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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 />about $100,000 to $120,000 in 2008 dollars. A portion of the move-up single-family homes <br />could be developed on lots as small as 8,000 square feet. <br /> <br />As research in this report points out, the for-sale housing market has slowed from its brisk pace a <br />few years ago. It is anticipated that by the time this site opens for new housing in about 2010, <br />however, the housing market will have corrected and new development in the area will increase <br />to higher levels - but not likely those of about 2003 and 2004. None-the-Iess, the TCAAP site is <br />well positioned to capture single-family demand. <br /> <br />For-Sale Townhomes <br /> <br />The proposed concept plan for the TCAAP site includes about 470 for-sale townhomes. Our re- <br />search indicates demand exceeds this level, and thus these 470 units can be supported. Table 36 <br />provides our recommendations for the types and prices of townhomes on the Site, based on a <br />concept that limits the total number of housing units to 1,750 ("Option B"). These types include <br />about 40 to 50 one-level townhome units, 225 to 245 two-story side-by-side townhomes (row- <br />homes) and 205 to 225 two-story back-to-back units. <br /> <br />TABLE 36 <br />RECOMMENDED UNIT MIx/SIZES/PRICING <br />FOR-SALE TOWNHOMES <br />TCAAP SITE <br />January 2008 <br /> <br />Uuit Type <br /> <br />% of Units <br /> <br />Finished <br />Square Feet <br /> <br />Recommended <br />Base Sale Price <br /> <br />Base Price! <br />Sq. Ft. <br /> <br /> <br />2BR/2.5Ba <br />3BR/2.5Ba <br /> <br />135 - 145 <br />90 - tOO <br />225 - 245 <br /> <br />1,600 - 1,750 <br />1,800 - 1,900 <br /> <br />$270,000 <br />$300,000 <br /> <br />$295,000 <br />$320,000 <br /> <br />$169 - $169 <br />$167 - $168 <br /> <br /> <br />2BR/2Ba <br />3BR/2Ba <br /> <br />120 - 130 <br />85 - 95 <br />205 - 225 <br /> <br />],350 - 1,400 <br />],450 - 1,550 <br /> <br />$215,000 <br />$230,000 <br /> <br />$225,000 <br />$250,000 <br /> <br />$]59 - $161 <br />$159 - $I6t <br /> <br />* Pricing for single-level townhomes includes finished walk-out/Iook-out basements <br /> <br />Note: Recommended prices are for 2008. <br /> <br />Source: Maxfield Research Inc. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />85 <br />
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