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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 <br />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