Apartments and Apartment Financing in the TC, MN Metro It has gotten very busy with REO Rehab mortgage financing for the past several months.  Suddenly, I have noticed an increase in apartment loan requests.  To often it seems like only one place in the real estate or mortgage finance market is really doing well.  That's just not the case.  Even though I have seen a big drop in loan requests for multi-tenant commercial spaces there has been a big spike in apartment refinancing and purchase mortgages but more surprisingly a lot of apartment construction or conversion loan requests. Rates are great Real Estate Pricing seems to have corrected itself Business is GREAT I hope all of you real estate investors just keep on coming!!! Dax Dickson Minneapolis, 612-578-9898 If you are thinking abo... 04/14/2009

I have heard many real estate agents say that the only way to close on condemned houses is cash.This is not true!There is a GREAT residential REHAB loan:This is how it works:- 80% LTV of the purchase plus construction costs- 620 Minimum FICO- 50% DTIIt is that easy!Dax Dickson 612-578-9898 Closing Creative Commercial Mortgage Loans in Minnesota!!!!!!!!!!!! Learn more about Bank Owned investing   Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan. 04/14/2009

WOW! This market is awesome! I really think the Minneapolis & St Paul, MN REO Rehab property market is better for real estate and finance professionals than the refinance and housing boom. Things are getting so busy I have had to solicit new banks because the ones I have been doing all of my Purchase Rehab Rent (PRR) and Purchase Rehab Sale (PRS) mortgages with can not handle the volume. It would be great to hear the success stories of others out there investing, selling real estate or in the mortgage finance business. Dax Dickson612-578-9898   Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money l... 04/14/2009

04/14/2009

Well, it has been a busy last few weeks, a little lax on the blogs lately, but here is some information that might be useful to many.  One thing I would like to mention as I get asked a lot is about down payment grant programs. One program recently revealed is called the Minneapolis Advantage.  They offer a $10,000 zero-percent interest loan that is forgiven at the end of five years. The loan is available to qualified home buyers purchasing an eligible home in which they will live in an approved neighborhood.Applications will be available from April 2nd on a 1st-come, 1st-served basis. You can see the map for qualifying areas and click on the link for common questions and answers.   04/10/2009

Attention all Homes for Heroes affiliates! Attention all Homes for Heroes affiliates! For you Homes for Heroes affiliates in the Twin Cities area pay attention. There is some serious coinage being thrown around by Minneapolis and St. Paul first time home buyers. A federal program called Take Credit is providing $8 million in federal tax credits. First time home buyers need to purchase a home in Minneapolis or St. Paul before December 1 in order to get an $8,000 tax deduction. According to the article only 130 first time buyers will be able to take advantage of this program. To get the details on the Take Credit program do the obligatory click here and read more. To sweeten the pot and make it more interesting, the City of St. Paul’s Housing and Redevelopment Authority has just voted on... 04/09/2009

New construction in urban neighborhoods is a hot, hot, trend and I predict will continue to be for many years.  Social and economic forces are driving buyers into the city, into the best first ring suburbs and city neighborhoods.  New construction, or “like new” remodels are finding a very warm reception this spring, as long as they are priced according to neighborhood price ceilings and offering the appropriate features and amenities for the area. Don’t confuse these homes with the existing inventory of new construction sitting on the market, nor with new homes in 2nd and 3rd ring suburbs.  I tour almost every new listing in Edina, Southwest Minneapolis, Golden Valley and St. Louis Park and the one thing I see selling faster than any other is New Construction.  We still have new homes ... 04/07/2009

    Single Family Homes March 2009   With the cold spring and current economic woes, real estate market has been sluggish.  However, the activity has been picking up in the recent weeks.  Good news is that the foreclosure homes have been selling and there are fewer of them available.  In general, the inventory has come down and buyers experience a lot more competition now.   Current market activity in SW Minneapolis:   All homes available for sale: 258 lender owned: 12 non-lender owned: 246   All pending transactions: 78 lender owned: 15 non-lender owned: 63   Sales closed this month: 15 lender owned: 5                    with average sale price of $192,140 non-lender owned: 10            with average sale price of $277,840       If you are looking for market information for condos, dup... 04/07/2009

