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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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General
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />DEMOGRAPHIC ANALYSIS <br /> <br />Residential Construction Trends in the Market Area <br /> <br />Data on the number of housing units approved through building permits issued for new residen- <br />tial construction were obtained from the Metropolitan Council (2000-2006) and are presented in <br />Table 8. The following are key points from that Table. <br /> <br />~ Permits were issued in the Market Area for the construction of 11,700 new residential units <br />from 2000 through 2006, for an average of about 1,670 new units annually. However, issued <br />building permits were down in 2006 (900 units) as the housing market began to slow. When <br />year-end figures for 2007 are available, they are likely to be even lower than 2006. Through <br />October 2007, only 716 permits had been issued. <br /> <br />~ Arden Hills had little land available for new construction this decade, and only 38 permits <br />were issued for new homes. Blaine, a Metro Area leader in home construction, has an abun- <br />dance of available land and thus led the Market Area with nearly 5,300 permits issued for <br />new homes (43% of the Market Area's permits). <br /> <br />~ Through 2006, just over half ofthe permits issued for new homes in the Market Area were <br />issued for single-family homes (6,100 homes). The remainder were issued for multifamily <br />units, including for-sale townhomes, senior housing, and general-occupancy rental housing. <br />Based on our housing market research presented later in this report, the bulk ofthe multi- <br />family permits were issued for townhomes. General-occupancy rental housing accounted for <br />very few permits. The Landings at Silver Lake Village in St. Anthony was the only apart- <br />ment built in the Market Area this decade. <br /> <br />~ In addition to Blaine, Lino lakes and Ham Lake were Market Area leaders in new home con- <br />struction. Like Arden Hills, most suburbs in the Market Area are nearly fully developed and <br />thus have limited potential to add new homes. The TCAAP site should be attractive to many <br />people seeking new homes since it is located closer to major employment centers in the Twin <br />Cities than are Blaine, Lino Lakes, Ham Lake, and other outer-ring suburbs. <br /> <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />26 <br />
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