(KNSI) – Two small towns in central Minnesota are getting some financial help to give buildings a facelift.
Brooten will get $600,000 from the Small Cities Development Program grants to improve its public safety facility, and Watkins will get $943,000 to rehab housing and commercial property.
On Monday, Governor Tim Walz named 36 cities, townships, and counties across rural Minnesota that will receive a cut of nearly $24 million from the grant program. Cities can apply for help upgrading residential and commercial property rehabilitation, improving public facilities, and other economic development.
All projects must meet at least one of three federal objectives. Benefit people of low and moderate incomes, eliminate slum and blight conditions, or address an urgent community need affecting public health or safety.
SCDP grants are awarded to Minnesota cities with fewer than 50,000 residents and townships and counties with populations under 200,000.
This year’s grant recipients are:
City of Bagley, $345,000
Owner-occupied housing rehab
City of Baudette, $1,200,000
Rental housing rehab and public facility improvements
City of Big Falls, $170,430
Rental housing rehab
City of Brainerd, $575,000
Owner-occupied housing rehab and rental housing rehab
City of Brooten, $600,000
Public facility improvements
City of Clarkfield, $600,000
Public facility improvements
City of Darwin, $600,000
Public facility improvements
City of Deer Creek, $581,430
Public facility improvements
City of Delhi, $600,000
Public facility improvements
City of Dodge Center, $431,250
Owner-occupied housing rehab
City of Edgerton, $1,049,375
Owner-occupied housing rehab, rental housing rehab and commercial rehab
City of Erskine, $704,375
Rental housing rehab and commercial rehab
City of Fosston, $597,713
Owner-occupied housing rehab
City of Granite Falls, $943,000
Rental housing rehab and commercial rehab
City of Hallock, $414,000
Owner Occupied Housing Rehab
City of Holland, $600,000
Public facility improvements
City of Kasota, $554,000
Public facility improvements
City of Kelliher, $417,300
Public Facility Improvements
City of Lake Lillian, $600,000
Public facility improvements
City of Lonsdale, $431,250
Owner-occupied housing rehab
City of Mabel, $600,000
Public facility improvements
City of Madison, $599,610
Owner-occupied housing rehab and rental housing rehab
City of Minneota, $599,265
Owner-occupied housing rehab and rental housing rehab
City of Nielsville, $600,000
Public facility improvements
City of Okabena, $600,000
Public facility improvements
City of Pequot Lakes, $600,000
Public facility improvements
City of Randall, $600,000
Public facility improvements
City of Red Lake Falls, $929,200
Owner-occupied housing rehab, rental housing rehab and commercial rehab
City of Sacred Heart, $1,175,000
Owner-occupied housing rehab and public facility improvements
City of Staples, $948,750
Owner-occupied housing rehab, rental housing rehab and commercial rehab
City of Stephen, $368,000
Owner-occupied housing rehab and commercial rehab
City of Tracy, $1,127,000
Owner-occupied housing rehab and commercial rehab
City of Waubun, $573,600
Public facility improvements
City of Wood Lake, $600,000
Public facility improvements
County of Big Stone, $599,265
(City of Correll & City of Ortonville)
Owner-occupied housing rehab and rental housing rehab
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As the weather in northern Utah is beginning to cool down, you’re probably considering your next getaway to sunny Southern Utah where summer seems to last forever. Many Utahns make frequent trips to the St. George area but are increasingly weary of paying expensive nightly rental prices every time they take the family down.
No doubt you’ve thought to yourself, “Wouldn’t it be great if we just owned our own vacation home here?” But who has the time or money to own an entire second home all to yourself? Very few.
If there were a way to just own a portion of the home and use it for part of the time, that would be ideal. Then your ownership could match your availability and your budget. It would be even better if you could rent out the house when you aren’t using your time.
Ember is solving this problem through vacation home co-ownership.
⅛ of the home, 100% of the experience
Historically, not everyone could afford a vacation home—especially in top destinations like St. George, Park City, Florida, or Southern California. And even for families that could commit to a vacation property, research shows that they are only using the home for two to six weeks out of the year.
