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REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION <br /> Date: 6/21/2016 <br /> Item No.:7d. <br />Department Approval Executive Director Approval <br />Item Description: Review Move-up Housing <br />Policy Priority: <br />Housing and Economic Development <br />1 <br />Strategic Initiative: <br />Create Move-up Housing Opportunities <br />2 <br />B <br />ACKGROUND <br />3 <br />The 2016 City of Roseville Priority Plan included an initiative to create move-up housing <br />4 <br />opportunities. Homes considered to be “move-up” housing from the Priority Planning Process were <br />5 <br />determined to be valued at $350,000 or more. Staff has inventoried the number of homes built in the <br />6 <br />past 5 years (2011 – 2015) and has found that 78 new homes have been constructed either by <br />7 <br />developers or by owners who have demolished an existing home to build a new one. The sale prices <br />8 <br />of these homes ranged from $319,500 to $1,111,000, with a median value between $457,033 and <br />9 <br />$666,308. <br />10 <br />NewHome <br />YearConstructionMedianMinMax <br />20118$531,614$440,952$699,500 <br />201227$499,765$393,428$581,400 <br />201312$586,700$347,000$899,000 <br />201412$666,308$319,500$1,111,000 <br />201515$457,033$390,000$785,000 <br />20164$550,000$456,356$665,000 <br />In reviewing the current proposed developments and existing real estate listings, we see that another <br />11 <br />44 homes will likely be built during the remainder of 2016 through the end of 2017. The proposed <br />12 <br />sales prices of these homes (including the cost of the land) are between $390,000 to $825,000. <br />13 <br />Attachment A provides more information related to price points for house sales in the last 5 years. <br />14 <br />PO <br />OLICYBJECTIVE <br />15 <br />The Policy Priority desired outcome was to have 20+ new homes values built at $350,000 or higher. <br />16 <br />BI <br />UDGET MPLICATIONS <br />17 <br />The staff report serves as a guide for discussion only. <br />18 <br />19 <br />Page 1 of 2 <br /> <br />