Thames Court homes in Grand Forks on the market

A listing for a home located in Thames Court, a development on Grand Forks’ northwest edge. Photo credit: ThamesCourtGrandForks.com.

The first measurable snowfall occurred this week but Tuesday crews were still out working on the Thames Court housing development in Grand Forks.

Foundations are being poured for single-family home lots in the development, located in the northwestern portion of the city.

Floor plans posted on website advertising Thames Court homes for sale in Grand Forks. Photo credit: ThamesCourtGrandFork.com.

Though they’re not finished, the homes are already on the market. A website featuring prices and descriptions for homes listed in the development popped up this week on social media feeds.

The website has 10 home listings so far, featuring four types of homes. They range in size from 1,140 square feet to 3,596 square feet with prices ranging from $184,900 to $289,900.

Most appear to be modular homes that would be shipped in and installed on site.

Seventy-one lots are located on the development and are platted for a mix of townhomes, twinhomes and single-family homes. The housing authority’s intention was to create an affordable housing development on the land.

The homes prices listed on the website come in around or above what have been talked about by developers since the company bought the land from the Grand Forks Housing Authority earlier this year.

In March 2013, developer Joe Genovese, of Glenco Bakken Development, said his company would continue that initiative and gave a range of prices for homes:

  • Townhomes would start from $135,000 to $140,000
  • Twinhomes would start from $155,000 to $170,000
  • Single family houses would start from $210,000 to $225,000

The website and construction come after developers’ rocky meeting with the city’s Planning and Zoning Commission in September concerning their wishes to redraw plat lines for the development’s twin and townhomes lots.

At that meeting, developer George Holman said the company was interested in creating more twinhomes and potentially leaving townhomes out of the equation.

The commission voted to table a replat and rezoning request for Thames Court after city staff raised concerns over a lack of information from developers.

Those requests were tabled for a month and have yet to resurface.

One thought on “Thames Court homes in Grand Forks on the market

  1. Someone will have to help me with my math in calculating the affordability of these homes. If the home is $249,900, and you have percent down, that leaves you with a mortgage payment of almost $1,000 per month. The specials on this particular home is $2,356, so basically another $200 per month. Also, property taxes in Grand Forks for a $250,000 usually run about another $3600 to $4000 per year, so another $350 per month. Add in homeowners insurance at about $1200 per year for another $100 per month. Your grand total is $1,650, which is assuming you have the 20 percent down. If you don’t have 20 percent down, which is more likely, and you have to finance 95 percent with a FHA loan, your payment would be about $1,850, not including PMI, which would probably add another $100 so you might as well plan for a $2,000 per month payment. It seems that current FHA guidelines is that the DTI cannot be over 31 percent, so your household would need to make $78,000 per year to afford this home. It just doesn’t seem affordable when you do the math.

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