With Ember’s co-ownership model, you can choose to buy a portion of a luxury vacation home, instead of the whole thing—and only pay a fraction of the cost. The ownership of each Ember home is divided into eight equal parts. Co-owners get 6-plus weeks for each 1/8th share they purchase. Owners looking for maximum time can buy even more of the home. Ember features properties for as low as $114,437 per 1/8th ownership share.
Make memories while you’re there, rent it out when you’re not
Each buyer enjoys exclusive access to the home during their stays and with “Ember Flex” designated homes, they can rent out their time when they don’t plan to use it personally. Plans change. Life circumstances change. 6 weeks might be just enough in a given year and too much the next. Having the flexibility to simply rent out your nights and not worry about the home sitting vacant, delivers incredible peace of mind. It’s the best of both worlds.
Ember’s SmartDraft™ technology makes sure each owner gets their fair share of desirable nights each year. It’s easy to swap nights with other owners or change your plans throughout the year using Ember’s intuitive mobile app.
Ember sweats the details so you don’t have to
Ember’s innovative approach to vacation homeownership promises a five-star experience from start to finish—free from hassle and disappointment. Each home is professionally designed and comfortably furnished so you can simply show up and instantly enjoy your home. A 24-hour property concierge is available for any issues that may arise. Need a few extra home supplies? Did you lock yourself out? The on-call concierge will be there in minutes.
With Ember, their commitment to your experience continues even after you leave. They maintain your vacation home so you don’t have to worry about it. The home is cleaned, the linens are washed, the lawn is mowed, and the pool is maintained so the property is turnkey ready for your next stay.
Where luxury meets logic
But the biggest benefit to co-owning a premium vacation home in a rapidly growing market like St. George is building equity. Ember homes appreciate in value just like other properties on the market. Unlike a timeshare, Ember homes are owned by their co-owners in an LLC structure. Should you decide to sell your portion down the road, you name the price and capture any potential appreciation. The process is simple and Ember handles the details of reselling your ownership and handling the closing process.
With Ember, you’re paying yourself to go on vacation, which is impossible when staying at someone else’s Airbnb or VRBO. On top of that, because you own a minimum of 13% of the house (1/8th), your costs are offset by 87% thanks to the other co-owners. And with potential rental revenue and future appreciation, the gains offset your costs even more.
Ultimately, Ember’s co-ownership model was designed for one thing: to help more families enjoy hassle-free vacations in beautiful homes they truly own. Start by browsing the available St George properties and find the perfect Ember vacation home for you. Then talk with an Ember advisor to get all your questions answered and finalize your purchase. You’ll be able to book your first stays and arrive at your Ember home in as little as 24 hours. From there, it’s all about making memories that you’ll cherish forever with the people you love.
Ember Advisors are available for call or chat from 7 a.m. to 11 p.m. Mountain Time at 1-800-366-6891.
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The Mighty House team outside the new branch in Morecambe
An estate agent has celebrated its upcoming 10th birthday by opening a new branch in Morecambe town centre.
Mighty House opened on the corner of Victoria Street and Skipton Street on Monday September 4.
The firm already has two branches in Lancaster – on Bowerham Road and Market Street.
Mighty House said the opening in Morecambe shows their “ongoing commitment to serving the property needs of individuals and families across the region”.
“It’s hard to believe where the years have gone but in November 2023, Mighty House will be 10 years old,” said Peter Charnley, managing director of Mighty House.
“Our expansion into Morecambe is a significant step forward in our mission to provide top-tier property services for the Morecambe and Heysham area.
“The Mighty House team have a wealth of experience in the property market and support clients in selling, buying, investing, letting or renting.
“We even have a growing service offering and managing short term lets/air b n b accommodation. We have consistently delivered excellent service as evidenced by National Awards and phenomenal reviews.”
Mighty House recently won best letting agent in the North of England in the UK Property Awards. Their sales teams have previously won best Estate Agents in Lancaster for three years.
Victoria Street has long been known as one of the main locations for estate agents in the town, with several other property businesses operating on the street.
Falling house prices and record wage growth has meant houses have become more affordable on paper, but the rising cost of borrowing has cancelled out any benefit.
