List Price: $17,900; Sold Price: $85,100 Sure, it was a mess. But this beat-up, bank-owned home was in a prime location — just a couple blocks from the Mississippi, in Minneapolis’ Longfellow neighborhood (the land alone had a tax assessed value of $44k). So it wasn’t surprising to see this home sell quickly. However, even...Read More
“We Have Some With Ham, Too”One of my favorite Mad Magazine cartoons shows a food stand advertising every kind of burger known to man: ‘Buffalo burgers,’ ‘Chicken burgers,’ Turkey burgers,’ ‘Veggie burgers,’ and on and on. The caption: ‘we have some with ham, too, but we don’t know what to call them.’ In that vein,...Read More
Foreclosure Minefield #37 At a lunchtime training class today, the presenter — a very seasoned appraiser — relayed a story I’d never heard before in connection with foreclosures (and I’ve now heard — and seen — plenty). When the appraiser arrived at the house, the water was turned off — a common occurrence with foreclosures...Read More
Where: 26xx Colfax Ave. North, in Minneapolis’ Camden neighborhoodWhen: originally on market March, ’08; canceled and re-listed — with a BIG price drop — todayWhat: 2,000 sq. ft . duplex (each unit 2 BR/1 BA)How (much): $18,900; tax assessed value (’09): $178,800Who: listed with RE/MAX Results Can you afford a monthly payment of $113? That’s...Read More
Worst-Kept Secret: Foreclosure Banks Flaunting MN Disclosure Laws A problem has arisen in Minnesota regarding lenders who have acquired property through foreclosure and then listed those properties for sale to Minnesota consumers. The problem is that lenders are refusing to comply with Minnesota disclosure laws. –Donald D. Smith and Brad J. Boyd, “Seller Disclosure Obligations...Read More
Home Focus: 38xx Harriet Ave. (South Mpls.) What: 2 BR/2 BA; 1,364 FSF in South Minneapolis’ Kingfield neighborhoodWhen: On market 4/17/09; closed: late MayList Price: $75,000Sold Price: $91,000% Over List: 21% This home sold for $91,000 — a mere 21% over asking price. I was told that there were at least 8 offers on this...Read More
