Would be great to add some skinny townhomes and a corner store to the area.
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I advise emailing rhdc@rhdc.org. www.rhdc.org also has a list of staff members to contact.
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That’s exactly what I was thinking. Skinny town homes and and ACU.
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I can’t imagine any scenario where the land around the property doesn’t get developed.
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I’m a little shocked by the listing price, it does include the ADU, but how many people immediately want to become a Landlord and so close to their own property. I’m also curious what the ADU will rent for?
Two Apples and a bag of cash under the rainbow, it seems…
I think you would be surprised how many young professionals who make good income (i.e. can service the debt on their own) would not only rent out the ADU, but also are frugal enough to rent out rooms in the big home so that their mortgage is next to nothing.
Personally, I couldn’t do it. But I know many who would. The ADU alone could fetch them $2000/month easily on Airbnb.
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I just saw a new ADU the other day right off Glascock at the corner of Willow St. Looks like they are adding an addition onto the back of the house and then build an ADU behind that. At first it looked like 2 ADU’s but the part to the right is connected to the house.
The top pic is what you see now at the spot where the old street view showed brush to the right of the car.
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Only half of West Coast ADU owners surveyed rent out their ADUs, per recent surveys:
Others let extended family live there, use it as an office/guest suite, or live there themselves (while renting out the main house). 1/4 of Americans live in multigenerational households, so there’s plenty of demand from extended families.
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573 E Lenoir sold yesterday for $650K. I know of the owner through a friend of a friend and was told in the past that he rehabs houses around downtown and he lives nearby this property 
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That’s great news, I’m assuming a little bidding war took place considering it was originally listed at $525K.
The county hasn’t updated the deed info so the name remains unlisted for now. Something interesting I did notice when searching the tax history is, in 6 years time this property has increased almost $2,000 in property tax annually.
2015 : $1,553
2021 : $3,488
That’s basically a 130% increase in 6 years. Granted the area being revitalized with new homes helps the value increase, but the property tax rate was also raised twice I believe in that time period.
Maybe next time the city and county casually decides to increase the property tax rate, we at least consider that maybe every homeowner doesn’t have this level of expendable income.
This can become the death by a thousand cuts to someone on a fixed income.
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I would imagine that, at the very least, that lot gets split in half. IMO, that price was a bargain.
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Huh, weird.
“Government cannot solve this problem, we have to count on the private sector to help with housing affordability crisis,”
Right.
Weird. Global housing market failures end up being blamed on local governments even though there’s no real difference between housing price increases in heavily regulated vs unregulated municipalities. Why? Because it is more of a federal tax policy thing more than anything else, but there’s no willingness by private individuals or companies to pay a more realistic share so here we are. Everyone says they want to fix inequality and its symptoms (housing prices), but there’s zero willingness to actually fix the system that perpetuates it… because it’s always someone else’s fault or thing to fix. We want to Powell to keep pumping our 401Ks but gee golly, can’t we have that AND have our local governments get rid of the side effects of it, and the side effects of a tax system designed for the wealthy?
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Yikes. How about, “government alone cannot solve this problem”? Assuming we’re living in a democratic capitalist society, then both the government and the private sector play roles in how development plays out. The government has the ability to influence the parameters in which the private sector operates.
Saying “iT’s tHe mArKet” when like 80% of residential neighborhoods in the county are zoned for single-family housing is blatant denial of a policy choice. At the same time, pointing fingers at the government complaining that they’re not mandating enough affordable housing while attempting to block every other project that comes through the pipeline is completely ignorant of how a capitalistic society supply and demand works (looking at you, LR).
It’s both. It always has been both. It will continue to be both for the foreseeable future. I’d really like to see government officials and local advocates start taking more ownership of their roles in the current housing crisis and stop pawning it off on other groups.
Edit: I’m sure it’s more than 80%, I just didn’t feel like finding the actual number.
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Unfortunately we’re not seeing much change in communities that reduced or eliminated SF zoning (Minneapolis, etc.). I still think it’s the right move, but not the pancea it was made out by some to be. I agree with Drew that some kind of tax relief program for longtime owners, especially seniors, could help (there is already a version of that provided here that could be expanded/strengthened), but again, I think this is still a bandaid and not getting to the underlying problem.
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Oh sure, it’s not a silver bullet. I was just using it as an example. But it is an indicator for government policy when it comes to housing. There are lots of additional policy decisions that can help increase supply (TOD zoning, for example).
My primary complaint is Sig trying absolve the government entirely and pointing fingers at the private sector. That may not have been his intention, but that’s how it comes off.
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Gotcha. Btw, check this out:
New Fed tool will measure zoning reforms’ impacts on housing affordability in Minneapolis
Haven’t dug into any data, if there is any yet. So far the reports I’ve seen from Minneapolis have been underwhelming, but this could be interesting to check back in on this tool over time.
And then…there’s also this:
An ‘Explosion’ of Investor-Owned Homes in Minneapolis’ Low-Income Neighborhoods
The Federal Reserve Bank of Minneapolis has noticed an alarming spike in investor-owned homes in Minneapolis since the Great Recession.
December 8, 2021, 9:00 AM PST
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Not surprising. People with an investment property that they rent out for income were faced with tenants who couldn’t pay rent and couldn’t be evicted. So they couldn’t pay their mortgage and then investors with a lot of money eventually come in and purchase multiple properties, displacing both the homeowners of the investment properties and the tenants.
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