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

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RECOMMENDATIONS AND CONCLUSIONS strong for homes priced under $300,000; it will be more difficult for builders to deliver single- family housing product at that price point unless public assistance or smaller lot sizes are ap- proved. Many of the existing lots in Ramsey target the entry-level and move -up buyer; however, there are few executive lots. We recommend additional "choice lots" that cater to executive buyers and have the topography for walk -out lots and more vegetation on the property. We also rec- ommend considering smaller lots that will increase density while bringing down new subdivi- sion infrastructure costs. For -Sale Multifamily Housing A growing number of households desire alternative housing types such as townhouses, de- tached townhomes, and twinhomes. Typically, the target market for for -sale multifamily hous- ing is empty -nesters and retirees seeking to downsize from their single-family homes. In addi- tion, professionals, particularly singles and couples without children, also will seek townhomes if they prefer not to have the maintenance responsibilities of a single-family home. In many housing markets, younger households also find purchasing multifamily units to be generally more affordable than purchasing new single-family homes. This is particularly true in Ramsey where many townhomes have been developed last decade that cater to first-time home buy- e rs. As Table FS-4 2showed, multifamily resales make-up about 27% of the for -sale housing market in Ramsey since 2000. However, the median resales price has been around 33% lower than single-family housing. The median sales price has increased significantly since 2011 when townhome foreclosures dominated the market. The recent increase in median sales prices is due to the recently completed "Station" by D.R. Horton and the increase in detached town - home housing targeting one -level living households. Based on the changing demographics and the need for alternative housing types, demand was calculated for 632 new multifamily for -sale units in Ramsey through 2030. However, Maxfield Research identified about 260 vacant townhome lots or recently platted multifamily lots; hence demand was reduced to 373 units. Given the aging of the population, desire for association - maintained housing, and affordability; Ramsey is expected to see an increase of attached hous- ing product type. Neighborhoods near the Cor will be in high demand as buyers seek proximity to retail, parks, walking paths, and transit. These attached units could be developed as twin homes, detached townhomes or villas, townhomes/row homes, or any combination. We rec- ommend offering both one -level and two-story townhome units; however two-story units should have the option for a master suite on the main level. The following provides greater detail into several for -sale multifamily housing products. • Twinhomes— By definition, a twin home is basically two units with a shared wall with each owner owning half of the lot the home is on (also referred to as a duplex). Some one -level MAXFIELD RESEARCH AND CONSULTING 144