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Last modified
7/17/2007 9:25:33 AM
Creation date
5/13/2005 4:37:49 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10285
Resolution Title
AUTHORIZING CONTINUATION OF THE CONTRACT FOR EXCLUSIVE NEGOTIATIONS BETWEEN THE CITY OF ROSEVILLE, MINNESOTA AND THE ROTTLUND COMPANY, INC. FOR THE TWIN LAKES REDEVELOPMENT AREA
Resolution Date Passed
3/14/2005
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<br />TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis <br /> <br />Condo-Townhouse Market Assessment <br /> <br />CONDO/TOWNHOME SALES ACTIVITY <br /> <br />In order to determine the appropriateness of the proposed unit pricing at Twin Lakes, GV A <br />Marquette Advisors reviewed data on housing sales in the competitive market area and region- <br />wide from 2000-2004. We also analyzed data on townhouse and condominium projects <br />currently marketing or recently completed within the Twin Lakes competitive market area. This <br />information is summarized in the map, tables and graphs provided at the end of this section. The <br />following are key points and conclusions regarding our review of the market's supply of <br />residential condos and townhomes. <br /> <br />. Between 2000 and 2004, a total of 6,602 homes were sold in the Twin Lakes market <br />area (1,320 sales per year), accounting for slightly less than 3.0% of metro wide sales <br />activity during this period. <br /> <br />. The average price of homes sold in the Twin Lakes market area during 2004 was <br />$240,234 ($136 psf), compared to $293,764 ($147 psf) for the region. The average <br />price in the competitive market has increased by an average of 8.4% per year since <br />2000, compared to annual increases of 14.3% region-wide. Sale prices in the Twin <br />Lakes market area lag the regional average primarily because of the age of the <br />housing stock and the lack of new housing product in the area. <br /> <br />. We reviewed pricing information for three condominium and townhouse projects <br />currently marketing within the Twin Lakes market area. There are two projects under <br />construction: Lindsey Court in New Brighton and Stonecrest in Roseville. A third <br />project, The Villas at Midland Hills in Roseville, has been approved and is in the pre- <br />construction marketing phase. <br /> <br />. Condo and townhouse pricing at these active developments ranges from <br />approximately $260,000 to nearly $800,000, with an average of $456,000. On a per- <br />square-foot basis, prices range from $187 to $275, with an average of$232 psf. Unit <br />sizes range from approximately 950 to 3,800 square feet, with an average of 1,966 <br />square feet. <br /> <br />. The Villas at Midland Hills is a 36-unit condo building by United Properties, <br />located at Fulbam Street overlooking the Midland Hills Country Club. The three- <br />story stone and stucco building will feature underground parking. Buyers, through an <br />association, receive a social membership to Midland Hills Country Club, granting <br />them access to its dining, meeting and card room facilities. Prices range from <br />approximately $260,000 to $795,000 ($245 to $275 psf). <br /> <br />. Because of its small size, timing, and also pricing, this project will pose minimal <br />competition for Twin Lakes. Although it is not an age-restricted project, due to its <br />upscale finish, design, and pricing, The Villas at Twin Lakes are expected to attract <br />primarily empty nesters. Contrastingly, the loft condos and townhomes at Twin <br /> <br />GV A Marquette Advisors <br /> <br />Page 12 <br />
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