IDC Agenda 01-06-2004AGENDA -ANNUAL MEETING
MONTICELLO INDUSTRIAL DEVELOPMENT COMMITTEE
Tuesday, January 6, 2004 - 7:00 a.m.
Academy Room - 505 Walnut Street
MEMBERS: Chair Mary Barger, Vice Chair Tom Lindquist, Bill Tapper, Dick Van Allen, Tom Ollig, Don
Roberts, Mike Benedetto, Barb Schwientek, Dan Olson, Kelli Huxford, Tom Feaski, and Lynne
Dah I.
COUNCIL LIAISON: Mayor Bruce Thielen.
STAFF: Rick Wolfsteller, Jeff O'Neill, John Simola, Fred Patch, and Ollie Koropchak.
IDC MISSION STATEMENT: To maintain and increase the industrial tax base and to create jobs in the
City of Monticello, Minnesota.
7:00 a.m. 1. Call to Order. (Please read the minutes and information prior to the meeting.)
7:02 2. Vote to approve the December 2, 2003 IDC minutes.
7:05 3. Annual Meeting:
A. Review and take action to amend or re-affirm the IDC 2003 Action Statement
and Organizational and Membership Guidelines.
B. Acceptance of IDC membership, three-year term -Barger, Van Allen, Olson,
and Schwientek.
C. Acceptance of Standing Committee Members: President or Chair of Chamber
and Mayor of Monticello.
D. Election of 2004 IDC Officers: Chair, Vice Chair, and Secretary.
7:20 4. Follow-up and discussion of the City Council action to authorize a purchase agreement
for acquisition of industrial land.
A. Follow-up of second meeting between Industrial Group and Chadwick.
B. List of bullet points for lobbying.
C. Lobby efforts and next scheduled Small Group meeting and Council workshop.
7:50 5. Updates by Mayor Thielen:
A. Update on annexation.
B. Meeting of city officials to set 2003 Council's Community Vision & Governing
Policies.
C. Update on the proposed I-94 and County Rd 18 interchange and I-94
realignment and requested CompPlan amendment (Block 52).
8:05 6. Reports:
A. Economic Development Report -Koropchak.
8:10 7. Review the draft copy of the January 6, 2004 Planning Commission Agenda for
industrial related items. Discuss and vote on an IDC position or action if necessary.
8:20 8. Other Business.
Chamber Updates -Feaski.
8:30 9. Adjournment. ~ b~'
IDC MEMBERSHIP
2004
VOTING MEMBERS
TERM
December 2004
December 2005
December 2006
MEMBERS
Tom Lindquist
Tom Ollig
Don Roberts
Lynne Dahl
Bill Tapper
Mike Benedetto
Kelli Huxford
Paul Kleinwachter
Don Tomann
Mary Barger
Dick Van Allen
Dan Olson
Barb Schwientek
Standing Member Tom Feaski
NON-VOTING MEMBERS
City Council Liaison
Executive Director
Support Staff
Bruce Thielen
Ollie Koropchak
Rick Wolfsteller
Jeff O'Neill
Fred Patch
John Simola
OCCUPATION
Service, Lender
Service, Utility
Industrial, Manufacturer
Service, Print/Marketing
Industrial, Manufacturer
Education
Service, Utility
Service, Lender
Industrial, Manufacturer
Industrial, Manufacturer
Industrial, Manufacturer
Service, Insurance
Health Care
Chamber Past Chair
Mayor
• INDUSTRIAL DEVELOPMENT COMMITTEE
IN AND FOR THE CITY OF MONTICELLO
2004 ACTION STATEMENT
Mission Statement
To maintain and increase the industrial tax base and to create jobs in the City of Monticello, Minnesota.
Purpose
To operate as an independent lobbying organization structured to influence and assist industrial
development in and for the City of Monticello, Minnesota. In the broadest context focus on overall
industrial development and developers.
Goals and Direction
1. To provide a continuous stream of available industrial land with infrastructure potential.
2. To review and assess the implementation of the industrial marketing plan developed in
conjunction with the HRA for the City of Monticello.
