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Sign of the times

Perhaps! As building plans begin to percolate and expansion is on the rise, many signs point to Canbys economy starting to turn the corner.



Interest in building residential homes has returned to Canby, a good sign that things are, at last, starting to get better.

After suffering through single-digit or no residential building over the last five years, the city of Canby is going to get some action at last. And Economic Development Director Renate Mengelberg is excited to welcome it to town.

A quartet of proposed projects could have saws churning and hammers swinging sooner rather than later.

The potential projects in the works are:

n Dinsmore Estates II — This project will add 39 6,000-plus to 8,000-square-foot lots on 9.56 acres on South Ivy Street. The first phase of 22 luxury home sites was built several years ago.

n Northwood Estates Phase 2 – This project will offer 33 new home sites of just under 8,000-square-feet hitting the market in early 2014. The first phase of this master planned high end development, located between Ninth Avenue and Northwest Territorial, consists of 41 homes and was constructed in 2008. A one-acre park in the development will be built next summer.

n A five-building, three-story townhouse development is planned on Northeast Third and Fourth avenues. It features ground floor garage parking and two stories of living area above. Construction should begin fall 2013.

n A 4-unit attached development project located between Northeast Third and Fourth avenues should begin construction this fall.

“These are fairly large additions to the real estate inventory,” Mengleberg said.

“In our newest newsletter, Gina Hosford (Team Unger Real Estate), says that the inventory is tight,” Mengelberg said.

Hosford also said that “Home sales have been exceeding new inventory for several weeks. While we are still in a buyer’s market, prices seem to have responded by moving upward. If the demand trends here in Canby continue, we can expect prices to keep marching upward; especially once we see a seller’s market. The median list price here in Canby as of July 1 is $284,500 and average price per square foot is $141.”

“The announcement that there will be new lots on the market within six months helps address those demands,” Mengelberg said. “They are also larger lots than normal, which is inviting. If you look at the existing quality of construction in previous phases, you can see these are high end, more expensive homes.”

And while builders will have to make the move to build on the lots available, Mengelberg said that homeowners and contractors alike should be attracted to the developments being planned.

And after so many years of virtually no building, the city will finally reap some financial aid from the projects.

City Administrator Greg Ellis said he’s optimistic about the buildings and developments that are getting started.

“We’ve got a couple of sources of income for the city and building is one of them,” Ellis said. “That could mean a significant boost to our budget and general fund.

“Overall, I think it’s a good sign,” Ellis added. “ We do need, I think, some additional industrial and commercial growth. They tend to subsidize the residential, in a sense. Need to have that balance.”

“It will absolutely help the city financially,” Mengelberg said. “It’s not just the city, it’s the fire district, school district, all the taxing districts in the city that will benefit from these types of development.”

While Mengelberg is pleased to see two large upscale developments moving forward, she’s also excited about the housing going up on Third and Fourth avenues.

“These other two are both near the fairgrounds,” she said. “It will be nice, new construction, close in to town. That will start changing the look of that area, too.”



Local Weather

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Canby

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Humidity: 83%

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  • 22 Oct 2014

    Rain 58°F 54°F

  • 23 Oct 2014

    Rain 58°F 48°F