The cost of a typical UK home is 6.7 times average earnings, down from a peak of 7.3 last summer, according to analysis from the country’s biggest mortgage lender, Halifax.
It means house prices are more within reach, but when the cost of borrowing money to buy a property is factored in, paying for a home has become more expensive.
Mortgage costs have gone up 22% in a year from an average of £1,020 to £1,249, data from the Halifax house price index shows, and account for a larger proportion of income.
A single mortgage holder is now paying more than a third (35%) of their average full-time salary on repaying their home loan, up from 30% a year ago, on a typical 25-year mortgage with a fixed interest rate for the first five years and a 25% deposit.
The figures are based on mean average earnings of £43,090 from April to June this year and a typical house price of £286,276.
However this is slightly misleading as it only takes into account people working full time and is skewed by small numbers of very high earners.
The median average salary is usually preferred because it “measures the amount earned by the typical individual”. That stands at around £29,000, just a tenth of the typical house price.
Mortgage payers are now in the minority, according to analysis from Sky News, while renters are the majority, followed by people who own their home outright.
While house prices have come down, they have consistently risen for years driven by buyer demand increasing during the pandemic, incentives such as the stamp duty holiday being rolled out, and interest rates at record lows.
Compared with the start of 2020, for the same mortgage (a typical 25-year mortgage, with a fixed interest rate for the first five years and a 25% deposit), the monthly cost has increased by 65%, now making up 23% of average earnings. In the pandemic year, the price of the average UK home was 6.2 times typical earnings.
Regional variance in affordability exists with Inverclyde in Scotland said to be the most affordable place in the country and Surrey Heath seeing the largest improvement in affordability over the last year.
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The most expensive place to buy a home, according to the data, was London, despite the region recording a 2.6% decrease in house prices over the last 12 months.
Average property prices are £533,057 in the capital and, based on average London earnings, the house price-to-income ratio is 9.3, the highest of any region.
Typical mortgage costs there account for nearly half (49%) of earnings, the biggest proportion of anywhere in the UK.
Most affordable is the northeast of England, with an average house price of £168,240 and a house price-to-income ratio of 4.9.
(c) Sky News 2023: Mortgages: House prices are more affordable but rising cost of borrowing means benefi
(KNSI) – The old St. Cloud City Hall site is once again bustling with activity.
Bremer Bank held a grand opening at its new 20,000 square-foot building at the corner of 2nd Street South and 5th Avenue South earlier this week, constructed where the former municipal center once stood. Known as Highbanks Plaza, the bank is the anchor for the property. Over 60 employees work at the location.
St. Cloud moved its city hall to the old Tech High School on 7th Street South in March 2022. Crews began demolishing the old site in late July of last year. Highbanks Plaza saw its first tenants move in less than 13 months later.
Bremer President and CEO Jeanne Crain says, “With this new downtown location, we will continue to provide value-added financial services to central Minnesotans in a more modern and personalized environment that drives partnership and value for our customers.”
St. Cloud Mayor Dave Kleis says the project has implications that stretch well beyond the lot’s boundaries. “A vibrant downtown St. Cloud is crucial part of a vibrant central Minnesota, and this development is one of those important pieces as we continue to modernize downtown.”
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A well-known Keighley estate agent is celebrating 40 years working at Dacre, Son & Hartley and during his long and successful career it’s estimated that he’s been involved in approximately 10,000 transactions in the town and its surrounding villages.
Ian Bradbury, who is the firm’s area director in the Aire Valley, grew up in Haworth and Riddlesden and joined Dacres in 1983 after completing sixth form at Holy Family Comprehensive School, during which time he also had a part time job at the local Morrisons store. The supermarket giant then suggested he apply for a supervisor role, but a friend who Ian played cricket with worked at Dacres and told him the firm was also recruiting.
Ian went for both interviews on the same day and when Dacres offered him the role, he gladly accepted it. Two years later he progressed into a sales role and in 1991 he was promoted to branch manager of the North Street office in Keighley town centre. Four years later he became a shareholder in the business and was made a director in 2002.
