11-25-2002 Council Packet - Laserfiche WebLink

Home Browse Search

Nfr. John Hassler Dahlstrom Development. LLC ; ■ August 20,2002. Page 2 56 ^bl^sti^e tou^mes. one-Ievd living with a full walkout lower level. For empty- small amount of expansion/storage space on a lower level. M apartment-style wndo^um units in an elevator building with underground parking. For ttosc so^ents of the market Aat prefer a <»mpletely “tum-key” lifestyle, this product has ”*?”j*** increase ag^ m popularity. Market segments that prefer this type of living are those who d^in mcre^ security, those who travel frequently either for business or plMsure and mdmdi^s who may leave the area for extended periods of time. Buildings of this ^ are currentty under rans^ction in Downtown Minneapolis, in Edina and in Golden VaUey. have expenmeed rapid absorption and are currently appealing primarily to empty-nesters and ^ attracting young and mid-age professionals as a portion of their Multi/amUy Home Values and Condominium Developments ^e market for for-sale housing in the Twin Cities continues to be very strong. Supply has not and as a result, home values have appreciated dramatically over the past We reviewed the average value of multifamily residences currently available for sale in the Lake Mirmetonka area by product type. The values were as follows: Rambler Townhomes « $509,430 Two-Story Townhomes *= $320,410 Condominium (3-story) = $809,400 ^ analysis revved that there are multiple townhome developments that have units listed for sale at var^g pnee pomts for both the rambler and two-story product types. At this time development currently marketing luxury units which i^^Ited in a very lugh arage pnee point. This development is offering upper^cket units a b^-arnemty location. We ^te that the Orono development is proposing to offer a more moderately paced product There are locations in the Lake Minnetonka area that can certainly 61S 1" Avenue NE (MOO Minneapolis. MN 5S4I3 (612)338-0012 (612)904-7979 FAX tI