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Market Conditions in 55404 : Real Estate Advice

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  • Home Buying2
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Activity 22
Wed Apr 10, 2013
Dean Foerster answered:
It's the Aquila Neighborhood. Here's a map of the neighborhoods in SLP:
http://www.stlouispark.org/webfiles/file/neighborhoods/neighborhood_city_map.pdf
0 votes 3 answers Share Flag
Sat Feb 9, 2013
Chase Lenz answered:
That property has been sold.
Email or call with more specific questions or any other properties you would like info. on.

Chase
612-819-4474
chase@sp-realestate.com
0 votes 4 answers Share Flag
Sun Dec 9, 2012
Mike Kelcher answered:
Marlene,

Here's a few things you should know. This property is bank-owned and sold "as-is". For some reason, it's not currently available for showing at this time...but I'd be happy to show it to you as soon as that changes, if possible. Call me to set that up.

As for the crime rate... Realtors aren't the experts when it comes to that type of thing and so we don't give advice outside of our area of expertise. We do however refer people to the experts. I won't guess about such things...but the police are relative experts on such things. The info on this link might help.
http://www.minneapolismn.gov/police/statistics/index.htm

If you would like to see that home, or if I can help in some other way, call me. 763-228-2967 ~mike
... more
0 votes 4 answers Share Flag
Mon Oct 29, 2012
Shantelle Odegard answered:
$200 Assoc Fee Frequency: Monthly Assoc Fee Includes: Snow/Lawn Care, Outside Maintenance, Hazard Insurance, Building Exterior, Professional Mgmt

This home has an offer on it that has been signed by the seller and is waiting for the current lender to approve a short sale. I have other similar properties available, check them out at www.shansells.com ... more
0 votes 7 answers Share Flag
Thu Dec 6, 2012
Thomas Drayton answered:
Sorry, I don't see anything in that area currently listed on MLS. The closest property is 5428 Columbus Avenue, listed at $229,000.

I would be happy to setup a custom MLS search for you that would email you results daily that fit your criteria! Send me an email with details regarding what you're looking for and I will take care of it for you.

Thomas Drayton,
tdrayton@kw.com
... more
0 votes 1 answer Share Flag
Wed Oct 16, 2013
Ben Johnson answered:
I am involved in 6 to 10 transactions a month and can tell you that it is very common for sellers to contribute to a buyers closing costs.
0 votes 15 answers Share Flag
Thu Jun 25, 2015
Jennifer Hennemuth answered:
I'm not exactly sure what you are asking, but the property listings will indicate at the top the sq footage, foundation size and then the finished sq footage below ground or basement. Under room count it will specify what rooms are in the basement, if any. ... more
0 votes 7 answers Share Flag
Tue Feb 22, 2011
Jennifer Kirby answered:
Hi Brent,

For Minneapolis, it might really come down to price as to where you want to find a starter home. Camden, Nokomis, and Southwest areas of Minneapolis have some great "starter homes", and of course if travel to work is a concern you will want to think about commute time. There are many foreclosures that can be a good deal but might need work, so you will want to think about what type of starter maintanence you desire, handyman special or good to go.

I wish the answer was more simple, but Minneapolis has so many opportunites with its housing because of the market, what you consider a starter home will help determine the "best area" for you. Let me know if I can help you narrow things down!

Jennifer Kirby-Broker
Kirby Fine Homes
... more
0 votes 7 answers Share Flag
Fri Feb 7, 2014
Steve Hoem answered:
Like any sale of property, you'll want to look at your goals from the sale. If you definitely want to sell in the near future (under 5 years), then sooner would be better as it limits your exposure to risk of downward price pressure.
If you don't mind hanging onto it as an investment for 5 or more years, since it's rented then perhaps hanging on until appreciation comes back may be the right answer.
Steve
... more
0 votes 23 answers Share Flag
Wed Oct 27, 2010
Kelly Knaus answered:
Around 600 to 700 depending on the amenities and if any utilites are included.
0 votes 4 answers Share Flag
Mon Oct 26, 2009
CCC answered:
Hi,
1. Short Sales. Properties are priced at certain price, that should be according to market value, and sold at acceptance market price set by servicer / lender. In the event that property was priced very low, lender counter to a higher price and that is one source of difference.

2.- Some properties are listed at break even point. This means that if the roperty was sold for 200k in 2004 it must sell for around 219k so all the expenses are covered and seller does not need to bring money at closing or negotiate with servicer/lender. sometimes, this properties drop prices or get an offer below listing price (since there is no real support) and offer is accepted on a short sale agreement or seller bringing cash at closing.