Ian said: “I’ve only ever had two job interviews but accepting the role at Dacres was one of the best decisions I’ve ever made. I was fortunate to have the opportunity to learn the trade from several very good and experienced people, who always took the time to offer me help and advice, and it was five years before I did my first solo valuation!
“The most important thing they taught me is that estate agency is a people business. Buying and selling a property is usually the biggest financial transaction people make, so buyers and sellers want to work with people they trust, and this is something I always instil on the next generation of estate agents and our new starters.”
Commenting on how the market has evolved over the past 40 years, Ian said: “A key thing about the UK’s housing market is there are lots of ups and downs but it’s very resilient. Even though I started in 1983, it wasn’t until 1989 that I sold a house for £100,000 and that was a big moment. However, during most of the 1990s things went backwards and at some points we had hundreds of homes listed for sale, which made it a genuine buyers’ market.
“Then in the run up to the credit crunch things changed dramatically and between 2005 and 2008 we would regularly agree sales on several homes every day. Some of these market conditions were replicated during the pandemic, when stamp duty giveaways, staggeringly low interest rates and huge numbers of people relocating to different parts of the country all combined to create a perfect storm in the housing market.
“Even now, with rising interest rates causing a degree of uncertainty, the market remains buoyant in and around Keighley, which is partly due to it being a relatively unique location, where you can still buy houses for £50,000 close to the town centre, but equally you can pay upwards of £1million in its surrounding rural villages.
“Crucially though, several things have remained constant over the past four decades. Firstly, it’s extremely difficult to predict how long each cycle will last in the housing market. Secondly my advice to sellers, which is that a correctly priced and well-presented home will always sell.”
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “Ian’s track record in Keighley’s property market over the past 40 years speaks for itself. He’s undoubtedly sold far more property than anyone else in and around the town and has sold many homes several times over. One client recently phoned the office wanting to sell and specifically asked for Ian because they’d bought the house off him and remembered what a good job he’d done even though it was 20 years ago.
“Ian is a key reason that we’re so successful in the Aire Valley. He’s lived locally all his life, so knows the area very well and he regularly supports local events and community initiatives with his time and office sponsorship. He’s the consummate professional and we’re delighted to celebrate his 40 years with Dacres!”
Commercial radio registered a record weekly reach and share of listening for a second consecutive quarter, according to the latest Rajar radio audience data.
Combined commercial radio stations reached a total audience of 39.2 million listeners per week over the last three months, which is 7.5 million more than the BBC (31.8 million). The gap is more than double that of a year ago, when commercial radio had 36.3 million listeners, compared to 33 million for the BBC.
Commercial radio stations also increased their share of listening against the BBC for the third quarter in a row. It recorded a 54.5% share for Q2 2023, up from 51.4% last quarter and 49% last year.
Global retained the top weekly reach and share of listening for all of its combined stations, which include Capital, LBC, Heart and Smooth. It reached 24.9 million weekly listeners, a year-on-year increase of 4.5%.
Bauer Media Audio network, which includes Absolute Radio, KISS, Magic and Greatest Hits Radio Network, reached 21.33 million weekly listeners, an increase of 9.2%.
BBC Radio 2 was still the biggest national station in terms of weekly reach, but this declined by 7.4% year-on-year, not helped by former presenter Ken Bruce leaving for Bauer’s Greatest Hits Radio network.
As a whole, radio reached 88% of the UK population or 49.5 million people on a weekly basis.
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Methuen plans to sell a previously contaminated property—vacant since a 1994 fire—which will be redeveloped into 76-88 apartments and adjacent retail and restaurant space.
Methuen Mayor Neil Perry hailed the plan Monday, saying it relives the city of an environmental problem it inherited after taking the property more than 20 years ago for back taxes.
“The conceptual plans check off nearly every box the city could possibly hope for when it comes to historic preservation, blight removal, environmental cleanup, new tax growth, affordable and market-rate housing, commercial investment, downtown revitalization and access to transportation and recreation amenities like the Rail Trail, Spicket Falls and nearby parks,” he said.
