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FOR-SALE MARKET ANALYSIS <br /> Actively Marketing Subdivisions <br /> Maxfield Research Inc. interviewed developers/builders of single-family subdivisions and for- <br /> sale multi-family developments that are either currently being marketed or are planned to <br /> come online in Elk River. Table FS-9 inventories those developments that are actively <br /> marketing as of June/July 2012. Key points from the table follow. <br /> • There are 14 subdivisions actively marketing lots at this time. Combined, there are about <br /> 150 lots available. <br /> • Although there are a variety of lot sizes available, most lots range from about one-third to <br /> one-half an acre. The majority of homes marketed today are constructed on walk-out lots, <br /> typically a premium lot in the subdivision. <br /> • Lot prices range from approximately $18,000 to $80,000. However, the average lot cost is <br /> about $40,000. According to Realtor interviews, lot demand is strongest when priced under <br /> $25,000/lot. There are very few lots priced under this price point in Elk River at this time. <br /> Many builders purchased land during the peak and are trying to recoup some of the <br /> depreciated land costs. <br /> • New home construction pricing has come down considerably since the peak of the real <br /> estate boom. In part, pricing has decreased due to the excess supply of land and builders' <br /> ability to pass land savings along to the consumer. New construction ranges from about <br /> $155,000 to $335,000. A number of subdivisions are marketing product under $200,000. <br /> • Split levels are the housing type that caters to first-time home buyers as they are priced <br /> from about $155,000 to $200,000. Most two-story designs target move-up buyers and are <br /> priced from about $250,000 or more. <br /> • The price per square foot (including land) varies considerably based on design, amenities, <br /> square footage, type of lot, etc. New construction is priced from approximately $80 to $170 <br /> per square foot; averaging $127 among all single-family types. <br /> • Every single-family home marketing has a three stall garage. Actively marketing detached <br /> townhomes are the only products with a two-car garage. <br /> Pending For-Sale Developments <br /> According to the City of Elk River, there are no pending for-sale housing developments in the <br /> planning process at this time. <br /> MAXFIELD RESEARCH INC. 71 <br />