Minneapolis, MN Real Estate News

By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
The Infamous Minneapolis Corporation - TargetMy husband thinks he's funny. Well...okay, he is. But as we all know, funny people can be annoying sometimes. This little annoyance inevitably creeps up when you just don't need it. His always comes around when I mention I am going to Target. He interrupts me, always saying "Please, please, a little respect...it's Targe't (pronounced Tarzhay). Rolling my eyes, I just walk away. Founded in 1962 as a cheaper version of the Dayton's Department Stores, it has taken decades to achieve the success in the marketplace we see today, namely the $59 Billion in sales for last year. Now called the Target Corporation, the little store has outlasted all the original high-end department stores that founded it - Dayton's and Marshall Field's, to name a few. G...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Well, after months of back and forth negotiations, the downtown parcel of land that will be the site of the new Minnesota Twins stadium has finally got a price tag. For the small sum of $28.9 Million, Hennepin County will be purchasing the eight acres of valuable real estate so us baseball fans can finally feel like we are at a baseball game. (Of course the "word" purchase is a stretch since the county took the property through condemnation and the price they are paying is the fair value as negotiated by a local judge.)For years the Twins have played in the Dome, and let me tell you, Domes are no place for baseball games. It is too loud to hold a conversation with the person sitting next to you and baseball should just be played outside. I probably won't be attending a game until the ba...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Details for the Nokomis Minneapolis Real Estate MarketDue to Minneapolis encompassing a large area of real estate, the local Realtor association has created 11 areas in Minneapolis in order to better organize the sale data.The Nokomis region is denoted by the number 304 in our multiple listing system and includes the Lake Nokomis, Lake Hawatha, Diamond Lake and surrounding areas .Following is some year-to-date (YTD) sales information.Average Sales Price : YTD the average sales price is $240,787. In 2006, it was $240,958. So the sales price really has not changed over the last year, which is really good news...this region isn't experiencing a slump like other areas of Minneapolis.% of Original List Price Received : currently sellers are getting 96% of the list price, where in 2006, selle...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
In case you haven't heard, there is a major home auction happening this weekend at the Minneapolis Convention Center. Local lenders are now owners of a mass quantities of Twin Cities homes and need to get rid of them. The solution is to hold one of the largest auctions in recent history, about 325 homes spreading across the region. The auction is the perfect place to get a good deal on the home. Only problem is that "Buyer Beware" is the phrase of the day, so you will have to do inspections and walk-throughs on your own, before you bid. If you are looking for a luxury home, then you are in luck. Just out of Stillwater, northeast of the Twin Cities, is an elegant home sitting on 11 acres that could have your name all over it. The home, pictured above, was built in 2003, has over 7000 squ...
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By Frank D'Angelo, Helping people is my business in Real Estate
(EXIT REALTY NEXUS Minneapolis & St. Paul MN)
Why rent when you can own a condo for less than most area rents?    (See RENT VS OWN payment breakdown below) OUR FEATURED 1 bedroom 1 bathroom condo is proced at $60,000, others in the complex are ranging from $60-90,000.  Intown on Lake Condominiums are a very well managed property with great common areas and amentities. It is in a very convenient location, only a few blocks away from downtown Minneapolis and a few blocks from uptown!  The complex comes equipped with an open party room, with a pool table, ping-pong table, sitting lounge, etc.  There's a full laundry room on every level, and an exercise room with a sauna as well.                                                                                                                  To see a Real Estate show on the condominium ...
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 10/11/2007Despite repoorts of a 20%+ decline in homes sales in most areas and nationwide compared with home sales last year...we are holding strong in the Longfellow neighborhood.From 1/1/2006 -10/11/2006 there were: *283 sold homes.*Average sale price $227,588 *Average days on market 57.4*Average of 1336 sq.ft. *Average of $170.35 per sq.ft. From 1/1/2007-10/11/2007 *280 sold homes*Average sale price $229,227*Average days on market 76*Average of 1390 sq.ft.*Average of $164.91 per sq.ft. So far this year we are operating at 98.9% of last years sales.  That a 1.1% decline in sales. Hardly the 20%+ that you hear in the media. Some things have changed. For example, days on market have gone up 18.6 days and the average price per square foot has gone down $5.44.  It will be interesting to s...
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By Ben Trudeau
(Edina Realty)
I've been in multiples with buyers I represent twice in the last two weeks!  Sellers, when you price your home, make sure it's the most charming home at the price.  If it's not, then reduce the price until it is, or make improvements to the home until it is.  And by improvements I don't mean paint everything white!  I mean charm.  Look through some home decor magazines for ideas, or ask a professional for their opinion.