3. To rate the effectiveness of the use of the industrial marketing plan.
4. To assign time and effort when and where it is deemed necessary to accomplish industrial
~_ development.
MONTICELLO INDUSTRIAL DEVELOPMENT COMMITTEE
• ORGANIZATIONAL AND MEMBERSHIP GUIDELINES
Meeting Time and Place: Regular meetings are held the first Tuesday of each month at 7:00
a.m. in the Monticello City Hall, Academy Room. Special meetings may be called by the
Chairperson and Executive Director.
II. Objective: As written and adopted by the Annual Industrial Development Committee Action
Statement.
III. Committee Size: While there is no set or definite size established, it is generally understood
that the committee will not exceed 16-18 members.
IV. Make-up the Committee: Committee members must either work or reside in the community of
greater Monticello. Individuals who are involved in an occupation or profession that provides
services to the community of Monticello but is not headquartered within the community may
also serve as members of the committee.
Standing Committee Members:
President or Chair of the Monticello Area Chamber of Commerce.
Mayor of the City of Monticello. Non-voting.
City Staff Members: Non-voting.
Administrator of the City of Monticello.
Assistant Administrator of the City of Monticello.
Economic Development Director of the City of Monticello.
Chief Building Official of the City of Monticello.
V. Officers: The Chairperson, the Vice Chairperson, and the Secretary shall be elected annually at
the January meeting. Length of office term shall not exceed three consecutive years.
Minutes of each meeting are the responsibility of the Secretary. Committee correspondence
are the responsibility of the Economic Development Director.
VI. Length of Membership Term: Members shall serve for three year terms on a three year
rotating basis so that approximately one-third of the membership expires each year. Individuals
wishing to continue serving on the committee may so indicate prior to the expiration of their
term. Any member wishing to relinquish his/her position on the Industrial Development
Committee may do so by submitting a letter of resignation.
VII. Filling a Vacant Position: A list of potential committee members shall be kept by the Executive
Director. The Industrial Development Committee must confirm all new members by a majority
IDC ORGANIZATIONAL/MEMBERSHIP GUIDELINES.
• PAGE 2
vote.
VIII. Membership Attendance: In order to make a positive contribution to the committee, each
member is expected to attend at least 75% of the meetings in any given year. A year is defined
as beginning on the 1st of January and ending the 31 th of December.
•
MINUTES
MONTICELLO INDUSTRIAL DEVELOPMENT COMMITTEE
Tuesday, December 2, 2003 - 7:00 a.m.
Academy Room - 505 Walnut Street
MEMBERS PRESENT: Chair Mary Barger, Vice Chair Tom Lindquist, Bill Tapper, Dick
Van Allen, Mike Benedetto, Dan Olson, and Tom Feaski.
MEMBERS ABSENT: Tom Ollig, Don Roberts, Barb Schwientek, Kelli Huxford, and
Lynne Dahl.
COUNCIL LIAISON ABSENT: Mayor Bruce Thielen.
STAFF PRESENT: Ollie Koropchak.
IDC MISSION STATEMENT: To maintain and increase the industrial tax base and to
create jobs in the City of Monticello, Minnesota.
Call to Order. (Please read the minutes and information prior to the meeting.)
Chair Barger called the IDC meeting to order at 7:03 a.m.
2. Vote to approve the November 4 2003 IDC minutes.
TOM FEASKI MADE A MOTION TO APPROVE THE NOVEMBER 4, 2003 IDC
MINUTES. SECONDED BY MIKE BENEDETTO AND WITH NO CORRECTIONS
OR ADDITIONS, THE MINUTES WERE APPROVED AS WRITTEN.
Follow-up and discussion of the City Council action to authorize a purchase agreement
for acquisition of industrial land.
