NORMAL — The old Damon’s restaurant has been torn down, opening up prime real estate along Veterans Parkway in Normal.The two-acre land, at the corner of Veterans and Fort Jesse Road, sold for $1.5 million when Damon’s closed a year ago, according to the Normal assessor’s office.Tartan Realty Group, which is managing the property for owner Location Finders International, values the land at $20 to $25 per square foot, said Tartan President Doug Reichl. For two acres, that would cost around $1.74 million to $2.18 million.
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Jon "Cody" Sokolski, chief executive officer of One Main Development, is proposing three buildings totaling more than 380,000 square feet at a total cost of $75 million. They would be built along Beaufort Street from Broadway to the west side of a planned traffic roundabout in downtown Normal, which officials now refer to as uptown. Click here for the full Pantagraph.com article.
Home sales in the Twin Cities (new and used combined) dipped in 2006 from the previous year. Chart below shows sales for the past 12 years.
SOURCE: The Bloomington-Normal Association of Realtors
BLOOMINGTON -- As a climber makes his way up a high mountain, it gets increasingly easier for him to fall down. So it is with the housing market.The Bloomington-Normal real estate market has experienced a lot of prosperity in recent years; however, as industry experts say, it can’t keep setting records year after year.So the community found itself on a Top 5 “worst” list recently.Bloomington is listed as the fifth-worst city in the nation for home appreciation in the February issue of Money magazine. The median home price from 2006 third quarter sales was $156,300, an 8.5 percent decrease from the 2005 third quarter price of $170,900.Detroit had the slowest appreciation at negative 10.5 percent.
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BLOOMINGTON — Far fewer people bought new homes in Bloomington-Normal in 2006. Twin City new home sales dipped 14.2 percent from 2005, contributing to a decline in overall home sales in the community, according to a report by the Bloomington-Normal Association of Realtors.Total new home sales for 2006 were 483 new homes, down from 563 the year before. Sales of existing homes were up 2.7 percent from 2005, but it wasn’t enough to close the gap in total sales.Total home sales in 2006 totaled 2,918, 15 less than 2005 — although still enough for the year to rank second best in total sales since 1995.And the number of existing homes sold in 2006 — 2,435 — was a record for Bloomington-Normal, said Michael McGaughan, executive officer of the association.
NORMAL -- Heartland Community College is considering a $60 million expansion plan that would almost double the campus’s size by 2010.Officials on Friday laid out an aggressive timeline for erecting five new buildings, renovating several existing facilities on the 7-year-old campus, creating three athletic fields and adding 500 to 600 parking spaces. The new buildings would be a student center, fitness center, classroom building, multipurpose auditorium/business conference center, child-care center and receiving building.Bidding the project all at once could realize a 3 percent cost savings, said Randy West of BLDD architects.Heartland leaders say the project could be funded by increasing local property tax rates about 3.5 cents per $100 equalized assessed valuation. The College’s tax rate now is 40.5 cents per $100 EAV, which remains under the state average for community college district rates, officials said.
According to Kansas City real estate appraiser Thomas Linsin, real estate values are appreciating modestly across the area and are up from last year's values. Then why are some homeowners finding they can't take out equity loans?
Read the full Article: Appraisals Not Meeting Last Year's Numbers In Appreciating Market
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