2. CCSR-HRSR 09-04-2012 SPEC JOINT

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FOR-SALE MARKET ANALYSIS Lot Absorption by Subdivision Table FS-8 depicts lot absorption by subdivision based on building permit activity. The data was obtained from the City of Elk River Building Department for all new single-family construction between 2008 and June 2012. It should be noted the average values do not include land. Key findings follow. • The number of permits decreased annually between 2008 and 2011, however, through the first half of 2012, new construction activity has increased 60% (10 permits in 2011 compared to 16 permits in 2012). • The River Park, Twin Lakes 2nd Addition, and Windsor Meadow subdivisions accounted for 38% of all new construction activity over the past four years. • Among the 25 subdivisions that had building activity over the past four plus years, 40% of the subdivisions only had one home constructed. TABLE FS-8 BUILDING PERMIT ACTIVITY BY SUBDIVISION CITY OF ELK RIVER 2008 to June 2012 Building Permits by Year' Summary Subdivison 2008 2009 2010 2011 20122 Permits Avg.Value' A&R Addition 1 0 0 0 1 2 5159,645 Belmont Estates 2 1 1 1 0 5 $148,778 Best Point on Lake Orno 2 0 0 0 0 2 $153,678 Froehlich's Happy Corner 1 0 0 0 0 1 $294,625 Greenhead Acres 0 1 0 0 0 1 $140,703 Hillside Estates Tenth Addition 1 2 0 0 3 6 $208,593 Kingdom Estates Second Addition 2 0 1 0 0 3 $209,760 Kliever Lake Fields 1 0 0 1 0 2 $169,744 Kliever Lake Fields Second Addition 3 2 1 0 0 6 $175,928 Meadows of Elk River 0 1 0 0 0 1 $155,031 Mississippi Oaks Third Addition 0 1 0 0 0 1 $226,663 Nordic Hills 0 3 2 0 0 5 $172,135 Park Pointe 0 0 1 0 0 1 $236,475 Preserve Estates 0 1 0 0 0 1 $86,873 Prestigious Woodland Hills 0 1 0 0 0 1 $86,873 River Park 4 2 0 1 4 11 $148,439 The Woods at Hillside Third Addition 0 0 0 0 2 2 $190,723 Trott Brook Farms Seventh Addition 1 0 0 0 0 1 $198,348 Trott Brook Farms South 1 0 0 0 0 1 $206,455 Trott Brooks Farm Twelfth Addition 2 1 0 0 1 4 $271,575 Twin Lakes Estates 1 0 0 1 0 2 $178,967 Twin Lakes Estates Second Addition 1 0 3 5 3 12 $141,984 West Oaks Second Addition 0 3 0 0 1 4 $214,307 Windsor Meadows 1 1 6 1 1 10 $237,902 Windsor Park 1 0 0 0 0 1 _ $118,114 Total 25 20 15 10 16 86 $182,045 'Note: All developed lots where a building permit was pulled for new construction 2 Through June 2012 3 Average value per building permit record between 2008 and 2012 Sources: City of Elk River Building Department,Maxfield Research Inc. MAXFIELD RESEARCH INC. 70