Will Sellers Get More Money If They Wait?

Selling  Your Home,Townhome, Condo or Loft in 2011

Sellers in any real estate market are looking to get the best possible price. If you are looking to sell in the next year, today’s price may well be the best price. Home values stabilized somewhat in 2010. Many hoped that was a sign that values had bottomed out and we would see price appreciation in 2011. Studies released this week have painted a different picture.

If we look at CoreLogics January Home Price Index (HPI), we see that prices are again beginning to decline:

National home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010

Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”

They are not talking about the spring market increasing or even stabilizing prices. They hope it will “reduce” the pressure to drive prices lower.

Radar Logic’s RPX Composite Price comes to virtually the same conclusion:

Radar Logic believes the RPX Composite price will continue to exhibit year-on-year declines throughout 2011 due to a growing supply of homes for sale and in the inventories of financial institutions, and weakening demand due to the reduction of government incentives for home buyers. Moreover, banks are facing uncertainty over whether they will be forced by regulators to expand mortgage modifications, and may reduce lending and tighten standards as a result.

“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, Director of Research at Radar Logic. “We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure.”

Bottom Line

It seems that prices have again begun to fall nationally. With the overhang of existing and shadow inventory, prices will probably continue to decline in the Minneapolis condo market throughout most of 2011. If you’re thinking of selling, now might be the best time. Contact me today to see how this may impact you if you are thinking of selling.

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Minneapolis Condo, Loft and Townhome Rentals Management: Downtown Resource Group [Video]

DRG Condo, Loft and Townhome Rentals Mangement: Company Profile

 

Rick Gendreau : Downtown Resource Group – Rentals Management from South of Canada on Vimeo.

A serial entrepreneur from a family of entrepreneurs based in Minneapolis, MN, Rick has been involved in over forty small businesses, in nine industries, in seven different states.

After graduating from St. John’s University in Collegeville, MN with a degree in accounting, he opened the first of what was to be over thirty franchise businesses in six industries over twenty years. Aside from franchising, Rick has also started, grown, and sold several independent small businesses, from government-contract janitorial services to venture-capital consulting.

The relationship with Downtown Resource Group grew out of Rick’s passion and avocation: Being of service, and working with new and small businesses and the entrepreneurs that run them. Rick helped with the initial Strategic Plan for DRG, and has since worn several hats including strategic planning, financial management, rental-management development, and most recently new market development.

Looking to rent your property? Contact me and lets get started.

Rental Inventory

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Time to Get in Shape: Top 5 Condo Gyms in Minneapolis

DTM5: Top Five Minneapolis Condo Gyms

 via: South-of-Canada

Pinnacle FallsPinnacle Falls Gym

Downtown Mike knows the condo scene, really well. Actually, he knows things you probably don’t even realize you need to know. Mike will regularly feature his top 5 in any given category, hence, “Downtown Mike’s Top Five (DTM5)” Which will come in handy as a resource when you or a friend are looking to move downtown. This week we start with the top 5 gyms. Because healthy living is the way to go.

You’ll be impressed by the options each of these condos offer! Living downtown is a pretty sweet deal…

1. 100 3rd Ave S (Mill District): CarlyleCarlyle pool gym
Features: Praxis Healing Spa is attached to the gym (Here you can get a massage, get your nails did, hot stone massage, acupuncture, etc.) They also have a Yoga/Pilates room and classes. 24 Hr Fitness Center (windows overlooking pool), tanning booths, rooftop lap pool (one of only a few outside-rooftop pools downtown), hot tub, outdoor grilling station and fire pit with views of downtown skyline… a necessity when living downtown.

2. 500 E Grant (Elliot Park): Grant ParkGrant park gym
Features:  All year round-indoor Pool, tanning, massage Room, hot tub, sauna, fitness center.

3. 20 2nd St NE/110 1st Ave NE (NE Mpls): Pinnacle/FallsPinnacle Falls
Features: Newly renovated gym, originally an apartment building converted into condos, yoga room, fitness center, basketball hoop on the rooftop terrace, attached to gym, pool, sauna, hot tub.

