BELOIT—As housing demand remains high nationwide, the Beloit City Council could take action to approve a development plan to add more single family buildable lots to the Deerfield Estates neighborhood.
The council will review a development agreement with NG Deer Path Land LLC for what would mark the second addition of the subdivision.
The plan calls for adding eight buildable single-family lots on two new cul-de-sacs to be separated by a 3-acre outlet reserved for woodland preservation, stormwater retention and floodplain compliance.
On March 17, the Beloit Plan Commission approved a preliminary plat for the project and the council previously approved a zoning map amendment for the project.
The developer on the project, Zach Knutson, is also tasked with adding the street, curb and gutter, water mains, sewer mains, street lights, sidewalks, and street trees at the developer’s cost before being dedicated to the City of Beloit.
The project comes on the heels of a 36-home development in the Village of Orfordville, which was approved in August of 2020 for Knutson. The Mill Valley residential development is planned for 21 acres of land near the corner of County Road K and Wisconsin Highway 213.
Century21 real estate agent Michael Marquette said when the pandemic hit, home sales “slowed down dramatically,” but increased by mid-year.
“We were down 25% in the second quarter, but ramped up in the second half of the year,” Marquette said. “We really had a resurgence in the summer and the fall. We caught up from that slowdown.”
From 2018 to 2019, home prices in Beloit increased by 9% and that increase was even larger in 2020, Marquette said, as prices jumped on average by 12%.
“Sale prices of existing inventory really jumped and part of it had to do with the limited inventory, low interest rates and new construction,” Marquette added.
According to Zillow, an online real estate marketplace company, Beloit saw a one-year increase in property values by 17.7% between March of 2020 and March of 2021. The typical value of a mid-tier single family home in Beloit is approximately $126,000, while the overall median home value is around $95,000.
Marquette said the pandemic changed how families approached home buying and also how they approached home renovations, with the pandemic being a boon for renovations and do-it-yourself projects.
“Priorities changed in 2020,” Marquette said. “We saw an emphasis on lot size, swimming pools, home office space and in-home gyms.”