Cleaning Up After the Elephants; or, “Love ’em and Leave ’em” It was fun — sort of — while it lasted. But what a hangover! In 2004, when local land went for $120k an acre, national home builder Toll Brothers swept into the Twin Cities paying . . . $200k an acre. Why? Because it...Read More
Minnehaha Falls Deal Where: 45xx 47th South (just north of Minnehaha Falls in Minneapolis) How much: list price: $224,800; tax assessed value: $379,500 What: 3 BR/2BA 1948 two-story with 2,150 FSF Who: listed by Almost Free Realty When: came on market 10/22/09 No matter how cheap the asking price, it’s not necessarily available at that...Read More
Market Tightens While No One’s Looking Quick quiz: When was the last time that Twin Cities housing inventory was as low as it is now? A. June, 2008B. January, 2003C. August, 2001D. March, 2006 Correct answer: D. What’s so significant about that? Tight supply — along with easy money — was the kindling that lit...Read More
Fixer Uppers On Sale Fixer-uppers are not the darlings of the New York City real estate market right now. With so many well-groomed apartments for sale to choose from, why bother? But when there is a lot of inventory on the market, the price gap between the renovated and unrenovated often grows. —For the Right...Read More
Best Selection vs. Best Deals Sell in May and go away. –stock market saying At least by lore, there are seasonally better (and worse) times to make moves in the stock market. Are there any equivalents in real estate? Absolutely. While seasonal timing can be trumped by events — Presidential elections, wars, expiring tax credits...Read More
Misconceptions About “Comp’s” Perhaps no other term in real estate seems so straightforward, yet is so commonly misunderstood, as the term, “comparable sold property (“comp” for short). As Realtors and appraisers use the term, a comp has a very specific — and narrow — definition: namely, a recently sold, similar property that can be used...Read More
