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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 />HOUSING RECOMMENDATIONS <br /> <br />Introduction <br /> <br />This section recommends housing development concepts for the Arden Hills Market area from <br />2008 to 2020, based on the demand analysis and interviews with persons knowledgeable about <br />the Arden Hills housing market. It is important to note that these proposed concepts are intended <br />to act as a development guide and that similar products could be successful as well. <br /> <br />Summary of Demand <br /> <br /> <br />In Table 34 we present our findings for housing demand in the TCAAP site. We find strong de- <br />mand for all housing types currently suggested in Ryan Companies proposal except for condo- <br />miniums. Table 34 does not represent the actual number of units the TCAAP site can support, <br />but rather the projected market demand for each housing type. It is clear that there is demand <br />for more honsing than the site can accommodate. <br /> <br />TABLE 34 <br />SUMMARY OF HOUSING DEMAND ON THE TCAAP SITE' <br />2008 10 2020 <br /> <br /> <br /> Purchase Price! No. of Pet. of <br /> Monthly Rent Range** Units Total <br />Single-Family, Move-up $325,000 - $525,000 525 - 535 65% <br />Single-Family, Executive $525,000+ 285 - 290 35% <br />Total 810 - 825 100% <br />T ownhome, Entry-Level $225,000 - $275.000 395 - 405 71% <br />Townhome, Upper-End $275,000+ 165 - 175 29% <br />Total 560 - 580 100% <br />Condominium*** 95 - 105 100% <br /> <br /> <br /> <br />Adult Rental <br />Adult Ownership <br />Congregate <br />Assisted Living <br />Memory Care <br />Total <br /> <br />$950/1 BR - $ 1.250/2BR <br />$ 1 60,000+/1 BR, $225.000+2BR <br />$1,500+/Mo_ <br />$2,700+/Mo_ <br />$3,800+/Mo. <br /> <br />105 - 115 <br />155 - 165 <br />130 - 140 <br />60 - 70 <br />50 - 60 <br />500 - 550 <br /> <br />21% <br />31% <br />26% <br />12% <br />JO% <br />100% <br /> <br />Total Units <br /> <br />2,370 - 2,480 <br /> <br />* Figures shown are the total number of units that could be supported on the TCAAP Site, not the <br />recommended number. Our recommendations arc presented later in this section. <br />** Prices/Rents are quoted in 2008 dollars. <br />*** Demand for condominiums will come in a later phase - closer to 2020. <br /> <br />Source: Maxfield Research Inc. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />83 <br />
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