What does new development mean to current home owners
n Some home owners
and real estate agents say they may feel the pinch of
the new housing development
By Eric Clark
News Editor
As the city of Hillsboro forecasts the potential swelling industrial market, and the anticipated need for housing for those future employees, some home owners and real estate agents are wondering how a new development will affect the value of current homes.
One citizen, whose home appraised for a little over $70,000 dollars last year, said he's wondering why people looking for a home would consider buying his home in lieu of the future low-to-moderate homes that will be built at the Windover at Hillsboro development.
"What's the value of my 25-year-old home going to be in relation to this new development?" he asked. "My $75,000 to $80,000 home doesn't need updating, but some homes (that are valued at the same price) do."
The concerned home-owner said the amenities that the new homes boast, such as new furnace, air-conditioning, carpet, and wall paper, make an older home like his less desirable to potential buyers.
At Thursday's Hillsboro Planning and Development Commission meeting, members of Home Town Development, located in Lawrence, led a presentation about their future intentions to develop modular homes on the north side of town.
But according to some Hillsboro real estate agents, a new modular home development isn't the way to meet the housing demands that the city and the new developers anticipate.
One real estate agent said her company currently has 15 houses on the market that are all in the same price range as the future homes in the development. She said many of the current homes will be more efficient than the future modular homes, and stressed that there are several "hidden costs" involved with purchasing one of the future homes.
Another agent said she thinks the development is in the best interest of the city's future economy.
"We have a definite need for homes that are affordable," she said. "In order to keep Hillsboro going forward, we have to have (additional housing options for our citizens.) And right now, our current market is meeting the needs (of all people.)"
She said the city has done several surveys over the past few years and has found that additional housing in Hillsboro is a necessity.
"We've created a lot of jobs (lately)," she said. "Over half of the people working in Hillsboro live outside of the city."
But another home-owner said he isn't convinced the city need additional housing.
"There are a lot of developments in our town that are struggling to put houses up," he said. "I'm not seeing the need for these new homes, and $80,000 to $100,000 doesn't sound all too 'affordable' to me. If I was going to sell my house, I think I'd try and sell (my home) before (the development) goes in."
Home Town Development plans to meet with the Planning and Development Commission in early December to continue discussion on the future development.
