EDA reduces price of spec house

NEW ULM – The New Ulm Economic Development Authority sought to improve the chances of selling one of its spec house in its Milford Heights subdivision on Tuesday by dropping the price to break-even levels.

The spec house at 612 Pfaender Drive is priced at $150,400, and it has not sold since it was put up for sale in May of 2012. The approved proposal reduced the price to $149,900, which is just above the roughly $143,400 the City has invested in building and developing the house. Officials said this price would result in a minimal profit if the house is sold at the listed market rate price, or it would barely break even if it is sold at the reduced price for the EDA’s housing assistance programs.

EDA Housing Coordinator Heather Bregel said the problem in getting the split entrance house sold is likely because buyers are more interested in rambler style homes. A rambler style quickly sold in that area after recently being put up for sale.

The EDA also passed a motion to reconvene on Thursday to discuss details of building a rambler-style spec house. Bregel said the work had to be delayed because details have not been finalized by the Tuesday meeting.

In other business, the EDA will also approved a request by the Heart of New Ulm to utilize the EDA lot at 4th North and Broadway to post a 4×8-foot sign for three months.

The lot is vacant and typically used as temporary parking for Broadway Haus tenants during snow removal activities.

HONU’s “Lose It to Win It” sign seeks to encourage people to enroll in its free weight loss challenge. The sign will fill in red squares on a chart of its goal toward getting 2,500 registered participants.

Finally, the EDA approved River Creek Nursery’s quote of $18,285 for landscaping work at Garden Terrace Apartments. The project was sought after being identified in a June 2012 needs survey. The project will improve the grounds for residents and improve the site’s property values.

(Josh Moniz can be e-mailed at jmoniz@nujournal.com)

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