Minneapolis

Foreclosure Inventory down 60% Year over Year

A Special Research Report from the Minneapolis Area Association of REALTORS®
Q3-2009
Lender-owned foreclosure inventory available for sale in the Twin Cities has fallen by 60 percent in the last year, falling from an estimated 4,886 at the end of last September to 1,960 this year. Short sales are a different story—basically holding steady over the [...]

A Special Research Report from the Minneapolis Area Association of REALTORS®
Q3-2009

Lender-owned foreclosure inventory available for sale in the Twin Cities has fallen by 60 percent in the last year, falling from an estimated 4,886 at the end of last September to 1,960 this year. Short sales are a different story—basically holding steady over the last twelve months (Figure 1). Lender-owned Minnesota foreclosures now account for only 7.9 percent of the total inventory, while short sales represent 17.4 percent of total inventory.

The simple reason for this growing chasm is that foreclosures are selling roughly three times as frequently as short sales (Figure 2). Short sales are complicated transactions and many consumers have reported considerable delays and uncertainties associated with making an offer on a short sale home. These complications are likely the main cause of the relatively quiet sales activity.

Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and in default homeowner work together in an attempt to sell the home before it is foreclosed upon.

It’s encouraging to see the number of vacant foreclosures drop as they’re absorbed by new homeowners. But it’s discouraging to see that short sales remain such a substantial drag on the market’s forward momentum, especially when we consider that a portion of these short sales will eventually become lender-owned foreclosures.

SOLD: New Listing: 5159 Dupont Ave N

This 1949 single-story home was just recently renovated. At $119,900, it is a steal!  Great property for the first time home buyer as everything has been updated.  It has 2 bedrooms, 1 baths with 720 square feet, with hardwood floors throughout. The updates are too numerous to mention, but here are a few:

Refinished [...]

This 1949 single-story home was just recently renovated. At $119,900, it is a steal!  Great property for the first time home buyer as everything has been updated.  It has 2 bedrooms, 1 baths with 720 square feet, with hardwood floors throughout. The updates are too numerous to mention, but here are a few:

• Refinished Hardwood Floors
• New Bathroom.
• New Kitchen (including Cabinets and Appliances).
• New Windows.
• Fully tiled bathroom and kitchen floors.
• Updated Electrical/Mechanical/Plumbing systems.

See pictures and more details at 5159 Dupont Ave N, Minneapolis.

Section 8 Landlord Workshops

[ September 15, 2009; 1:30 pm to 2:30 pm. October 13, 2009; 1:30 pm to 2:30 pm. ] The Minneapolis Public Housing Association is putting on a series of workshops for landlords that are new to the Section 8 program.  I recommend that anyone that has a new Section 8 tenant or is interested in renting to Section 8 tenants attend this orientation.  It has good information and you can get your questions [...]

The Minneapolis Public Housing Association is putting on a series of workshops for landlords that are new to the Section 8 program.  I recommend that anyone that has a new Section 8 tenant or is interested in renting to Section 8 tenants attend this orientation.  It has good information and you can get your questions answered.  Registration is not required.  Just show up!

• September 15 @ 1:30 pm
• October 13 @ 1:30 pm
• December 8 @ 1:30 pm
• December 15 @ 1:30 pm

All workshops are being held at the Minneapolis Public Housing Authority office at 1001 Washington Ave N, Minneapolis, MN  55401.

SOLD: 2427 Grand Street NE, Minneapolis

After extensive rehab, this 1913 2-story home is coming on the market today.  It has 4 bedrooms, 2 baths with 1579 square feet.  The updates are too numerous to mention, but here are a few:

New Windows.
New Roof.
New Bathroom.
New Kitchen (including Cabinets and Appliances).
Updated Electrical/Mechanical/Plumbing systems.

See pictures and more details at 2427 Grand Street NE.

After extensive rehab, this 1913 2-story home is coming on the market today.  It has 4 bedrooms, 2 baths with 1579 square feet.  The updates are too numerous to mention, but here are a few:

• New Windows.
• New Roof.
• New Bathroom.
• New Kitchen (including Cabinets and Appliances).
• Updated Electrical/Mechanical/Plumbing systems.

See pictures and more details at 2427 Grand Street NE.

Home for Sale: 3758 17th Ave S, Minneapolis

I recently took on a new single family home listing at 3758 17th Ave S in Minneapolis.  It has all the original woodwork, hardwood floors, and built-ins that you come to expect from a turn of the century house in South Minneapolis, but with a recently updated kitchen and bathroom.  The mechanicals are in excellent [...]

I recently took on a new single family home listing at 3758 17th Ave S in Minneapolis.  It has all the original woodwork, hardwood floors, and built-ins that you come to expect from a turn of the century house in South Minneapolis, but with a recently updated kitchen and bathroom.  The mechanicals are in excellent condition.

You can see more about it here.  This home is currently listed at $150,000.  It is perfect for the investor (as it is rented currently) or for the person looking to put in some sweat equity and make this property shine.

You can contact me for a private showing at 612-281-5419 or use the contact form.

Checking Property Status in Minneapolis

With all the foreclosures on the market, it can be risky at times not knowing whether a property has code compliance on it, has a VBR or even if it is condemned and ready to be demolished.  Below are some easy instructions on how to check on a property’s status in the City of Minneapolis.  [...]

With all the foreclosures on the market, it can be risky at times not knowing whether a property has code compliance on it, has a VBR or even if it is condemned and ready to be demolished.  Below are some easy instructions on how to check on a property’s status in the City of Minneapolis.  Note:  It does not give you info on Assessments or on rental licenses status/availability, but it is a quick way to see if you are going into any issues.

1. Go to:  http://www.ci.minneapolis.mn.us.
2. Scroll down to the right hand side and click on property information.
3. Choose property look-up service.
4. Enter the address you are interested in.
5. As a test, put in 3227 Girard Ave N (you can put in a partial address like:  3227 Gir).
6. Scroll down to the bottom of the screen and look for “active parcel flags” (in the case of 3227 Girard-you will see that the property is condemned requiring code compliance and also has a VBR on it.)
7. If you click on Truth in Housing, this will show you if one has been done (by law one must have been completed PRIOR to property being put on the market for sale).
8. If the property is condemned, the Truth in Housing will become invalid and you will see a comment that says:  “condemned requires code compliance”.
9. If you do not see the link to Active Parcel Flag, this means the property is not condemned and does not a a Vacant Building Registration (or VBR).

Lastly, as part of our inspection period, we have started having our title company (for a nominal fee) run an assessment search to see what could potentially extra costs incured by the buyer at closing.  Lots of checks and rechecks to try and smooth out the process of buying foreclosed homes in Minneapolis.