Market Conditions in Blaine>Question Details

MNhomebuyer, Home Buyer in Woods at Quail Creek,...

What is the market outlook for Blaine, MN. We are looking at some of the newer communities near the lakes, quail creek, etc.

Asked by MNhomebuyer, Woods at Quail Creek, Blaine, MN Mon Dec 12, 2011

I am wondering how the outlook is for this area. My concern is it will turn into a Rogers situation where everyone was building and thought it was a great idea to get out there and now the reverse is happening and people dont want to move out there anymore. How do the newer developments look in Blaine and do you believe they will appreciate nicely. We are looking at developments like The Sanctuary, Woods at Quail Creek, The Lakes, The Preserve.

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Dear MNhomebuyer,

Blaine was voted one of the top 5 cities to live in a few years ago, and was one of the top 3 fastest growing cities. Regarding traditionally owned homes (not REO/foreclosures), 2012 saw a 14% increase in median sale prices and 2013 saw an additional 12% increase.
The Sanctuary and Quail creek have a combination of new construction homes available and also previously owned homes. Both developments have maintained good market demand and values have been relatively stable with little REO/short sale transactions.
The Lakes also has new construction and previously owned homes for sale. Due to the larger amount of new construction available, the previously owned homes are seeing longer marketing times but overall stable prices.
The Preserve is expected to have the same results as Legacy Creek which sold out very quickly thus this next phase was developed.
I believe the appreciation will continue in these developments. The school districts are strong and more and more shopping, and restaurants are being added.
No one has a crystal ball, but based on historic trends, we will continue to see this growing suburb flourish.

Maisa Olson
Keller Williams Integrity Realty
0 votes Thank Flag Link Tue Oct 29, 2013
Blaine is a great place to live and start a new family. Blaine is leading the metro area in new construction thus is helping to maintain values. Acually the market has turned and values a slightly creeping up. Give me a call and I would help you purchase a home. I work the entire metro area being an appraiser also. Like most realtors and brokerages they will chareg a buyer a fee that they call an admin or brokerage fee. This fee will range anywhere from $199.00 to $500.00 for a buyer. I will not charge you anything to purchase a home. I will also gi e to you a 1% rebate of the purchase price over $100,000. Thats right,. money to you not from you.

Give me a jingle if your interested.

Tom
0 votes Thank Flag Link Tue Aug 13, 2013
Yes, we would be looking at this as a long-term move. 5+ years. I want to find a good community/city with the best value and outlook. Especially for starting a new family.
0 votes Thank Flag Link Wed Dec 21, 2011
Hello, MNhomebuyer!
Here's my 2 cents on this question: The market EVERYWHERE is still in decline. Severe decline from where we already are?....No....but still in decline. We must accept that fact. Until people have jobs and can buy again, the real estate market is NOT going to improve. Once employment picks up, the foreclosed property will be sold from the market and this tilting ship of the real estate market will be righted again.

So, to your question about Blaine, there is no more comprehensive prognostication about Blaine than any other area of the Twin Cities. Blaine will be just as desirable to those who want to live there in a few years when the economy returns to "normal" as it is now.

All that said, TWIN CITIES WIDE, if you buy now, don't expect to sell in the next year--two--three with the expectation that you will be receiving a profit from your investment. A house/home is an investment you live in, but, ESPECIALLY now, it should be considered long term, not short term.

Sorry to be on the soap box, but sometimes, the answers are not so cut and dried!! ;D
0 votes Thank Flag Link Wed Dec 21, 2011
Well that certainly helps a little. Most "great deals" are going to be fixer-uppers, and you have to make sure that they are worth it and you will gain equity. Basically same mindset as investors that flip homes.

Although at your price point there is a lot of flexibility there, so yes it would be possible to find a move-in ready home that is undervalued.

But you should also know that REO properties have many appraisals done on them from the lender, and they are typically very stingy on price until list history becomes available. Short Sales work the same where a BPO or "appraisal" is done on the property too.

So, it really comes down to a case-by-case scenario when dealing with these types of transactions. Find a realtor that works well with your specific goals and it will all work out fine. There is no way I could go over all the scenarios that might work for you. If you would like to interview me for representation feel free to contact me directly through Trulia. Just go through my icon here and it should take you to my profile.
0 votes Thank Flag Link Tue Dec 13, 2011
I am actually looking in the 250-350k price point. Are there some great deals out there for short sales, normal, etc? I would be doing a conventional 5% loan
0 votes Thank Flag Link Tue Dec 13, 2011
Well #1 Rogers is still a desirable place and a lot of people still want to move there including my buyers. But they do it because of price. When you can get twice as much house as Maple Grove it causes people to re-think priorities.

But it is also different than Blaine and I don't think you would be comparing apples to apples. Anoka and Sherburne County got decimated by the foreclosure crisis and had the highest rates in the state. You can get some really good deals in Blaine, and Quail creek certainly is it so you picked the best area. A lot of homes in that area are undervalued in my mind, but 175-225k is a brutal price point right now for buyer demand. This is preventing a lot of homes in that area from stabilizing. Good news is I am seeing less foreclosures in those sub-developments.

If you can go conventional and be willing to put 20-30k of work into the property you can gain equity right off the bat. If you decide to buy a home that is closer to move-in condition then you will need to pay attention to previous sales history and tax records to gain an idea of what you could expect to appreciate over the coming years. There is nothing external that I know of that would negatively impact that specific area. It is very desirable still and Blaine should continue to do well, so at this point I am very bullish on that area over say Coon Rapids.

Shoreview, New Brighton, Vadnais Heights will serve you better if appreciation is what you are looking for. They are more predictable for obvious reasons. As a traditional buyer that wants a low risk investment I would go there instead.

Full disclaimer: I live in Vadnais Heights myself and Anoka County is my primary area for doing real estate. I also work with many investors that rehab homes in the North Metro and re-sell for profit.
0 votes Thank Flag Link Tue Dec 13, 2011
Our MLS publishes very current data and your realtor can prepare a good history of values in specific areas for you. You can access some of this on my web site, lizfullerhomes.com. Ask your realtor and if you don't have one, ask me. I will gladly email you the information you need to make a good selection. As far as appreciation goes in the current market, you also have to look at quality of life, how much lifestyle enjoyment and family growth you will have as owners in an area with the amenities you desire I would caution anyone to buy today solely on appreciation. We will see stability first - and that is coming as the number of properties on the market declines, and the buyers realize they need to be prepared to buy and plan their investment as to equity as they would any investment, and then to look at the fact that return on any investments, inclduing real estate, have to be calculated based firmly on present rather than past condtions. Liz, 612-986-4105
Web Reference: http://lizfullerhomes.com
0 votes Thank Flag Link Mon Dec 12, 2011
The City of Blaine was recently #3 in the state for new housing permits one sign of continued growth. It's close proximity to Minneapolis and St. Paul with easy and quick access to 35W, HWY 10, and HWY 65 as well its affordable homes make the Blaine market one of the better markets in the Metro.


Good Luck!
0 votes Thank Flag Link Mon Dec 12, 2011
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