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2008 Mounds View Comprehensive Plan ________________________________________________________________________ Chapter 4: Housing 4-16 Land Available for Development / Redevelopment Figure 8 on page 4-21 shows land potentially available for residential development and/or redevelopment in Mounds View. As a developed city, Mounds View has limited opportunities for new housing development. The majority of the city’s housing was built in the 1960’s and 1970’s. The remaining opportunities for new housing are through the redevelopment of existing underused property such as large lot single- family residential properties. The redevelopment of these parcels can be difficult due to existing land use patterns, soil and water table constraints, storm water management requirements, access needs and neighborhood impact. Redevelopment possibilities include manufactured home parks and single-family lots adjacent to commercial and high-density residential properties. Project costs, land assembly, infrastructure needs, financing and other factors can complicate redevelopment projects. Infill/Redevelopment As noted earlier, new housing development may occur through the infill development of vacant land and the redevelopment of larger parcels. Market and other forces also are driving changes with some residents choosing to reinvest in their properties by tearing down existing structures and rebuilding on the site with a new home or significantly remodeling the existing home. Such changes can create conflicts between older neighborhoods, newer neighborhoods and property owners since the newer construction is typically of a different style and size that traditionally found in the neighborhood. It also is difficult to increase densities in infill developments thereby affecting both life cycle and affordable housing opportunities. Market Trends A significant change in recent years that has affected housing in Mounds View is the real estate market. Housing values in Mounds View rose in the 1970’s and 1980’s. This trend changed dramatically in the later 1990’s and in the early 2000’s when home values around the country increased rapidly. In some cases, home values increased 10 to 15 percent each year (well above the inflation rate). The housing markets have shifted in recent years such that property values had somewhat stabilized. Another concern is the recent rise of foreclosures throughout the area and the country. The number of Sheriff’s sales in Ramsey County increased 125 percent between 2005 and 2006 and the numbers continue to increase. City staff has found that tracking foreclosures is difficult; therefore, staff is not aware of exactly how many home foreclosures have occurred or are in the foreclosure process. The increase in foreclosures raises concerns about the impact this turnover could have since these homes are vacant and the properties may not be maintained. Foreclosures are also affecting the value of