Laserfiche WebLink
TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analvsis <br />Projected For-Sate Housing Demand (Non-Senior), 2005-2010 <br />Projected Households Growth, Twin Cities Metro Area, 2005-2010' <br />(times) Propensityto purchase � <br />(times) Potential Capture Rate: Twin Lakes Competitive Market Area a <br />(equals) Estimated demand from household growth 2005-2010 <br />(plus) Estimated 25% additional demand capture Q <br />(equals) Estimated total market area for-sale housing demand 2005-2010 <br />Required capture rate for the proposed 490 units at Twin Lakes <br />Condo-Townhouse Market Assessment <br />Gross ,�wnM$1 <br />105.000 21,000 <br />x 75.0% <br />X 3.5°/a <br />= 2,756 551 <br />+ 919 <br />= 3,675 735 <br />13.3% <br />Projections developed by GVA Marquette Advisors based on review of forecasts by the Twin Cities Met Council <br />and Spatial ReengineeringConsultants(SRC) <br />3 Based on review of household tenure data per U. S. Census and SRC, and review of building permit data. <br />3 Based on analysis of current competitive market area population, household & employment base, and <br />annual sales activityfor competitive market area vs. that for the 7-county region. <br />' Includes Twin Lakes market area capture of regional household turnover. <br />* Based on the projected demographic characteristics of the subject market area and the <br />region as a whole, and given the development concept as proposed (bath in terms of <br />product type and price), we expect that Twin Lakes will be particularly attractive to <br />the following household groups: <br />o First-time homebuyers will be attracted in particular to the loft-style condos <br />and gable townhomes due to the affordability of the units ($180,000 to <br />$200,000 avg. price), the product style and character of the development, and <br />its proximity to jobs and urban amenities. <br />o The entry-level units are likely to draw several renters �� the immediate <br />area and throughout the balance of the region. Single women, in particular are <br />attracted to condo-style housing due to the security of this kind of living <br />environment. <br />o Slightly more affluent young to middle age professionals, along with some <br />empty nesters, will be attracted to the new urban townhomes and row style <br />townhomes ($280,000 to $300,000 avg. price). Mixed-use, pedestrian <br />friendly neighborhoods have proven to be popular among these groups at <br />other metro locations (e.g. Arbor Lakes in Maple Grove and Excelsior and <br />Grand in St. Louis Park). These developments are attractive to buyers seeking <br />GVA Marquette Advisors Page 20 <br />