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<br />CONCLUSIONS AND RECOl\1ME1\T))ATIONS <br /> <br />median income - or 80 to 100 units. The recommended building should include underground <br />parking available for an additional fee, and the following common area aInenities: commu- <br />nity/party room, media room, exercise room, management office, and individual storage lockers: <br />Also, this community could be built as one larger building, or as two or three smaller buildings. <br />Wlllie we recommend a mixed-income building, in the event that the market rate demand is satis- <br />fied by a new community developed elsewhere by a private developer, we recommend continu- <br />ing with a strictly affordable community. This community should have a similar number of units <br />and concept to that as shown in Table 29. <br /> <br />Market Rate Senior Housing <br /> <br />=, <br />~ <br /> <br />We recommend the development of an independent senior condominium or cooperative facility <br />to satisfy the demand for market rate independent senior housing. We find that the majority of <br />younger, active seniors are preferring homeownership over rental. Thus, we would not recom- <br />mend an age-restricted market rate senior rental building. Our recommended concept for a sen- <br />ior condominium or cooperative is shown in Table 30, along with the unit mix, sizes and base <br />pricing. It should be noted that for a cooperative unit, buyers would pay a share cost equ8l to a <br />portion of the base price (most likely one-third) versus the full base price. <br /> <br />Based on demand levels, we recommend a senior condominium or cooperative with. 45 to 55 <br />units in Ramsey. We recommend that the majority of units be one-bedroom plus den or larger, <br />as most seniors will be downsizing from a single-family home and prefer larger units for their <br />possessions, as well as-an extra bedroom. Based on the performance of other communities <br />throughout the Metro Area, we recommend base pricing from about $145,000 to $160,000 for <br />one-bedroom units, to $180,000 to $225,000 for two-bedroom units. We do not recommend <br />pricing much higher than this level, as most seniors will be using the equity from the sale of an <br />existing single-family home and will not want to take on a mortgage to finance the new condo- <br />minium/ cooperative. <br /> <br /> TABLE 30 <br /> SEJ\TIOR COOPER...&..TIVE/CONDOMINIUM <br /> CITY OF RAMSEY <br /> -. n. .January 2006 ___ ____ _.~_.._. ____ _______u_ --. .- <br /> No. of Square Recommended Base Pricel <br /> Unit Type Units Feet Base Pricing* Sq. Ft. <br />-. --. -lBR 5% - 5% 825 - 900- $145,000 .~_$160,000 $176 - $178 - <br /> 1BR+Den 10% - 15% 950 - 1,025 $160,000 - $180,000 $168 - $176 <br /> 2BR 80% - 85% 1,075 - 1,275 $180,000 - $225,000 $167 ~ $176 <br /> - - <br /> Total 45 - 55 <br /> * For a cooperative, residents would pay a share cost that would be portion oftbis <br /> market value - most likely 33 %. <br /> Note: recommended pricing is in 2006 dollars, and can be trended upward by 3.5% <br /> annually until opemng. <br /> Source: Maxfield Research, Inc. <br /> <br />60 <br /> <br />l\iAXFIELD RESEARCH INe. <br /> <br />124 <br />