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Minneapolis, MN Real Estate News

By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
In a wonderful upgrade to the local Multiple Listing Service the Minneapolis Area Association of Realtors is adding Minneapolis and St. Paul Neighborhoods to its search functionality. Neighborhood boundaries are more familiar to consumers than the the MLS Areas used by Realtors in the past.  Adding them to the core MLS data base, which powers home searches on participating broker websites, improves consumer usability.  All current listings are being automatically added to their respective neighborhood for accuracy of searches. Empowering consumers to search by neighborhood is a long over due and highly celebrated update which is sure to be popular.   See Neighborhoods Map below. Contact for more information on home searching or marketing Minneapolis or St. Paul neighborhoods.  
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
As fast as the snow melts and tulips sprout, yard signs are popping up everywhere!  Apparently everyone has been planing to sell or remodel their abode without consulting me! Seriously though, it does make me wonder how many will succeed.  In remodeling I'd call "success" adding value, in real estate it's obviously to sell the home.  Either way it's never easy nor guaranteed.  With as many upside down equity position as there are out there today it's often a scary situation as well. I'll be checking back often with updates...Good Luck Neighbors!
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
Shopping for a Minneapolis condo? Read this first! The purpose of this blog is not to dissuade you from buying a condo. On the contrary, there are a lot of great deals in the Minneapolis condo market. Warrantable? ‘Warrantable’ is probably the single most important key word when shopping for a condo. The term refers to the financial viability of an association. Lenders, like any investor assess their “risk exposure” which boils down to a pass (warrantable) or fail (non-warrantable) evaluation of the property. The following are the minimum requirements: * the condominium project is fully completed (i.e. not under construction), * all common areas are insured, * the homeowners association has been controlled by unit owners (as opposed to the developer) * more than half the units are owne...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
FHA 90 Day Flip Rule Suspension Extended When buying Minneapolis real estate there are a lot of things to consider that didn't play a role in the market 5-10 years ago.  With all the foreclosures there has been the creation of an investor market where homes that have been neglected can be bought cheaply, renovated and resold.  There is sometimes a negative connotation to "flipping," but in many cases these flips have helped to restore homes and create turn key buying opportunities for homeowners.  FHA, which accounts for 25-40% of current mortgages, has a rule against reselling a property within 90 days.  The problem with this was, in the Minneapolis real estate market for example, there was a real need for these renovated homes and a demand by buyers for them.  As a result FHA suspende...
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By Sharlene Hensrud, Realtor. Listener. Knowledgable. Patient.
(RE/MAX Results - HomesMSP.com)
The North Loop neighborhood of Minneapolis is one of the most unique neighborhoods in the city. Home of the new Minnesota Twins Target Field and extending from the Minneapolis Farmer's Market at I-94 and Glenwood all the way to the Mississippi River and Hennepin Avenue this area is like a crazy quilt mosaic of different uses.   The neighborhood gets it official name from the 'north loop' of railroad lines and streetcars that ran through the area and made it the commercial hub and industrial center of Minneapolis in the 1800s. As the industrial boom declined and shipping favored trucks over trains this area also declined. Now a vibrant urban community in the shadow of downtown Minneapolis, its resurgence started in the 1970s when artists discovered that the old warehouses offered large s...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
Equity Firm Buy's Troubled Twin Cities Condo Developments For the purpose of this blog I'm going to focus on the Minneapolis condo market and the sale of The Sexton.  I was looking at a foreclosed unit at the building about a year ago and ran into the previous owner, Andy Chase, who just sold to Point Capital Partners LLC from New Jersey.  It had been rumored that the buildings remaining 77 units were going to sell for around $6 million so I was surprised to hear Mr. Chase got them for around $4.5 million.  That put his cost per condo at just under $59,000.  That left him pleny of up side on a resale or a tremendous cash flow opportunity if he were to turn them into rentals.  In an article by Finance & Commerce (read article here) Point Capital admitted they paid a large premium over th...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
iMetro MashUp How an Appraisal can Impact a Transaction So you've looked at properties.  A lot of properties.  You found one that you like or maybe even love and you work with your agent to determine an offer that you are comfortable with in this market.  Buyer and seller agree on purchase price and other terms, things progress and the appraisal comes in below the purchase price.  This can impact the transaction and in a changing market is more common than you might think.  So, what are your options?  We'll address some possibilities in the video:
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By Chad Ronning, Conventional, FHA, VA, USDA
(Guaranteed Rate Mortgage)
Getting mortgage in Minneapolis, MN is about to get a lot harder to get approved for if the FDIC and the banking regulators have their way this month. Just a few short years ago you could get a mortgage with a credit score above a 560 and thats pretty much it and because of the lose lending standards we basically created a gigantic financial cesspool that we are still dealing with today. Because of those lose standards in the 2000's Getting mortgage in Minneapolis, MN is about to get a lot harder to get approved for If the FDIC has their way the new rule of thumb going forward will be a 20% down payment vs a the current minimum of 3.5% down.  This means an additional $33,000 down payment on a $200,000 purchase price, OUCH Do you think your home value is bad now and the economy stinks no...
