Agenda - Council - 08/27/2019 - Laserfiche WebLink

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FOR -SALE MARKET ANALYSIS Actively Marketing Subdivisions Tables FS-12 and FS-13 show an inventory of detached and attached lots within platted subdivi- sions in Ramsey. The tables provide information on the initial date the subdivision became ac- tive, product type, lot sizes, typical pricing, starts and closings, and the lot inventory. Please note; not all of the subdivisions may be actively marketing but may simply have available lots for future development. Key findings follow. • Table FS-10 identifies 19 single-family subdivisions with available lots in Ramsey Collec- tively, there are only 164 vacant developed lots in Ramsey. However, there are another 177 future lots in the same subdivisions. • The older subdivision in Ramsey platted last decade have few lots remaining. Most of the lot supply with vacant lots have been platted in the last three years. • There are five future subdivisions in Ramsey boasting about 250 lots. • The average price for new single-family detached housing in Ramsey is approximately $325,000 to $350,000. Most of the new single-family construction is either two-story homes or split-level homes with an average cost of about $160 PSF. • The most active subdivisions are in the Riverstone subdivision by Capstone Homes and the Woodlands subdivision by Lennar. • Because Ramsey has historically been a single-family dominant market, there are substan- tially fewer identified attached housing units than detached housing units. A total of four attached subdivisions with a vacant lot supply of 174 units. • All of the active association -maintained product is for detached townhomes/villas with higher price points than attached row -homes. The D.R. Horton project "The Station" was constructed in 2018 and is sold out. Pricing for these townhomes averaged $220,000 or $133 PSF. MAXFIELD RESEARCH & CONSULTING, LLC 114