7.3 HRSR 01-04-2016 - Laserfiche WebLink

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RECOMMENDATIONS AND CONCLUSIONS considering smaller lots that will increase density while bringi infrastructure costs. For-Sale Multifamily Housing A growing number of households desire alternative housing types detached townhomes, and twinhomes. Typically, the target market-sale multifamily housing is empty-nesters and retirees seeking to downsize from their single-family homes. In addition, professionals, particularly singles and couples withou townhomes if they prefer not to have the maintenance responsibil-family home. In some housing markets, younger households also find purchasing multifamily units to be generally more affordable than purchasing new single-family homes. Over the past fifteen years, multifamily resales have averaged a River; however the median sales price has been about 33% lower t-family housing. Currently, the West Oaks subdivision is marketing a variety of twinhomes and detached townhomes in Elk River. Based on the changing demographics and the need for alternative calculated for 186 new multifamily for-sale units in Elk River through 2025. Since 2007, there have been only three new townhome/twinhome units constructed in Elk River as this sector experienced severe downturn during the recession. However, give and the high growth rate in the 55+ population (especially 65-74 age cohorts), Elk River would benefit from a more diversified housing stock. These attached units could be developed as twin homes, detached townhomes/row homes, or any combination. Because the main target market is empty-nesters and young seniors, the majority of townhomes should be one-level, or at least have a master suite on the main level if a unit is two-stories. The following provides greater detail into townhome and twinhome style housing. Twinhomes By definition, a twin home is basically two units with a shared wall with each owner owning half of the lot the home is on. Some one-level living units are designed in three-, four-, or even six-unit buildings in a variety of configurations. The swell of support for twinhome and one-level living units is generated by the aging baby boomer generat which is increasing the numbers of older adults and seniors who -maintenance housing alternatives to their single-family homes but are not ready to move to service- enhanced rental housing (i.e. downsizing or right sizing). Traditionally most twin home developments have been designed wit prominent feature of the home; however, todays newer twin homes have much more architectural detail. Many higher-end twin home developments feature designs where one garage faces the street and the other to the side yard. This de prominence of the garage domination with two separate entrances. Housing products 102 MAXFIELD RESEARCH & CONSULTING, LLC