After the residential boom of 2007, the Mahomet housing market took a hit when the economic downturn affected the real estate market nationwide. Brown said 2013 Village permit statistics are encouraging because they suggest an upswing in new construction after permit statistics became dangerously low in 2010.
New housing permits rose from 36 in 2010 and 48 in 2011 to 72, which included 65 single family homes, 7 multi-family units in 2012. The Village approved 70 single-family, 13 multi-family and 1 commercial permit in 2013.
Re/Max realtor Nick Taylor addressed current real estate gaps when he represented Prairie Ridge Subdivision developers at a Village study session on Feb. 18. Taylor said buyers are currently looking for homes in the $200,000 range. With depreciation of older homes and an abundance of large homes in Mahomet, many listings are either below $170,000 or above $260,000.
“(The economic downturn) has certainly affected Mahomet, but, thankfully, not as much as some other areas,” Brown said. “What we are seeing now is good housing numbers. We have an uptick in new construction in Thornwood, Country Ridge and Hunter’s Ridge.”
Comprehensive Village plans outline commercial and infrastructure enhancements, but the Village will also continue to look for state and federal grants to extend community pathways. As part of the planned roadway resurfacing project from U.S. Route 136 to Interstate 74 in Mahomet, the Village approved 2013 preliminary designs for a multi-purpose pathway which will extend from the current Buffalo Trace parking lot and trailhead to the Briarcliff Subdivision.
While the State will help with the cost of the pathway, the project required a local match which will be balanced with an intergovernmental agreement with the Champaign County Forest Preserve District. The project is expected to begin in the summer of 2015.
Brown said grants and partnerships are important for the Village to remain fiscally responsible.
Hires within Village staff and several new equipment purchases will promote fiscal responsibility within the Village as they will eliminate some high-price outsourcing on future projects.
The Village also plans to strengthen community pride with signage, which will include park and street signage or way finding signs.
Brown said the Village has also heard from other developers looking at retail development opportunities in Mahomet. Although these establishments may come in 2014, Brown believes they may come over the next couple years.
“Let’s concentrate on bringing someone in to contribute instead of raising sales tax,” Brown said.
While many office spaces along downtown Main Street and in Eastwood Plaza are occupied, the Village will continue to look for retail business along the 150 corridor. Brown said the Village is encouraged by current renovations along Main Street, and will continue to seek options to promote business in already established areas.
While the three-to-five year comprehensive plan is not finalized, Village staff and board plan to pick apart the document before fiscal year 2014 begins in May to make sure the Village is on the right path towards growth.
