HRSR INFORMATION 03-06-2006 - Laserfiche WebLink

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Page 3 Lot Inventory In May 2003, there were 1,267 single family lots available, 465 (36.7%) were townhouse/twin homes and 802 (63.3%) were single family detached. Most of the lots, 979 lots (77%), were located in the urban service area, while 2881ots (23%) were located in the agricultural or rural residential areas. As of July 7, 2004, there were 1085 single family lots available, a decrease of 1821ots (14%). Of those lots, 278 (25.6%) were townhouse/twinhomes and 807 (74.4%) were single family detached. Most of the lots, 927 (85%), are located in the urban service area and 158 lots (15%) were located in the rural of agricultural areas. As of January 2006, there were 919 single family lots available, a decrease of 166 lots (16%) since July 2004. Of those lots, 374 (41%) are townhouse/twinhomes and 545 (59%) are single family detached. As before, most of the lots, 810 (88%), are located in the urban service area and 109 (12%) are located in the rural or agricultural areas. • The number of lots available outside the Urban Service Area has steadily decreased from 23% (2881ots) in 2003 to 15% (1581ots) in 2004 and 13% (109 lots) in 2005. Most of these lots 73% (801ots) are located in cluster developments which have lots that are usually less than 1 acre in size. • In the summer of 2005, the Jackson Place and Bluff Block were approved. The development includes 60 condominiums and 32 apartments. These are the first condominiums/apartments approved by the city since 1995. Construction of these should begin summer 2006. Developers have also shown an interest in constructing apartments as part of the redevelopment of the area at the southeast corner of 175`h and Twin Lakes Road and the apartment component of Elk River Station. • Heritage Maples (55+ townhouse development) has been granted preliminary plat approval for 521ots. • There is one residential development that is currently being considered for preliminary plat approval: Liberty Heights Estates of Elk River - 450 single family lots. Valuation Currently, based on Sherburne County's data, the mean assessed value of a single family home is about $160,000. This value includes all single family homes, not just new construction, and does not include the value of the land. The average value of building permits issued in 2005 is as follows: Bldg Permit Value • Single Family $196,203 • Townhouse $126,001 • Twinhome $146,124 S:\PLr1NNING\Scott\Housing\Housing update O6.doc