Extreme Inflation in BG?
Did anyone notice how extreme inflation is affecting housing in Bowling Green? A report in the BG Independent News on February 27, 2023 announced that a request would be made by the Bowling Green Community Development Foundation to rezone thirty-seven acres of unsold industrial property at the corner of Brim Road and Newton Road for residential usage. This was due to a regional developers’ interest in building 150 homes on that parcel.
A follow up report on April 6, 2023 of the Bowling Green Planning Commission meeting recommended the rezoning of the thirty-seven acres to R-2 Medium Density Residential to allow for 130 new single-family homes with starting prices of $225,000. Katie Thompson explained that the property had been marketed without success for twenty years (no mention was made of an inquiry six months earlier of this property for industrial expansion by the buyers of the former Wall Street Journal building who reported that they were told it promised for residential).
Mark Remeis stated that there was a need for $250,000 to $275,000 homes in the area and not for more $400,000 plus homes. A BG Independent News report on May 1, 2023 reported that the City Council approved the rezoning to clear the way for 130 homes with starting prices of $225,000.
On February 9, 2024, the BG Independent News reported that there will be 123 lots with homes built by K Hovanian Homes at prices in the mid $300,000 range. Also listed were the models available. K Hovanian’s website lists these five models of homes at prices starting at $359,900 up to $439,900 (not including the lot). So, the starting price of $225,000 has now become $359,900.
Please keep in mind the adage “location, location, location” for real estate and that this development is surrounded on three sides by what is the newly renamed zoning of Innovation and Employment Zone (formerly Light Industrial) and on the north by unincorporated land. I hope the developers are successful, but what happened to the goal of filling the need for affordable housing? What happened to the moderate priced housing pitched to the Planning Commission and City Council. Are $350,000 plus homes what they envisioned when they approved the zoning change? This is far from the price range needed or the price range promised… or is inflation really that high?
Richard Van Vorhis
Bowling Green
