Fixer Uppers On Sale

Fixer-uppers are not the darlings of the New York City real estate market right now. With so many well-groomed apartments for sale to choose from, why bother? But when there is a lot of inventory on the market, the price gap between the renovated and unrenovated often grows.

For the Right Price, the Right Fixer-Upper; The New York Times (10/30/09)

Not all New York housing trends apply to the Twin Cities: different housing stock, different demographics, and most certainly, different prices (New York’s are 4x-6x more).

However, in this case, the parallels stick: fixer-uppers locally are now as discounted as I’ve seen in my 8+ years selling Twin Cities real estate.

One more reason for the deep discount not mentioned in the above article: mortgages are cheap, renovation money is expensive (and scarce).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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