4. 929 Portland Ave S: SkyscapeSkyscape Hot Tub
Features: Fitness Center, yoga and pilates studio, and plenty of space for individual and group activities. cardio and weight training equipment, individual TV’s while you train, a whirlpool spa (no regular pool), a sauna, a massage room, and nice views of the rooftop park and the downtown skyline from treadmills.  Group fitness classes twice a week.

5.  401 S 1st St (Mill district), Riverwest:Riverwest Gym
Features:  24 Hr Fitness Center, sauna, hot tub, very active outdoor pool with unobstructed views of downtown skyline, outdoor grilling station and fire pit with views of downtown skyline, attached to club room with pool table and kitchen.

I have been in all of these facilities many times and would say that the ranking is pretty accurate.  The Carlyle is the Country Club concept, Grant park more of a Lifetime Fitness, Pinnacle/Falls and Riverwest the YMCA and Skyscape are like something you would find at a chic hotel. 

-Mike S

Buying a Condo or Loft Downtown Minneapolis

How to Buy a Condo or Loft Downtown Mpls

Flour Sack Flats Minneapolis, St. Anthony Main Condo

Search Minneapolis Condos and Lofts Here

Many folks interested in buying real estate downtown Minneapolis, first-time home buyers especially, sometimes lack the knowledge to determine what they can afford when it comes to buying a condo or loft and often inquire how the purchasing process actually works.  Below is a list of steps outlining how the condo purchase process works:

  1. Start by getting pre-approved by your bank or a mortgage broker. Understanding what you can afford gives you a starting point and a price window to search within.                                                                      
  2. Find a Realtor that specializes in the market of real estate you are interested and be sure it is someone you feel comfortable with. I usually suggest to line up an interview to make sure it is the right fit.  Talk to your Realtor about what you are and are not looking for in a property. You DO NOT want to run around to every condo on the market in Minneapolis.  Depending what you are looking for your realtor should help you narrow down what fits your needs and wants without spinning your wheels.  I always offer our “Buyers Concierge” which lists questions that will help identify what it is the buyer is looking for.  DRG Buyers_Concierge (Updated 11-2009) Email this form to me at Mike@DrgMpls.com or fax to 612-777-8020 (Attention: Mike Seebinger), if you are interested in interviewing myself for the position of your Realtor.
  3. Now the shopping begins! This is the fun part.  Once you’ve been pre-approved for a loan and you have found your downtown condo specialist, your realtor will then begin showing you properties within your parameters.
  4. Take notes while on the showings. Think about the location (1st and foremost), building amenities, take into consideration future value, the unit floor plan and of course the list price.
  5. Once you’ve found the condo or loft you would like to buy have you Realtor run a market analysis to determine what the condo or loft is actually worth. 
  6. Assuming the numbers from the market analysis look good “let’s make an offer”!  Your Realtor should now go through the offer paperwork, known as the Purchase Agreement, and explain the contract in detail.  If you had any unanswered questions going into the offer process this will be a good time to get them answered.  If you still have questions you can always have a lawyer review it as well.
  7. Your downtown Minneapolis Realtor will then submit the offer to the Listing (Selling) agent who will then contact the seller to review the offer and the negotiations begin.
  8. At the point where the buyer and seller have come to an agreement regarding the price and conditions the deal is now legally binding unless there are other conditions written into the contract.
  9. Typically the buyer will now schedule their inspection and next the appraisal.  The Seller will also give the buyers the condo documents containing the rules, regulations, by-laws, articles of incorporation and budget.  The buyer will have 10 days to review and rescind their offer if anything in the documents does not sit well with the buyer (pet limits in condos, unhealthy looking budget, ect.)
  10. After your loan has final approval and all contingencies are removed the buyers have the right to a final walkthrough of the property to insure that everything is the way the contract stated (bank deals can be different in this regard).
  11. Closing Time!!  It is time to move. The buyer is allowed occumpancy after the buyer and seller meet with their respective title company or lawyers to exchange the property keys for payment. The title of the property is then switched over from the seller to the buyer and the buyer is then given entry and ownership to the property.   

