Tag Archives: development

Minnesota Unemployment Rate up to 7.2% August 19,2011


One of the key components we need for a healthy real estate market recovery is Jobs. If you don’t have a job, it is rather difficult to buy a home.  Unfortunately this report is bad news.  We are back up to 7.2% unemployment rate in Minnesota.

For your property values to recover, we need people working.  If this trend of higher unemployment continues in Minnesota, we will continue to see the housing prices fall.

August 19, 2011 Minnesota Unemployment Rate

 
There is a ratio used when we calculate housing units needed in an area.  This number is general number used from NAHB, and it can vary depending on the type of jobs created.
But for general purposes, for every 1.1 job created there is need for 1 housing unit.
Instead of adding 1.1 job, we are taking away 1.1 jobs.  What do you suppose will happen to the price of the homes?
 
No more Location, Location, Location.  Now it is Jobs, Jobs, Jobs!
 
 

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Pulte’s Preliminary Plat approval for Marshes of Bloomfield Rosemount, MN


Pulte Homes logo

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Pulte has received preliminary plat approval from Rosemount for a  new 182 lot sub-division called  the Marshes of Bloomfield.

The plans may change slightly as Pulte tabled the approval process while they work on some revisions.  Check back with the City of Rosemount to see when they get back on the agenda.

Marshes of Bloomfield location map
Marshes of Bloomfield Preliminary Plat

Looks like a nice project for Pulte.  There is no pricing information available as this project is not through the approval process yet.  I will keep you posted.

 Although it looks like a nice project, they may have some tough competition depending on their price point.
 
Currently Lennar appears to be in the final phase of the Glendalough of Evermoor neighborhood of 155 home sites.
 
Rottlund is still working on their Harmony neighborhood of 519 mixed use units.
 
RMLS data shows an 8 month supply of homes, or 194 actives, in Rosemount for month ending July 2011.  This is on the higher end of what you should be adding inventory to.  I would venture to guess the Pulte is well aware of this and phase their project accordingly.

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Mattamy Homes MN Hires New Marketing Coordinator


This is for the Builders and Developers that read my posts, just some industry news…

EDINA, Minn. – Mattamy Homes has hired Lauren DeZellar as sales and marketing coordinator for its Minnesota division in the Twin Cities area.

In her new position, DeZellar will be responsible for promoting and marketing Mattamy’s Minnesota division, including assisting in the implementation of sales promotions and coordinating and organizing community sales events, said Steve Logan, vice president of Mattamy Homes in Minnesota.

Full Article

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City of Plymouth Mosque. Zoning


This mosque proposal has certainly gotten a lot of attention, so I thought I would gather some general information on this.  unfortunately the Minutes from the Planning Commission meeting are not yet published online, so I will go with what is available right now.

  The property the mosque is looking at building on is located on the old Post Office site across from City Hall.  It consists of approx 2.54 acres and is listed for sale at $800,000.

The current Zoning Map, the Property is CC-P (City Center Public)  Based on the City of Plymouth‘s Zoning and their Zoning Guidelines for CC-P, rezoning wouldn’t have to take place – it depends on how you define Community Center.  According to Plymouth’s Zoning, Community Center is defined as:

A Building or room or group of rooms within a building designed specifically as a gathering place for the general public or for a specific sement of the general public and operated on a non-profit basis.  (source: Plymouth Zoning Ordinance)

That sounds to me like a religious gathering place would be permitted by the zoning. (Church, Synagogue, Temple and Mosque – did I leave anyone out?).

Here is the Zoning Guidelines for CC-P in Plymouth:  (can also be found on Plymouth’s website)

21475.05. PERMITTED USES:

The following are permitted uses within the CC District:

Subd. 1.

CC-P.

(a) Amphitheaters.

(b) Bus/transit stations or terminals without vehicle storage.

(c) Commercial recreation, indoor (e.g., bowling alleys, roller rinks).

(d) Community centers.

