Laserfiche WebLink
<br />TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis <br /> <br />Condo-Townhouse Market Assessment <br /> <br />Lakes are more likely to attract primarily younger buyers, including both fIrst-time <br />homebuyers (particularly the loft condos) and affluent professionals. <br /> <br />. Stonecrest is a project by Masterpiece Homes on the north side of Midland Hills <br />Country Club. The 22-unit project is currently under construction, offering single- <br />level rambler style townhomes of 2,200 to 2,900 square feet priced from about <br />$545,000 to $745,000. This project will be completed in the coming year and <br />therefore will not be competitive with Twin Lakes. Further, due to product and <br />pricing differentiation, Twin Lakes will attract a much different buyer profile. <br /> <br />. Lindsey Court is a 17-unit single-level townhome development by Nedegaard <br />Homes in New Brighton. The units have between 1,263 and 1,359 square feet. Base <br />prices range from $254,900 to $274,900 ($199 to $202 pst). This project is currently <br />under construction and will be completed prior to ground breaking at Twin Lakes. <br /> <br />. The proposed housing mix at Twin Lakes by Rottlund Homes includes units ranging <br />in size from about 900 to 1,600 square feet. The proposed price schedule shows units <br />ranging from $180,000 to approximately $400,000. The majority of the units will be <br />in the $200,000 to $300,000 range, with an average price of approximately $220,000. <br />On a per square foot basis, prices range from roughly $143 to $200 psf. <br /> <br />. Based on our review of current pricing for condos and townhomes in the competitive <br />market area, and in consideration of the quality of the proposed site and mixed-use <br />environment, as well as the known-quality level and reputation of Rottlund Homes in <br />the Twin Cities market, we endorse the proposed pricing strategy for housing at Twin <br />Lakes. The proposed prices will ensure that the homes are affordable to a diverse <br />group of potential homebuyers in the immediate market and throughout the region. In <br />fact, we believe that the proposed price schedule may be somewhat conservative, <br />given the quality of the project as proposed and the demand for urban infill housing <br />near job centers and urban amenities. <br /> <br />( <br /> <br />( <br /> <br />GV A Marquette Advisors <br /> <br />Page 13 <br />