Home Buying in 55406>Question Details

drwilke, Home Buyer in Minneapolis, MN

I am confused by this area with over half the houses in my search in Foreclosure and prices as low as $25,000. What is the story of this area?

Asked by drwilke, Minneapolis, MN Sat Jan 4, 2014

Is it a safe place to live? I am looking at the Standish and surrounding neighborhoods.

Help the community by answering this question:

Answers

11
You will have to be the judge of what is safe and what is not but there is a great resource at http://www.minneapolismn.gov/police/statistics/
Go there and you can look up all sorts of crime data on any Minneapolis neighborhood. Give me a call when you have things narrowed down. I would love to help you buy a home. 612.360.3349
1 vote Thank Flag Link Mon Jan 6, 2014
I have been living in the Bancroft neighborhood for the last seven years. I am not a realtor so I cannot answer questions about a specific home but would be happy to share my opinion of the neighborhod.

BMO Harris
Office 952-836-3053
1 vote Thank Flag Link Mon Jan 6, 2014
It reflects the continuing fall-out from the housing crisis that began back in 2005-2006.
1 vote Thank Flag Link Sun Jan 5, 2014
I raised two kids in the Lake Nokomis neighborhood and have first hand knowledge of the surrounding area. Call me to discuss your need and I know I can help you. As you may or not know, Realtors are forbidden to channel buyers to or away from particular neighborhoods. However, crime stats are available and easy to get.
Thanks, Rich

Family Realty Inc.
612-308-4373
1 vote Thank Flag Link Sat Jan 4, 2014
Hello, drwilke~

So, the downturn in the economy affected different area in different ways. There are some foreclosures in all areas, but some areas did not fare very well. We are seeing less and less foreclosed property hitting the market.

As for Standish and Bancroft, that area was not AS hard hit as some others, but certainly felt the pain of declining property values. If a house is for sale there in the $25K price range, you can expect that it's got LOTS of major projects that need doing right away, which requires cash out of pocket on the buyers part. Or that it's a "tear down".

Good luck!
1 vote Thank Flag Link Sat Jan 4, 2014
Facts are always facts. If half the homes you searched for are in foreclosure, then that's a fact. What you seem to be looking for is the reason to why the facts are what they are. It could be a number of things. A $200K home might only be worth $25K for a number of different reasons.It might have extensive mold, water damage, a really bad foundation, structural damage, etc. etc. etc. Each home is different and the reason(s) for why it might seem ridiculously priced can only be determined by looking into the details of each home.

As to your question as to whether or not it's a safe neighborhood... that's a question that Realtors will avoid like the plague. We aren't really legally permitted to comment on issues related to crime and crime statistics. However, crime statistics are facts too. If you want to know the facts about crime and crime rates in a specific neighborhood, that info is something that you should obtain from the police department....or....you could start here... https://www.google.com/search?q=crime+statistics+minneapolis…

If you need additional help in your search for a home, please contact me. My contact info is available if you simply click on my photo.
1 vote Thank Flag Link Sat Jan 4, 2014
DR,
If you are serious about making a real estate purchase you need access to serious data.
Such data does not exist on websites like Trulia and Zillow.
-
You need access to the local Mulitple Listing Service. Reliable, timely and responsible data can be found in the MLS and is made available, FREE, to serious buyers through a local REALTOR.
-
Pick up the phone and call one of the responding Realtors.
-
What is the story? is hard to answer if what you are reading is fiction. Foreclosures on Trulia is FICTION thanks to Realtytrac.

Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://FirstLookHomes.us
1 vote Thank Flag Link Sat Jan 4, 2014
I grew up in NE Minneapolis, moved away, and have been living here again for the past 8 years. The neighborhood has changed drastically over recent years. It evolved from an ethnic, working class neighborhood to the official Arts District of the city of Minneapolis. Many artists moved into the warehouses and factory areas in NE. Small, creative businesses are emerging all the time. Micro breweries are thriving here. Unique restaurants, boutiques and theaters are scattered around the area. Northeast Minneapolis Arts Association Art-A-Whirl attracts around 30-40 thousand guests for the one weekend, open studio event in May. The lower Mississippi River front is being developed by the city of Minneapolis. NE is close very close to downtown, attacks young urban families and is still an affordable neighborhood to live and raise a family. If it hadn't been for the huge economic crisis in recent years, home prices would be much higher in this area.
0 votes Thank Flag Link Thu Jan 30, 2014
You get what you pay for 99.9% of the time.
0 votes Thank Flag Link Sat Jan 4, 2014
Discuss with your Realtor Member, they will be able to provide the data on the foreclosures and pricing.
0 votes Thank Flag Link Sat Jan 4, 2014
Standish and Bancroft are very nice areas. Am showing houses there this afternoon. Just sold a great victorian on 39th and Elliot Ave. Check it out. Lance
0 votes Thank Flag Link Sat Jan 4, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer