Owatonna
Real Estate
Realtor, community ambassador and gun safety teacher helps others
Pam Rezac is a woman of many titles. Realtor? You bet. She’s been licensed in the field for over seven years, is currently associated with Edina Realty, and was named the Faribault Daily News 2023 Readers’ Choice “Best of the Best” Realtor last summer. Community volunteer? Indeed. Rezac recently joined the Faribault Area Chamber of Commerce’s board of directors. She also serves on the Rice County Fair Board and volunteers...
Three Rivers proposes taking over Robinwood Manor
A nonprofit is offering to assume ownership and management of Faribault’s low-income senior apartment complex. The leader of Three Rivers Community Action and the Faribault Housing and Redevelopment Authority held a preliminary discussion Monday night about the future of Robinwood Manor. The 51-unit complex on Prairie Avenue is overseen by the HRA. And the HRA board members and city staff liaisons have been exploring whether they should get out of...
Real estate group delivers community donations to Marketplace, Unique Finds
As people continue to clear out clutter before the snow falls, one local business decided to bring back one of its newer traditions to help everyone out. RE/MAX Venture, a real estate group located on N Cedar Avenue in downtown Owatonna, hosted their fourth annual Community Pathways Drive on Nov. 4, inviting people throughout Steele County to drop off items to be delivered to Community Pathways of Steele County. The nonprofit houses the county food shelf — the Marketplace — and clothesline — Unique Finds. ...
Local county assessors expect continued value increases but possibly less severe in 2024
Although higher interest rates have slowed down the market somewhat, local homeowners can still expect to see their valuations increase next year as an overall strong economy and lack of housing supply keep the market incredibly tight. While the official assessment date of Jan. 2 is more than two months away, local county assessors are currently working with the Minnesota Department of Revenue to decipher market trends from all property sales that took place from Oct. 1, 2022 to Sept. 31, 2023. ...
Local county assessors expect continued value increases but possibly less severe in 2024
Although higher interest rates have slowed down the market somewhat, local homeowners can still expect to see their valuations increase next year as an overall strong economy and lack of housing supply keep the market incredibly tight. While the official assessment date of Jan. 2 is more than two months away, local county assessors are currently working with the Minnesota Department of Revenue to decipher market trends from all property sales that took place from Oct. 1, 2022 to Sept. 31, 2023. ...
Significantly fewer housing permits in the area this year
After years of incredibly high demand that helped drive demand for single family homes “through the roof,” rising costs and interest rates along with a surge in multifamily housing construction has led to a more stable market even as supply remains low. Blain Nelson, a Waseca-based realtor with RE/MAX Masters, said that by historical standards, 7% interest rates remain quite reasonable. However, younger customers have had their perspective altered by years of abnormally low interest rates. ...
Area cities seeing significantly fewer housing permits
After years of high demand for new single-family homes, rising costs and interest rates along with a surge in multifamily housing construction has led to a more stable market even as supply remains low. So far, Faribault and Owatonna are on track to issue significantly fewer new housing construction permits this year than they did last year. So far, Faribault has issued just eight new housing construction permits and Owatonna only five. Last year Faribault issued 36 and Owatonna issued 15. ...
Area cities seeing significantly fewer housing permits in 2023
After years of incredibly high demand that helped drive demand for single family homes “through the roof,” rising costs and interest rates along with a surge in multifamily housing construction has led to a more stable market even as supply remains low. So far, Faribault and Owatonna are on track to issue significantly fewer new housing permits this year than they did last year. So far, Faribault has issued just eight new housing construction permits and Owatonna only five, compared to 36 in Faribault and...
Owatonna remains on the map for USDA housing loan program
Local real estate agents, mortgage lenders and others invested in the housing market were able to start the week on a high note. On Monday, it was announced Owatonna would remain eligible for the United States Department of Agriculture Rural Development Housing Program. Good news for many, said Mortgage Banker Ryan Gillespie — especially those with limited income and ability to save for a down payment on a home. The...
United Way team explores solutions to housing shortage
As Steele County continues to experience a housing shortage, some advocates are calling on developers and homeowners to start thinking smaller. United Way of Steele County (UWSC)’s affordable housing team recently held a meeting to discuss accessory dwelling units (ADU) as a possible solution for the local housing shortage. ADUs are secondary housing units that are built on the same property as a pre existing dwelling — more commonly known as cottages, carriage houses and a variety of other names. ...
It's Quiet Uptown: Develop or die
The city of Waseca has a problem — at least according to some. “You heard it here tonight … [realtors] are sending people to Owatonna,” Mark Christiansen said. Christiansen is a City Council member, representing Ward III, home to Lewer Farm Property, part of the larger Gaiter Lake area. His statement came at a council meeting June 6, referencing a story that Councilor Stacey Schroeder had told earlier. ...
Lot requirements change to allow more twin homes in Faribault
More twin homes may soon be erected in parts of Faribault. The City Council on Tuesday approved a change to the minimum sizes for twin homes on lots zoned medium-density residential. The new minimums come at the request of a developer who wants to build connected houses with separate lots instead of shared-lot duplexes. City leaders agreed, hoping it will generate more affordable housing. ...
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