Listing Math, Cont. I viewed a non-MLS listing last week in Minnetonka that is quietly being marketed at $1.7 million. The owner bought the 5,000-plus square foot home a year ago for $1.050 million; did $500k of (very smart) updating; and is leaving another $200k of likely updating for the next owner (the upper level hasn’t been remodeled...Read More
Question #2: Calculate How Much per Square Foot Quick! Test your knowledge of today’s Twin Cities housing market, and guess how much this cute, 2 Bedroom/1 Bath South Minneapolis rambler with 864 FSF (above ground) is listed for: A. $89k B. $149k C. $249k D. $385k Before I give the answer, here are a couple clues: –The...Read More
Key Statistics: Not Just Price Which statistics are most important for getting a handle on the housing market? Certainly, trailing price changes are important. But, there are various such indices, and the best known ones (like Case-Shiller) track entire metro areas, not individual municipalities (let alone neighborhoods). It’s well and good that the Twin Cities...Read More
Hot New Listings on (& backing up to) Highwood Rd. in Lake Forest Neighborhood If the Twin Cities housing market gets any hotter — at least in some neighborhoods — the local Multiple Listing Service (“MLS”) is going to have to supplement its “Days on the Market” statistic with another one: “Hours on the Market.” That’s...Read More
How to Go From 13,000 Homes for Sale to . . . 20 (or Zero!) Water, water, everywhere, Nor any drop to drink. –Samuel Taylor Coleridge, “Rime of the Ancient Mariner” Yes, inventory is notoriously tight this Spring. But there ARE 13,000 homes for sale in the Twin Cities at the moment, spanning literally dozens...Read More
“They Can’t Do That!” (Can They??) I’ve never had it happen to one of my clients. But, I’m willing to guaranty you that somewhere in the Twin Cities this Spring, there’s going to be a Buyer (or several) who thought they had a done deal . . . and suddenly doesn’t. The explanation? In between...Read More