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
If the city of Minneapolis gets it's way, YOU could be seeing a higher utility bill in the mail soon.The Department of Public Works wants to "raise" $16 Million by billing every Minneapolis resident to pay for new street lights throughout the entire city. Many of the city lights are 50 years old an deteriorating, and there are 40,000 of them! According to Public Works "The proposal includes more glare-resistant lights, and a mixture of low lighting in residential areas, and higher lighting in commercial areas.The proposal also includes lights that limit the amount of light pollution emitted into the atmosphere."Before you say that you agree and that the city does need some renovation, take a look at what it will cost you.They want to charge YOU $10 per month...for 30 YEARS!A major probl...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
I have had some recent requests about how the condominium real estate market is doing here in the Twin Cities so I read over the data supplied by the Minneapolis Association of Realtors to get an update. There are a couple different categories to view to see the big picture, but I will warn you, the picture can be seen quite easily in the stats.Housing Supply Index : There are over 3400 units for sale right now, with 2285 of those being previously owned condos, up 6.3% from 2006. If you were to try and sell everyone of these, without adding to the inventory, it would take almost 11 months to do so. This time last year, the magic number was 7 months, so we have increased selling time by 40%! Home Sales : When looking at the real estate data and seeing what is being bought, condominiums d...
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By Ken Horst
(MLS Maps, Agentopolis, Tweet Me Homes)
First Look USA launched today in beta to both give home buyers and investors access to equity driven real estate and to help distressed sellers move their properties fast.  The brain child of Jim Boo and Bob Pilz, both real estate developers, rehab experts, and investors, First Look USA was created out of an unmet need to easily and quickly match up buyers willing and able to make a quick purchase with sellers in need of a fast transaction and having enough equity to price it to sell fast and still come out OK.  Boo estimates that most of the homes for sale on their site will be priced at or below 75% of comparable homes in the area.According to Boo, the site will provide price minded home buyers considering adjusted value properties in today's changing market with both exclusive and no...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
While not exactly a historic home, the Lakewood Cemetery is one of the best preserved examples of historic Victorian design. Founded in 1871, local affluent society members created the park which consists of 250 acres of land. They wanted an upscale location where the local affluent could be buried. Though a cemetery, it doesn't feel like one. It almost has a romantic feel, with its gentle, winding curves, tall trees, and views of Lake Calhoun.Located in the historic area of Lake of the Isles and Lake Calhoun, the cemetery is nestled between million dollar historic homes in Minneapolis. As soon as you enter, beautifully carved monuments cover the grounds: Goddess looking figures, obelisks, temples, etc. Some very famous people are buried here including:Hubert H. Humphrey - United States...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Details for the Southwest Minneapolis Real Estate Market Due to Minneapolis encompassing a large area of real estate, the local Realtor association has created 11 areas in Minneapolis in order to better organize the sale data.The Southwest region is denoted by the number 309 in our multiple listing system and includes the Lake Harriet area .Following is some year-to-date (YTD) sales information.Average Sales Price : YTD the average sales price is $363,370. In 2006, it was $344,448. Surprisingly home prices in the Lake Harriet area have increased 5.5% this last year. Good news indeed!  % of Original List Price Received : currently sellers are getting 96% of the list price, where in 2006, sellers were receiving just 96.8%. Prices are holding steady and sellers are doing pretty well compa...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
East Harriet Farmstead:East Harriet is most well known for Lakewood Cemetary, and the neighborhood's extensive green space, full of gardens and parks.  Bordered by 36th St. on the north and 46th St. to the south. Lyndale Ave. is the eastern boundary; Lake Harriet and Lakewood Cemetery largely make up the western border of the neighborhood. In addition to these Minneapolis landmarks, the Lyndale Park Rose Garden, Clara Barton Open School, Theodore Wirth House and the Thomas Sadler Roberts Bird Sanctuary are located within East Harriet. A great deal East Harriet is green space, with four gardens, bird sanctuary, and an arboretum.  One of the neighborhood's more famous residents, Theodore Wirth designed the cities park system just after the turn of the century.  Some of the best "Sunday dr...
