,too many of the more <br /> expensive homes on the market remain empty. The less expensive homes are selling faster. <br /> Mayor Stan Harpstead asked if the profit margins on the more expensive homes allows for a <br /> longer time frame to sell the homes? <br /> Ms. Betty Hardell answered"no". She noted that change and flexibility should be considered <br /> when planning for future residential development. <br /> Councilmember Brenda Holden asked if a certain percentage of people are forced to buy a <br /> town home because they cannot afford to buy a single family detached home? <br /> -2 - <br />