2001-03-12 Lot Pricing Report
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...
LOT PRICING REPORT
TOWNE LAKES
Albertville, Minnesota
March 12, 2001
Prepared for:
CONTRACTOR PROPERTY DEVELOPERS CO.
Prepared by:
CONHAIM ASSOCIATES, INC.
2566 West Lake of Isles Blvd.
Minneapolis, MN 55405
(612) 374-9454
...
General overview: market area
1
1. The regional market area along the 1-94 corridor is receiving incr asing numbers of
move-up homebuyers due to the fact that many prospective buyers an no longer
afford Maple Grove where new homes are typically are priced in the low 300s and up.
· Locationally the area relies on the 1-94 freeway, which provi es easy access to
the metro area as well as to northern Minnesota's recreatio al areas. Also,
Highway 19 provides a "short-cut." soon to-be-upgraded ro te to Plymouth.
· The huge northwestern Minneapolis area employment bas and its prospects
for continued growth - from Brooklyn Park to Rogers - means increasing and
sustained housing demand here. The fact is that the St. CI ud and Metro
Twin Cities are beginning to merge along the 1-94 corridor.
* Large Twin Cities developers and builders have I ready staked out
major positions here, resulting in a steady incre se in residential
building permits over the past five years.
* St. Michael-Albertville area's relatively close-in I cation and
freeway connections give it a competitive advant ge over other
exurban cities in Wright County area such as Bu falo, Monticello
and Delano and to cities in Sherburne County fr m Elk River to Big
Lake.
· The Rogers-St. Michael-Albertville area is experiencing con iderable growth
in retail and retail services as rooftops increase along the 1- 4 corridor west of
Maple Grove. The most recent indicator is the recent announcement of a
possible 500,000 square foot shopping center to be started his year in
Rogers.
* Nearby cities such as Buffalo and Monticello off r other services
such as hospitals and clinics.
2. Albertville's reputation and image (similar to Rogers in this respec) as a freeway
"truck stop" is improving, partly as a result of new developments, including:
· Cedar Creek Golf Course and (almost completed) residenti I community with
many homes sold into the mid 200s. The 18-hole course 0 ened for play in
1999. It offers group and individual lessons and has a resta rant operated by
Russell's of St. Michael.
· Outlets at Albertville, located in Albertville at 1-94 and Highw y 19, the largest
retail development in the northwestern exurban area to date Opened in May
2000, this 250,000 square foot mall has 52 name brand outl t stores with a
second 110,000 square foot second phase under constructi n.
CONHAIM ASSOCIATES, INC.
2
3. The St. Michael-Albertville School District is a small (but growing) progressive
district. It has a new high school, which opened in 1995. It has 800 students and is
likely to increase to 1,050 students by 2005.
· The STMA district received approval in December 1997 for a $25.4 million
bond referendum, which provides funding as follows:
· $23.4 million for a middle school opened in 1999, which also has an indoor
swimming pool available for community use. This school is located on a 72-
acre site in the southeast quadrant of 50th Street and Naber Avenue,
approximately one mile east of the high school.
· $2 million was used for additional classrooms at the high school.
· The STMA School District is struggling with growth issues since it is the focal
point for so much land development in the two cities. The need for additions
to all four of the existing schools and one new elementary school is facing the
district as it looks ahead over the next five years.
· Portable classrooms and higher class sizes may be necessary if the district
can not raise the capital funds needed to provide the new schools on a timely
basis. (However, the district has been successful in past requests for new
schools. )
Opprtunity analysis: Towne Lakes
1. TND concept. Towne Lakes will employ a modified TND (traditional neighborhood
development) concept for its land plan and house-lot relationships. This type of
subdivision appears to be on the upsurge across the USA, in various formats - some
high density; some low density and most with a mixed residential-commercial
components. Coincidental with this trendiness in residential development is the "Not
So Big House" movement, which takes its cue from Sarah Susanka's 1998 book of the
same name. The idea of a smaller but better designed house goes hand-in-hand with
a similiar trade-off of smaller lots in exchange for more parks (including "greens")
found in the typical TND development.
