General Area in Minneapolis>Question Details

Mplsmomma, Both Buyer and Seller in Minneapolis, MN

Let me rephrase: What areas of Minneapolis are beginning to show a rise in values, and have a lot of young families?

Asked by Mplsmomma, Minneapolis, MN Wed May 26, 2010

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Again, protected information to talk about "family status" (I know, seems ridiculous, but the Feds watch us carefully for what we say about any of the protected classes!).

I wouldn't disagree with some agents that Nokomis and Hiawatha are "affordable", but it SOOOOO depends on your particular financial situation to determine what affordable is for you.

As for experiencing rise in values, that's happening in many areas of Mpls. I still say SW Mpls is the best bang for your buck. If you find a bargain down there, you'll stand the best chance of recovering the sweat equity you put in to it over the years when you go to sell. Does that help?
0 votes Thank Flag Link Thu May 27, 2010
I do a fair amount in Nokomis and Longfellow and it seems as though they still get a lot of activity and sell fairly quickly. Most of the buyers are younger families from what I have seen first hand.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Wed May 26, 2010
Your question is the same as everyone elses today, where should I put my money?

Here's what you need to know. Even in the best area appriciation over the next 5 years probably won't cover the fees associated with a transaction.

The right way to buy in my opinion for your families future is to buy a home you can live in today, improve over the long run, and in a safe area with good schools that's inexpensive relative to it's surroundings.

A neighbohood with a wide band width of prices low to high, provides the opportunity to transform a good home from the a low to the high price point by making the right improvements for the neighborhood. Add to that sales volume as a metric of demand and you can find the best zone of opportunity for your budget. Yes it's a labor intensive process but it's the only way to insure the highest potential for sucess (ie equity growth!)

There are good areas to look at in most price ranges throughout SW Mpls and Edina. Once you're set in an area, be patient, wait for the right home at the right price. The purchase is the first, and biggest step in this game. Do it well and your set, do it wrong and you'll find it hard to recover.

Best of luck!

Ben Kolkman
Sotheby's International Realty
612.599.4161
0 votes Thank Flag Link Wed May 26, 2010
All areas of Minneapolis have actually seen an increase in median sales price since April of last year, with the exception of Downtown and the University Area. Southwest and the Nokomis Area as well as the Uptown/Lakes Area currently are holding the highest median sales prices of the areas that have shown an increase in value.
0 votes Thank Flag Link Wed May 26, 2010
The Kenny Neighborhood in SW Mpls, the Linden Hills Area, and around most of the lakes in S. Mpls. Depends on price points and what you are looking for.
0 votes Thank Flag Link Wed May 26, 2010
Show a rise in values... I think that the market is somewhat steady right now in Minneapolis. I had nocite some fliping properties helping to increase property values.

Close to the Nokomis lakes properties are somewhat more expensive than north minneapolis but this is not about property value, it is about rise in values. Will need more detail to where would you be thinking to buy and why.

Best.

Benito.
0 votes Thank Flag Link Wed May 26, 2010
Hands down South Minneapolis
0 votes Thank Flag Link Wed May 26, 2010
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