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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 />~ Mid-rise condo units will probably not be back for the foreseeable future. <br /> <br />~ Real estate agents and brokers say they are experiencing the worst of the declining mar- <br />ket as they try to move housing in a market saturated with new construction. One broker <br />called herself "gloom and doom," saying the only demand she was currently seeing was <br />first time homebuyers looking for very affordable housing - or the "super high end" of $2 <br />million dollar houses. She also called Arden Hills "a nice area, little more expensive, <br />maybe comparable to Eden Prairie, not real upscale." <br /> <br />~ At this time, few developers are looking at new projects. Many report a two-year inven- <br />tory of new single-family and multifamily homes that need to be sold before construction <br />will resume. The most common date given for a market return was 20] O. <br /> <br />~ The market is turning from a "build-sell" housing market to a "sell-build" market, which <br />is as it should be, said one developer. He said he believes too much housing was built on <br />speculation over the past few years, creating a two-year excess inventory of for-sale <br />housing in today's market. <br /> <br />~ Any development should include a mix of rental, said several builders, and there still ap- <br />pears to be a steady market for entry-level and move-up townhomes. <br /> <br />~ The biggest pull back in housing development is occurring in places like Albertville, New <br />Prague and New Richmond, WI - those "drive to affordability" places, said one builder. <br />Arden Hills will not find itself caught in this market correction, he added. <br /> <br />~ Arden Hills should see itself in a unique position, said a builder. "It is insulated from the <br />overall market, housing is in limited supply, it has a strong community, decent job <br />growth, good employers and a good sub-market." <br /> <br />49 <br /> <br />MAXFIELD RESEARCH INC. <br />
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