A. Results of meeting between Industrial Group and Chadwick.
Chair Barger reported that the City Council tabled any action on the acquisition of
industrial land until February 9, 2004, in order to first review costs associated with the
proposed I-94/County Rd 18 interchange. They also noted to continue negotiations with
Chadwick. Barger continued stating the Small Group met with the Council prior to the
regular Council meeting. We were looking for more support from the Council and felt
their decision was already made. Since Council action, the Small Group met with John
Chadwick and he agreed to extend his Letter of Intent through February 10, 2004, with
the right to continue marketing the property. Administrator Wolfsteller prepared a non-
binding Letter of Intent (counter-offer) and this was submitted to Chadwick the
Wednesday prior to Thanksgiving. The following assessment was made: 1. Council
overwhelmed and confused, not against purchase. 2. Need to simply presentation. 3.
Purchase Agreement to progressive and binding for Council. 4. Council not convinced
government should own and develop land. 5. Financing method unclear.
B. Where to ~o from here.
The IDC agreed to lobby the Council Members individually and to request Council
representation on the Small Group. Members further agreed for the need to first sell the
IDC MINUTES - 12/02/03
Council on the concept and to develop bullet points for lobbying:
• Why city-owned industrial park is good for the community?
• How to finance the acquisition and improvements? An investment for the future.
• High cost of infrastructure discourages privately-owned parks.
• Along-term vision.
• Research competition.
Tapper noted with the American industries going to China, we need to look to the future
and what's next? Large buildings may not be the need. Feaski sees a successful and
desired industrial market at 10,000 to 25,000 sq ft, outside dumpsters, and asteam-line
Planning/Council process. Shawn Weinard still appears interested in swapping the
Monticello Commerce Center for the City/Remmele parcel. The undeveloped land of the
Monticello Commerce Center is proposed to be assessed for the interchange. Mike
Benedetto and Tom Feaski volunteered to lobby Council members. It was suggested to
start with Mayor Thielen and Council member Brian Stumpf and to involve Rick
Wolfsteller. Van Allen volunteered to lobby Carlson.
4. Updates by Mayor Thielen:
A. Progress of annexation agreement and future township/city council meetings.
With the absence of Wolfsteller and Thielen, Koropchak noted the meeting between the
City, Township, and representatives from St. Michael and Frankfort was held as
scheduled. The visiting representatives shared their annexation experiences and
suggested the use of the word "merger" rather than annexation. Koropchak assumed
Wolfsteller was at the Wright County Board meeting this mon~ing as the Board will
consider a resolution opposing Monticello's annexation.
B. Meetin~v officials to set 2003 Council's Community Vision & Governing
Policies.
Not scheduled.
C. Update and progress on the proposed I-94 and County Rd 18 interchange and I-94
realignment.
Traffic Study, estimated interchange costs, and sources of funds under study.
5. Reports:
A. Economic Development Report.
The IDC accepted the report as written. Additionally, Koropchak noted the January IDC
meeting is the annual meeting. Those individuals whose terms expire December 31 are
Mary Barger, Dick Van Allen, Dan Olson, and Barb Schwientek. Chamber
representative is either Chamber President or Chair. Election of officers are also held at
the annual meeting.
Van Allen reported he toured Cargill Kitchens in Big Lake and noted the review process
time by the City to accommodate the developer's desired shipment date. Additionally,
Van Allen reviewed the Performance Measure of the Big Lake Industrial Park.
B. Marketing Subcommittee.
Tom Lindquist reported the Marketing Committee partnered with the Chamber for
design and placement of a billboard along I-94 near Albertville. The billboard will
promote the Tnimpeter Swans.
2
IDC MINUTES - 12/02/03
6. Discussion on and to continue development of a list of potential tasks to accomplish the
goal of the IDC: To provide a continuous stream of available industrial land with
infrastructure potential.
A. Review the draft copy of the December 2, 2003 Planning Commission Agenda for
industrial related items. Discuss and vote on an IDC position or action if
necessary.
With no industrial items on the Planning Commission Agenda of December 2, 2003, no
discussion or action was required.
7. Other Business.
Chamber Updates -Chamber Chair Feaski gave the following update: Home for the
Holidays is December 5; billboard promoting the trumpeter swans expected to be up
within a week; Chamber Banquet scheduled for January 24 includes silent auction and
casino night. This the Chamber's biggest fund-raiser.
