HomeMy WebLinkAbout[06b] Real Estate Roundtable Discussion •
01, CITY OF ST. J OSEPH
www.cityofstioseph.com
DATE: August 20, 2014
Administrator
Judy Weyrens MEMO TO: St. Joseph Economic Development Authority
Mayor FROM: Cynthia Smith-Strack
Richard Schultz
RE: Real Estate Roundtable Discussion
Councilors
Steve Frank Background
Bob Loso Real Estate Roundtable discussion convened at 8:30 a.m. on September 17th A total of ten persons
Renee Symanietz attended. Following are discussion highlights/directions:
Dale Wick
• Real estate market has rebounded to a healthy state, not near the activity experienced in mid-
EDA 2000's run up to the Great Recession — but that's not a bad thing (healthy market vs. over-
Doug Danielson indulged market). Outlook is positive for next year.
Steve Frank
Larry Hosch • Lot prices remain high in St. Joseph.
Gary Osberg
Dale Wick • Two predominant groups in the market: those looking at about $160,000 and those over
$250,000. Not much in the middle.
• Shortage of available homes on the market at this time(only 37).
• USDA First Time Home Buyers program re-instated for St. Joseph just a couple of months
ago. This provides first time home buyers access to zero down loans.
• Most new home buyers looking in the area are empty nesters.Want to downsize but still have
large, private lot. Storage of their stuff is an issue.
• St. Joseph behind other communities in new home construction, thought mostly due to high
lot prices&limited availability of lots in individual developments.
• Senior housing options needed. Very price sensitive. Need to be close to core services so
location sensitive as well.Seniors want access to social activities—cards, knitting, book clubs,
organized trips, etc. Kensington (Torborg) patio home development in St. Cloud—can't build
units fast enough. Lease only, priced $1200 to$1700/month included association fees.
• WAC/SAC incentive—six of ten presumed to be used. This is the program put in place after
last year's meeting.
• Senior housing near community center makes sense.
• High school is still number one issue in home sales to families with children. Group reached
consensus that it is time to reconvene an ad hoc group formed prior to building of Kennedy
Community School to pursue secondary school option whether it is a new St. Joseph public
high school or charter school or something else.
• Development by 1-94 is important but can't move what you can't move.
!! CITY OF ST. J OSEPH
www.cityo(stjoseph.com
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