Buying a condo or loft downtown Minneapolis is an exciting process. It can also be a stressful and complicated process so it’s important to hire a Realtor you are comfortable with and trust.  As you know, buying real estate is one of the largest investments you will make.

I would love the opportunity to sit down and answer your questions.  If you are considering buying or renting downtown Minnepaolis please contact me with time and phone number or email most convenient to reach you.  Feel free to also fill out the form on right hand side of this page. 

Designer Loft Available in the 801 Washington Lofts; by Rehkamp Larson Architects, Mark Larson, AIA and Will Spencer

Recently I had the opportunity to preview a new listing in the 801 Washington building in Minneapolis’ North Loop neighborhood with a client of mine.  I was quite impressed with the level of design and want to get the word out that this home is available for sale currently at the price of $449,900. **Request More Information or a Tour of this Property**

“The renovation of this downtown Minneapolis loft began as an effort to bring warmth, refinement, storage/display space for art, books and wine collections and better acoustic separation to a raw, drafty space located in the original loading dock area of the building.”

“A modern gas fireplace, clad in steel plate and wood slats, was added against an exposed concrete block wall with a 12’ long rolling steel book shelf below.  Tall mahogany shelving frames the glass garage door to the public courtyard and balconies were added to bring warmth and function to the space at its edges.  The kitchen, contained in the original brick elevator shaft, was extended and refinished with high gloss car lacquer, steel countertops, new lighting and a wood slatted island with a translucent resin top.  The resulting space is a testament to the creative process and the collaboration of client, architect and craftspeople.”

The above Artile was from HomeByArchitects.Org

Learn More About the Architect: http://rehkamplarson.com/

The property is currently listed by Edina Realty

Address: 801 Washington Ave N #115, Minneapolis MN 55401
List Price: $449,900
Association Dues: $409
Sq Ft: 1800
Bedrooms: 2
Bathrooms: 2
Parking: 2
Fireplace: Yes
Patio Space: Yes

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**Request More Information or a Tour of this Property**

2 Bed, 1 Bath Corner Unit with Balcony for Only 199,900!!

2 Bed, 1 Bath Corner Unit with Balcony for Only 199,900!!
You will be hard pressed to find this nice of a 2 bedroom condo downtown Minneapolis for under 200k.

Address: 1800 Clinton Ave S #208, Minneapolis MN 55404
Price: 199,900
Dues: 234
Bedrooms: 2
Bathrooms: 1
Parking: 1
Square Ft: 1167
Built: 2005

Don’t miss this South East Corner unit with tons of sunlight, fantastic location, easy access around town and near coffee shops, restaurants, and parks. Large balcony, community room that is awesome for entertaining, great layout and is priced to sell at 199,900!

Request Information on This Listing | More Listings

Distance to Target: 5 minute bike ride, 5 Minute Drive, 19 minute walk

 :

Request a Tour: http://www.minneapolis-loftandcondo.com/tour.asp

Home | About Mike | Our Listings | Condo & Loft Search | Condo & Loft Tour
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For More Information contact:

Mike Seebinger
Urban Realtor
Downtown Resource Group – Urban Real Estate
Buying I Selling I Leasing l Management
700 Washington Ave N, Suite #101
Minneapolis, MN 55401
612.807.4958 (C)
612-777-8005 (O)
612-777-8020 (F)
www.Minneapolis-LoftandCondo.com
www.MikeSeebinger.com

“WE LOVE MINNEAPOLIS”

Downtown Minneapolis Tax Credit Activity ‘Wrap Up’

Well it was a wild ride!  The spring market is typically a busy time of year anyway but at DRG we have seen a significant increase in sales downtown Minneapolis over the last few months as folks rushed to beat the April 30th tax credit deadline.  FHA has been a priority for many first time home buyers this year.  After FHA did away with ‘spot approval’ for condo projects on February 2 many of these first time home buyers were subsequently looking only in buildings with full FHA approval.  This has limited those buyers only looking  to put down the minimum 3.5% as required by FHA but the good news is that most of remaining new construction projects downtown have at this point obtained FHA approval and the previously referred to glut is now arguably close to being wrapped up as FHA buyers have been funneled into the handful of FHA approved buildings downtown.

