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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />FOR-SALE MARKET ANALYSIS <br /> <br />Active Sinl!le-Familv Subdivisions <br /> <br /> <br />As shown in Table 20, Maxfield Research Inc. profiled various single-family developments in <br />the Market Area to assess a sampling of the number and types of projects currently marketing. <br />The identified developments portray a variety, in terms of lot sizes, amenities and location and <br />represent a good cross section of development activity in the Market Area. Table 20 includes the <br />following information: the year the development was platted, number of lots, lots remaining un- <br />sold and absorbed, typically lot price and lot acreage, and average home pricing. These devel- <br />opments are actively marketing and exclude developments currently pending, which have not <br />started marketing in the Market Area. <br /> <br />Key points from Table 20 follow. <br /> <br />~ Maxfield Research 1nc. gathered information on 19 active single-family developments <br />with a total of I ,030 lots in the Market Area. Of the total lots, 620 are available, having <br />sold about 40% of the surveyed inventory. <br /> <br />~ Single-family lot prices range from a low of about $63,500 at the low end to a high of <br />$165,000. Lot prices vary somewhat as a proportion of the total home price but our <br />analysis identified lot prices to generally account for between 20% and 30% of the home <br />price. The average lot and sale price ofthe profiled developments ranges from approx- <br />imately $300,000 to $670,000, respectively. <br /> <br />~ Developments located in Blaine and Lino Lakes have average lots sizes averaging be- <br />tween one-quarter to one-half acres, with the average lot size among all the developments <br />in these two communities at 0.32 acres. Lots in Ham Lake are significantly larger, aver- <br />aging 1.5 acres per lot. <br /> <br />~ There are about 480 available lots in the surveyed developments actively marketing in <br />Blaine, another 115 lots among developments actively marketing in Lino Lakes and 28 <br />lots marketing in Ham Lake. Lots in other developments remain available as well. Ac- <br />cording to the City of Blaine, Blaine has a supply of about 1 ,000 available vacant lots. <br /> <br />~ The average lot price is among the active developments is $113,300, while the average <br />home price is roughly $440,000. Lot costs represent on average 26% of the retail sales <br />price of the home. <br /> <br />~ Due to the large lot sizes in Ham Lake, lot pricing and home pricing is the highest in the <br />Market Area. The average sales price is over $600,000; approximately double the aver- <br />age sales price of a home in Lino Lakes. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />47 <br />
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