Then: $11.5 Million Now: $5.5 Million No, that’s not a typo: this Orono home is now listed for $5.5 million, a whopping $6 million below its original (2010) list price of $11.5 million (serious change in the Midwest — or anywhere else for that matter). Is it well-priced now? I have no idea — I...Read More
It’s Not A Comp Till it Closes What do you do as a listing agent if the home you just sold (subject to the Buyer obtaining financing) presents an appraisal challenge? That has been a frequent occurrence in the Twin Cities this year as prices rebound, but the most recent sales — and the ones which appraisers...Read More
Hint: It’s Not Jewelry What qualifies as a Realtor status symbol today? (that is, besides stellar sales statistics — lots of s’s, I know). Forget about a private wash room: not even Edina Realty President and CEO Bob Peltier has that. It’s not an office with a view, at least at Edina Realty City Lakes...Read More
“You Don’t Get a 2nd Chance to Make a 1st Impression” — Real Estate Version What’s the real estate equivalent of, “you don’t get a second chance to make a first impression?” You don’t get a chance to do pre-list marketing once the property’s actually for sale. If new listings enjoy the most “buzz” and...Read More
“As Is” . . . As of When?? True or false: Buyers purchasing a home “As Is” typically skip a final walk-through inspection. Answer: false. It may seem counter-intuitive — doesn’t “As Is” mean the Seller isn’t obliged to fix anything? — but, at least in Minnesota, it still behooves Buyers purchasing a property “As Is” to do a final...Read More
Question #2: How Long Has it Been for Sale? Test your knowledge of the Twin Cities housing market, and guess how much this single family home just northeast of Lake Calhoun in Minneapolis’ Uptown neighborhood is listed for: A. $150,000 B. $237,500 C. $399,900 D. $1.1 million Answer: “D.” (believe it or not) While the...Read More