Methuen will begin formal negotiations with SAi Group, of Salem, N.H., to sell 54 Osgood St. for $134,900. SAi Group responded to the city’s request for proposals that was issued in May. The proposal encompasses not only the city parcel, but a total of 1.5 acres, involving the adaptive reuse of the historic Methuen Company Storehouse into retail/restaurant space.
SAi Group President Anton J. Miller said in a joint statement, “It was clear from the RFP process that the City of Methuen is committed to not just selling 54 Osgood St., but to having a partner and advocate in transforming this long-neglected area that is so rich in history and centrally located.
The quarter-acre parcel is located at the junction of Osgood and River Streets in Methuen. It was taken by the city in December 2002 and had been the location of Precise Circuit Tech, a plating company in operation from 1974 to 1994. The business was destroyed by fire in January 1994.
SAi will also conduct additional environmental testing on as a condition of their purchase.
Methuen Economic & Community Development Director Jack Wilson acknowledged many years of support from the U.S. Environmental protection Agency, state Department of Environmental Protection and Merrimack Valley Planning Commission.
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The Isle of Wight Council’s mainland commercial property portfolio has drastically dropped in value which means if it sold it now, it would lose money.
The authority owns four industrial estates — in Southampton, Salford, Oxford and Kent — purchased five years ago.
Between 2022 and 2023, the valuation of its properties fell by an average of 15.96 per cent.
The portfolio’s current market value, as determined by independent experts, is worth £34.75 million — a £420,000 loss on what the council bought it for.
Compared to last year, between 2021 and 2022, the portfolio grew by nearly 18 per cent.
Property prices peaked last year, with one – Olympic Court in Salford – at almost £13.7 million. It is now worth £12.3 million — a ten per cent decrease.
The most significant drop in value was at the Network Oxford site, which fell 21.97 per cent, from £12,175,000 to £9,500,000.
The council purchased the four sites for £35.17 million in 2018, including all legal fees and associated costs.
It hoped it would make money for the council, which would deliver year on year.
The council received around £1.78 million of rent in the last year from the occupiers of the units — which include In The Style Fashion, Betterstore Self Storage and Stagecoach Group — although one is now empty.
Had the council sold the properties at that point, it would have made a £6.25 million profit, less the costs of sales.
A report seen by the Isle of Wight Council’s Audit and Governance committee earlier today (Monday), said the second half of 2022 went from record-breaking highs to quite dramatic lows as the country faced economic challenges.
The council said the portfolio now provides a significant income stream and the opportunities to do so on the Island ‘cannot be quickly replicated’.
Speaking at the meeting today, Chris Ashman, the authority’s regeneration director, said they have been able to maintain the level of rent coming in but overall it is an issue the cabinet will need to keep under review.
City asked to reconsider role in commercial developments
Recently, I responded to the City of Flagstaff (COF) appeal to residents regarding current budgeting priorities and objectives. Earlier this year I had the opportunity to attend the City of Flagstaff’s budgeting retreats. Over multiple days, I learnt a great deal regarding the anticipated spending on operations and capital projects for fiscal year 2023-2024. The days were filled with charts, tables and diagrams.
At the end of one day, a COF staff member presented the refurbishing and rebuilding of a commercial property owned by the COF. The property is located before the entrance to Buffalo Park and it is primarily leased to the USGS. He proceeded to tell the budget meeting attendees, City Council and City Staff primarily, that a new investment in the USGS buildings would cost over $50 million. This amount was higher than prior year estimate of over $35 million! But not to worry, USFS and the COF were close to agreeing to a five-year lease with a five-year renewal! Not one question from the audience! Not a peep! Not a graph, table or diagram! I was stunned! I do not believe any commercial developer would spend over $50 million with a potential five- or 10-year lease in the future.
Developing commercial property is NO WHERE to be found in the Flagstaff Key Community Priorities and Objectives used in the COF budgeting. The COF mission does not mention the COF developing commercial property.
If the COF remains in commercial building business, this presents numerous conflicts of interest for the COF. This situation today is like having the fox guarding the hen house given the COF enforces and creates the building codes!
The COF should divest all commercial property; the residents tax dollars can be better spent on actual COF’s Priorities and Objectives.
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