(The Term, Not the Type of Deal) In a post earlier this year titled, “Halftime at the Housing Recovery,” I posited that one sign that the housing market has fully recovered is that the percentage of lender-mediated sales (foreclosures and short sales) returns to pre-bust levels (5% or less). Want another sign? The term, “traditional...Read More
Not Getting What You Don’t Pay For It won’t show up in my 2012 sales statistics (or my bank account), but one of the more protracted deals I was involved with this past year was helping a good friend (and repeat client) buy a $63,000 St. Paul foreclosure. Why no record of the deal? Because I...Read More
Key Statistics — and Vacant Sites — To Watch When the economy comes back, where will Twin Cities developers pick up? Most likely, where they left off when the recession and downturn arrived. –Ross Kaplan, “Bare Ground — For Now“; City Lakes Real Estate Blog (2/9/2010) In a post earlier this month titled, “Halftime at...Read More
Hurry Up & Wait In a traditional sale, Buyers can usually expect to hear a response to their offer within 24 hours — ideally much faster. So, how long do would-be Buyers of Fannie Mae properties have to wait? As long as 10 days. Stale MLS Status Which is why it’s only fair to such...Read More
Lender-Mediated Deals Now Down to 25% of Housing Market Deals Nationally Is the housing market doing better? Absolutely. Has it fully recovered? No way. Or should I say, “half-way.” I base that not just on where home prices are now — off the bottom, but still well below their 2006 peak — but on the fact...Read More
Minneapolis Property Tax Sticker Shock: Exhibit A B C D E W(??) Where: 2737 Lake of the Isles Parkway in South Minneapolis. What: 1903 Dutch Colonial with 5 BR/5 BA and over 5,000 finished square feet. The home is a foreclosed property being sold by the lender, Bank of America. When: approaching 2 years of market...Read More