NEW CONTRUCTION CLOSE OUT UPDATE: The latest condo project to sell their last developer held unit was the SOHO Lofts, a live/work concept above 3 levels of commercial condo space. Master Development just placed their final unit into escrow this week. In addition, the Herschel Lofts are also down to their last 3 units out of 47.

Pending/Sold Update 2010

1 Bedrooms Closed: 40
1 Bedrooms Pending: 44
Average Sales Price (not including pending sales): $192,685

2 Bedrooms Closed: 71
2 Bedrooms Pending: 52
Average Sales Price (not including pending sales): $344,085

3 Bedrooms and Larger Closed: 20
3 Bedrooms and Larger Pending: 10
Average Sales Price (not including pending sales): $637,028

These statistics are interesting but not always the best way to gauge the market trends as there are many factors not outlined in the breakdown, such as units that were sold in foreclosure, short sales and any ‘fire sale’ developer held inventory that may throw the numbers off. In addition, stay tuned for the true spring market sales statistics as the current pendings turn into solds over the next 60 days or so.  Interest rates are still low, there are some excellent deals downtown right now and some exciting developements surrounding the North Loop/Twins Stadium.  We should continue to see some steady absorption this summer.  If you would like a more accurate breakdown for your Condo/Loft or Town Home please contact me with your address and I will proved similar data more specific to your home.

First-Time and Repeat Buyer Tax Credit Explained-You Tube Video

YouTube Preview Image

Keep in mind that the tax credit is about to expire April 30, 2010.  On November 6, 2009 President Obama signed into law new legislation that extends the first-time home buyer tax credit beyond its Nov. 30 deadline and expands it to a wider group of home buyers. This video explains the facts and answers many home buyer questions regarding the tax credit. You can also get even more information by visiting www.federalhousingtaxcredit.com

Downtown Minneapolis Home Owners are off to a Bullish Start for the Month of February

Downtown Minneapolis home owners are off to a bullish start for the month of February with a 37.1% increase in condo/home listings.  In February, 2009 there were 97 homes listed downtown compared to the 133 this past February.  Overall new listings are actually down year to date by -5.7% due to a slow January.  I suppose it is all about timing.  The Twins have their opening day only weeks away and there has been a real buzz downtown so the spike is not surprising.

The month of February had a decrease in sales of -12.9% compared to the previous year but the average sales price has jumped 28% from $250,000 to $320,000. There are some interesting things going on and I expect a busy 2nd quarter. MAR has provided some helpful statistics through their monthly market update referred to as ‘The 100′. 

The link below will take you to Hennepin county’s stats. If you would like up to date market statisitics for your neighborhood or are just interested in what your home is worth contact me and I am happy to run numbers!

http://www.mplsrealtor.com/downloads/the100/Minneapolis.pdf

**These numbers do not include the activity in March 2010

New Listing: Coveted St.Anthony Main, 1st Floor 1 Bed/1.5 Bath with ‘Walk-Out’ Patio

One of the very few 1st floor walk-outs available downtown.Smartly appointed w/ hrdwd flrs, large custom closets, breakfast bar, spacious living room perfect for entertaining.Great value for a 1st floor unit in St. Anthony Main!Storage unit on same floor.

Listing Type: Sale
Property Type: Condo
Price: $239,900
Interior Size: 846 sq. ft.
Bedrooms: 1 room(s)
Bathrooms: 1 room(s)
Garage Size (# of cars): 1
Property Tax: $2,923