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Old 04-23-2009, 11:41 AM
 
6,171 posts, read 14,832,715 times
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Quote:
Originally Posted by Clifford63 View Post
It seems to me like people are doing everything they can to be optimistic. I really like that.

Might be seeing some effect from the tax credit for first time buyers, which is a good chunk.

This is hard to track for sure. Some areas were hit much harder than others. I suspect recovery will be spotty too.
I agree. But first-time homebuyer credit + historically low mortgage rates + buyer's market has gotta help in all areas.
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Old 04-23-2009, 01:30 PM
 
Location: Mahtomedi, MN
989 posts, read 2,725,901 times
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Quote:
Originally Posted by Ben Around View Post
I agree. But first-time homebuyer credit + historically low mortgage rates + buyer's market has gotta help in all areas.
I was thinking not all areas are likely for first time buyers, but you are correct that the combined effect is a good thing for those looking to buy.
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Old 04-30-2009, 01:26 PM
 
Location: Minneapolis, MN
1,824 posts, read 5,244,573 times
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Average listing price in Victory went up another $15K this past week- there are noticably a lot more larger, immaculately maintained homes in the neighborhood on the market now than there have been in a while, but it's good to see our neighborhood's average climb above some of the surrounding suburbs and work its way back towards the Minneapolis average again, which it used to exceed (there are still, however, several foreclosures still listing under $100K here).
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Old 04-30-2009, 01:57 PM
 
Location: Minneapolis, MN
8,680 posts, read 13,965,593 times
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Is there a source to look at average listing price, average sale price and average time on the market by neighborhood? That would be an interesting resource if it exists. I took a look at the MLS for my neighborhood and here is what I see listed for duplexes and SFH's:

84,900
99,888
60,400
133,500
69,900
184,900
167,700
175,000
89,900
129,000
146,900
67,500
99,000
164,900
200,000
139,900
199,900
59,000
68,000
189,900
117,000
89,900
165,000
232,900
Average listing price = 130,620

My conclusion is that Corcoran has to be one of the most affordable neighborhoods in South Minneapolis and also in the Twin Cities area as a whole.
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Old 04-30-2009, 03:33 PM
 
Location: Minneapolis, MN
1,824 posts, read 5,244,573 times
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Quote:
Originally Posted by Slig View Post
Is there a source to look at average listing price, average sale price and average time on the market by neighborhood? That would be an interesting resource if it exists.
Oh yeah, I forgot to respond to one of your recent DMs that although I agree with you that realtor.com lacks in having interior pictures of homes, and ocassionally in the updating of their website with homes leaving the market (they tend to be pretty good about homes going on the market and there seems to be an improvement in taking sold homes down as well), and their crime data and some other data is crap that only populates by ZIP code- their "neighborhoods" feature is actually pretty cool and fairly reliable. Type in "realtor.com victory neighborhood minneapolis" in google and it will bring you up to their "Housing Data & Heat Maps" section showing average listing price. From there towards the top of the screen you will see "Home- Minneapolis- Victory", click on Minneapolis and find Corcoran (actually, here's the link: Corcoran Housing Data & Heat Maps - REALTOR.com), and then you can also view all active real estate listings in the neighborhood (but there can sometimes be lag time with sold properties as with any site; also- you'll notice that the neighborhood profiles/ descriptions they give are wrong, your neighborhood's description actually talks about the city of Corcoran, but the neighborhood map/ listings seem correct). Corcoran average listing price of 150K is definitely affordable for So Mpls standards.

You can also find median sales price by neighborhood on trulia I believe and possibly zillow- when I get a minute I'll try and look that up and post link.
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Old 04-30-2009, 04:25 PM
 
Location: Minneapolis, MN
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I just looked and Corcoran isn't listed as a Minneapolis neighborhood on Zillow. weak.
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Old 05-01-2009, 01:09 PM
 
Location: St. Paul's East Side
550 posts, read 1,485,373 times
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Default Could be true for a VERY narrow market.

I have been tracking properties in St. Paul, primarily in the 55106 zip code, for a couple of years now, specifically in the under 100k market.

The properties in this narrow market, the market which was hit the hardest by the first wave of the foreclosure crisis, is definitely picking up.... I am seeing properties get listed and go inactive, meaning a bid was accepted on the property, in less than a week. Not just a few properties, but rather quite a few properties are flying off the shelves at lightening fast speeds!

I have heard from real estate agents that these properties are getting multiple bids, sometimes as many as 7-10, in the first week they are listed. They are therefore selling for above the asking prices.

It only makes sense for agents to raise the initial asking prices on properties under these circumstances.

But this all goes along with what someone else said early this week, in another thread, on this forum:

Quote:
Originally Posted by Robert P Stewart View Post
One of the most common questions I'm asked is "How's the market?". My answer is usually "Which one?".

