Lots of new homes coming to Rochester - KTTC Rochester, Austin, Mason City News, Weather and Sports

Lots of new homes coming to Rochester

ROCHESTER, Minn. (KTTC) -- Across the city of Rochester, neighborhoods are getting ready to expand, and new ones could soon break ground.

Developers are preparing to begin new developments in many of the most desirable areas of town.

Interest rates are low and home-building in Rochester is at a level we haven't seen since 2008.

After years of slow development, the city of Rochester is running out of available lots.

According to Carla Kilpatrick at Home Federal Savings Bank, new homes in the area are being built by both first time home buyers and those stepping up into new homes.

Many of those consumers have been waiting for years through tough economic times to take that step.

During the slow years fewer lots were developed, so now that the market has come back developers need to catch up.

"Last year the most lots that were sold where in the Southwest quadrant of the city," Kilpatrick said. "This year as we stand right now there are no lots to speak of that are available."

Kilpatrick says the Northwest quadrant used to be second most popular area for home-builders, but its now been bumped up to first because of the lack of lots in the Southwest area. Now, there aren't enough lots there either.

Kilpatrick says while Destination Medical Center has not kicked in yet, its passage may be giving confidence to people who were already thinking about buying.

Powered by Frankly