Suburbia is sprouting in the open fields of Medina

  • Article by: TOM MEERSMAN , Star Tribune
  • Updated: December 22, 2012 - 11:21 PM

About 400 new homes have been approved, including a project OK'd by the City Council against the recommendation of planning officials.

  • 29
  • Comments

  • Results per page:
jaromir68Dec. 23, 12 8:16 AM

Ugh, this is the worst. How irresponsible are people? Sure buy a home that is only viable with cheap gasoline.

23
20
brainerdguyDec. 23, 12 8:17 AM

I can't wait for the republicons to respond with their negativity! republicons HATE good news!!!

8
32
onelesscarDec. 23, 12 9:03 AM

have these people not even considered living in the cities? there is MUCH less impact on the environment. seems so elitist.

24
27
greg62Dec. 23, 12 9:26 AM

"have these people not even considered living in the cities?" ________ Why would anyone want to do that, espacially if they have kids?

21
33
swmnguyDec. 23, 1210:00 AM

Talk about mal-investment. And what about short memories? It's still 2012. It's only been 4 years since this model collapsed. A "dead-cat" bounce in the market, and now it's like 2008 never happened?

Here are run-on consequences of the Federal ZIRP (Zero Interest Rate Policy) for you. Banks have all this free money to lend, paid for by the taxpayer, so they don't care if they take ludicrous risks with our money. Huge houses in a field in Medina are almost a certain loss of capital in the long term.

For young couples to buy these houses in this artificially manipulated financial environment is nearly a guarantee they will lose out in the end. In the next financial crisis, which our current policies are making inevitable and imminent, these people and these houses will be the first ones into bankruptcy. What a mess, and with such recent counter-examples to consider. If risk were properly priced in our markets, this would never have happened.

26
9
jjsbrwDec. 23, 1210:06 AM

These are the same people that will be screaming for the rest of us to pay for the roads and other infrastructure they will need to live their lives. Can't wait till that bill shows up.

30
15
swmnguyDec. 23, 1210:07 AM

" "have these people not even considered living in the cities?" ________ Why would anyone want to do that, espacially if they have kids?"

I dunno. Ask the couple with 4 kids (He's a financial advisor, she is a mid-level executive) who just bought the house two doors down from me in the 4000s of South Minneapolis. They're the very picture of people who would have been buying these houses in exurbs 6 years ago. Ask the other couple with a baby who bought the house two doors up from me. Same profile.

Maybe they're buying into the inner city because they don't have amnesia? Because they saw what happened starting in 2007? Because they plan to stay in their homes for 30 years and they can see how the trends are going to play out over that time? These two couples know a lot about finance. These developments in the exurbs are a lot more likely to be farmland again in 30 years than thriving communities South Minneapolis is a lot more likely to be a thriving community than anything else in 30 years. Zero Interest Rates from the Federal Reserve aren't going to last that long, and the second they end, that'll be the end of this kind of malinvestment. It only takes a minimal level of financial acumen to see which is the better investment.

22
13
timandtiaDec. 23, 1210:42 AM

Thank goodness they aren't building/moving by me. I can't "hate" people who move out there, remember at one time this whole land was "wide open". I just cringe in the fact that this is happening so fast. Just think, someday, we American's will only be able to build up on top of each other (very much like Japan/China). I hope that does not occur. Yuck!

7
6
philipp10Dec. 23, 1211:09 AM

When gas hits $6, $7 dollars a gallon, and it will, homes far from where the jobs are will suffer greatly. Couple that with rising interest rates and you will see these homes fall into foreclosure.

20
14
ELizardDec. 23, 1211:11 AM

People complain about wild life moving into their neighborhoods, but it's because of developments like this. Where else are they to go as we take more & more of their land?

19
11

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: Can the Wild rally to win its playoff series against Colorado?

Weekly Question

ADVERTISEMENT