At the bottom (i.e. properties $175K or less) we're seeing a stabilization based on basic economics - today it costs less to own than rent. And the rents these properties produce support the price. Just 2 days ago I had an appraiser ask me how I justified the purchase price of a duplex in Corcoran neighborhood, Minneapolis. I explained the rents for both sides and the formula I use to determine value - she thanked me and we didn't have an issue.

This is not the case with properties over $300K (my opinion, remember). With these properties, value is not established by the income potential, rather, by amenity. Simply put, home buyers in this price range are buying location and lifestyle. What's the difference between a $750,000 house and a $800,000 house? The spread is large, but ultimate question is "what is the lifestyle worth"?

In summation, properties over the economic threshhold ($300K) will continue to slide and homes under $300K are beginning to stabilize. Again, my opinion.

Nice wishful think Camden Northsider, but I think you are looking through a VERY narrow corridor in your neck of the woods, just as I am doing the same over here in my neck of the woods.

For the moment, the timing is right and the prices are right... but once the calendar progresses into late summer and fall, and if sellers continue to try and test the waters by raising their prices, we may just see this market stall out again.

It's a step forward in the right direction... I'll give you that much.

But I really think we may just end up doing "one step forward, two steps back" dance a few times, and then some, before we finally pull out of this mess altogether.

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Old 05-08-2009, 03:07 PM
 
Location: Minneapolis, MN
1,824 posts, read 5,244,573 times
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Quote:
Originally Posted by StPaulEastSider View Post
The properties in this narrow market, the market which was hit the hardest by the first wave of the foreclosure crisis, is definitely picking up.... I am seeing properties get listed and go inactive, meaning a bid was accepted on the property, in less than a week. Not just a few properties, but rather quite a few properties are flying off the shelves at lightening fast speeds!

I have heard from real estate agents that these properties are getting multiple bids, sometimes as many as 7-10, in the first week they are listed. They are therefore selling for above the asking prices.

But I really think we may just end up doing "one step forward, two steps back" dance a few times, and then some, before we finally pull out of this mess altogether.
I never was a fan of Paula Abdul's songs. Another $20K increase in the n'hood since my last post. Yes I'm looking at a very narrow market in my little corner, but the reason for my post was to see if other minneapolis residents/ neighborhoods were seeing similar trends in their corners of the world. I agree w/ you on the quick pace of the under $150K market- there have been homes in my neighborhood where I see sold signs (or find sales info online) prior to ever knowing they were on the market, and I keep pretty close tabs (don't know why as I have no intent to move, other than to possible move up to a bigger home in the same n'hood, but knowing the local market has always been kind of a hobby I guess). And even last summer I remember there being multiple multiple bids/ counteroffers in this area and was hard for folks to actually get a home in this price range (despite there being a number of homes listed), so it is best to keep things in perspective.

But, since the housing market went south a few years back, I have never seen a climb in the average listing price in this neighborhood like I'm seeing now- our average listing price has jumped up by about $70-$75K in just over a month's time so that it now actually exceeds the Minneapolis average. From what I can tell, median sales prices don't seem to be going anywhere as of yet. However, my guess is that all of the little under $150K homes are being bought up, so the majority of sales are likely in this market causing average listing price to go up quite a bit (coinciding with people putting much nicer/ larger homes on the market right now than has been seen in years around here). Still, the average listing price going up to a halway decent level could help to spur an increase in sales prices as there becomes less availability in the neighborhood as a whole- so still some very good signs.
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Old 05-08-2009, 11:25 PM
 
Location: MPLS - Camden - Cleveland
32 posts, read 90,005 times
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Hey Camden,
I wasn't able to pull up the Cleveland neighborhood on realtor.com, but did go through their listings for 55412. The number of foreclosures listed for the zip code has dropped off considerably since I was looking for houses up here (Aug 08-Jan 09). The number of houses listed total has also dropped.
I am happy to say that about 3/4 of the houses I looked at here in the Cleveland neighborhood (both foreclosure and non) have sold since I moved into my house. Just on my block, the 5 of the 6 houses that were for sale when I moved February have sold (and only one turned into a rental).
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Old 05-09-2009, 04:31 AM
 
Location: Mpls - south for the winter
140 posts, read 503,912 times
Reputation: 106
The Twin cities real estate market is definitely in the recovery phase and even becoming a seller's market in some areas. I'm seeing mulitiple offers on most REOs and now even multiple offers on some nonmitigated properties. St Paul Midway area is an example of a very active market - homes priced right are selling very quickly.

Average list and sale prices is somewhat misleading indicatator because of this 2 tiered market - REOs pull down the average price and yet non REO properties are also selling at much higher prices. Over the next 12 months REOs will start to slowly phase out and even banks will begin asking higher prices for their properties.

Now is a great opportunity to buy a bargain priced REO or non REO at prices 20 - 25% below 3 years ago. I personally buy 1-2 properties per month. Of course there are always those who lack the self confidence to jump into a market - they usually end up buying at the high point and selling at the low point in the market cycle. Good luck to anyone thinking about buying real estate today!
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