· CPDC pioneered the first TND in Minnesota at Liberty on the Lake. It is a
success based on its progress to date. The tremendous publicity this
project has generated is extremely beneficial in terms of educating the
public and in creating an accepting attitude towards the TND benefits
profile.
* Liberty has been recognized nationally. It received NAHB's
BUILDER Magazine's Grand Award for its 20th Annual Builder's
Choice" Design & Planning Awards in 2000.
CONHAIM ASSOCIATES, INC.
3
1< Sarah Susanka's concepts (including her now two books) are part
of the ambitious on-site merchandising program at Liberty. The
fact that she is a Minnesota architect, makes her ideas especially
appealing to the more sophisticated local buyers. Sarah received
PROFESSIONAL BUILDER Magazine's Achievement Award in
2001 and she is the subject of a feature article in the February,
2001 edition of PB.
· Towne Lakes. as CPDC's next TND is likely to receive widespread media
coverage and comment especially since some of its planned elements go
beyond Liberty in terms of site amenities.
1< The likely future coverage of and publicity for Towne Lakes will
assist the developer and the project builders in creating consumer
awareness and favorable disposition towards buying here.
2. Locational considerations. Towne Lakes offers major locational benefits to
homebuyers looking for a place to live in the northwestern suburbs:
· Location close to the 1-94 freeway means time saved accessing the Twin Cities
freeway system - the time saved makes the further out location of Albertville,
compared with Rogers and Maple Grove, seem less of a problem.
· Location. The location has just become better with the announcement of a
huge new shopping center to be located next to the freeway in Rogers, three
miles away.
3. Market positioning and theming. Towne Lakes, as proposed, offers buyers choices
and impressive amenities not available anywhere else in the regional market. It
should attract a "hardcore buyer" who will not consider "competitive" developments
because of the strength of its highly amenitized community concept. This strategy is
particularly important for more remote locations (not that Albertville is that distant any
more).
· Some of the country's most successful large developers, such as San Diego-
based Newland Communities employ extensive and very detailed site
planning, including extensive project amenities as their competitive
advantage.
* The combined offering makes the site and proposed residential
community less price sensitive.
1< The uniqueness of the proposed Towne Lakes offering expands
the "referral" process - the informal ways in which the community
becomes communicated about, in the company cafeteria, office
CONHAIM ASSOCIATES. INC.
4
water cooler, etc.
· These benefits will become immediately apparent to prospective buyers as
they enter the site for the first time due to the "wow factor" of the planned entry
statement and approach into the community with lakes on both sides and
ponds in the center of the divided roadway.
* Compare Towne Lakes' planned entry to other local developments,
such as Fall Creek, Lincoln Ponds, Highwoods, Royal Meadows,
etc. in St. Michael. Even the Cedar Creek Golf Course community
in Albertville has only a minimal entry statement and therefor no
clear identity). Only Hans Hagen in the regional market employs
impressive entry statements to his projects.
· Other developer sponsored or provided site amenities, as reflected in our
pricing analysis are listed below. These amenities are designed to encourage
and enhance a feeling of neighborliness and family-centered activity for the
community.
* central (active) parks in two locations - with playfields, totlot,
gazebo, etc. These facilities will provide gathering places for
holiday celebrations and special events such as a blue-grass
concert, etc.
* passive 'parks and nature preserves for four season enjoyment.
* lakeside parks in two locations for summer water-related activities.
* interconnecting trail system through the parks and open space, in
addition to the sidewalks along the streets.
* neighborhood "greens" for enhanced neighbor to neighbor
interactions, impromptu picnics, etc.
* possible public boat docks and other possible community facilities.
4. Surrounding uses. Generally the surrounding uses support the marketability of the
development - especially the unusual peninsula character of the site with respect to
School and Mud Lakes.
· The lakes next to the site create value even though the lots that are next to
them are not "Iakeshore" lots in the true sense because they are not on water,
as such. While these lakes are shallow and not considered "recreational" for
fishing and serious boating, they provide attractive water and open space
views for all residents in general and lake lot homeowners in particular.
CONHAIM ASSOCIATES. INC.
