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CMP Part 3C. Housing Plan <br /> <br /> <br />City of Orono Community Management Plan 2020-2040 Part 3C, Page 9 <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 /> <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 /> <br />Cost Valuation of Housing in Orono <br /> <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 /> <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% of all <br />owner occupied housing is valued at $300,000 or more. Figure 3C-2 graphically illustrates <br />the location of owner occupied housing and indicates value of the home. <br /> <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