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-- INFORMATION
<br /> WASH. COUNTY DAKOTA COUNTY Twin Cities town home sales ANOKA COUNTY RAMSEY COUNTY
<br /> ;•y t2� .y1 y ', Sales
<br /> un have climbed 2000 00 to 20 4.A in some aJ� .„ r
<br /> 1443 /J J Ii !!!�J counties have from 2000 to 2004.A glance: J dB
<br /> increase in increase in increase in increase in
<br /> town.hrime sales town home sales Cr town home sales town home sales
<br /> 4:942 units sold 2004: 2,110 units sold `dui §,v WWI,r twin RI 2004:992 units sold 2004:635 units sold
<br /> 2000: 515 units 2000: 1,236 units 3s,Ji j'; " 'Us C31S i, I ,,2000: 586 units '2000: 529 units
<br /> ON PAGE 14A A GRAPHIC ON TOWN HOME SALES IN WASHINGTON, DAKOTA, ANOKA AND RAMSEY COUNTIES
<br /> Town homes go through roof
<br /> Twin Cities demand is booming housing is contributing to a boom in town home Washington counties,according to an analysis of
<br /> f01' a��OPda��e compact housing construction and sales in the Twin Cities area. January-October data from the St. Paul Area
<br /> t g Town homes are hot among retirees, baby Association of Realtors. Dakota County is show-
<br /> boomers wanting to downsize and first-time buy- ing the most activity in the east metro in terms of
<br /> BY OITA SI'1•ARAMIAII ers trying to fmd affordable housing.In fact,town volume,with more than 2,100 units sold through
<br /> Pioneer Press homes now make up almost half of all new homes October this year—a 71 percent jump since 2000.
<br /> being built in the area. . Town homes made up 49.1 percent of all
<br /> Retired schoolteacher Sue Swanson and 29- Consider: housing starts in the seven-county 'twin Cities
<br /> year-old salesman George Schiltz may be from .Sales of town homes jumped 63 percent from
<br /> different generations, but their preference in 2000 to this year in Anoka, Dakota, Ramsey and TOWN HOMES,14A
<br /> 14A M THURSDAY, DECEMBER 16, 2004 ST. PAUL PIONEER PRESS WWW.TWINCITIES.COM
<br /> CONTINUED FROM PAGE lA
<br /> Town er."But the transition we're see-
<br /> ing,d <" a�`a", , ing is from a seller's market into
<br /> cs.r1r" Ty ` r, w 4'� ' a balanced market"
<br /> p
<br /> hOml�s l +t 7tt JO I' a,y AT , q.4i +''',e;', Town homes are holding
<br /> 2+d$"t�M`t t+tt u' x tell, ,"4a ?x k rtI,. ', t" �, els cost uch because n new sin-
<br /> (continued) .1 a , , {� «f s r y t i, i ,•' gle-family homes in the same
<br /> ':01 r ' ' s h'Ir r a Ib Y :.. jl .r areas.
<br /> metro area in 2003,according to ,g.'' s?, r,2 :�&fdt dtn.BSitt" t t't` '' h `t''= George Schiltz purchased a
<br /> Residential Research Services January-October town home sales town tome in Woodbury a few
<br /> Co., a Coon Rapids company years ago after trying to fmd a
<br /> that studies and sells reports County 2004 2000 0.4 Change starter home.
<br /> about real estate. That trend Anoka - "I started looking at a lot of
<br /> continues this year,according to Median sales price 174,000 121,985 43% the houses available in my price
<br /> building permits. Total units sold 992 586 69% range, but I couldn't fmd some-
<br /> .The median selling price of Average days on market 40.8 30.6 33% thing that met my quality stan-
<br /> $179,500 for town homes in the (lard," he said. "With a town
<br /> tour-county area this year is up Dakota house you could buy a brand-
<br /> 40 percent from 2000. Median sales price 176,000 127,900 38% new one and have that quality
<br /> This is no fad, real estate Total units sold 2,110 1,236 71% At the same time,you have com-
<br /> observers say. Average days on market 40.5 29.9 35% plete freedom.You don't have to
<br /> "I think town houses are do the yardwork."
<br /> here to stay,"said Betty Hardie, Ramsey As the price of single-family
<br /> president of Residential Median sales price 191,500 138,000 39% homes has skyrocketed,
<br /> Research Services. "They're Total units sold 635 529 20% builders have turned to town
<br /> going to be a significant part of Average days on market 37 33,9 9% homes for high-density con-
<br /> the housing mix for a long time, struction that they can sell in
<br /> partly because the baby Washington high volume. Builders also like
<br /> boomers are in that state of life Median sales price 176,500 125,900 40% town homes because they can
<br /> where they want to get rid of Total units sold 942 515 83% he put near freeways and com-
<br /> big yard and big houses and Average days on market 41.7 33.5 24% mercial zones or on land not
<br /> _t that stuff." suitable for single-family lots
<br /> Source. Housing Paul statistics Area Association arei base of Realtors figures and the Regional Muting Listing
<br /> The other key demographic Service.Housing statis6cz are based on sold flgwes for new and existing town requiring yards. Developers
<br /> is the first-time buyer,who may homes and do not include condominiums,co-ops or twin homes.Figures reported then can charge less for town
<br /> not be able to afford the typical are subject to change. PIONEER PRESS homes because the high price of
<br /> single-family starter home. land is spread out over more
<br /> "Town homes are really the in the town home market is that 30 to 34 days in 2000. But units.
<br /> new affordable housing," said it's taking slightly longer to sell observers blame that on the fact National Association of
<br /> John Lockner, president of the them,according to the Realtors' that the housing market is slow- Home Builders economist Gopal
<br /> board of the St.Paul Area Asso- data. The average number of ing across the hoard. Ahluwalia said that town homes
<br /> ejation of Realtors. days on market has risen to 37 "They're slowing with the make up a small share-15 per-
<br /> About the only thing slowing to 42 this year, compared with rest of the market," said Lockn- cent— of the overall U.S. con-
<br /> struction market but that
<br /> they're much more prevalent in
<br /> metro areas where land costs
<br /> are high, a trend builders point
<br /> to here.
<br /> "The driving thing is the cost
<br /> of land,"he said.
<br /> So far, real estate observers
<br /> think town homes will continue
<br /> to appreciate the same way sin-
<br /> gle-family homes would.
<br /> TOWN HOMES,15A
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