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MARKET CONDITIONS OVERVIEW <br /> Market Listings <br /> Location SF List Date List Price $/SF <br /> Hwy 10 & 171st, <br /> Elk River <br /> 43,560 May-15 $259,000 $5.95 <br /> Elk <br /> Comments: Commercial lot with frontage along US Highway 10. Access to city sewer and <br /> water. <br /> \000(Business Center Dr, <br /> 264,845 Current $397,777 $1.50 <br /> Elk River <br /> Comments: Nearby lot--larger site. City sewer and water available. Zoned commercial. <br /> Fronts on US Highway 10. <br /> )0=Main Avenue NE, <br /> Albertville 21,780 Current $80,000 $3.67 <br /> Comments: Small commercial lot with access to city sewer and water. <br /> Development Land Market <br /> Development Land Sales: $0.50 to $5.00 plus per SF <br /> Commercial Building Sales: $50 to $125 plus per SF <br /> Market Balance <br /> Market Area: 7-County Metro, Wright & Sherburne Counties <br /> Scope: Commercial Lots (0 to 2 acres) <br /> Supply: 80 Listings (MLS) <br /> Demand: 19 2014 Sales (MLS) <br /> Market Balance: 4.2 Year Supply Over Supply <br /> Market Participant Comments&Observations <br /> In general, raw(development)land value spiked up significantly between 2000 and 2007. However, in 2007 to <br /> 2010, the market was correcting for atypical increases. Development costs remained somewhat stable as costs <br /> for raw materials for construction were increasing and labor costs were declining. <br /> Demand for land in closer-in communities (Plymouth, Maple Grove, Chanhassen, Woodbury, Blaine, Lakeville, <br /> etc.)is average to good. Demand continues to be soft in more outlying locations closer to the development fringe <br /> (Albertville, Otsego, Lino Lakes, Elko/New Market, Ramsey, etc.). Due to the availability of land in secondary <br /> locations, demand is much slower to recover. Demand continues to be highly variable depending upon use and <br /> location. <br /> Demand for office land is generally fair in the subject location and across the TCMA. Demand for retail and <br /> industrial land has shown improvement in recent months, and is considered average. <br /> Overall Market Condition: Somewhat Stable <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 23 <br />