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22014 -City of Elk River <br />Land Analysis <br />June 12, 2020 <br />Page 6 <br />DEVELOPMENT LAND SALES <br />In general, the sales selected for analysis are un-platted land, or land defined as outlots <br />reserved forfuture development. However, in some cases, previously platted land is included <br />that was replatted for a higher density use. As a group, the comparable sales are expected to <br />indicate a range of unit values established by informed buyers and sellers in the marketplace. <br />The average market value can then be utilized as a reasonable estimation of average fair <br />market values for land in Elk River, thereby meeting the guidelines of Minnesota statute. <br />Sales of land in Sherburne County and surrounding areas were researched using the eCRV <br />database, Northstar Multiple Listing Service and the REDIComps database. Information has <br />been sought on recent sales of parcels that are similar in terms of potential use consistent with <br />the residential zoning categories within the City of Elk River. The search for development <br />land sales focused on un-platted land and outlots in outer -ring suburban areas that closed <br />after February 2016. <br />It is noted that the regional market has a limited number of recent sales of medium -density <br />residential land for analysis. Townhome developments have experienced limited demand <br />since the 2008 housing recession. While townhome units are gradually being absorbed by <br />the market, developers have so far been hesitant to produce more of this property type. <br />The unit of comparison used for each of these property types is price per acre. The sales used <br />in this analysis are presented on location maps, followed by summary grids, and statistical <br />analysis. <br />PATCHER MESSNER <br />Valuation Counselors <br />