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DEMAND SUMARY AND HOUSING RECOMMENDATIONS <br />There are over 300 future single family lots planned/proposed based on Table FS -7. If all of <br />these lots were platted, the above recommended single family lots would be absorbed. The <br />industry recommends a three- to five-year lot supply. Based on the average lot absorbtion of <br />83 lots per year from the past three years (2015-2017), the City of Elk River currently falling <br />short of a three-year lot supply and would need to add nearly 90 lots to the market. A portion <br />of the planned future lots would be able to bring the commuity to the recommend supply. <br />MAXFIELD RESEARCH & CONSULTING, LLC 52 <br />TABLE CR -2 <br />RECOMMENDED HOUSING DEVELOPMENT <br />CITY OF ELK RIVER <br />2017 to 2025 <br />Purchase Price/ <br />No. of <br />Pct. <br />Development <br />Monthly Rent Range' <br />Units <br />of Total <br />Timing <br />Owner -Occupied Homes <br />Single Family Z <br />Entry-level <br />>$225,000 <br />65 - 70 <br />24% <br />2018+ <br />Move -up <br />$250,000 - $350,000 <br />155 - 165 <br />56% <br />2018+ <br />Executive <br />$350,000+ <br />55 - 60 <br />20% <br />2018+ <br />Total <br />275 - 295 <br />100% <br />Townhomes/Detached Townhomes/Twinhomes z <br />Entry-level <br />>$200,000 <br />30 - 35 <br />46% <br />2018+ <br />Move -up <br />$200,000+ <br />35 - 40 <br />54% <br />2018+ <br />Total <br />65 - 75 <br />100% <br />Total Owner -Occupied <br />340 - 370 <br />General Occupancy Rental Housing <br />Market Rate Rental Housing <br />Apartment -style <br />$1,000/11311 - $1,500/3BR <br />100 - 120 <br />67% <br />2018+ <br />Townhomes <br />$1,250/2BR - $1,600/3BR <br />50 - 60 <br />33% <br />2018+ <br />Total <br />150 - 180 <br />100% <br />Affordable Rental Housing <br />Apartment -style <br />Moderate Income <br />60 - 60 <br />67% <br />2018+ <br />Townhomes <br />Moderate Income <br />25 - 35 <br />33% <br />2018+ <br />Total <br />85 - 95 <br />100% <br />Total Renter -Occupied <br />235 - 275 <br />Senior Housing (i.e. Age Restricted) <br />Active Adult Affordable Rental <br />Moderate Income <br />35 - 40 <br />29% <br />2018+ <br />Active Adult Market Rate Renta 14 <br />$950/1BR - $1,200/2BR+ <br />50 - 60 <br />43% <br />2019+ <br />Independent Living (Congregate) <br />$1,750/11311 - $1,950/2BR <br />30 - 40 <br />27% <br />2020+ <br />Total <br />115 - 140 <br />100% <br />Total - All Units <br />690 - 785 <br />Pricing in 2015 dollars. Pricing can be adjusted to account for inflation. <br />Z Recommendations include the absorption of some <br />existing previously platted lots. <br />3 Affordablity subject to income guidelines per MHFA. <br />See Table HA -1 for Sherburne County Income limits. <br />° Alternative development concept is to combine active adult affordable and market rate active adult <br />into mixed -income senior <br />community <br />Note - Recommended development does not coincide <br />with total demand. Elk River may not be able to accommodate all recommended housing <br />types based on a variety of factors (i.e. development constraints, land availability, etc.) <br />Source: Maxfield Research & Consulting, LLC <br />There are over 300 future single family lots planned/proposed based on Table FS -7. If all of <br />these lots were platted, the above recommended single family lots would be absorbed. The <br />industry recommends a three- to five-year lot supply. Based on the average lot absorbtion of <br />83 lots per year from the past three years (2015-2017), the City of Elk River currently falling <br />short of a three-year lot supply and would need to add nearly 90 lots to the market. A portion <br />of the planned future lots would be able to bring the commuity to the recommend supply. <br />MAXFIELD RESEARCH & CONSULTING, LLC 52 <br />