Archive for the 'Twin Cities Real Estate Economy' Category
Minneapolis Real Estate Foreclosures are Tapering Off
July 31st, 2008 Categories: Minneapolis Home Buyers and Sellers, North Minneapolis, Real Estate News, Twin Cities Real Estate Economy
Good News - Bad News in the Real Estate Foreclosure Market
While the number of foreclosures is dwindling in North Minneapolis, they are rising in Hennepin County. It’s all a matter of time before these numbers shrink, as well. President Bush just today signed a bill to aid financially strapped homeowners and banks.
This situation has been a huge eye-opener for all of us in the real estate profession, as well as, those of you who have been considering buying a home. The rules have changed and we will now deny people who cannot afford to buy homes the chance to ruin our economy and mooch off us taxpayers.
Tough talk, tough times
I’m in the real estate business for the long haul, so I consider this a short term problem that will not affect my resiliency. I will continue to have a positive attitude about the future of our country and it’s economic growth.
I hope you will, too!
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Plymouth, MN Real Estate - Current Housing Statistics - June, 2008
July 20th, 2008 Categories: Plymouth Current Housing Statistics, Real Estate News, Twin Cities Real Estate Economy
Here are the latest statistics from the Minneapolis Area Association of Realtors for Plymouth. The chart explains itself, but in a nutshell, there were a whopping 9.5% less single family homes on the market by the end of June this year than last year.
The housing affordability has not been this good since 2004, according to the association. I believe that we’re near the end of the price cuts, too. Plymouth’s average sales price for June alone was 16.5%.
Ready, buyers?
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Top 100 rank: #1 Plymouth, Minnesota!
July 18th, 2008 Categories: Plymouth "News", Plymouth Current Housing Statistics, Real Estate News, Twin Cities Real Estate Economy, Wayzata Public Schools
What’s so good about Plymouth?
Heck, I live here so of course I’m going to have a few complaints here and there. But mostly, the place is great.
- Boring? Yes.
- Safe? Yes.
- Value? Yes.
- Pretty? Yes.
- Gorgeous? No.
- Rockin’? No.
- Serious? Yes.
- Crazy? YES!
Why? Well, Plymouth stretches from Highway 169 to a little past Highway 101. The vastness of this area makes for a huge difference in types of population (demographics).
For the most part, the east side reflects Armstrong High School and a lot of apartments and Section 8 town homes. Not that there’s anything wrong with that!
The west end is made up of single family homes that range anywhere from $200,000 to $1,000,000. Yes, that’s right…$1,000,000. The majority of kids go to Wayzata High School. But there are Section 8 town homes and condos in this neck of the woods, as well.
Check out my real estate website at www.JeanieHoholik.com for all homes available in Plymouth.
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Plymouth, MN Ranks # 1 in 2008 for Best Places to Live!
July 14th, 2008 Categories: Plymouth "News", Real Estate News, Twin Cities Real Estate Economy, Wayzata Public Schools
An interesting article came out today mentioning the Top 100 places to live in the United States. Money Magazine has deemed Plymouth, MN as number one. Wow! That’s a pretty big deal!
Here’s the story…
http://money.cnn.com/magazines/moneymag/bplive/2008/1. Plymouth, MN
Plymouth’s numerous lakes are a magnet for boaters, water skiers and fishermen.
WINNER
Top 100 rank: 1
Population: 70,100
Compare Plymouth to Top 10 Best PlacesTopnotch schools, good jobs, affordable housing, low crime, an active outdoor culture - yep, they’re pretty much all here. Plymouth could have become just another Twin Cities suburb, but more than 50,000 jobs keep residents working there.Home prices are within reason: The typical three-bedroom, two-bath house goes for $350,000. The city’s main school district is ranked among the top three in the state, and for culture, Plymouth’s open-air amphitheater, the Hilde Performance Center, hosts numerous summer concerts. Residents are a quick drive from the Mall of America, the nation’s biggest mall.
And did we mention the outdoors? Plymouth boasts more than half a dozen sizable bodies of water. Of course, this being Minnesota, winter can be brutal: January’s average low temperature is about 13°F. But when the mercury plummets, the locals get busy. In February the city hosts a Fire & Ice Festival that includes mini-golf, bowling and basketball - all right on the ice.
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Thank you, Bob and Dagmar! Living the Good Life in Plymouth, Minnesota!
June 8th, 2008 Categories: Plymouth "News", Real Estate News, The Good Life, Twin Cities Real Estate Economy
Bob and Dagmar. What a pair. They bought my home from an unknown (to me) builder way back in 1971.
I can’t even imagine what Plymouth looked liked back then. They decided that my future home would be their retirement home. They lived there for 30 years. Good for them!
I think my husband and I will, 
too. It is a beautiful little chunk of Plymouth. It is worth a fair amount, but not a phenomenal stash, by any means.
What’s the cool part about this home? I can’t even begin to tell you but here are a few tidbits…
Wildlife abundant
Cul de sac location
Wayzata schools
Awesome neighbors (they don’t bug you and their kids are top notch high school/college grads)
Backs up to a beautiful woods with interesting critters…a pic of a snapping turtle is here on this post.
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Hey, Little Miss Realtor, Don’t Even Think About Taking a Weekend Off! Here’s What Happens When A Realtor Tries to Takes a Vacation
May 8th, 2008 Categories: My Listings, Real Estate News, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
I know that I shouldn’t complain. I received three purchase agreements in the last two days on three different properties that I have listed.
