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