Kim Melin | Coldwell Banker Burnet | 952-844-6246 5220 Ewing Ave. S., Edina, MN Get here quick, this one wont last!Arts & Crafts revival,move-in condition.Original woodwork- beamed archways & gleaming hdwd flrs.Wood-burnin 3BR/1BA Single Family House offered at $299,988 Year Built 1922 Sq Footage 1,254 Bedrooms 3 Bathrooms 1 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified HOA/Maint $0 per month DESCRIPTION Get here quick, this one wont last!Arts & Crafts revival,move-in condition.Original woodwork- beamed archways & gleaming hdwd flrs.Wood-burning fplc.Tile accents in updated kit.New appls.Low-maintenance,professional landscaping;cheerful backyard retreat. see additional photos below PROPERTY FEATURES Central heat Fireplace Hardwood floor Living room Office/Den Dinin... 03/19/2009

I'm a Bryn Mawr resident, and I offer a special deal to fellow Bryn Mawr residents - free Truth-in-Housing Re-Inspections!  This means that if you hire me to perform your Truth-in-Housing Inspection, I can do a Pre-Inspection to let you know about any potential repair items.  After you've completed the repairs, I'll come back out to do the Re-Inspection for free!I normally don't play the price game, but for Bryn Mawr residents, this is a better deal than anyone offers, as far as I know.   Us home inspectors are friendly competitors, but I still get jealous every time I see another home inspector in my neighborhood!Reuben Saltzman, Structure Tech Home Inspections - Email - Bryn Mawr Truth-in-Housing Evaluator 03/07/2009

  Open Sunday, March 1, 2009 from 1:00 pm to 3:00 pm   What to an opportunity to live one block from Lake Calhoun and 2-1/2 blocks from Lake Harriet! This cozy home is located near several multi-million dollar homes.  Generous-sized lot will allow for a large addition.    Charming cottage style home has all the traditional features, including a large brick wood burning fireplace with built-ins, natural woodwork, hardwood floors and coved ceilings.   See property details here    3820 Upton Ave S     See you there!     If you are looking for market information for condos, duplexes, or multi-family residential investment properties, email your request to:  Marzena@MarzenaMelby.com Sellers:  If you are planning on selling your home within the next six months, call me foe a complimentary mar... 02/28/2009

Minneapolis Foreclosures| Bank-Owned Homes | REO Listings in Minneapolis | MLS Listings Minneapolis Click the link below to go to MINNEAPOLISFORECLOSUREFINDER.COM Locate Minneapolis Foreclosures and MN Bank-Owned Homes Minneapolis Foreclosures Find more Minneapolis Foreclosures faster. FREE Foreclosure Finder map-search makes it easy to find and buy foreclosed property in the Twin Cities. We help MN home buyers and investors find MinneapolisMLS and pre-MLS foreclosed homes around the Minneapolis area, including suburbs. With the Minneapolis Foreclosure search, you’ll get instant access to MLS listed Mpls foreclosures in on click! Also, by registering (optional) you will get * Unlimited access to 100% of the Twin Cities foreclosed MLS listings * Add your profile and you'll also get FREE ... 02/26/2009

Our most desirable neighborhoods are at a cross roads.  And home buyers and sellers can take advantage of it.  Our "best" neighborhoods are feeling growing pains, caught between preservation & modernism, keeping things as they were & market forces.  As our population grows, the number of people in the upper 20-25% of income grows (this group is actually growing faster than the population as a whole).  The size of our "best" neighborhoods grows as a direct result.  Areas once considered "above average" are increasingly being assimilated into the "best" areas as more and more upper income families enter the market.  It's here in this transition zone that home buyers and sellers at all price ranges can profit.  There is no debate about the demand for a safe, affluent, urban neighborhood is... 02/25/2009

I dove into the Stimulus Plan on the House Appropriations website to try and find out what kind of agreement the Senate and House of Representatives came to regarding the First Time Home Buyers Tax Credit. Not the most fun reading, but extremely important to know about for any serious real estate professional. Currently, a taxpayer who is a first time home buyer (someone who has not owned a home within the previous three years) was allowed a refundable tax credit of the lessor values of $7500 or 10% of the purchase price of the home. The credit was allowed for homes purchased between April 9, 2008 to July 1, 2009. However it would have to be repaid, interest free, over a period of 15 years, or recaptured at the time of sale. The stimulus package modifies the current rules, but also keep... 02/15/2009

