Housing in Elk River Presentation Housing in Elk River
Housing in Elk River
■ Continued growth in new single-family construction.
■ Miske — $300k to $360k+
■ Prestigious Woodland Hills — $500k+
■ Tall Pines (villas) - $300k to $390k+
■ West Oaks (villas) - $300k to $390k+
■ Few multi-family or "starter" homes under construction
■ Market demand remains strong, but too expensive to build
new according to BATC.
■ We need to look at homes for all price points
' Without starter homes we risk losing young/aging residents.
Housing Life Cycle - Optimal
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Housing Life Cycle - Current
Single
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. Ad& adult
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Too many move
ups ($350k+) Young
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over $400k i couple
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Pamlly with 3 children
Not enough
starter homes
N($225k) I� Family with 1 child
Avg. Home sale in 2018 was
$265k — record high.
Maintain First-Time/Move Down Housing
■ Many communities have the ability to fulfill the need for starter
homes, but they are also the most likely homes to experience
neglect.
■ Accumulation of "things"
■ Lack of maintenance
• What can we do to ensure clean and attractive neighborhoods
and stable/increasing property values?
■ ED Program financing improvements expanded
■ Code enforcement for ongoing appearance
• Point-of-sale inspections to identifies issues as property
changes hands
Code Enforcement
■ Appearance of community significantly impacts people's
perceptions
■ Broken Window Theory
■ Proactively address certain nuisances to a minimum standard
and help maintain housing life cycle opportunities
■ Mowing, junk, vehicles, trash, etc.
■ Residents may not file a complaint for a long-time (if ever), but
the thorn is still there.
■ Immediate action expected when complaint is finally made.
Code Enforcement Process
■ Review entire city on a regular basis
■ First step - Did you know? letter (14 days)
■ Second step — Order to correct (10 or 14 days)
■ First step skipped on repeat issues.
■ Third step — Letter from City Attorney (10 days)
■ Goal is to maintain a minimum standard throughout city.
' t
Point of Sale Inspection
■ Conversation only at this point.
■ Required home inspection completed by the city as part of a
home sale.
■ Exempt last 10/15/20 years?
■ Provide potential buyers with up-front information about
homes.
■ Added to building permit file.
■ Paid for by seller, not added to tax roles.
■ Goal is to help buyers understand the basic status of a home