Banks Price Low to Elicit Multiple Offers Real-estate brokers say multiple offers on certain homes have recently become more common in parts of California and Arizona and the Washington, D.C., and Minneapolis-St. Paul metropolitan areas. . . Brokers say banks appear to be deliberately setting asking prices low in some cases to provoke bidding battles...Read More
The Market Bottoms . . in Fern Hill The first hint of a bottom came around Thanksgiving, when this non-descript rambler in St. Louis Park’s Fern Hill neighborhood came on the market for $189,900. What happened next could only be described as a feeding frenzy: 17 offers in less than 72 hours, with the winning...Read More
Multiple Offer Premium > Discount? Where: 30XX 43rd Ave South, in Minneapolis’ Longfellow neighborhood (and just 5 blocks west of the Mississippi)How much: $17,900Tax assessed value: $143,000 (land – $44,200; building – $98,000)On Market: 3/13/09Off Market: 3/16/09 So what are the chances that the ultimate Buyer is actually going to pay $17,900 for this foreclosed...Read More
[Editor’s Note: want to see what happend to this house? See, Fern Hill Flip] Where: 2641 Kipling, in St. Louis Park’s Fern Hill neighborhood What: 3 BR/2 BA; 1,678 FSF Asking Price: $165k Sold Price: $205k Days on Market: 3 Closed: 3/9/09 Forty thousand over asking price?? That isn’t supposed to happen in a market...Read More
Want a Deal? How about *82% off?Where: 22xx Vincent Ave. North; MinneapolisHow much: $42,500Key Stats: 4BR/2BA; 1,363 FSFLast sale*: $240,000 (6/2006)Tax assessed value: $165,000 No, it’s not in Edina or Wayzata. And, yes, it’s a foreclosure, with all the headaches that can be involved (including less than pristine condition). However, this brick-and-stone rambler is just...Read More
Wanted: Investor Looking For a Steal What: Investment PropertyHow much (asking): $293,000 below current tax assessed value (56% below tax value)Where: Twin CitiesWhen: Deadline for offers is 2 p.m. Monday Who says that there aren’t multiple offers any more? A bank-owned 4-Plex hit the market this morning for a whopping $293,000 below its current tax...Read More