For those interested in Minneapolis real estate  Lender Mediated ( foreclosed and short sales ) stats by city,  you can click here to go a report   put out by the Minnesota Area Association of Realtors and use this interactive report to click on the city of interest to see what is happening in Lender Mediated listings and traditional listings ( non-lender mediated ). The statistics vary depending on locality. If you compare the city of Edina with the city of Brooklyn Center, you will see quite a disparity.   The cities with housing stock at or below the Twin Cities median price for housing, seem to be hit the hardest with foreclosures.  This report is a great tool to analyze where a buyer may make a purchase.   If a buyer is a believer in the axiom "buy low-sell high", he or she might l... 02/08/2009

A $7500.00 tax credit! If you're one of the many in the Twin Cities who are thinking of taking advantage of the current buyer's market to buy your first home, the federal government has added an incentive. First-time home buyers - anyone who has not owned a home for three years - can take advantage of new tax credit for any home purchased between April 8, 2008 and July 1, 2009. The amount of the credit is 10 percent of the purchase price of the home for single taxpayers or for married couples who file jointly. To be eligible, married couples cannot make more than $170,000 and single taxpayers cannot make more than $95,000. The credit has a $7,500 limit ($3,750 for a married person filing a separate return) and must be repaid over a 15-year period. This tax credit will either reduce the ... 02/05/2009

Dog Day at the DomeTuesdays, February 3 and March 10, 6:00 to 9:00 $1 per dogLocation: HHH Metrodome, park and enter at Gate B. Park free. It may be too cold for the dog park, but that doesn’t mean that your dog can’t run off leash. On the first Tuesday of each month until Spring, the concourse at the Metrodome becomes an indoor off leash dog park. Dogs need to be licensed, but if yours is not, officers from local animal control offices are there to sign you up. Each person is limited to two dogs, so if you have a pack, bring more people. The busiest times are from 6:30 until 8:00. Be aware that there are a lot (I mean A LOT) of dogs, big and small, so your dog should be socialized, or at least not aggressive. These events are a bit overwhelming for my bulldog, Maybull, who likes peopl... 01/31/2009

It looks like the Minnesota Real Estate Market has either already turned the corner or is just starting to turn.  Have we seen the bottom?We won't really know until we're already on the way back up!  So what's a buyer or seller to do in today's market? Are things really starting to change?  Aren't interest rates at historical lows? Click the links belowto see what the local and national experts say about NOW being the time to buy. Twin Cities Home Sales are Up! Revision of $7500 Home Buyer Tax Credit Boosts Interest Contact me for more information. 01/29/2009

I've tried to duck under tables, hide behind closed doors, and cower in dark corners. No matter where I've tried to hide myself, the foreclosures and short sales have found me. I've done my best to conquer the demon and have gone to classes, and studied under agents who specialize in these kinds of transactions so I can represent my clients to the best of my ability. That doesn't mean I like them. I don't. These transactions are difficult, and often take a toll on the sellers (in short sales) and buyers. It takes a bank months to do what a good real estate agent can do in a week. One of my clients, a first time home buyer, is looking for a foreclosure. He needs to keep his monthly payments down and doesn't mind doing some work on the house. He commented to me "It seems there are more h... 01/25/2009

    The last couple of days it's been like watching an exciting auctioneer. Except he's counting backwards and no one knows when he'll stop. 6.75%...6.5%...6%....6.5%...5.0%...6.5%....4.5%...and on and on we go. Monica Tucker told me rates were so volatile yesterday that Wells Fargo wasn't even willing to quote a rate until yesterday afternoon (Edina Realty Mortgage and Wells Fargo are affiliates). About 5 months ago I was certain when we hit 5% on mortgage rates we just weren't going to see them that low again. This was a delicious little morsel I got to pull out of my pocket and use to taunt my husband. You see, I am in the real estate business and I am a professional.  I told him it was time to look at refinancing. Our loan is  currently at 6%, and it needed to be around 5% before it... 01/19/2009