Lake Elmo braces for an onslaught of McMansions. Or not.

Boy, this Met Council thing was a big deal in town for a long time.  Bob Collins reviews:

http://blogs.mprnews.org/newscut/2014/02/as-economy-picks-up-sprawl-threatens-to-gobble-up-rural-charm-in-east-metro/

I was reared in Lake Elmo, in a non-McMansion.  By the time I was on my own, working, I could not afford a house there.  Maybe I could now, given some extreme value shopping and patience.  Like most places, I think you can get a post war 1000 sq ft rambler there for $150k.  So this is doable, but it does not improve my situation.  Place I live now is almost as bucolic, with the side benefit that anyone in the Twin Cities will be stumped as if they never heard of it.

Anyway, Lake Elmo remains lovely, and I think it will under most circumstances.  I have my doubts the future is as apocryphal as Collins would lament.  Note:

  • My own east metro, exurban bedroom community is not densely built up, but nor are there any developable farmland tracts.  It’s gonna stay the way it is.
  • Lake Elmo is similar.  It’s bigger, so they do have some farm tracts.  But there are geographical obstacles to mass development.
  • Executives don’t want to live in the east metro.  The gold collar corridor is on 494 from Bloomington to Maple Grove.  Also, downtown Mpls.
  • Most fellas who built houses for a living were driven out of the business.
  • Home lending is moribund.  Not enough credit worthy borrowers to meet the new standards.
  • There’s still farmland to develop in Woodbury.
  • There’s something of a prestige premium you pay if you want to build in West Lakeland or Afton.  This doesn’t lend itself easily to rapid development

I think if I see a “development” nearby in the next ten years I’ll be shocked.

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One thought on “Lake Elmo braces for an onslaught of McMansions. Or not.

  1. PM

    Need to add 394 to your CEO preferred housing pattern. Lake Minnetonka is still “the” place to be…sadly (shows a certain lack of independent thinking/herd mentality)

    Reply

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