My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
01-22-08 1B Market Study
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2000-2009
>
2008
>
01-22-08-WS
>
01-22-08 1B Market Study
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
Metadata
Fields
Template:
General
Document
Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
99
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />FOR-SALE MARKET ANALYSIS <br /> <br />Actively Marketing For-Sale Housing Developments <br /> <br />Maxfield Research Inc. interviewed city administrators and developerslbuilders of single-family <br />subdivisions and for-sale multifamily developments that are currently being marketed in the Ar- <br />den Hills Market Area. <br /> <br />The following are key points about these projects. <br /> <br />Active Townhome Developments <br /> <br />We surveyed 15 actively marketing townhome developments in the Arden Hills Market Area, <br />however none in the city itself. The following are key highlights about the townhome market. <br /> <br />~ The typical size is 1,605 square feet for a two-bedroom townhome, and the sale price has <br />averaged $235,000 in these developments. <br /> <br />~ The development surveyed will eventually contain about 1,450 units. At present, about <br />960 had sold. Most of the developments surveyed opened in 2005 or 2006, with a few in <br />2004. Most ofthe 960 sold units were absorbed in the past couple of years - or about <br />320 units annually. <br /> <br />~ Eight ofthe 15 surveyed developments are located in Blaine, accounting for 1,150 ofthe <br />total units. People seeking for-sale townhomes closer to the Twin Cities have fewer <br />choices. There is one townhome development in Roseville, one in Falcon Heights, and <br />two in Columbia Heights, and all are smaller developments. <br /> <br />~ Townhome developments have a mix of styles that appeal to different market segments. <br />The side-by-side two-story rowhome often appeals to move-up professionals, while the <br />one-level townhome attracts seniors. The back-to-back townhome style, which is less <br />expensive to build, tends to be sought by entry-level buyers. <br /> <br />At present new construction has slowed or halted for most townhomes and condos, with builders <br />reporting excess inventory of built townhomes and a large number of poured pads that will re- <br />main empty until the market improves. These industry insiders are pointing to 20 10 as the date <br />for a housing market turn around, with many saying they have two years of inventory at present. <br />Many developers see a move to townhome rental rather than for-sale units for the near term. <br />Hans Hagen Homes is building a 170 townhome rental development in Blaine and has completed <br />townhome rental developments in Maple Grove and Woodbury. <br /> <br />While the market for townhomes has slowed with the rest of the housing market, the developers <br />and builders we spoke to felt that a mix of for-sale and rental townhomes both for those entering <br />the market and for older Arden Hills residents would be appropriate. <br /> <br />41 <br /> <br />MAXFIELD RESEARCH INC. <br />
The URL can be used to link to this page
Your browser does not support the video tag.