Realtor Stephen Flannery III says there are fewer than half the number of homes for sale in Pacific needed to feed a growing real estate market.
Flannery made the comments Aug. 7 as he asked aldermen to approve the preliminary plats for two subdivisions in the southeast section of the city.
Rich Gullet and Sons presented a preliminary plat for Bend Ridge Estates, a 22-lot subdivision adjacent to Riverbend School.
Gullet Contracting LLC presented a preliminary plan for River Bend Heights, a 57-lot subdivision on Highway N, opposite Riverbend School.
Aldermen raised questions about the lack of public ground in the larger subdivision.
Alderman Carol Johnson said she had received calls for constituents about the lack of common ground in the River Bend Heights development.
“There is a much larger common ground in the other subdivision which has fewer homes,” Johnson noted.
Mark Harriman, speaking for the developer, said there is one lot in the development with no home and the developers are in the process of planning some sort of common ground for the lot.
Building Commissioner Shawn Seymour recommended approval of the development with the addition of sidewalks along Highway N, a crosswalk from the subdivision to Riverbend School across Highway N and that thought be given to providing a picnic pavilion, jungle gym or other feature on the common ground.
On the smaller subdivision adjacent to Riverbend School, P&Z commissioners had originally called for a second entry road on Woodhaven Lane, providing direct access to the Riverbend School from the subdivision, and an access point to connect homes on the perimeter with common ground located within a circle of homes on the interior.
In the end, only access to the common ground was approved as a condition for approval.
Flannery urged officials to approve both preliminary plats so construction could be started on new homes in this construction season. He said he was speaking as both a realtor and an officer of the Franklin County Board of Realtors.
“I am also the agent representing the seller,” he said. “The seller is in favor of approval of this development and I am in favor of it as a citizen.”
Flannery said the development would increase the property values of surrounding properties and provide needed taxes for the school, fire and ambulance districts.
“From a market standpoint, within the Meramec Valley School District, 90 homes are available for sale,” he said. “Normally, there would be 200 homes on the market.”
Flannery said even though he represented the seller, as a realtor he felt that city officials and the public had a need to know the market condition.
“There is a shortage of homes in Pacific,” he said. “The 90 homes on the market represent a three-month supply. With no new homes, in three months there won’t be anything for sale.”
He said Paciﬁc is a boom area and new homes are needed to take advantage of that.
“This is a good time for new homes, a need for our community and a need for the real estate market as a whole,” he added. “I hope you approve these developments so construction can begin.”
Both preliminary plats were approved by resolution.