Rochester, MN Real Estate News

IBM Rochester IBM’s Rochester, MN campus is unloading a significant portion of real estate, and according to reports, it could be potentially selling as much as 1 million square feet to an external real estate developer. Although the computing company has suffered years of cutbacks, there seems to be no indication that additional personnel changes will follow such a dramatic move.

IBM will still maintain eight buildings on campus and reconfigure much of that space into collaboration-style work spaces—a trend that seems to be catching on in offices all over the country.

At its peak, the IBM campus in Rochester ballooned to over 3.6 million square feet and had over 8,000 employees, but in 2013, much of its manufacturing department moved out of the area and a large

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Rochester, MN Job GrowthOver the next 20 years, it’s estimated that the substantial Mayo Clinic expansion will contribute in bringing well over 30,000 more residents to the Rochester area, prompting some city officials to already worry about housing shortages in town, especially when it comes to affordable places to live.

As previously reported by numerous outlets when the project was first announced, the Mayo Clinic plans to spend around $3.5 billion to improve and expand its Rochester campus, and those improvements along could also attract over $2 billion more in other additional private investments to the city.

According to recent studies, Olmsted County as a whole has a widespread shortage of affordable housing available to potential home buyers and renters, with just 32

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Rochester Luxury Historic HousesLots of older houses can be found all over the Rochester area, but for home buyers truly wanting a “historic home,” you might find that the inventory of available options begins to dwindle as you take a closer look at the market. In general, a historic house is usually classified as both being at least a certain age, as well as having some sort of historic significance in terms of the architecture, interior finishes, or even who previously lived there.

Common home styles for historic homes in Rochester include stately Colonials, an assortment of classic English Tudors, and even a few Victorians here and there as well. Rochester’s Southwest neighborhood is where you'll find many of the city’s more impressive vintage houses, which is also just blocks from

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$100 Million Tower Proposed For Downtown Rochester A massive new $100 million mixed-use development has been proposed for a prime location over on Second Street SW next to the Mayo Clinic’s Saint Marys campus in downtown Rochester.

According to reports, the plan calls for a massive 13-story tower that would include 359 residential units, 20,000 square feet of commercial space, and two levels of underground parking that would also include some public parking space.

Right now, the roughly 2-acre site is currently occupied by The Brentwood on 2nd and Ray-Mar Motel, which would both be demolished should the project be approved. As it stands, the residential portion of the new development would include 310 new luxury apartments and 49 townhouses that would also be connected to the building, brining 359 new

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Rochester Real Estate NewsAfter a few minor changes and some hurdles to clear early on, it appears CPM Cos. and Roers Investments have officially broken ground on a new collaboration called The Commons on Mayowood.

Acting as the first joint venture between the two development companies, The Commons at Mayowood will stand five stories high when finished and house 159 luxury apartment units that this particulate part of town could use right now. Conveniently situated just off Highway 63 and just down the road from the Olmsted County Fairgrounds, Crossroads College, and all the shopping and dining surrounding the Apache Mall, there’s certainly no shortage of nearby amenities when it comes to the location of the new Commons on Mayowood development.

Although retail space will

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New Construction Communities in Rochester MNWith interest rates still low, inventory still low, and the Rochester real estate market red hot, new construction continues to be an enticing option for local home buyers looking to make a move. Although some might say the new construction market still hasn't fully recovered from the downturn that ended several years ago, lots of great options are still available all over the Rochester area right now, of which many seem to be selling at a rigorous pace.

So what’s the appeal behind new construction homes for sale in Rochester? While some might say there’s nothing quite like the clean, fresh feeling of a new home, others simply don’t want the headaches of hassles often associated with moving into a home that isn’t exactly “turn-key.”

So if you’re like many

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Rochester Townhome CommunitiesApparently some investors are seeing potential in the Rochester real estate market, as four local townhome communities have been sold to Investors Real Estate Trust for $72 million.

According to reports, the 187-unit Avalon Cove community, the 90-unit Cascade Shores community, the 76-unit Crystal Bay community, and the 40-unit French Creek community were all part of the deal, with the individual breakdown as follows:

-Avalon Cove - $37 million
-Cascade Shores - $18 million
-Crystal Bay - $12 million
-French Creek - $5 million

Townhouses in these Rochester communities were mostly all built between 1990 and 2010, while most feature two- to three-bedroom townhouse residences that range in size from 1,012 square feet to 2,850 square feet of total living space.

As

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Rochester Real EstateCompared to the nearby Twin Cities, there’s no doubt homes for sale in Rochester are slightly more affordable, and in many ways give home buyers a whole lot more bang for their buck. Rarely is a home in Rochester, MN listed for over $1 million, regardless of whether it’s just recently built or how many bedrooms or square feet it has to offer. And if we’re talking about condos and townhouses in Rochester, the savings can actually be quite significant.

But aside from cheaper housing, what else makes living in Rochester desirable?

For starters, the outdoor recreational opportunities in and around the Rochester area are phenomenal, starting with its first-rate network of parks and jogging/biking paths. In all, Rochester features over 100 city parks that total

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Rochester Real Estate Market StatisticsThroughout last year, Rochester saw 2,480 total residential sales, up from 1,995 the previous year. With more first-time home buyers entering the marketplace and consumer confidence continuing to grow, the increase in sales is hardly a surprise. Perhaps one stat that jumps out the most, though, is the 2015 median sold price compared to the median sold price in 2014. Last year, homes in Rochester sold for a median price of $181,480, which is up nearly $11,500 from the 2014 median sold price of $170,000.

Homes in Rochester also sold quick in 2015, which is good news for sellers, with an average Days on Market of just 62 days. In 2014, homes at on the market for slightly longer with an average Days on Market of 71 days.

Finally, the List to Sale ratio in

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Rochester, MN SubdivisionsEvery home buyer in Rochester, MN has individual needs and wants in a new home, but for the buyer with students also going to school in the area, it goes without saying that a close proximity to local schools is a convenience that can’t be overstated. And it’s for that reason, and many others of course, that Century Hills is truly establishing itself as one of the premier communities to call home in all of Rochester.

A hilltop community that features extraordinarily desirable single-family homes, Century Hills is perfect for anybody looking to combine a great location with a newer construction place to live. The home designs are functional, the construction is high-quality, and on the inside, finishes can only be described at top-of-the-line. But as noted

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