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CMP Part 3C. Housing Plan <br /> Housing Demolitions <br /> Table 3C-5 reports the demolition of residential principal structures over the last 7 years. An <br /> average of 20 homes are removed per year. With land values continuously increasing and a <br /> substantial supply of older lakeshore homes still remaining in Orono, this trend is expected to <br /> continue. The City will monitor this trend to guard against the erosion of neighborhood character. <br /> Table 3C-5: Housing Demolitions <br /> Year #of Principal Structure <br /> Demolitions <br /> 2010 10 <br /> 2011 15 <br /> 2012 13 <br /> 2013 25 <br /> 2014 20 <br /> 2015 27 <br /> 2016 19 <br /> 2017 33 <br /> Source: City Permitting records <br /> Cost Valuation of Housing in Orono <br /> Owner-occupied Housing <br /> The valuation of housing units in Orono is strongly tied to the location in relation to the <br /> lakeshore, though to some extent the age of the housing impacts the value. Much of the <br /> housing in Orono has been constructed as 'custom' housing rather than tract housing. <br /> Hennepin County Records were used to create the following table of housing values in <br /> Orono in 2015, illustrated as a percentage of total housing. Of note, almost 75%3/1ths of <br /> all owner occupied housing is valued at $300,000 or more. Figure 3C-2 graphically <br /> illustrates the location of owner occupied housing and indicates value of the home. <br /> Table 3C-6: Valuation of Owner-occupied Units 2015 <br /> Valuation 2015 <br /> $75,000 to$99,999 0.43% <br /> $100,000 to$124,999 0.93% <br /> $125,000 to$149,999 2.76% <br /> $150,000 to$174,999 3.39% <br /> $175,000 to$199,999 3.23% <br /> $200,000 to$249,999 8.10% <br /> $250,000 to$299,999 7.52% <br /> $300,000 to$399,999 10.51% <br /> $400,000 to$499,999 9.93% <br /> $500,000 or more 53.15% <br /> Source:Hennepin County <br /> City of Orono Community Management Plan 2020-2040 Part 3C, Page 9 <br />