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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
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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 />TABLE 20 <br />CURRENT PRICING & ABSORPTION <br />SELECTED ACTIVE FOR-SALE SINGLE-FAMILY DEVELOPMENTS <br />ARDEN HILLS MARKET AREA <br />December 2007 <br /> <br />Development <br /> <br />Year <br />Platted <br /> <br />Total <br />Lots <br /> <br />Available <br />Lots <br /> <br />Absorbed <br /> <br />Typical <br />Lot Size <br /> <br />Average <br />Lot Price <br /> <br />Average <br />Home Price <br /> <br />Blame <br /> <br />Crescent Ponds <br />Freedom (Centex) 2006 43 7.700 N/A $300,000 <br />Heritage (Centex) 2006 36 61 62 9.800 N/A $335.000 <br />Pulte Homes 2006 44 11.500 N/A $450,000 <br />Gardenwood 2007 119 109 10 16.100 $ I 63,000 N/A <br />The Lakes ofRadisson <br />Crown Woods 2006 54 32 22 10,500 $113_500 $421,000 <br />Aspen Woods (21st Add.) 2005 19 7 12 16.000 N/A $672,000 <br />Crown Shores 2003 86 20 66 8.000 N/A $374.000 <br />East Woods 2005 91 32 59 11.700 N/A $338,300 <br />Quail Creek (8th) 2004 37 17 20 31,300 $142.000 $622,000 <br />The Sanctuary (5th~8th) 2004 65 26 39 22.100 $122,800 $672.000 <br />Savannah Grove 2006 99 74 25 10,700 $125.600 $470,880 <br />Harpers Street Meadows 2006 120 100 20 11.000 $122.000 $380,000 <br />Total J Average 813 478 335 14,000 $130,000 $460,000 <br /> <br />Lino Lakes <br /> <br />Pine Glen 2006 72 39 33 18.000 $105,000 $310.000 <br />Hailey Manor 2005 14 4 10 10_900 $93.600 $300,000 <br />Foxborough 2006 57 53 4 11.400 N/A N/A <br />Marshan Meadows 2005 20 18 2 17.000 $100,000 $374.000 <br />Total I Average 163 114 49 14,325 $102,500 $321,000 <br /> <br />Ham Lake <br /> <br />Woodland Preserves 2006 20 16 4 87_120 $100.000 $382,000 <br />Deer Haven Hills 2005 8 I 7 33,500 $165,000 $775,000 <br />Enchanted Esates 2006 26 II 15 65,340 $141,500 $654,500 <br />Total! Average 54 28 26 61,987 $135,500 $604,000 <br />Source: Maxfield Research Inc. <br /> <br />For-Sale Interviews Summary <br /> <br />Maxfield Research 1nc. interviewed area real estate agents, local developers, builders, and other <br />persons familiar with the Arden Hills Area owner-occupied market to solicit their impressions of <br />the current for-sale housing market in the community. The following are key points from those <br />interviews. Keep in mind that those interviewed are speaking in the context of the current hous- <br />ing market, which is experiencing a downturn, and conditions may be different in 2010. <br /> <br />~ When working on a site such as TCAAP, "plan what is best for the site, and don't <br />get caught up in today's market correction," said one construction expert. <br /> <br />~ 'The Arden Hills location lends itself to an 'empty nester' product" for such townhomes <br />and could "blow the doors off' this type of development in the Market Area. <br /> <br />48 <br /> <br />MAXFIELD RESEARCH INC. <br />
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