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By Chad Ronning, Conventional, FHA, VA, USDA
(Guaranteed Rate Mortgage)
What are the benefits of Home Path Mortgage Financing in MN So recently I have had a few realtors and even client ask me What are the benefits of Home Path Mortgage Financing in MN ? I did some digging and here is what the skinny is on Home Path Mortgages: Low down payment and flexible mortgage terms (fixed-rate, adjustable rate, or interest-only). Down payment (at least 3 percent) can be funded by the borrower's own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. No lender-requested appraisal. No mortgage insurance; ask your lender for cost details on loans without mortgage insurance. Expanded seller contributions for closing costs allowed. Available for primary residences, second homes and investment properties. Many condo pro...
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By William Pryor
(Eagle View Mortgage)
I run a website www.minneapolisrealestatevids.comwhich is dedicated to helping Realtors in Minnesota promote their listings. More specifically the Minneapolis area. I have a group of people that are working on the content of the site daily which will bring the site to the 1st page of many search engines within the next 30 days. My goal is to provide the real estate community in Minneapolis, and greater Minnesota, the ability to have extra exposure for their listings at no cost. I know this sounds funny but thought is that through this process the buyers will also use me to provide the financing for their purchase. I am also looking develop some great new real estate partners along the way. Anyway, I'm getting off track of this blog. What I am asking is for the Realtors of Minnesota, and...
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By William Pryor
(Eagle View Mortgage)
I recently saw a blog about hard to work with clients and responded by telling a couple stories and opinions about that. However, I also began thinking about another referral I received from a Realtor Partner of mine. She had called and gave me the heads up that she had sent over a potential client and could I go through and get them pre-approved because they wanted to go out house shopping that following weekend. Well the client called and we went through the qualifying questions and everything looked good until we looked at their credit history. Ugg...Mid Score was 573. Ouch!! I sat with this potential client and explained to them that we would be unable to give them a pre-approval letter because of the credit scores. I also informed them that there was several things we could do to h...
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By Jennifer Tyre, luxury home specialist, short sale, bank owned, buyers agent
(Re/Max Results, house for sale in mn)
City of Minneapolis MN City of Minneapolis, MN known as the city of lakes is the largest city in the state of Minnesota. Along with being the largest city in the state of Minnesota, the city of Minneapolis, MN is also the forty eighth largest city in the United States. The city of Minneapolis, MN is conveniently located on the banks of the Mississippi River contributing to the many lakes and rivers that run through the city. The city of Minneapolis, MN joins with Saint Paul to form the Twin Cities. The Minneapolis Saint Paul metropolitan area is known for being the sixteenth largest metropolitan area in the United States. The city of Minneapolis, MN is known for its many lakes, rivers, and waterfalls. These beautiful bodies of water run through the city giving the residents easy access ...
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By Marzena Melby, Realtor, Twin Cities Minnesota Real Estate
(Coldwell Banker Burnet Realty)
Minneapolis Natural Gas Explosion... by Twin Cities Homes for Sale   News media reported this morning that at approximately 8:40 this morning a natural gas line exploded in Minneapolis at 60th Street and Nicollet Avenue South.  Initial reports stated huge fire, approximately 30-40 feet high, and clouds of smoke.           Residents and businesses in Minneapolis and Richfield, around the area of highways 35W and 62 were evacuated for about 2 hours until the situation was under control.  They were all allowed back around 10:45 am.     Visit my website to search homes for sale in the Twin Cities and surrounding areas. Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. Twin Cities Homes 4 Sale Blog does not guarantee, or is an...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
Question of the Week The wonderful world of real estate is always changing and often times people have more questions than answers. We are adding a new feature at www.iMetroProperty.com called 'Question of the Week' and we are encouraging any and all questions. It doesn't need to be about real estate, it can be about one of our agents or anything really. Go ahead, hit us with your best question and if we select it for question of the week you can win a gift certificate, a t-shirt or maybe just that great feeling of knowing we picked your question.
