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<br />Housing Update <br />January, 2006 <br /> <br />Page 3 <br /> <br />Lot Inventory <br /> <br />In May 2003, there were 1,267 single family lots available, 465 (36.7%) were townhouse/twin <br />homes and 802 (63.3%) were single family detached. Most of the lots, 979 lots (77%), were <br />located in the urban service area, while 288 lots (23%) were located in the agricultural or <br />rural residential areas. <br /> <br />As of July 7, 2004, there were 1085 single family lots available, a decrease of 182 lots (14%). <br />Of those lots, 278 (25.6%) were townhouse/twinhomes and 807 (74.4%) were single family <br />detached. Most of the lots, 927 (85%), are located in the urban service area and 158 lots <br />(15%) were located in the rural of agricultural areas. <br /> <br />As of January 2006, there were 919 single family lots available, a decrease of 166 lots (16%) <br />since July 2004. Of those lots, 374 (41 %) are townhouse/twinhomes and 545 (59%) are <br />single family detached. As before, most of the lots, 810 (88%), are located in the urban <br />service area and 109 (12%) are located in the rural or agricultural areas. <br /> <br />. The number of lots available outside the Urban Service Area has steadily decreased <br />from 23% (288 lots) in 2003 to 15% (158 lots) in 2004 and 13% (109 lots) in 2005. <br />Most of these lots 73% (80 lots) are located in cluster developments which have lots <br />that are usually less than 1 acre in size. <br />. In the summer of 2005, the Jackson Place and Bluff Block were approved. The <br />development includes 60 condominiums and 32 apartments. These are the fIrst <br />condominiums/apartments approved by the city since 1995. Construction of these <br />should begin summer 2006. Developers have also shown an interest in constructing <br />apartments as part of the redevelopment of the area at the southeast corner of 175th <br />and Twin Lakes Road and the apartment component of Elk River Station. <br />. Heritage Maples (55+ townhouse development) has been granted preliminary plat <br />approval for 52 lots. <br />. There is one residential development that is currently being considered for <br />preliminary plat approval: Liberty Heights Estates of Elk River - 450 single family <br />lots. <br /> <br />Valuation <br /> <br />Currently, based on Sherburne County's data, the mean assessed value of a single family <br />home is about $160,000. This value includes all single family homes, not just new <br />construction, and does not include the value of the land. <br /> <br />The average value of building permits issued in 2005 is as follows: <br /> <br />. Single Family <br /> <br />. Townhouse <br /> <br />. Twinhome <br /> <br />Bldg Permit Value <br />$196,203 <br />$126,001 <br />$146,124 <br /> <br />S: \pLANNING\Scott\Housing\Housing update 06.doc <br />