01-22-08 1B Market Study - Laserfiche WebLink

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