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By Rich Bailey
(WolfNet Technologies)
  A few years ago, I wanted to buy my wife a kayak for her birthday. I didn’t have $800 in cash lying around, so I solicited family members to pitch in, and collectively we gave her a present she will continue to enjoy for years to come. On the way home from picking up the boat, we passed by Lake Nokomis. I suddenly had an idea for a special Thank-you card, so we pulled over, unloaded the kayak, and walked it 50 yards out onto the still-frozen lake surface. The result was the above image, with the tag line “Tabitha loves her new kayak, but found Spring paddling overrated.” The card was a huge hit, both among contributing family members, as well as friends who saw it on message boards or our refrigerator. It remains a conversation piece today. When it’s time to send a Thank You card to ...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
iMetro MashUp Week #3 Thanks for stopping by the video blog. This week we are going to briefly touch on what's going on in rentals, why those prices are going up and what that might mean if you are looking to buy. Also, this week we are giving away gift certificates to El Meson Restraurant (www.elmesonbistro.net) once we hit 250 fans there and 200 fans on our imetroproperty page. Fan us for a chance to win! facebook.com/elmesonbistro and facebook.com/imetroproperty.
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
Search Minneapolis Condos and Lofts Our FREE, password protected site allows buyers to search for Minneapolis condos, lofts and real estate from their own personalized website. Set your criteria, use interactive maps, get school information, directions, community amenities all from one easy to use site. You'll also received updated info when new properties come on the market and you can save your favorites to your note book to review later. Click on the link, enter some basic info and enjoy your Minneapolis condo, loft and real estate search!
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
5 Tips for Buying a Minneapolis Condo Minneapolis Real Estate Buying a Minneapolis condo can be very different than buying a single family home and it's important to know the difference before you get started as there are a lot of options when buying Minneapolis real estate and you'll want to know what suits you best.  One of the most important items to understand and the major difference between a condo and single family home is that condo ownership consists of the air space inside the individual units and the additional, or common spaces, are jointly owned by the individual owners in the form of a Home Owners Association that also establishes rules of operation for the building.  Now that we've got that cleared up let's take a look at 5 things to consider when buying a Minneapolis co...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
730 Lofts 730 North 4th Street, Minneapolis, MN 55401 The 730 Lofts was the most recently built building on 4th Street and it sits just down from the earlier built 710 Lofts and 720 Lofts.  This building feels less industrial and more contemporary.  New construction can sometimes fall into the cookie-cutter trap, but this was avoided here with a large variety of floorplans to choose from.These properies range in price from the mid $100′s to $750,000 for the penthouse.  One of the benefits of living in an association run development is the shared ameneties which include a workout room and party room, both of which are on the rooftop.  There is also an on-site caretaker to help make life easier.  The units come standard with oversized windows, 9′ ceilings, private balcony/patio’s, Kohler...
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By Danny Dietl, Buy, Sell, Lease - iMetroProperty.com
(www.dannyrealestate.com)
710 Lofts710 N 4th St, Minneapolis, 55401 The 710 Lofts was one of the first developments to rise up on North 4th Street in the North Loop, also known as the warehouse district, a neighborhood located in downtown Minneapolis. 710 Lofts consists mostly of 1 and 2 bedroom units with a few 3 bedroom units in the 01 stack. There are 60 homes available in 710 Lofts and the building structure is poured concrete which allows the building to fit in seemlessly with the historic and distinctive neighborhood. The units at 710 Lofts offer balconies which is a premium for Minneapolis condo and loft buildings.  The 710 Lofts location is great for baseball fans and for night life.  710 Lofts is just a couple of blocks from some great attractions like Target Field, First Avenue and many other venues i ...
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