10-21-2002 Planning Packet - Laserfiche WebLink

Home Browse Search

Mr. John Hassler Dahlstrom Development, LLC August 20,2002 _______Page 3 comman(l^ upper-bracket product. In order to achieve a more rapid absorption rate and maintain a market position in keeping with the other components of the project, the condominium product proposed for the Orono development will be pric^ 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 marketed and are under construction in tlic western suburbs: Villas at Bassett Creek in Golden Valley - 55 units; one- to -thrcc-bcdroom units \vith 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 1; 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 Ur:.ts arc tinder construction. Initial marketing of this property resulted in a higher demand for larger size units. Some of the original units were combined to create units with more square footage. The average square footage for units at Gr.'ndview is 1,569 square feeL 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 3t. Louis Park offers 30 two-bedroom units with pricing as follows: 2BR-$259,000-$384,500 615 1 “ Avenue NE #400 Minneapolii, NIN 55413 (612)333-0012 (612)904-7979 FAX