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By Scott Ficek
(RE/MAX Advantage Plus)
The Minnesota Department of Transportation and the Minneapolis Public Works Department are presenting plans to create a new off ramp from I-35W South exiting onto East Hennepin Avenue via either Lincoln Street or Buchanan Street.  These ramps are in response to the 35W bridge collapse and are said to be temporary.  Buchanan is a narrow neighborhood streets with single family and rental homes.  As I have a rental property in this immediate area, I know that there are many children on these blocks that play outside.  The additional traffic through this neighborhood will be dangerous. Unfortunately, I am told that despite the city holding "Neighborhood Impact Meetings", they have all but decided to push forward with the plan.  I understand that making adjustments and compromises in light o...
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By Chris Deutsch, Minneapolis Real Estate Agent | Chris Deutsch
(Exit Realty Metro | Minneapolis Real Estate)
Looking to buy or sell real estate in Minneapolis, Saint Paul or surrounding suburbs? Check out one of the new trends in buying and selling homes or condos in MN and the entire country. It's called ePERKS.com ePerks is a site that offers consumers cash-back incentives, and businesses with a way to get their products in front of potential customers. As an ePERKS Plus pioneer, I am excited to offer rewards to any buyer or seller who chooses to work with me through ePERKS. Although most of my business is by referral, I spend thousands of dollars annually, to advertise my services. ePERKS is a value-added reward now available to savvy home buyers and sellers. Now, clients keep more money, and I can spend more time doing what I really enjoy about my career: Helping people buy and sell real ...
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By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
Other than the ever popular question of "So when is this buyers market going to come around?" the most popular question that I get as a real estate professional is "So what is really happening in the mortgage industry or business?" Or "So how will this mortgage melt-down effect me?"It doesn't take a rocket scientist to figure out that we are seeing some VERY hard times within the mortgage industry.  It seems that a couple of days, if not every day I hear from another friend or associate within the mortgage business that either they or some of their co-workers have been let go.  And most of them with very little to no notice.Simply take a look at sites like The Mortgage Lender Implode-O-Meter (http://ml-implode.com/) to see how bad things have gotten.  You may not recognize a number of t...
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By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
Welcome to DJ Breckheimer's Blog!I could not be more proud to be an active blogger within the Active Rain Community.  I will be doing all that I can to add value to both this community and to the real estate industry in general.  I hope that I will be able to add content that is both helpful to the general public and to my fellow real estate professionals.And please feel free to visit my personal web site for additional real estate tools and additional real estate blogging.  This industry changes fast and there is a lot to keep up with.  I will do all that I can to help keep my web site up to date with all of the most helpful valuable tools that our industry and technology have to offer.Also be sure to read one of my most recent post all about what real estate is doing to help bring the...
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By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
Everyone knows that GREEN is in.  The environment and ecology are all the "rage", but what does it have to do with Real Estate?Answer: A LOT!!!It seems that it is just about impossible today to pick up a news paper, magazine, surf the net or simply listen to the radio or watch TV without seeing or hearing something that has to do with the environment and/or ecology in general.Well even Real Estate is starting to get into the game.For years real estate agents have been able to earn specific designations and certifications such as GRI, CRS, e-Pro, CBR and a ton of others that many buyers and sellers have never heard of.  And although all of these designations tend to help the agent become much better at what they do, and also allows agents to be that much more valuable to their clients, m...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Each week members of the Minneapolis Area Association of Realtors are given up-to-date market stats on the local real estate market. We all know the market has been sluggish this year and many are concerned and want to know when it plans on waking up. Too bad we can't give it a shot of espresso.Buyers are just not buying right now and homes are taking a long time to be absorbed. The Minneapolis market is flooded with homes and has approached the supersaturation mark. There are currently over 35,000 residential properties for sale in the 13-county metropolitan region, up 12.0% from this time in 2006 and 56.7% from this time in 2005, according to MAAR.Seller activity remains flat, and buyer activity is even slower, with the number of newly signed purchase agreements declining by 10.2% fro...
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Aug 7, 2007This post is for my fellow Lynnhurst Residents.  The market in our neighborhood is still strong.  The 55419 zip code is showing continued growth over this time period last year.  The average house price rose to $373,400 which is a 7.11% increase over Q1, 2006.  Lynnhurst Values and the 55419 zipcode remain at the top of the list of Southwest Minneapolis Neighborhoods for average price and home value appreciation.  The number of homes sold in the 55419 zip code for Q1 2007 was 95, which was down 5% from the same time period last year.  The average market time is 63 days and the the percentage of asking price that Lynnhurst Home Sellers are seeing is steady at 97.3%  (Meaning that sellers are getting an average of 97.3% of their asking price.)Lynnhurst edged out SW Mpls competi...
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