SECTION: Business; Pg. F1

LENGTH: 1236 words

HEADLINE: Affordable homes a scarce commodity in Twin Cities; Home cheap home?; Pantagraph finds affordable homes lack in numbers

BYLINE: Chris Anderson


BLOOMINGTON - There aren't very many of them on the market. And when they become available, they typically sell within a couple of months.

Many of them are small - from 2,000 square feet to 2,500 square feet. Accompanying yards often are on the small side, too.

When searching for the average-priced home in Bloomington-Normal, that's where the similarities end. In fact, it's difficult to find an average-priced home that's, well, "average."

The Pantagraph launched a mission earlier this month to see just what home buyers get when they purchase an average-priced home in the Twin Cities. The search was limited to existing homes listed between March, which recorded an average sale price of $147,208, and April, when the average sale price was $140,685.

"There aren't many homes in the average price category when you combine all sales," said Dan Kniery, president of the Bloomington-Normal Association of Realtors. "Houses in the $60,000 to $90,000 range are really hard to find. Ten years ago that's all we sold. Now $120,000 to $140,000 is the hot zone."

Kniery, who is with Prudential Snyder/Armstrong Realty, found only two houses within the average-price range to show The Pantagraph. He added that 80 percent of all sales occur from houses priced at $220,000 or less.

When Floyd Aper thinks of the average-priced home, the Brady Weaver GMAC Real Estate sales manager sees a house with three bedrooms, 1 1/2-to-2 bathrooms, a two-car garage, a basement, and a yard for pets, kids or firing up the grill.

Homes visited by The Pantagraph met Aper's specifications for bedrooms, bathrooms and yards. Only one home came with a one-car garage.

But there were few other similarities, such as age and location.

The homes were from 8 years to 110 years old. They occupy sites ranging from the Maxwell Park area to the College Hills area of Normal, and the newest growth areas of Bloomington to the long-settled near east side neighborhoods west of Veterans Parkway.

All the homes stood ready, in move-in condition. One, however, required a number of immediate repairs, including several missing doorknobs and just-beginning-to-peel living room wallpaper.

Basements ranged from completely finished to totally unfinished. Most were at least partially finished.

Most of the homes were covered with vinyl siding. One contained aluminum siding, another had wood siding. Three featured partial brick exteriors.

Apart from the differences, Realtors agreed many older average-priced homes contain special features not available in newer, larger homes.

Leslie Harris with Re/Max Twin City Realtors described one of the properties as "the dollhouse."

"The garage is really unique. It's a tandem. You can enter it from the driveway in front or the alley in back," said Harris, of the 58-year-old home. "The covered patio area is perfect for entertaining. And you don't usually find Corian countertops in houses in this price range."

Fellow Re/Max Realtor Bud Clark pointed to Douglas fir floor joists - "you don't see those anymore" - in a 43-year-old "average" house. A unique fireplace opened to both the kitchen and living room. Hardwood floors graced the upstairs bedrooms.

Then there's the 110-year-old home in popular "Grid 65," an area including Mercer Avenue and Clinton and Washington streets in Bloomington. A brick walk crosses in front of the home under large shade trees. Visitors step onto a porch ringed with black wrought iron accents, and enter through a solid oak door.

Polished, original hardwood floors and a restored cherry staircase initially catch the eye. A living room picture window is trimmed in stained glass. An 1893 fireplace commands attention as well.

The home also offers modern amenities, such as a whirlpool and skylight in the large, remodeled upstairs bathroom. Stained glass accents the main bath window.

"At $150,000 to $240,000, great houses are still built here. At the higher range, the big new houses lack the amenities like oak trim and hardwood floors. People who buy the older homes are willing to pay for frills rather than just big boxes," said Kniery, who just celebrated his 10th anniversary in the real estate business.

Aper agreed architectural styles and neighborhood-friendly front porches can draw house buyers to older homes, noting people who grew up in the Grid 65 area now want to move back into those neighborhoods.

Aper showed The Pantagraph a home in the grid commanding $145,000. It featured arched doorways and hardwood floors throughout, plus a unique master bedroom with bath that leads onto a backyard deck. The yard itself proved much larger than many other homes in the price range.

"However, new homes move the market in a lot of respects," said Aper. "You might see a $130,000 or $140,000 home with spacious rooms, but it has paneling and a dark kitchen. With a new home at $150,000, you'll see a trend of a lot more open space and a bright, cheery look."

To illustrate the point, Aper showed The Pantagraph a new, 1,700-square-foot, zero lot line home for $154,000 nearly ready for occupation. The first floor boasted a fireplace, vaulted ceilings, bedroom, full bath and hardwood floors. The upstairs contained two bedrooms and a full bath.

Aper said the new, lower-priced homes lure first-time buyers and empty-nesters who want low maintenance houses and an opportunity to be the first occupant of a home.

Even with some new homes priced at $150,000 to $160,000, Kniery and Trudy Doubet with Coldwell Banker Heart of America Realtors worry that affordability remains an issue for first-time home buyers in the Twin Cities.

"A home in Pepper Ridge that was built as affordable housing in the $50,000 to $60,000 price range has appreciated at 3 percent per year," said Doubet, referring to an 8-year-old, 2,596-square-foot house now listed at $140,500.

"That concerns me because a lot of people need affordable housing. When you have to pay $150,000 to $160,000 for a new home, it's tough for young families. When I started in 1987, we were hard pressed to find a $200,000 house. Usually it would be at Lake Bloomington or on Country Club Place."

Kniery said a growing need for affordable housing spurred development of Savannah Green, where homes sell for $100,000, and McGraw Park, where townhouses go for $80,000 to $90,000.

Kniery recently attended the National Hope Awards ceremony for affordable housing projects. Affordable housing concerns span the nation, he said.

"We have done some things already. Look at Mayors Manor in downtown Bloomington. Maybe we need to rehabilitate two more blocks downtown," Kniery asked. "We do have an opportunity to provide more affordable housing. Apartments may be affordable, but that's not affordable housing. Renters don't own."

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Contact Chris Anderson at canderson@pantagraph.com

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What is an 'average' home when it comes to the Twin Cities?

Willard Street, Bloomington

Age: 110 years

Square footage: 2,542

Bedrooms: 3

Bathrooms: 3

Garage: 2 car

Clearwater Avenue, Bloomington

Age: 10

Square footage: 2,410

Bedrooms: 3

Bathrooms: 2.5

Garage: 2-car

Vale Street, Bloomington

Age: 60

Square footage: 1,965

Bedrooms: 3

Bathrooms: 2

Garage: 1-car

Carrington Lane, Bloomington

Age: 8

Square footage: 2,596

Bedrooms: 3

Bathrooms: 2

Garage: 2-car



GRAPHIC: Floyd Aper, a Realtor with Brady Weaver GMAC Realty, stood in the living room of an older home along Vale Street in Bloomington.

A housing development under construction can be seen from the window of a newer home in Bloomington.

One of the features of the home on Bloomington's Willard Street was this fireplace. Apart from the differences, Realtors agreed that many older average-priced homes contain features not available in newer, larger homes.

The 10-year-old home on Clearwater Avenue in Bloomington came with a deck. Real estate professionals in the Twin Cities expressed worries about the affordability of homes for first-time buyers.

LOAD-DATE: June 30, 2003