Columbias expansion stalls
The pace of subdivision development in the city and outlying areas of the county has plummeted after four years of rapid growth. At the peak in 2006, the number of new subdivisions established in Boone County reached 166, with 2,467 housing units. The expansion was driven primarily by easy credit. Builders borrowed at low interest rates, and housing values seemed to be on a never-ending climb. But the pace of building was well ahead of population growth, and the national housing crisis severely eroded the market. Commercial lending for residential development and speculative building tightened last year, becoming even more difficult to get this year. The number of subdivisions in Boone County that went through the permit process this year rose from last year’s low point, but many of the larger developments were in Ashland and other areas outside the city limits. There were only a half-dozen new housing developments in the city with more than 10 units.
The Cascades, located in southwestern Columbia, was little more than cleared land with no homes built in the subdivision in 2002, when the black and white aerial photograph was taken. The subdivision comprises 190 acres, 311 lots and 240 built homes. Prices for the houses start at $180,000 and go up to about $500,000.
The Eastport subdivision, located off the I-70 St. Charles exit, is composed of Eastport Gardens and Eastport Village. The industrial building off Port Way and Bull Run Drive at the top right corner of the aerial photograph taken in 2007 is Ashley Furniture, behind which Eastport Village is located. Eastport village comprises about 40 acres and 250 lots, 45 of which are available. Eastport Gardens, located between North Grace Lane and Murfreesboro Drive, was developed from about 30 acres of cow pasture.
Vanderveen, located in the northern part of town, has over 800 lots. The aerial photograph taken in 2007 on the left shows Vanderveen’s 700-home expansion, making the subdivision operate almost at full capacity. The subdivision features a pool, park and tennis courts for residents. Lot prices range from $27,000 to $45,000, and home prices start in the $140,000s and go up to $500,000.