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Old 01-22-2015, 11:20 AM
 
264 posts, read 285,112 times
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Quote:
Originally Posted by laskigal View Post
Our agent just sent us a list of homes with a couple "possibilities" listed as pre-forclusure or foreclosure.

Now, in the past that seems something I'd want to avoid, but some of these homes are in AMAZING condition! It actually reminds me of the influx of homes going into foreclosure back home in MI--Chesterfield, MI--a place that was featured on a lot of news outlets when the housing market crashed. Nice areas where some people just got in over their heads and/or the job market tanked--still great neighborhoods.

What's the story in the outlying burbs and a bit beyond--seeing them out in Mound, Waconia, Watertown, Eden Prairie, Minnetonka, Chaska?

I'm not so sure it'll be our thing with our need for a quicker closing, but then again, they are empty

Insight?
Anecdotally, it seems to me that outlying metro areas have more foreclosures compared to the inner suburbs (but much less than, say, North Minneapolis, which you are not considering anyway.) One issue with the outlying areas with lots of green field nearby may be flat (or worse) housing prices, due to sellers of existing homes competing with builders.

I'd like to endorse the recommendation not to commute to the East Bank by car, at least not on a regular basis and/or during the rush hour. Between traffic and parking issues, this will be exercise in frustration. You will do yourself a huge favor by living somewhere where you can take an express bus or other public transportation to campus - even if you have to drive a bit to get to/from the bus terminal.
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Old 01-22-2015, 01:28 PM
 
15 posts, read 17,090 times
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I definitely think I am sold on public transportation. Travel time for me isn't so much a concern, but sitting in traffic is NOT something I want to do at all. I'd prefer an hour's drive over 30 minutes crawling on a congested freeway.

Just from my observations, the housing markets is such a mixed bag with foreclosures, established homes, new construction all in one area. Around here, nothing is new. No foreclosures. No one ever leaves . . . well, except for us.

I don't know a thing about buying a foreclosure, so I'll have to do some investigating for sure.
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Old 01-22-2015, 01:39 PM
 
264 posts, read 285,112 times
Reputation: 187
Quote:
Originally Posted by laskigal View Post
I definitely think I am sold on public transportation. Travel time for me isn't so much a concern, but sitting in traffic is NOT something I want to do at all. I'd prefer an hour's drive over 30 minutes crawling on a congested freeway.

Just from my observations, the housing markets is such a mixed bag with foreclosures, established homes, new construction all in one area. Around here, nothing is new. No foreclosures. No one ever leaves . . . well, except for us.

I don't know a thing about buying a foreclosure, so I'll have to do some investigating for sure.
Again, anecdotally, I did not find foreclosures I wanted to live in to have a significant discount over non-foreclosures (we moved about 2 years ago.) Yes, they were priced somewhat lower, but the cost of repairs and deferred maintenance, in my view, compensated for the discount. Just to be clear - I am talking about nicer suburban single-family houses here; it may still be possible to get a bargain on a foreclosed rental, just because the scope of work would be beyond an average buyer's abilities.

Overall, housing in the Twin Cities area is quite affordable outside some prestigeous areas - Edina, towns around Lake Minnetonka, North Oaks, parts of Minneapolis and Saint Paul.
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Old 01-22-2015, 08:45 PM
 
10,629 posts, read 25,685,455 times
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I think the foreclosures in the exurbs is pretty typical across the US these days; those were the areas where people moved because housing was cheap (the "drive til you qualify" crowd), and often those were the people most hit by the recession. I recall reading that a larger than average percentage of people in those local outer 'burbs also had jobs in or related to construction or real estate, and so were hurt when the market tanked. It doesn't mean the areas are bad, just that a lot of people got in over their heads with real estate and then weren't able to afford their lives when times changed.
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