Trouble is, I’m taking a short vacation to go to Chicago to see my kids this weekend. I figure it’s Mom’s Day and the fishing opener here in Minnesota, so should be smooth sailing, right? NOT!
Not to mention, Read the rest of this entry »
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Empty Houses in North Minneapolis are Demolition Candidates - Uhhh…Gee, Do Ya Think So?
March 17th, 2008 Categories: North Minneapolis, Real Estate News, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
After viewing hundreds of homes in North Minneapolis with my clients and seeing the obvious decay of some homes, it’s clear that they should be demolished.
The main issues are serious mold intrusion, dilapidated flooring, walls and ceilings, buckling and cracking cement floors in the basement, roof rot and subsequent surrounding areas, such as soffits, venting, etc., etc., etc.
The Strib came out with this story today:
One estimate says a third of foreclosed homes in north Minneapolis should probably be demolished.
One-third of the foreclosed houses inspected so far in north Minneapolis are candidates for demolition, according to the agency trying to rehab the state’s largest concentration of empty housing.
Carolyn Olson of Greater Metropolitan Housing Corporation (GMHC) said her nonprofit housing organization has been inside 157 of the hundreds of foreclosed North Side homes. It’s evaluating them for fix-up and resale.
But many pose a range of problems, from neglect issues like rampant mold to functional obsolescence due to size or floor plan. Some simply cost too much to fix. One house the agency toured contained only 500 square feet of space — less than a standard one-bedroom public housing high-rise apartment — carved into four apartments.
“That’s probably not a keeper,” Olson said.
Some houses have caving retaining walls. One otherwise nice triplex was covered in mold, Olson said.
One reason for the neglect, Olson said, is that about two-thirds of the foreclosed homes were owned by investors rather than occupants. “Some of that has not been very well taken care of,” she said.
Olson’s one-third estimate sounds low to one neighborhood leader, Roberta Englund of the Folwell and Webber-Camden areas.
“I think she’s underestimating it, without a doubt,” said Englund, based on her walk-throughs of similar housing.
“This is an American nightmare,” said Rep. Keith Ellison, D-Minn. Ellison represents the area and organized a discussion of foreclosure and credit issues Monday.
The event began with a street-corner discussion at 29th and Dupont Avenues N., where adjoining blocks average six foreclosures each in the past two years.
Even when the house is fixable, fixing isn’t simple. Every one that GMHC has encountered so far requires extra financing, because the market price of the renovated house is less than the cost to acquire and bring it to saleable condition. The state allocated $10 million that is being used to buy the North Side housing, while the city and state finance the rehab work.
“If the market keeps going down, the gap will be bigger,” Olson said.
Despite the obstacles, GMHC has purchase agreements on 43 properties, with offers outstanding on another 16.
City Housing Director Tom Streitz said that a process is needed to guide the rehab vs. demolition decisions of nonprofits. “I’m hearing that a lot of the stock is not going to pass the test,” he said.
“We’re very careful on what we would tear down,” Olson said. She said some of the candidates for demolition may still attract offers from investor owners.
Mayor R.T. Rybak has said he’d like the city to have a right of first refusal on foreclosed housing.
Ellison touted legislation introduced by Rep. Barney Frank, D-Mass. It would provide up to $300 billion in new federal guarantees for loans that refinance at-risk borrowers into viable mortgages. It would also provide $10 billion in loans and grants for the purchase and rehab of foreclosed homes, similar to GMHC’s work.
Steve Brandt • 612-673-4438
My clients and I know what are “keepers” and what aren’t. And we don’t have to be rocket scientists (home/building inspectors) to figure it out. Let’s dump these dumps and restore this area back to it’s beauty, once again.
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Plymouth and Maple Grove: Where Did All the Restaurants Go…Big Changes in the Northwest Suburbs?
March 14th, 2008 Categories: Maple Grove Stuff, Real Estate News, Taste Minnesota, Twin Cities Real Estate Economy
The slow death of the Minneapolis suburban northwest restaurants.
Hopps, Doolittles, Krispie Creme, Friday’s, Rudolph’s in Plymouth, Green Mill in Maple Grove…what else? I can’t recall. Well, I know there are a lot more. Don’t feel like mentioning any more. Anyway, they’re goners.
When my husband, Tony, and I first moved to Minnesota, we used to go to Read the rest of this entry »
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It’s My Duty to Inform You - Why You Need to Buy a Home Now - Not Later!
March 6th, 2008 Categories: Mortgage Stuff, Real Estate News, Twin Cities Home Buyers, Twin Cities Real Estate Economy
While today’s market plays to their advantage, buyers, who should be swooping in to make the most of reduced housing costs and favorable interest rates, are sitting by, waiting.
It is up to me, as a competent and informed real estate agent, to mobilize my potential buyers to invest in home ownership now.
When the market turns, today’s bargains will be yesterday’s missed opportunities.
While it is conceivable that home prices may drop further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that Read the rest of this entry »
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Minnesota Lawmakers Looking in to the Foreclosure Arena - What are Those Rascals Up to Now?
March 4th, 2008 Categories: Mortgage Stuff, North Minneapolis, Real Estate News, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
Minnesota Lawmakers are working on assisting folks with their home foreclosures. Read the rest of this entry »| Discussion: No Comments »
