11-25-2002 Council Packet - Laserfiche WebLink

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o I Mr. John Hassler DaMstrom Development, LLC August 20,2002 Page 3 command qp upper*bracket product In order to achieve a more rapid absorption rate and maintain a maricet position in keq>ing with the other components of the project the condominium product proposed for the Orono development ..111 be priced much lower than the average shown above. We provide additional information regarding condominium properties that are currently marketing in the western suburbs that are positioned similarly to those proposed for the Orono development We note that the pricing for the proposed Orono development townhome components falls easily within the average price point that is currently for-sale in the area. The following condominium developments are currently being mariceted and are under construction in the western suburbs: Villas at Bassett Creek in Golden Valley - 55 units; one- to -three-bedroom units with pricing as follows: 1BR» $149,900-$274,900 2BR = $192,900 - $277,900 3BR $280,000 The property began marketing only three months ago and already half of the units are sold. Residents include a mix of empty-nesters, young seniors and mid-age professionals. Grandview Square in Edina - 68 units-Phase I; two- and three-bedroom units with pricing as follows: 2BR» $253,600-$353,900 2BR+D » $385,900 - $422,700 3BR “ $433,900 - $559,500 Units are imder construction. Initial marketing of this property resulted in a hi^er demand for larger size units. Some of the original units were combing to create units with more square footage. The average square footage for units at Grandview is 1,569 square feet. The property began marketing in June 2001 and to date, 60% of the units have been sold. The majority of the buyers have been empty-nesters and seniors. Fern Hill Place in St. Lx>uis Park offers 30 two-bedroom units with pricing as follows: 2BR - $259,000 - $384,500 615 l"AvoiueNE «400 Minneapolu. MN 55413 (612)338-0012 (612)904-7979 FAX