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General Area in 55416 : Real Estate Advice

  • All7
  • Local Info2
  • Home Buying3
  • Home Selling1
  • Market Conditions0

Activity 14
Fri Aug 2, 2013
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
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Sat Dec 11, 2010
Christopher Lefebvre answered:
My wife and I visited some cabins on the Gunflint trail in northern MN once. It was so nice up there! It was summer though : )
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Sun Aug 17, 2014
Maria Morton answered:
BPO = Broker's Price Opinion. This is something we do to help determine a home's value. As a new agent, you may want to get a little experience under your belt so that you can develop the ability to accurately price homes. Your broker could help you learn about this. ... more
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Fri Oct 22, 2010
Steele V. Propp answered:
There are similar neighborhoods near Lake Nokomis as well as in Edina. Not to mention the Mac Groveland and Highland neighborhoods of St. Paul. As a relocation specialist I would often show these areas as well to those interested in Linden Hills.

Best wishes.

Steele V. Propp
Schatz Real Estate Group
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Sun Jun 20, 2010
Anna M Brocco answered:
Unfortunately, Federal Fair Hosing Laws prevent an agent from answering--do some of your own homework first by visiting areas more than once and at different times of day. For any safety concerns, your best source of information is the local police department, call/visit and ask all your questions, they'll gladly help. ... more
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Tue Oct 20, 2009
Aaron Dickinson answered:
Condition and type of sale is the difference. The house @ $14,900 likely has no copper plumbing and MANY work orders and is a bank selling as-is. Houses in good condition and with good features still sell for much better prices but location in any Minneapolis neighborhood is key... a few blocks can make a huge difference in pricing.

North and Camden have both been hit VERY hard by foreclosures and that has brought down prices dramatically but there is still a difference between foreclosures and traditional sellers and so you are right, there are two different price points.
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Thu Mar 19, 2009
Jason Tangen answered:
I would contact the local sherriff's department:
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Thu Jan 3, 2008
Aaron Dickinson answered:
It can vary widely depending on if you're doing the work, a handyman, or a general contractor. Further, finishes can vary the price dramatically as well. If done professionally, you could easily spend $30 per sq. foot on the livable areas... you could get away cheaper on the store room...

Things I think are important to keep in mind:
Ceiling height around ducts & plumbing
Making sure you have enough hvac & electrical
Natural lighting (i.e. an egress window or two)
Maybe another bath (depending on if you have 1 or 2 already)
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Sat Dec 15, 2012
Metropolitan Home Team answered:
Mitch, I have helped several investors and first time homebuyers purchase duplexes in the Minneapolis Uptown area. I would have to say that it is a great investment if you get one for the right price. To answer your question the average rent varies depending on how close you are to Hennepin and Lake. The closer you are the higher the rental rate. I would say you can expect to get from $500 per bedroom to $850 just depending on location and condition.

If I can give you some words of advice; be very careful to make sure your investment is going to cash flow. This will obviously depend on how much money you are going to put down, but you want to make sure your purchase cash flows especially if you are not going to be living in either of the units. You also want to make sure it cash flows because duplex values are going to continue to decrease for the rest of 2008 and possibly into 2009.

If you have any other questions please feel free to call or e-mail me. Click on the web reference below to get my contact information and also to view the Free reports and buyers guide we offer.

Good luck!
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Sun Sep 30, 2007
Dave Rivera & Sheila Small answered:
Hi Heather,
In which city is the Park Ave. to which you are referring?
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Tue Nov 23, 2010
Katie Roach answered:
Nokomis neighborhood is cool with the lakes and close to 62 and 494 and the mall of america. Lot of walkers, bikers and younger feel.
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Fri Sep 4, 2009
Jim Walker answered:
As part of your due diligence period after acceptance of your contingent offer the seller is required to get copies of the HOA annual operating budget, along with minutes of recent meetings, copies of rules and bylaws, disclosure of any litigation by or against the HOA, and several other items. Your offer should include a contingency clause that you receive and approve of these documents within a short time after the acceptance of your offer. Sometimes these documents may be available to you even before your offer is formally accepted. It doesn't hurt to ask. Because there may be an expense involved in getting these disclosures to you, The seller and the agent will want to perceive that you are a serious buyer. Depending on the HOA these fees may include building insurance and maintenance, snow removal, landscaping, garbage removal, reserve accounts for future big ticket maintenance items such as roof, siding, parking lot. accounting fees, consulting fees, office supplies. There may be community areas, billiards, ping pong,and exercise equipment, tennis courts, swimming pools. If excessively high - the dues may also be paying for some past, ongoing or future litigation, maintenance above originally projected or even mismanagement. Some HOA's have been victimized by fraudulent contractors and have wound up paying for repairs twice. If HOA dues are particularly highcompared to other condo associations with the same level of amenities and services then you should be able to negotiate an appropriate discount from the purchase price to compensate for the higher future monthly costs.

My theoretical example would be: Condo A has $300 per month dues and Condo B has $200 per month dues. In all other respects the condos are equally desirable. You discover that the reason for the higher dues is that condo A just repaved the parking lot, but did not have a reserve to pay for it.. The HOA borrowed the money and is now paying it back with 2 ears left on the loan. Condo B HOA also has repaved their parking lot, but paid for it out of reserves built up over previous years.
Because you will be paying the extra $100 per month for two years you should be able to buy the equally desirably condo A for about $2400 less than you could buy condo B.
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Fri Jun 26, 2015
Nate Roise answered:
They generally increase.

How much they increase, of course, is subject to a variety of factors including proximity to the stadium, market conditions, nature of the property, etc. But both commercial and residential property in cities with new stadiums like San Francisco, San Diego, and Denver (an important non-coastal market) have increased. Price per square foot marched steadily upward. Of course, they can't do that forever.

However, we are experiencing a challenging/flat real estate market here in Minneapolis, so even though the stadium has been approved and is under construction, prices have not increased much, if at all. There is definitely a renewed interest in the area, and the stadium is having a positive effect on sales.

I expect any gains to occur when the market recovers (most experts are predicting 6-9 months) and the stadium nears completion. More announced projects could have the effect of dampening appreciation, depending on how much inventory is added to the market.
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Thu Jan 3, 2008
Joel Barth answered:
try or an online search engine
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