2. HRSR 02-01-2016 - Laserfiche WebLink

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RECOMMENDATIONS AND CONCLUSIONS considering smaller lots that will increase density while bringing down new subdivision infrastructure costs. For-Sale Multifamily Housing A growing number of households desire alternative housing types such as townhouses, detached townhomes, and twinhomes. Typically, the target market for for-sale multifamily housing is empty-nesters and retirees seeking to downsize from their single-family homes. In addition, professionals, particularly singles and couples without children, also will seek townhomes if they prefer not to have the maintenance responsibilities of a single-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 about 20%of all resales in Elk River; however the median sales price has been about 33% lower than single-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 housing types, demand was 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, given the aging of the population 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 or villas, 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 generation, which is increasing the numbers of older adults and seniors who desire low-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 with the garage being the prominent feature of the home; however, today's 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 design helps reduce the prominence of the garage domination with two separate entrances. Housing products MAXFIELD RESEARCH&CONSULTING,LLC 102