Housing Starts Plummeting in St. Croix County
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Not only are the existing homes in Hudson not selling, the new home starts are coming to a screeching halt as well. Take a look at these statistics-
New Construction in St. Croix County-
2003
Total Units- 1530
Single Family- 1199
Multi-Family- 331
2004
Total Units- 1317
Single Family- 1178
Multi-Family- 139
2005(through November)
Toal Units- 1011
Single Family- 902
Multi-Family- 109
New Construction in Hudson and Town of Hudson-
2003
Total Units- 403
Single Family- 281
Multi-Family- 122
2004
Total Units- 448
Single Family- 364
Multi-Family- 84
2005(through November)
Total Units- 276
Single Family- 248
Multi-Family- 28
It looks like the TSUNAMI OF TAXATION is taking its toll on the people moving in!
See admin’s analysis of existing homes for sale in comments.
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I took a look out at the MLS this morning. There were 840 homes listed in the New Richmond, Somerset, Baldwin, and Hudson School Districts. It does not include the many houses that cant afford to sell their homes because they do not have enough equity (Remember all those 100-125% financing at low interest). Well those homes payments have shot up steeply as the interest rates have climbed month after month. They have far less equity in those homes than the minimal commission rates realtor’s are charging. So many are being FSBO (For Sale by Owner) of which many are reaching into their pockets at closing to cover the growing gaps between the selling price ” mortgage and closing costs. I won’t even go into how long many of these homes have been for sale or how much the growth of outright bankruptcy has grown.
Of those 840 homes 30% are going for $300,000 or more; Not really affordable for a new family to move into. Let’s see what the other findings are: The mean price of homes listed in New Richmond is $209, 000 with taxes around $225 month. Somerset is $252,000 with $295 month in taxes. Hudson is $285,000 with $320 tax a month. If any of the referendums in any of these 3 districts pass you can expect anywhere between a 25-42% increase in those property taxes.
I have been looking for numbers on housing for sometime. It’s like tracking a hurricane coming toward New Orleans. These numbers plus gasoline and heating fuel prices will shot down any ninty million dollar referendum.
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