Like most other residents of Southeastern Wisconsin, I have found myself very curious about Foxconn and how this giant company will affect our area. Especially how it will affect home and land prices. I am lucky enough to be offered opportunities to be involved in discussions and seminars about how Foxconn is projected to influence Real Estate over the foreseeable future. I am hoping to share what I have learned for others who, like me, are curious.
Right now, the land deals are the main focus. Foxconn is offering $50,000 for each acre of the 2,900 acres that they are hoping to end up with. $50,000 is said to be more than 5-times the previous going rate for open land in the area. They have closed on 1,700 acres already and are working to secure the rest. There are families who believe that the offer of $50,000 is too-low and have sought legal aid in order to fight for what they feel they deserve.
“We know the property acquisition and relocation processes are challenging,” Village President Dave DeGroot said in a statement. “As a result, we are making generous, consistent offers to property owners throughout the project area.”
For the properties in the area, Foxconn is offering 40% more for their property than is required by the state law. Dozens of homesites have yet to be acquired, so that is certainly something that we will be paying very close attention to in the coming months.
Rick Romell, Milwaukee Journal Sentinel (February 8, 2018)
Mount Pleasant offers Foxconn-area homeowners 40% over market value