8. Adjournment.
TOM LINDQUIST MADE A MOTION TO ADJOURN THE IDC MEETING.
SECONDED BY DAN OLSON AND WITH NO FURTHER BUSINESS, THE IDC
MEETING ADJOURNED AT 8:40 A.M.
•
~ 8 ~~
Ollie Koropchak, Recorder
3 Q.
INDUSTRIAL DEVELOPMENT COMMITTEE
IN AND FOR THE CITY OF MONTICELLO
2003 ACTION STATEMENT
Mission Statement
To maintain and increase the industrial tax base and to create jobs in the City of Monticello,
Minnesota.
Purpose
To operate as an independent lobbying organization structured to influence and assist industrial
development in and for the City of Monticello, Minnesota. In the broadest context focus on
overall industrial development and developers.
Goals and Direction
1. To provide a continuous stream of available industrial land with infrastructure potential.
2. To review and assess the implementation of the industrial marketing plan developed in
conjunction with the HRA for the City of Monticello.
3. To rate the effectiveness of the use of the industrial marketing plan.
4. To assign time and effort when and where it is deemed necessary to accomplish industrial
development.
•
3a,
MONTICELLO INDUSTRIAL DEVELOPMENT COMMITTEE
ORGANIZATIONAL AND MEMBERSHIP GUIDELINES
Meeting~Time and Place: Regular meetings are held the first Tuesday of each month at
7:00 a.m. in the Monticello City Hall, Academy Room. Special meetings may be called
by the Chairperson and Executive Director.
II. Objective: As written and adopted by the Annual Industrial Development Committee
Action Statement.
III. Committee Size: While there is no set or definite size established, it is generally
understood that the committee will not exceed 16-18 members.
IV. Make-up the Committee: Committee members must either work or reside in the
community of greater Monticello. Individuals who are involved in an occupation or
profession that provides services to the community of Monticello but is not headquartered
within the community may also serve as members of the committee.
Standing_Committee Members:
President or Chair of the Monticello Area Chamber of Commerce.
Mayor of the City of Monticello. Non-voting.
City Staff Members: Non-voting.
Administrator of the City of Monticello.
Assistant Administrator of the City of Monticello.
Economic Development Director of the City of Monticello.
Chief Building Official of the City of Monticello.
V. Officers: The Chairperson, the Vice Chairperson, and the Secretary shall be elected
annually at the January meeting. Length of office term shall not exceed three consecutive
years.
Minutes of each meeting are the responsibility of the Secretary. Committee
correspondence are the responsibility of the Economic Development Director.
VI. Length of Membership Term: Members shall serve for three year terms on a three year
rotating basis so that approximately one-third of the membership expires each year.
Individuals wishing to continue serving on the committee may so indicate prior to the
expiration of their term. Any member wishing to relinquish his/her position on the
Industrial Development Committee may do so by submitting a letter of resignation.
VII. Filling a Vacant Position: A list of potential committee members shall be kept by the
Executive Director. The Industrial Development Committee must confirm all new
members by a majority vote.
IDC ORGANIZATIONAL/MEMBERSHIP GUIDELINES.
PAGE 2
VIII. Membership Attendance: In order to make a positive contribution to the committee,
each member is expected to attend at least 75% of the meetings in any given year. A year
is defined as beginning on the 1st of January and ending the 3 I th of December.
•
3 Q.
2003 IDC Monthly Attendance
This is printed only as an informative report relative to the IDC Guidelines
knowing individuals parti cipate in other functions of the IDC.
No
Jan Feb Mar Anr May Jun Jul Auk Sep Oct Nov Dec
Mtn
Ollig A A A A LOA P
Van Allen P P P P P P P P P P P
Doty A
Lindquist P P P P P P A P P A P
Tapper P P A A A P A A A P P
Roberts P A P P P A P A P P A
Benedetto P P P P P A A A P P P
Barger P P P P P P A P P P P
~S
h
i
k P
c
w
ente A P A P P P A P P A
Olson P P P P P P P P P P P
Huxford P A P A A A A A P P A
Dahl P P P P P A P P P A
Chamber A A P P P P P P P P P
Council
Liaison A A P A A A A A A A A
P =PRESENT
A= ABSENT
r~
~J
30a.C.
