Manitowoc's first new subdivision since 2012 is being built near Lincoln Park. Here's what to know about the project.
MANITOWOC - A new 33-lot subdivision is taking root near Lincoln Park.
“The Preserve at Lincoln Park,” on a former Holy Family Memorial site on Reed Avenue, will feature 1,600- to 2,200-square-foot single-family homes, according to builder Mike Howe. Buyers can choose their lot and one of six model home styles.
Howe said he has three buyers so far. He will build homes to order or eventually build some spec homes if enough buyers don’t come forward.
Homes will sell for about $350,000 to $500,000, including the lot.
The homes will be “full of added amenities while still keeping in that price range,” Howe added.
“There’s such a housing shortage in Manitowoc,” said Howe, who owns Mike Howe Construction, Inc., and is president of the Wisconsin Home Builders Association.
“Manitowoc doesn’t have a lot of vacant lots or land for new housing,” he said. “This is the first subdivision built in the city since 2012.”
According to the Wisconsin Realtors Association, 96 homes were sold in Manitowoc County in January and February. The median price of homes sold jumped from $155,000 in January to $200,000 in February, meaning half were sold above and half below those prices. Last year, 1,099 homes were sold in the county with a median price of $174,900.
In Wisconsin, new listings are down 26.2% compared to January 2022 and total listings are down 16.2% from a year ago.
Howe said the housing market hasn’t been able keep up with demand since the 2008 housing bubble.
“We were always behind,” he said. “Then, COVID opened the floodgates.”
Not only are available lots harder to find, but materials continue to be expensive and labor shortages continue, Howe said.
The new homes have sold to single women who are retiring, he said. He expects the homes also will appeal to families, since they are next to Lincoln Park and the zoo, as well as close to Lake Michigan and Mariners Trail.
Construction will begin soon. Learn more at https://mikehowebuilders.com/subdivision/.
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This article originally appeared on Manitowoc Herald Times Reporter: Manitowoc subdivision by Lincoln Park built by Mike Howe Construction