3. REO/Foreclosures. There are bidding wars. This is because a property has a lot of demand and buyers want the property and are willing to pay a premium (more money) for the property and offer, way more than listing price.
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0 votes 4 answers Share Flag
Mon Jun 15, 2009
Elizabeth Fuller answered:
This could vary from area to area, but I believe they have been fairly stable; Minnesota Multi-Housing and the Metro Council are good resources for statistics and what is considered market rate in various communities and complexes with certain amenities. Liz, Associates Realty, 612-986-4105 ... more
0 votes 1 answer Share Flag
Fri Oct 22, 2010
Jackie Funk answered:
Gary: Are you by chance a first time home buyer (or haven't owned a home for three years or more)? If the answer is yes, there is a tax credit of $8k if you purchase by December 1, 2009. An individual can amend their taxes and receive the credit earlier (check with an account to see how this works) and perhaps that can be used to pay your car off? 5% apr seems pretty high to refinance a car, but I don't know about cars, my specialty is homes. Good luck to you - it would be nice if you can buy this year since the traditional RE market is starting to rebound already. ... more
0 votes 5 answers Share Flag
Sun Jan 9, 2011
Jackie Funk answered:
Hi Stieg:

The best way to know is to meet with a real estate professional that knows your market. As you can probably guess there are a lot of factors to consider with your question. While most of the Minneapolis metro market has seen a decrease, some properties are still selling at full or above asking price.

So, without further ado, my suggestion is for you to meet with a real estate professional in your area. Most of us meet with prospective clients for free. Best of luck to you!
... more
0 votes 5 answers Share Flag
Thu Oct 16, 2008
Aaron Dickinson answered:
Lashae,

It will not sell for anywhere close to that price. Even if a home "starts" at $169k, the seller will still have a "reserve" amount on the property, so it won't got for 10 cents on the dollar. In fact, many auctions fail because the reserve price is not met by the bidders.

If memory serves me right, you recently bought. Don't panic, the next 3, 6, 9 months might freak you out a little but this market will bottom and turn around. If you worry about every house that comes up for sale in the interim, you will likely lose your mind before you find peace of mind.

I just bought a foreclosure in late August myself. I'm sure they'll be better deals on houses here and there in the future, but I locked in the right house for me at a very good price. I sleep well at night knowing in the next 5-7 years I will be very happy living in what I bought and thrilled at the payoff when I go to sell it too.
... more
0 votes 3 answers Share Flag
Sun Feb 24, 2013
Aaron Dickinson answered:
Lenders are already addressing this by not taking into account any rent income that the buyer is getting from renting their existing home. The buyers will now have to qualify for both payments on their own. A lot of the rental contracts were not real or the renter moved out suddenly and the buyer couldn't swing both loans. This should be largely prevented in the future. ... more
0 votes 5 answers Share Flag
Fri Jun 20, 2008
Cameron Piper answered:
Todd,

I don't know that this is any great indicator of value. I am not sure how Trulia calculates their popularity but I would assume that it has to do with the number of searches being done in that area in any given time period.

There could be a number of reasons for this but it may or may not be an indicator of value. There just might be a bunch of people "just looking" often in Linden Hills right now. With that said, Linden Hills, is and always will be a very popular part of Minneapolis. It is also however fairly expensive, as you can see on the chart, the average sale price of properties is nearly double that of the entire city of minneapolis for all of the time periods shown.

Please let me know if you have any more questions about this area or the city as a whole. Is this an area that you are considering?


Cameron Piper
... more
0 votes 4 answers Share Flag
Sun Jun 15, 2008
Todd Norsted answered:
Hi Joe....

My opinion is the market is at or very near the bottom, and by waiting you run the significant risk of a rise in interest rates, which limits your buying power.

I short, my opinion would be buy now or sometime in the reasonably near future.

Thanks, Todd
... more
0 votes 11 answers Share Flag
Tue Apr 29, 2008
Christopher Benedict answered:
I think your best bet would be to find a good local Realtor that can help you in assessing these questions. I think http://www.ActiveRain.com is a great place to start, as you can learn a lot about the agents in that area. Hope that helps! ... more
0 votes 9 answers Share Flag
Mon Jul 7, 2008
Todd Norsted answered:
Daniel, the 238k average salke price is probaly for all properties sold, not just 3 BR listings.

Here is a great source for data regarding solds, days on market, list to sell ratio, etc.. It is

http://www.mplsrealtor.com/Segments/Realtors/the-100.htm

This is a statistical analysis done by the board of realtor using actual data, rather than tax records, etc., which a lot of the websites are using. I do think you will find all the data you are inquiring about there.

If you have further questions, please don't hesitate to give me a call or e-mail me. My link to website is listed below......

Thanks, Todd Norsted
... more
0 votes 6 answers Share Flag
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