Was: $1.5 Million; Now: $599k Where: 142xx Trace Ridge Road in Minnetonka, just west of 484 What: 4 BR/5 BA with 4,650 square feet on a .79 acre lot How (much): list price is $599k When: originally listed at $1.5 million in 2005 Who: co-listed by Mark Jelinek and Michael Mohs of Edina Realty (Mark...Read More
Best Time to Sell? When No One Else is Where: 27xx Raleigh Ave. South, in Fern Hill’s St. Louis Park neighborhood What: Mint 1947 rambler with 3 BR/2BA and 1,800 square feet How (much): $445,500 list price When: on market Monday (12/7) Who: listing agent – Josh Kaplan; broker – Edina Realty If everyone’s taking...Read More
Housing Market Math, Circa 2010 When does 2 – 1 = 0? When a two-income family that’s “upside down” on their mortgage loses one of those jobs (“upside down” is Realtor-speak for owing more on your home than it’s worth). The first wave of foreclosures largely consisted of marginal borrowers — putting very little (or...Read More
VOW’s, “Me Media” & the Housing Market Did you know that there are now real estate Web sites where you can rate homes you’ve seen, leave comments — and see what others are saying, too? So-called Virtual Office Websites (“VOW’s”) such as ZipRealty.com combine much of the interactivity of social media like Facebook, MySpace, and...Read More
Contracts for Deed & Assignable Mortgages Last Fall, Edina Realty’s excellent legal department identified FHA loans and short sales as the two, big looming issues for Realtors to prepare for in 2009. Good call. So, what is Edina legal predicting will be big in 2010? Alternative financing. As in, contracts for deed and mortgage assumptions....Read More
Star Trib Advertising Woes Once upon a time, people shopping for a home looked in the local newspaper’s (print) housing classifieds. Not anymore. Consider the following numbers from today’s (Sunday) Star Tribune (chosen for St. Louis Park, as an illustrative example): 37 — Number of Realtor open houses in St. Louis Park today (out of...Read More