VOTING MEMBERS
TERM
December 2003
December 2004
December 2005
Standing Member
NON-VOTING MEMBERS
City Council Liaison
Executive Director
Support Staff
IDC MEMBERSHIP
2003
MEMBERS
Mary Barger
Dick Van Allen
Dan Olson
Barb Schwientek
Tom Lindquist
Tom Ollig
Don Roberts
Lynne Dahl
Bill Tapper
Mike Benedetto
Kelli Huxford
Tom Feaski
Bruce Thielen
Ollie Koropchak
Rick Wolfsteller
Jeff O'Neill
Fred Patch
John Simola
OCCUPATION
Industrial, Manufacturer
Industrial, Manufacturer
Service, Insurance
Health Care
Service, Lender
Service, Utility
Industrial, Manufacturer
Service, Print/Marketing
Industrial, Manufacturer
Education
Service, Utility
Service, Lender
Chamber Chair
Mayor
Page 1 of 1
Ollie Koropchak
From:
Sent:
To:
Cc:
Subje~
bondhus28 [vanallen@bondhus.com]
Tuesday, December 02, 2003 10:46 AM
Ollie Koropchak
Mary & Brad Barger
:t: IDC Membership
~s,
MY calendar tells me I will be gone until 7 January. While /still want to serve on IDC
there is no interest in running for office should it come up.
Thanks Dick Van Allen
~J
•
12/2/2003
Ollie_w:oropchak
From: Noel LaBine, Econ Dev Partnership [nlabine@WHE.ORGj
Sent: Wednesday, December 17, 2003 10:10 AM
~o: Ollie Koropchak
Subject: RE: Wright County City Owned Industrial Park Survey
Steve Scharber is an agent for the land designated
Park, which is privately owned. It is located nor
Northwest of the Outlets of Albertville, and there
planned to be installed there. There also is some
Haul Trucking on the south side of the I-94, which
has ownership of or agent responsibility for.
for their Industrial
~h of 70th St. just
is not infrastructure
space left by Long
I believe Shingobee
Noel LaBine
Executive Director
Wright County Economic Development Partnership
6800 Electric Drive, Rockford, MN 55373
763-477-3086
nlabine@whe.org
www.wrightpartnership.org
-----Original Message-----
From: Ollie Koropchak [mailto:Ollie.Koropchak@ci.monticello.mn.us)
Sent: Tuesday, December 16, 2003 4:41 PM
To: Noel LaBine, Econ Dev Partnership
Subject: RE: Wright County City Owned Industrial Park Survey
Thanks, Noel. Do you know what Ostego's up to about industrial park?
Ollie
-----Original Message-----
From: Noel LaBine, Econ Dev Partnership [mailto:nlabine@WHE.ORG]
Sent: Tuesday, December 16, 2003 3:21 PM
o: Ollie Koropchak
Subject: Wright County City Owned Industrial Park Survey
°~
'JE
Ollie, I had to ask a couple cities what they had left of their
city-owned industrial parks, so this survey is fairly recent:
The cities with city-owned industrial parks and the number of
acres still available in them:
* Annandale; 35 acres still available
* Buffalo; between 2 and 3 acres still remaining, and they have
no intentions of starting another park.
* Delano; 1.7 acres left. The next Industrial Park will be
privately owned.
* Maple Lake just sold their last remaining acres. They would
like to buy more, but have nothing definite.
* Rockford has about 7 acres left, but it is basically enough for
one more industry, since part of that will be a holding pond. They also
would like to buy more land to extend their park.
* St. Michael recently purchase about 20 acres, which is
available.
That is it. All the other parks are privately owned, or in the
case of Cokato and Howard Lake, they are owned by a CDC.