(e) Essential services not including structures, except those requiring administrative permits or conditional use permits pursuant to Section 21160 of this Chapter.

(f) Governmental and public utility (essential service) buildings and structures, including public works type facilities, excluding outdoor storage.

(g) Parks and recreational facilities, structures and buildings.

(h) Publicly owned civic or cultural buildings such as libraries, city offices, auditoriums, public administration buildings and historical developments.

(i) Sports and fitness clubs.

(Amended by Ord. No. 2002-32, 11/26/02) (Amended by Ord. No. 2005-01, 01/11/05) (Amended by Ord. No. 2006-04, 02/07/06) (Amended by Ord. No. 2007-28, 11/13/07) (Amended by Ord. No. 2009-07, 05/12/09)

The City does not exactly have a track record of following their “Zoning”.  They have time and again turned people down on proposals that fit within in the zoning requirements by coming up with other “objections” that can’t always be quantified.  A recent disregard for property rights was the denial of Wal-Mart’s proposal on 169 and 9 recently, they fit within the zoning requirements and were still turned down.  So it is anyones guess what will happen with this proposal.

I am a huge proponent of Property Rights.  If the use fits within in the City’s Zoning laws, than it should be permitted.  Whether or not neighbors object it, and whether or not I object to it – it is the Owner’s Rights to do with their land what they see fit (within the law – Zoning being one of them)

If people really object to the mosque or Wal-Mart being built, then they should buy the property and do with it what they think should be put there.

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Stalled 36-story condo tower relaunched as rental


Loring Lake

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I am beginning to wonder how many more apartments the market will be able to absorb.  The market is great for rentals right now with vacancy down around 2%, but  housing affordability is at an all time high.  There is going to be a shift back to ownership at some point…  I suspect it will be relatively soon. (once employment begins heading in the right direction…) 

The developer of a long-stalled 36-story condo tower near MinneapolisLoring Park has returned to the city with a similar plan, but this time for apartments.

Magellan Development Group  , based in Chicago, is meeting with the Minneapolis Planning Commission this afternoon to discuss its preliminary plans for a new 355-unit apartment project at 1368 LaSalle Ave.

The project would have about 18,000 square feet of commercial space on the first floor that would include the residential lobby and leasing office as well.

Full Story from Minneapolis St Paul Business Journal

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Plymouth mosque plan goes forward despite some tension


Plymouth City Council will be hearing a proposal for the old Post Office site across from City Hall in Plymouth. 

Plymouth mosque plan goes forward despite some tension

by Rupa Shenoy, Minnesota Public Radio

August 18, 2011

 

Plymouth, Minn. — A proposal to house a mosque in a soon-to-be-closed suburban post office is now heading to the Plymouth City Council, after being reviewed by the city’s planning commission Wednesday night.

About 200 people attended the hearing, which commissioners tried to limit to a discussion about logistics such as parking spaces, access and building use.

But of the 16 or so people who spoke before the commission, two raised objections to the mosque on religious grounds, and the atmosphere sometimes grew heated.

Full Story

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Real Estate developer Trooien emerges from bankruptcy


You may know of Jerry Trooien as the St Paul Real estate developer that had proposed the Bridges of St. Paul, a $1.5 billion complex of retail shops, a hotel and housing on the West Side flats across the Mississippi River from downtown St. Paul.   That proposal was turned down by St Paul in 2007.  He also owned the Cloud 9 Sky Flats (condominiums) in Minnetonka, which is under investigation and 3 real estate professionals have pleaded  guilty in fraud charges.  This issue is yet to be resolved.

Cloud 9 Skyflats - Minnetonka, MN

Story from the St Paul Pioneer Press

As he tries to re-establish himself with five properties he was allowed to keep, he’ll need to win over some lenders who have already started foreclosure proceedings.

The deal was finalized Tuesday in federal bankruptcy court in Minneapolis.

And if he can hold onto the properties, he’ll share half the cash he generates with creditors who OK’d the reorganization plan.

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