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■ <br /> ■ <br /> ■ Summary of Market Findings-St. Anthony Redevelopment <br /> ■ --Its existing housing stock is affordable; <br /> ■ --The community offers a variety of retail goods and services and major shopping is located <br /> not far away at Rosedale; <br /> ■ --Its school district has an excellent reputation; <br /> ■ --The community is close to major employment concentrations. <br /> Demographic trends indicate that as the echo boom moves into its household formation years <br /> ■ (beginning this decade), there will be an increased demand for entry-level housing. Also, as the <br /> baby boom generation and the senior populations age, they will continue to seek alternatives to <br /> their single-family homes. Developing housing to meet these growing needs will attract new <br /> residents and retain existing residents through the provision of a housing stock that meets life- <br /> cycle needs. <br /> Existing Market Conditions and Demand Calculations <br /> ■ <br /> Housing <br /> ■ Maxfield Research examined the potential demand for a variety of housing product types on each <br /> ■ of the sites. Specifically, we identified the potential for developing single-family homes, for-sale <br /> townhomes, general occupancy apartments and senior housing on each of the redevelopment <br /> parcels. The following paragraphs summarize the key findings of this research. <br /> A strong housing market exists in the Twin Cities and especially within first-tier suburban areas. <br /> The price appreciation of existing homes in suburbs around the Metro and in St. Anthony have <br /> ■ escalated dramatically within the past two years. Strong household growth and a renewed inter- <br /> est in living closer to work and services has resulted in these core areas regaining popularity that <br /> had been lost in the 1970s and 1980s. Incorporating new housing on in-fill and redevelopment <br /> ■ sites has often proved to be very successful, providing existing and future residents with updated <br /> features and amenities that are not typically found in older homes. <br /> ■ <br /> . Single-Family Home Values <br /> • Median single-family home values in St. Anthony and surrounding market area communities <br /> ■ have appreciated, on average, by 13.3% between 1998 and 1999 and 9.4% between 1997 <br /> and 1998. <br /> ■ <br /> • Market times dropped dramatically in 1999, testament to the exceptionally strong housing <br /> ■ market. Although mortgage interest rates edged up somewhat in 2000, it has not signifi- <br /> cantly affected housing demand. Buyers continue to purchase and prices for homes in high <br /> demand areas are often bid-up. <br /> ■ <br />■ <br />■ <br /> Page 3 <br /> ■ <br />