Noel LaBine
Executive Director
Wright County Economic Development Partnership
6800 Electric Drive, Rockford, MN 55373
763-477-3086
nlabine~whe.org
~aww.wrightpartnership.org
1
IDC Agenda - 01/06/04
6A. Consideration of Executive Director's Report.
A. Copy of the tax increment received from the County for the second half of taxes payable
2003. You will note T. J. Martin is delinquent. Although the HRA retired the district debt with
the transfer and sale of the property from T. J. Martin to the Hoglunds, the HRA has not de-
certified the district. Secondly, Production Stamping has paid the property tax for the second-
half of 2003 plus a penalty per the County; however, not in time for the HRA to collect the tax
increment. This was noted in the letter to Mr. Wurm.
B. Copy of letter to Mr. Wurm, Production Stamping. Notification of tax increment deficiency
($268) for first-half of taxes payable 2003 or August 1, 2003, Payment Date. The first
paragraph on page two reminds the developer of the need to pay taxes on time. I did not list
the $18,209 deficiency, February 1, 2004, Payment Date, as a tax increment deficiency
knowing the taxes were paid plus penalty. The HRA will collect this with the tax increment
collected for the first-half of 2004. A deficiency notice will be mailed at that time unless the
HRA sees a need to notify Production of the $18,209 deficiency.
C. I received the 2004 TIF Parcel Modeler from the County which has the Captured Tax
Capacity by each parcel for each TIF District. For TIF District No. 1-22, the captured tax
capacity for 2004 is $217,462 up from 2003, $166,448. This includes the five-year activity
rule which means only parcels with permitted activity still collect tax increment.
D. Copy of letter relative to snow removal at Riverwalk.
E. It is my understanding Rick has authorized the reimbursement of tax increment to the
County as approved by the HRA in December.
F. Christmas greetings were mailed to Monticello industries, some builders and contractors,
and consultants.
G. The Small Industrial Group is scheduled to meet on Thursday, January 8, at 4:00 p.m.
They will review a revised counter-offer before submitting to Chadwick.
H. 2003 Annual Meeting of the Wright County Economic Development Partnership. January
16, 2004, 7:45 a.m. to 10:00 a.m. Wild Marsh Golf Club, Buffalo, MN.
I. Steel Fabricator - 4,000 - 8,000 sq ft, wages $20 per hour. Seven jobs. Make decision in
2004. Looking at Maple Lake. Called 12-23-03 about City's potential to develop park.
Contract Machining Company -Looked at Remmele Building -visited in October. Unable
to connect with owner. Asked UMC to help out. Like to talk to about other options in
Monticello. 40 jobs, $18.50 per hour wages. Will write letter if all fails.
H-Window Building -Two inquiries -Selling price - $2.2 million. Will now lease - $4.00
per sq ft for office and $2.00 per sq ft for warehouse Triple Net Lease. This as of December
16.
Contacted previous looker of H-Window building relative to new information and potential
of city owned park.
Large grocer distribution -Called for update at State and agent.
Medical Manufacturer -Continue to connect -will write letter about potential new options.
• 1
IDC Agenda - 01/06/04
•
Couple of local manufacturer thinking about expansion.
Retail -Couple of restaurant inquiries
Potential of other redevelopment.
•
AGENDA
REGULAR MEETING - MONTICELLO PLANNING COMMISSION
Tuesday -January 6, 2004
6:00 P.M.
(DRAFT)
Members: Dick Frie, Richazd Cazlson, Rod Dragsten, Lloyd Hilgart, and David Rietveld
Council Liaison: Brian Stumpf
Staff: Jeff O'Neill, Fred Patch, Steve Grittman, and Angela Schumann
1. Call to order.
2. Approval of the minutes of the regular Planning Commission meeting held December 9, 2003.
3. Consideration of adding items to the agenda.
4. Citizen comments.
5. Open House/Workshop -Discussion regarding potential amendments to the comprehensive
plan establishing an acceptable mix of single family and attached housing in low density
residential districts.
6. Consideration of re-appointment for expired term of planning commission member
David Rietveld.
