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<br />in the Twin Cities market. Shifts in the market for housing sales may be attributed to shifts in <br />demographics. <br /> <br />Arden Hills is considered a terrific place to live and work by many for the following reasons: <br /> <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 /> <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 /> <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 />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 /> <br />Mr. Bruce Chamberlin asked about the relevance of this information. <br /> <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 /> <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 /> <br />Ms. Betty Hardell answered "no". She noted that change and flexibility should be considered <br />when planning for future residential development. <br /> <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 />