5
· There are potentially negative surrounding use considerations, which have
also been reflected in our lot pricing guidelines, including:
* proximity to the freeway - which appears to be of minimal
consequence but with the noise "hum" associated with such
roadways.
* power line through the site.
* proximity to the municipal wastewater treatment plant location,
which lies across from the southeastern portion of the site.
Lot pricing analysis and guidelines.
1. We were asked to provide our pricing guidelines for the "amenity" lots, i.e. those lots,
constituting most of the site, which have an amenity associated with them such as lake
or water views, adjacent parks and nature preserves, etc. The gUidelines are provided
in the analysis which follows this narrative.
2. We were asked for our opinions on the added value which the TND concept and
associated extra amenities (not including the neighborhood public park and the entry
approach) provide for the lots. In our opinion, the added value is approximately 12-
13% over the lot prices in a development on this site that does not have the TND
amenities, such as the sidewalks (on both sides of the streets), "extra" parks,
neighborhood greens and additional landscaping in the form of trees and plantings.
CONHAIM ASSOCIATES, INC.
TOWNE LAKES
.............................................................................. ...................................... ......................................,....................................................................................
ALBERTVILLE, MINN.
PROPOSED PRICING OF THE HIGH AMENITY LOTS. .
....................................... ...................................... ..................................................................................................................................................................
2-15-01
LOT NUMBER PRICE WIO PRICE WITH COMMENTS
QUALITY OF LOTS TND TND
....................................... ..................................... ....................................... ......................................i....................................................................................
A++ 4 $69.000 $75.000 ! The following factors were
A+ 18 $65.000 $70.000 ! considered in the pricing for
A 24 $60.000 $65.000 1 both TND and without TND:
A- 16 $55,000 $62.000 1. nature preserve (woods) in back.
...................................... ...................................... ...................................... ...........................................................................................................................
B+ 15 $50,000 $58.000 1. waterl1ake views.
B 13 ......._!~~~Q.QP........... .._...._~~~:QQQ..--.....,.~.).~!.~.~~:................................................................
...................................... .....................................
B- 4 $42,000 $51.000 ! . sun orientation.
C+ 3 $40.000 $48.000 ! . park or open space in back of lot.
C 8 $38.000 $45.000 1. park or open space next to lot.
C- 2 $34.000 $42,000 ! · lot location on site & site plan, i.e.
...................................... ...................................... ...................................... ! next to or overlooking a green.
...........................................................................................................................
! . proximity to freeway.
T otallA verage 107 $54.000 $60.700 ! . proximity &Jor views of power line.
...................................... ..................................... ...................................... ......................................:....................................................................................
...................................... ...................................... ...................................... ...........................................................................................................................
...................................... ..................................... ...................................... ...........................................................................................................................
...................................... ...................................... ...................................... ...........................-.........t....................................................................................
NOTES:
...................................... ..................................... ...................................... ............................................................................................................................
1. We have assume that there would be no negative environmental effects from the wastewater
plant located to the southeast of the site. These effects could potentially be odors & noise. depending
on wind direction, etc. and cold effect lots on extreme southern portion of the site.
2. The TND concept brings a higher level of landscaping. open space and active parks and greens than
an ordinary plat. It would or will have more extensive use of sidewalks. It might or might not have a less
..imp~essi.ve.e~i;:y..staiemen...as.shown.on.th.e..roncept.pian.........................r..................................................................................
CONHAIM ASSOCIATES. INC.
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TABLE 3.
ST. MICHAEL-ALBERTVILLE
SINGLE FAMILY LOT SUMMARY
2-25-01
CITY
2000 SF
PERMITS
(units)
CURRENT FUTURE
LOTS LOTS
TOTAL
LOTS
EST. NO
YRS. SUPPLY
ST. MICHAEL
398
685
344
1029
2.6
ALBERTVILLE
110
449
200
649
5.9
TOTALS:
508
1134
469
1603
4.3
NOTES:
1. future lots are based on projects currently in the approvals process at each city.
2. Supply estimate is based on using the year 2000 permits number as the basis for future absorption.
CONHAIM ASSOCIATES. INC.
APPENDIX U.
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