Archive for Wednesday, October 4, 2000

Northstar developing rapidly

October 4, 2000

At the Northstar development, duplexes are springing up rapidly.

e work quick,said Alvis Shelton, Eudora, whose family-owned company, C-Hawkk, is responsible for eight duplexes on Northstar Court, which is north of the high school.

And, so far, renters are snapping up the duplexes.

Of five completed buildings, nine of the units have been rented, Shelton said. The three-bedroom, two-bathroom units rent for $815 a month.

hen we got the first building finished, we were pleasantly surprised,Shelton said. e had people wanting to move into it just as soon as we finished up. And the second was the same way, and the third and the fourth.

Shelton acquisition of Tonganoxie property transpired last spring after talking to a Realtor, Gene Owen, Linwood, at a wedding in March or April.

e were sitting next to each other and he leaned over and asked if I be interested in buying some duplex lots in Tonganoxie. He said if you take them all, this is what wel sell them for,Shelton said. drove over there the next day to look at them, and picked up the phone and said we buy them.
Shelton said he had confidence in the Tonganoxie real estate market.

felt like Tonganoxie was going to grow because of the four-lane highway,Shelton said.

Shelton, who been in real estate for three decades, was familiar with the area.

knew what the market was in Eudora and wee got involved in the rental business there, so I felt like the Tonganoxie market could be similar to the Eudora market,Shelton said.

After purchasing the land, Shelton didn waste time in getting down to building.

inety-three days from the day we unloaded the equipment and started to build the pad, we had the first people moving in,Shelton said.

In the past few weeks, Shelton said, the market has slowed. But he not worried.

Neither is Gene Owen, who sold the Northstar property to Shelton. Owen also built three townhouses in Northstar. All but one of the six units had sold when home-buying activity slowed.

ousing real slow all over,Owen said.

Owen, who been in the real estate business for 40 years, said he learned that housing sales stall this time of year, and said that usually nothing to worry about.

hen it gets time for the kids to start to school, things slow down,Owen said. eople want to get set for the year, and in the spring it starts bustinout again.

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