Interest In Housing Increases

SIDNEY – Sidney is in short supply of housing – rental housing that is, at least according to local realtors and officials who are experiencing increased inquiries into what is available in the area. A sense of deja vu may be cast upon residents living in Sidney prior to 2008 as new businesses bring jobs and attract newcomers.

“I think we’re doing well with retention and we’re bringing in a lot of newcomers, which is amazing for this area,” said High Plains Compass director Amanda Glenn.

Glenn recently began a region-wide campaign to rustle up some rental properties for a list on the Compass’ Web site in response to a growing number of requests to see what’s available in the area. The reality of the situation – Glenn said outlying communities have rental homes, but Sidney’s supply is quite short.

The scenario is reminiscent of pre-recession Sidney, in which an influx of newcomers descended upon the community in 2007, causing the then-already tight housing situation to become a primary concern for the City of Sidney and city officials. At the time, Cabela’s job creation efforts and the rush of REX pipeline workers worsened an already-woeful housing condition.

“We are far better off than we were a few years ago,” said City Manager Gary Person. “Developers have more lots on the ground. We’re ahead of the game.”

In response to the former housing situation, the City of Sidney became one of four pilot communities for a New Neighborhood Initiative state program. The city made use of state grants to build homes in the Cottonwood Subdivision, and the program remains under way to this day.

“We still have a few homes for sale and the program is moving forward,” Person said.

Also helping with the demand for new home or lot sales is the 165 available building lots in town. Person said the number reflected the amount of newly developed lots; it does not include the number of lots available in older subdivisions.

One of the newer subdivisions is Prairie Winds, owned by Fort Sidney Development Group, LLC. Dave Mackie, with the development company, found financial assistance for the project utilizing Tax Increment Financing with the city. After overcoming land issues, economic woes and several changes to the financing schedule, Mackie opened the subdivision for home construction in June 2009.

“We’re just now – coming out of the winter season – seeing inquiries into our properties pick up,” Mackie said. “Our plan is to start two or three spec homes to get the ball rolling.”

The Prairie Wind development is primarily for new home construction, but Mackie had previously mentioned the possibility of building a market-rate apartment complex – something that hasn’t been built in Sidney for more than 40 years. Currently many of the apartment complexes in Sidney have age, income or handicap requirements.

“We want to get the housing component moving in the right direction first,” Mackie said. “I firmly believe there is a tremendous need for market-rate apartments in Sidney.”

The markets for new homes, as is the case for Mackie’s development, and higher-priced homes have yet to return, according to local realtor Doug Meier, of Buyer’s Realty. Meier said he has seen some market activity with lower priced homes, but it also remains slower than the rental need.

“Rental properties are in strong demand, especially large rentals with three or four bedrooms,” Meier said. “People, especially moving in from the outside, are challenged by our real estate taxes.”

Meier said Nebraska’s real estate taxes are higher than surrounding states. In comparison, he said Wyoming’s real estate taxes are a quarter of Nebraska’s, and Colorado’s are a third.

“I think they need to try to find alternative ways to generate revenues to curb some real estate taxes,” he said. “Perhaps they could use some sales tax money to offset the taxes.”

Even with those issues, interest in Sidney’s housing market has picked up. Local broker LouAnn Golden of Golden Real Estate said she’s seeing a market interest in homes that qualify for first-time homebuyer loans, but as Meier had stated, the rental market is getting the most attention.

“Our rental market is a little short,” Golden said. “It was a little slow there for a year or so. We have had an increase an activity in sales and interest.”

City officials say Sidney is garnering the attention of outside businesses looking to expand or relocate as the nation recovers from the recent recession, and that sits just fine with Person.

“I feel very good about where we’re at,” Person said. “You cannot divorce or immune yourself from the national economy. People are going to be more cautious, but Sidney faired better than other communities throughout the state and elsewhere.”

Person said there are still economic concerns for the agricultural sector, but Sidney is fortunate in that its various economic factors work toward the same goal.

“As long as we keep working toward the betterment of the community, we’re in good shape,” Person said.

Anyone with information about a rental property in the area is encouraged to contact the High Plains Compass located in the Cheyenne County Chamber of Commerce at 308-254-5851.