Foreclosure in 55343>Question Details

David, Home Buyer in 55344

Hartford Commons in Eden Prairie. There are 20 units in the MLS out of 318 total. As a potential buyer is

Asked by David, 55344 Fri Jan 11, 2008

this good, bad, meaningless? Also, is there any way to get a handle on the number of rentals in the development; I know there are some -- perhaps there are a significant number of discouraged sellers/investors that can't get out right now.

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Hi. Did you get a phone number for lease option in this neighborhood?
0 votes Thank Flag Link Mon Jun 23, 2014
David, I just looked today and there are 14 units for sale in Hartford Commons. Even a year ago inventory was much larger than it is today. I just listed a nice end unit for 225 on Townsend Drive. Of the 14 units for sale there now they range in price from 155-289, so there is a variety of price, size and conditions. It is a great location and just like all real estate, a longer term perspective will make this a good investment. Keep in mind the new 8,000 first time home buyer tax credit!
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0 votes Thank Flag Link Wed Mar 4, 2009
David, I am an owner in Hartford Commons and the rental rate is more than 40%. Unfortantally our management is on the side of investors. My particular bldg. is around 60% and had I known this I would never have bought. Several of these properties rent to anyone willing to pay rent but they are also behind in property taxes and association fees. If I were you I would not invest in this location but you have done the right thing by asking for input. Good Luck David,
0 votes Thank Flag Link Sun Jan 25, 2009
Well you certainly have a lot of choices. I'd say that's a good thing.
0 votes Thank Flag Link Wed Jan 16, 2008
This is always the problem with town houses, when you sell you're competing with your neighbors for a limited supply of buyers. Since the units are all similar it's hard to stand out other then by being the lowest priced. I still think if you have a three plus year outlook you'll be better off then renting. Even if the unit doesn't go up in value much the tax savings alone might make it worthwhile.
Michael Doyle Realtor
0 votes Thank Flag Link Wed Jan 16, 2008
David, rates are low and there are some fantastic buys out there right now, especially if you are willing to be patient on a short sale or foreclosure property. Many are somewhat rough, but if a deal can be made, the dollar savings may be worth the sweat equity. Will you look outside Eden Prairie?

Todd Norsted
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0 votes Thank Flag Link Tue Jan 15, 2008
Thank you for the comments. I guess I have to push the pencil a little more. I don't think I'd want to live there from four to seven years. I'm not looking for big capital gains, I just want to try and stay whole or maybe make a few bucks net of closing costs, taxes, association fees and all the other stuff when comparing a $280K townhome with upmarket apartments renting from $1500-1800 per month for similar square footage (1400 to 1800).
0 votes Thank Flag Link Tue Jan 15, 2008
Actually David, I don't think that 20 of 318 for sale is abnormally high right now. It sure gives you great choices should you decide to buy. On the rental percentage, you can try the association, but whether the number they give you is a real number would surely be suspect to me. Not all people who rent out thier units are going to let the association know. Therein lies the problem. The rental percentage will likely drop as the resale market improves.

As Aaron stated, If you plan to buy, I'd plan to stay 5 to 7 years at the least.

I hope all goes as you hope!

Thanks, Todd Norsted
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0 votes Thank Flag Link Mon Jan 14, 2008
6% of the homes being for sale in a development at any one time is quite high. When you have that many for sale at once, the price competition heats up dramatically because a buyer has multiple of the same model to look at and can choose both the best condition and the best price and not have to leave the development to find it.

As a buyer, the townhome & condo market is ripe with opportunity as there is so much to choose from and some sellers have to sell. On the other hand, the oversupply of condos and townhomes will continue for some time and with this being a young development, turnover will naturally remain high for several years to come.

Market bottoms are impossible to predict and interest rates are very low right now so this might be a good time to pick up the right home at the right price, but I'd recommend that with developments like this you look at a 4-5+ year timeline for ownership simply because this market is not going to change overnight. This is a good location though and will always have that going for it, no matter the market.

Next week the REALTOR associations will be releasing 2007 market statistics and I'm looking forward to seeing what other trends become apparent when we're able to review the entire year at a glance.

As to the number of rentals, if you contact the association they typically require registration of rentals and can tell you. Many associations limit the number of rentals to keep the community predominantly owner-occupied and also to keep FHA financing approval, which limits the number of rentals allowed.
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0 votes Thank Flag Link Fri Jan 11, 2008
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