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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 />Sin!!le-familv Homes <br /> <br /> <br />Recommended For-sale Products <br /> <br />Table 34 shows that there is a projected demand for over 800 single-family homes on the <br />TCAAP site between 2008 and 2020. We understand that this far exceeds the number that could <br />likely be built on the site, as redevelopment costs require an overall higher density of housing <br />units than single-family alone can provide. However, the TCAAP site is well positioned to cap- <br />ture single-family demand as it is a unique "destination site" within approximately 10 miles of <br />both downtowns. There is limited competition for new single-family homes within the surround- <br />ing area, or closer to the core of the Twin Cities where much of Metro's job base is located. <br />Preliminary plans are for about 130 single-family homes on the site, which we find supportable. <br />Table 35 presents our recommendations for single-family homes on the site, based on a concept <br />that limits the total number of housing units to 1,750 ("Option B"). The table illustrates recom- <br />mended lot pricing and sizing based on the suggested housing types. The lot and home prices <br />will vary based on location within the development, views, lot topography, configuration, and <br />overall lot size. <br /> <br /> TABLE 35 <br /> RECOMMENDED SINGLE-FAMILY HOUSING CONCEPT <br /> TCAAP SITE <br /> January 2008 <br /> Total Lot Size Recommended Lot Estimated <br />Housiug Type Lots Ranges (Sq. Ft.) Price Ranges Home Valuesl <br />Executive 130- 140 14,500 - 18,000 $135,000 - $250,000 $550,000 - $ J ,000,000 <br />M ave-up 180 - 190 10,000 - It ,500 $100,000 - $120,000 $375,000 - $475,000 <br /> 310 - 330 <br />I Assumes lot cost is 25% of retail home sales price. Horne values will vary based on buyer's finishing and <br />upgrade preferences. Lot cost will probably vary from 20% to 30% of purchase price. <br />Note: Lot pricing is quoted in 2008 dollars. <br />Source: Maxfield Research Inc. <br /> <br />We recommend that 130 to 140 of the single-family homes be larger-lot executive homes with <br />sales prices of $550,000 to $1,000,000 in 2008 dollars. We anticipate that with optional up- <br />grades, most of the executive homes built would be priced at about $650,000+. Lot sizes for the <br />larger executive style homes are typically about 14,500 square feet and larger, with prices of <br />$135,000+ per lot. . <br /> <br /> <br />The remaining 180 to 190 single-family homes should be on lots of about 10,000 to 11,500 <br />square feet with home prices of$375,000 to $475,000. The corresponding lot prices should be <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />84 <br /> <br />
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