Faribault
Real Estate
Can affordable housing be energy efficient? These developers say yes
Sustainability has long been promoted as a luxury amenity, with energy efficiency features marketed as a selling point for upscale residential and retail development — along with elegance, beauty and tranquility, and amenities such as private rooftop gardens. For example, just south of St. Petersburg, Florida, Hunters Point Pearl...
Major housing project could fill gaps in local market
It’s been said once; it’s been said a thousand times — there is a housing problem in Owatonna. Between a highly competitive real estate market and the dwindling number of developed lots available for new construction, the Community Development Department for the city has heard nonstop about the need and demand for diverse housing options. Fortunately, one major project that has been talked about for two years is finally on...
After review, Faribault HRA considers changes that could include selling housing
Faribault’s Housing and Redevelopment Authority is gearing up to consider whether to turn over some of its housing to nonprofit ownership. But first Community and Economic Development Director David Wanberg gave the governing board an overview of the entity’s history…
Owatonna at risk of losing USDA housing loan eligibility
As the housing market continues to be competitive, Owatonna real estate agents, mortgage lenders and others with skin in the housing game continue to discuss trends, strategies and forecasts. While the new high school, continued development in the industrial park and other local initiatives are certainly expanding Owatonna’s ability to grow, the lack of ready and diverse housing continues to be an issue. To compound on that issue, however, is a special type of funding for potential homebuyers that could be eliminated by the end...
Survey: older houses have lower-income owners, city trying to help
On average, Lonsdale residents seem to make decent, livable wages. But those living in older houses aren’t making nearly as much money, as was highlighted in Thursday’s Lonsdale City Council meeting. Items discussed at Thursday night’s meeting include approving the application for federal funding to rehabilitate owner-occupied houses, adding ADA-compliant restrooms to some city parks, as well as treating the city for mosquitoes. Discussion about the grant, called the Small...
Owatonna natives take ownership of historic Faribault home
With its wraparound porch, long windows and distinctive turret soaring skyward, it’s hard to miss the pink and purple Queen Anne Victorian home at the prominent corner of Faribault’s Second Street NW and Third Avenue NW. Josh and Emily Anderson, formerly of Owatonna, are now the ninth owners of the John Hutchinson House. Built in 1892, the house retains the name of its first owner, a a Canadian who arrived in Faribault in the 1880s and became a prominent business leader. Its unusual colors also...
Demand still outweighs supply in local housing market
With interest rates and inflation on the rise, overheated housing markets across the country started to cool off last year. Yet with demand for available housing still far outstripping supply, the local housing sector remains extremely competitive. Across Minnesota, median home prices rose to record highs in 2022, while sales fell to their lowest levels since 2014. Median home prices in Minnesota now stand at more than $350,000 — making it harder for entry level and first-time homebuyers to get a foot in the door. ...
Demand still outweighs supply in local housing market
With interest rates and inflation on the rise, overheated housing markets across the country started to cool off last year. Yet with demand for available housing still far outstripping supply, the local housing sector remains extremely competitive. Across Minnesota, median home prices rose to record highs in 2022, while sales fell to their lowest levels since 2014. Median home prices in Minnesota now stand at more than $350,000 — making it harder for entry level and first-time homebuyers to get a foot in the door. ...
Demand still outweighs supply in local housing market
With interest rates and inflation on the rise, overheated housing markets across the country started to cool off last year. Yet with demand for available housing still far outstripping supply, the local housing sector remains extremely competitive. Across Minnesota, median home prices rose to record highs in 2022, while sales fell to their lowest levels since 2014. Median home prices in Minnesota now stand at more than $350,000 — making it harder for entry level and first-time homebuyers to get a foot in the door. ...
Community land trusts explored in affordable housing discussion
A room filled with members of the Northfield Housing Advocacy Group and others concerned about the lack of affordable housing gathered on the afternoon of March 8 to learn about the benefits of community land trusts. Jeff Washburne, a representative from City of Lakes Community Land Trust, gave a PowerPoint presentation on how CLTs create community ownership that preserves affordability and inclusivity. “The Twin Cities Metro has the largest concentration...
Demand still outweighs supply in local housing market
With interest rates and inflation on the rise, overheated housing markets across the country started to cool off last year. Yet with demand for available housing still far outstripping supply, the local housing sector remains extremely competitive. Across Minnesota, median home prices rose to record highs in 2022, while sales fell to their lowest levels since 2014. Median home prices in Minnesota now stand at more than $350,000 — making it harder for entry level and first-time homebuyers to get a foot in the door. ...
County, city close meetings to discuss real estate
Rice County and the city of Faribault both are looking to buy or sell property. The Rice County Board of Commissioners held a closed meeting Tuesday morning to discuss three properties located near the Rice County Government Services Building. The Faribault City Council also was scheduled to hold a closed meeting Tuesday evening to talk about potentially buying six properties and selling two pairs of adjoining parcels. ...
Local landlords gather for annual housing summit
In the summer of 2022, the United Way of Steele County conducted a GAP analysis and found there was a great need for affordable housing in Steele County, specifically Owatonna. It was for this reason and more why local landlords were invited to learn more Friday about the various housing programs offered in Steele County and discuss successes and challenges they face as landlords. According to the study, 3,515 households...
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