My WebLink
|
Help
|
About
|
Sign Out
Home
res_10285
Roseville
>
City Council
>
City Council Resolutions
>
10xxx
>
10200
>
res_10285
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/17/2007 9:25:33 AM
Creation date
5/13/2005 4:37:49 PM
Metadata
Fields
Template:
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
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
108
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
<br />TWlN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis <br /> <br />Senior Condo Market Assessment <br /> <br />. Rottlund's proposed 240-unit senior project at Twin Lakes will be the first senior- <br />designated condominium development in the competitive market area since the mid- <br />1980s. Existing condo projects include 1666 Coffinan, The Kenzington and Villa <br />Park. These older communities have units which are generally valued under <br />$200,000. 1666 Coffinan is a condo community for current and former U of M <br />employees only. <br /> <br />. A recent senior cooperative project, Applewood Pointe (94 units) by United <br />Properties, enjoyed a very favorable market acceptance in Roseville. A second <br />United Properties project called the Villas @ Midland Hills (36 units) is not an age <br />restricted condo project, but has been popular among Roseville-area older adults and <br />seniors in its early marketing stages. <br /> <br />. Applewood Pointe is a recent (2004) cooperative development in Roseville. This <br />94-unit project sold out in less than six months during pre-construction marketing. At <br />present, there are more than 50 names on a waiting list at Applewood Pointe. These <br />buyers will only be able to purchase an interest in the property when current <br />shareholders sell their shares in the community. <br /> <br />. Residence values at Applewood Pointe range from $119,570 to $236,700. Buyers <br />made an initial share payment (down payment) equaling 15%, 33%, 60% or 95% of <br />the unit values. In addition residents pay a monthly association fee. The following is <br />a summary of share payments and monthly fees at each option level: <br /> <br />( <br /> <br />Unit Values <br />$119,570-$236,700 <br /> <br />Initial Share Price <br />15% - $17,935-$35,505 <br />33% - $39,458-$78,111 <br />60% - $71,742-$142,000 <br />95% - $113,591-$224,865 <br /> <br />Monthly Fees <br />15% - $935-$1,851 <br />33% - $793-$1,570 <br />60% - $584-$1,156 <br />95% - $314-$621 <br /> <br />. There are no active or recent comparable senior condo developments in the Twin <br />Lakes Competitive Market Area. Given the size of the current and projected older <br />adult and senior household base (particularly those between the ages of 55 and 74), <br />this is an indicator of pent-up demand for ownership senior housing. <br /> <br />:' <br />; <br />\ <br /> <br />GV A Marquette Advisors <br /> <br />Page 28 <br />
The URL can be used to link to this page
Your browser does not support the video tag.