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RECOMMENDATIONS AND CONCLUSIONS buyers; we also recommend additional "choice lots" that cater to executive buyers and have the topography for walk -out lots and more vegetation on the property. We also recommend 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 town home /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 MAXFIELD RESEARCH & CONSULTING, LLC 101