$200k price range neighborhood on the west side? (Minneapolis, Brooklyn Park: foreclosures, renters)

[4baldtires]

I am moving the family to Minneapolis this summer. I will be working out of my house with a territory that covers both the city and west of the city including the Dakotas. The wife will also work part time from the house, so commute isn't an issue. I'm looking for suggestions on actual neighborhood names where I should be looking for houses in the $200k range. I've heard great things about Maple Grove, Eden Prairie, Plymouth, Edina, Golden Valley and Hopkins. Obviously, we are looking for great schools (7 yr old daughter) but also a great neighborhood where young kids are plentiful, neighborhood activities, Aquatic Centers, shopping, etc etc.

Thank you for your responses.

[golfgal]

Slim pickings in that price range in those towns. If you want something that isn't a beat up foreclosure I would consider looking farther out in places like Delano, Waconia, Hutchinson, etc.

[uptown_urbanist]

I would check out St. Louis Park. Convenient location, excellent water park/rec center, family-friendly, good schools, and with houses in your price range. Golden Valley and Hopkins are also other similar decent options.

[StilltheSame]

I second St Louis Park - particularly west of highway 100.

[Justabitoff]

You might want to look North of the city too. We're renting in Minnetonka right now and our budget for buying is $225K but we have hardly seen anything worth looking at on the west side. Most of it is on the upper end 200s and then higher. But we have seen some nice looking places in places Blaine, Andover, and Coon Rapids which are all nice cities.

Golden Valley, Robbinsdale and Maple Grove seem to have the most stock of houses in that price range.

[ocsid]

You can get a house in St. Louis Park in that price range. It will be on the smaller side, but doable. A friend bought a fixer upper there for around $130,000 last year.

Other options would be New Hope and Crystal - older suburbs, but not terrible. You might be able to find something in the eastern part of Plymouth. Hopkins might be an option too. Avoid Brooklyn Center or the southern part of Brooklyn Park.

Like golfgal says, if you're working out of the home though, you might want to look at some of the western exurbs that were hit hard by foreclosures. Waconia, St. Boni, Watertown, Mayer, Otsego, Albertville are all options for newer houses.

[4baldtires]

Originally Posted by Justabitoff

You might want to look North of the city too. We're renting in Minnetonka right now and our budget for buying is $225K but we have hardly seen anything worth looking at on the west side. Most of it is on the upper end 200s and then higher. But we have seen some nice looking places in places Blaine, Andover, and Coon Rapids which are all nice cities.

Golden Valley, Robbinsdale and Maple Grove seem to have the most stock of houses in that price range.

Justabitoff: how is the renters house market up there? From what my wife can gather online, it's pretty steep. We were thinking of renting a house first to get a lay of the land and then buying but from the looks of it, the cost of renting is too steep...might as well buy a house and earn equity. Am I wrong? Thanks.

[ocsid]

Originally Posted by 4baldtires

Justabitoff: how is the renters house market up there? From what my wife can gather online, it's pretty steep. We were thinking of renting a house first to get a lay of the land and then buying but from the looks of it, the cost of renting is too steep...might as well buy a house and earn equity. Am I wrong? Thanks.

Pretty low rental vacancy rate, and in a lot of cases, it would cost less to buy than rent if you want a decent sized house.

[uptown_urbanist]

Originally Posted by 4baldtires

Justabitoff: how is the renters house market up there? From what my wife can gather online, it's pretty steep. We were thinking of renting a house first to get a lay of the land and then buying but from the looks of it, the cost of renting is too steep...might as well buy a house and earn equity. Am I wrong? Thanks.

In this metro area it's generally cheaper to own a house rather than rent it, assuming you'll be in it long enough. I think you're smart to rent first, though, just in case you hate living here -- or even simply fall in love with a different neighborhood. The hassles and expenses of possibly moving twice are worth it if it means you can learn your way around and take your time.

You'll start to find more rentals available in the coming months; at this time of year the offerings are still more limited, although they'll start to really increase as we head into the warmer months.

[StPaulGal]

I agree that it makes a lot of sense to rent before buying, even though the economics would clearly favor buying from day 1 (as long as you plan to stick around, that is.) It is worth the higher cost of living for 6 months or a year to really get to know the areas you are thinking of buying. When I moved to the area I would up falling deeply in love with the neighborhood where I was renting. However, I almost chose a rental in a different area where I now know I would have no interest in living. If I had bought when I first arrived, there is a fairly good chance I would have wound up in that second neighborhood and regretted it.

My personal advice: get to know the lay of the land, then pick where you want to plant your flag.