7. Adjourn
•
Planning Commission Agenda - 01/06/04
C,
MONTICELLO
Number Percent
Total Housin Units 3,005 100.0
1 unit detached 1,771 58.9
Attached 1,024 34.0
Mobile Home 210 7
....mow ..,~,~~ur~ u.ryi.nngJrom a wwnno:rse to a w or more unit apartment.
C
•
St. Michael
Number Percent
Total Housin Units 3,033 100.0
unit detached 2,6j7 87 3
Attached 381 1 ~ 5
Mobile Home 5 0.2
Mendota Hei hts
Number Percent
Total Housin Units 3,2.33 100.0
1 unit detached 3,178 74 9
Attached 1,06 ~5 1
Mobile Home 0 0
Shako ee
Number Percent
Total Housin Units 7,790 100.0
1 unit detached 4.716 60.5
Attached 3,031 38 9
Mobile Home 43 6
Ma le Grove
Number Percent
Total Housin Units 17,738 100.0
1 unit detached 12,832 7~ 3
Attached 4,894 ~7 6
Mobile Home 12 1
Buffalo Cit
Number Percent
Total Housin Units 3,872 100.0
1 unit detached 2,389 61.7
Attached 1,174 30 3
Mobile Home 309 8.0
Bi Lake Citv
Number Percent
Total Housing Units 2,194 100.0
I unit detached 1,766 80 ~
Attached 309 14 1
Mobile Home 119 ~.~
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MSN Money -Where are house prices headed in your town?
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Pale 1 of 4
The Basics
Where are house prices headed in your town?
With supply tight. rates low and the -._..: ~ ,f.,,.
economy recovering, the only real --
check on sales in 2004 may be the SEARCHING FOR A HOME LOAN?
shocking price tags. See how your
home town stands.
By Elizabeth Razzi, Kiplinger
Home-sales records have been
shattered over the past three years.
But economists see the trend's end -`
in 2004, together with a moderating
of the stunning price increases
across the country. Then again, they
predicted as much for 2001, 2002
and 2003. Will this be the year they `-
~ so,ooo 00
.~~ ` ~ ,""` ir~erest'Rate ~"'~ 6.000 96 i
;~ Y
~"e= loan Term 30 year fixed
rt' ~f Monthly PaymerQ $ 899.33
HOW MUCH CAN YOU AFFORD? ~ I
~~
get it right? Maybe, but even some of the experts are beginning to doubt themselves. "It's
starting to drive us a little crazy," admits David Seiders, chief economist for the National
Association of Home Builders.
The numbers through 2003 certainly don't show any weakness. Sales of existing homes
are expected to close the year at 6 million, up more than 400,000 from the year before,
according to the National Association of Realtors. The group estimates the median price
nationwide rose almost 9%, to $172,100. That handily beats 2002's 7% increase. Most
housing economists are predicting a slowing of price increases in 2004 to about 5%, but
we wouldn't bet on it.
Affordability worries
The reason a slowdown in housing prices is no sure thing is that, economically speaking,
the only factor that might finally cool the rising-sales-and-prices trend is the increase in
prices themselves. Certainly other economic factors won't slow the trend. Mortgage rates
are expected to stay attractive at below 7%, the economy is picking up steam, and
unemployment is dipping at last.
'The Two-Income
Trap: Why Middle-
Class Mothers and
Fathers Are Going
Broke"
But price increases, especially along the coasts, have been stupefying. Median prices in
New York City and its suburbs soared 50% to 60% over the past five years. Prices in
parts of Florida shot up more than 50%, driven partly by second-home buyers.
Check out your options.
Californians are staggering under the weight of house inflation. Shop for rates
For example, the median price in Orange County is 123% higher before you borrow.
than it was in 1998. The California Association of Realtors estimates that only 23% of
California households can afford to buy amedian-priced home. If the 13% price increase
that the association expects to occur in 2004 does come to pass, only 19% will be able to
buy.
http://moneycentral.msn.com/content/Banking/P70707.asp
1 /2/2004