Page 2 of 2 Previous

Continued: Columbia Heights razes blighted homes, now rebuilding

  • Article by: SHANNON PRATHER , Star Tribune
  • Last update: May 21, 2013 - 2:08 PM

“Give them a high-quality product at a nice sale price. … The city now has a new house on the tax rolls. We’ve hopefully made a buck and its improved the neighborhood.”

The city EDA spent about $950,000 buying the 17 old houses. Most of the original homes were 600 square feet or less, Clark said. The city is now selling 13 of the lots to the builder. Most will be sold for $7,500 each. The price may seem low at first glance, but the ultimate goal was to make sure the new home-plus-land price hit the $160,000 price point for appraisal purposes, Clark said. Otherwise, the average first-time home buyer would not have been able to finance one of these homes.

This is why cities get involved with this type of redevelopment, Clark said. These small projects don’t generate profit. “If the city would have made money, the private sector would have done it already,” he said.

To learn more about the lots for sale, go to ReMax Synergy’s website at www.twincitiesrealestateassociates.com

 

Shannon Prather • 612-673-4804

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close