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TWIN LAI�ES, Roseville, Minnesota <br />Market Assessment 8�. Demand Analvsis Senior Condo Market Assessment <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 />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 Propertiesproject called the Villas a�7r 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 />o Applewood Pointe is a recent (2004) cooperative development in Roseville. This <br />94-unit proj ect 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 />. Residence values at Applewood Pointe range from $119,570 to $236,700. Buyers <br />made an initial share payment (down payment) equaling 1 S%, 33°/a, 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 />Unit Values <br />$119,570-$236,700 <br />Initial Share Price <br />15% - $17,935-$35,505 <br />�, 3¢�� - �39,� �8 -���s_ L L L <br />fi0°.•n � '.�'7l, � ��.-$1 �.�.,�1�� <br />954� - � 11 �,�91-��2�,8�� <br />Monthlv Fees <br />15%- $935-$1,851 <br />33%- $793-$1,570 <br />60%- $584-$1,156 <br />95% - $314-$621 <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 />GVA Marquette Advisors Page 28 <br />