Real Estate News 
There are currently 36 blog entries related to this category.
Sale at the Mall? No, Mall for Sale!
Tuesday, March 9th, 2010 at 6:53pm. 74 Views, 0 Comments.
Woodbury Lakes, an upscale shopping center that opened five years ago but stumbled into foreclosure due to the economy, will go up for sale on March 15. Investors could find a bargain. The Woodbury property along Interstate 94 east of Radio Drive has a lot of potential, despite its recent troubles.
Whoever buys the property might do well to make it over from its high-end "lifestyle center" concept into a shopping area that might draw consumers with more moderate incomes from a broader area, said Jim McComb, a Minneapolis real estate and retail consultant.
There is no set price tag for the 50-acre property in Woodbury. That will be negotiated when a buyer emerges.
Twin Cities Home Construction Up This Winter
Thursday, March 4th, 2010 at 7:10pm. 95 Views, 0 Comments.
Homebuilders in the Twin Cities are keeping busy this winter compared to last year. Builders filed 177 permits to build a total of 202 housing units in February. That was an increase of 65% and 71%, respectively, over February of 2009, when builders filed 107 permits to build 118 units.
Between December through February, builders in the Twin Cities have filed 626 permits to build about $207 million worth of residential housing, according to the Builders Association of the Twin Cities Keystone Report. During those months a year ago, builders filed just 392 permits for less than $147 million in construction.
"Anecdotal reports from builders confirm that there are area families out looking and buying new homes in the past two months," association President Gary…
Spring Parade of Homes(sm) and Remodelers Showcase(sm)
Tuesday, March 2nd, 2010 at 7:00pm. 128 Views, 0 Comments.
Last fall, the Builders Association of the Twin Cities combined its two fall events: the Parade of Homes, which features new construction houses, and the three-day Remodelers Showcase, featuring remodeled kitchens, additions and owner's suites. It was the first time the two shows were linked.
Now, the Builders Association of the Twin Cities is combining the two events again for the Spring Parade of Homes Tour. This year's event features 366 model homes in 83 communities throughout the Twin Cities. Prices range from $129,900 for a home in Elk River to $2.4 million for an estate in Credit River Township. Most of the houses are in the $200,000 to $300,000 range.
That is with purpose, too. Ever since the shaky economy and tighter financing hit the real estate…
Saint Paul and Minneapolis CityLiving Program Revived
Friday, February 12th, 2010 at 6:09pm. 92 Views, 1 Comments.
St. Paul Mayor Chris Coleman and Minneapolis Mayor R.T. Rybak have jointly announced $41 million in new funding for the CityLiving Program. CityLiving helps first time homebuyers purchase homes in either city.
The CityLiving Program offers below-market interest rates on mortgages as well as down payment and closing-cost assistance. In order to quality for the funding, homebuyers’ household income cannot exceed $92,290 and the purchase price for a single-family home can’t be greater than $276,870.
"We have an opportunity for people to invest, to get a good deal on an interest rate, get some assistance with a down payment, and get back into the cities," said Coleman. "It's a win-win for the potential homeowner, first-time homebuyer, and it's certainly a great…
Never Too Old to be a First Time Home Buyer
Thursday, February 4th, 2010 at 10:24pm. 102 Views, 0 Comments.
Fewer than 1% of first-time home buyers in 2009 were more than 75 years old, according to the National Association of Realtors. But as the population ages and life expectancy gets longer, the number of older home buyers will increase.
Hank and Verna Schmiess are not your typical first time home buyers. He was 89 and she was 84 when they bought their first home last year - a 2 bedroom, 2 bathroom condo in New Brighton. After thoroughly going over their finances and determining it was cheaper for them to buy than rent, they carefully laid their plans to finally make the plunge into home ownership.
Though they hadn't had many reasons to buy before, they were priced out of the market when they did finally want to buy. Originally from North Dakota, they moved to…
Twin Cities Foreclosure & Short Sales Up in 2009
Monday, January 25th, 2010 at 10:39pm. 120 Views, 0 Comments.
Mortgage foreclosures and short sales accounted for nearly half of all housing sales within the Twin Cities during 2009. They will likely continue to play a major role in the 13-county metro area’s housing activity in 2010.
According to the Minneapolis Area Association of Realtors, foreclosures and short sales to account for about 43% of all housing sales in the Twin Cities. Prior to 2006, foreclosures and short sales accounted for less than 5% of all home sales.
All that activity also had a major impact on the metro area’s median sales price and the area’s housing inventory. The Twin Cities closed out 2009 with a median home price of about $170,000, down from $195,000 in 2008. The Twin Cities median home price has been brought down by the high number of…
Saint Paul Homes for $1 - And a Catch
Monday, January 18th, 2010 at 6:08pm. 95 Views, 1 Comments.
Believe it or not, the City of Saint Paul is having a hard time finding buyers willing to pay as little as $1 to purchase homes in the Dayton's Bluff neighborhood.
The city bought 11 properties on or near East 4th. The most expensive one is $50,000 and the cheapest two are just $1. The catch is that homes need lots of work, and the city is expecting whoever moves in to spend around $100,000, or perhaps more, on renovations and upgrades. All a buyer has to do is be able to prove is that they can rehab the homes to meet city rules and preservation codes.
"This isn't just about providing shelter," City Council President Kathy Lantry said of the renovation project. "This is about people who want to invest in a home, and live there, and become part of a…
Saint Paul's Minnesota Building Getting a Makeover
Wednesday, January 13th, 2010 at 7:15pm. 127 Views, 1 Comments.
The former 3M headquarters, now known as Beacon Bluff, isn't the only Saint Paul location currently being recycled for new purposes. The Minnesota Building in downtown St. Paul is in the early stages of getting a long-awaited makeover.
Interior demolition has begun inside the 13-story building at 46 E. Fourth Street, the first step toward redeveloping the 101,000-square-foot, 80-year-old structure for 137 rental housing units. The plan also calls for 10,000 square feet of commercial and office space.
Overall, the projects will create 252 new housing units and preserve 35 affordable units; the city estimates that the work will provide as many as 300 construction jobs.Sand Companies CEO Jamie Thelen describes the Art Deco Minnesota Building project as a…
Minnesota Foreclosure Snapshot
Monday, January 4th, 2010 at 8:36pm. 107 Views, 0 Comments.
The Minneapolis/St. Paul metropolitan area ranks as one of the most active in the nation in the number of delinquent or at-risk home mortgages. It is also one of the areas with among the most mortgages modified under the Obama Administration’s Homes Affordable Modification Program. 11,627 Twin Cities Metro area mortgages have been modified under the program through November, making it the 13th most active metropolitan area. Minnesota, as a whole, ranks 18th among the states, with 14,154 loans modified, or about 2% of the total. That bodes well for the area, as it will hopefully prevent more homes from going into foreclosure.
Nationwide, about 1.7 million homeowners were on the verge of foreclosure in the fall. Those homes will be put up for sale in the…
City of Saint Paul Supported Building Projects Green Up
Thursday, December 17th, 2009 at 8:15pm. 119 Views, 0 Comments.
The St. Paul City Council has adopted a resolution that requires any new building project that uses $200,000 worth of city or Housing and Redevelopment incentives to follow sustainability guidelines. Builders would have the opportunity to choose from several types of environmentally-friendly standards with the goal of reducing costs, increasing energy efficiency and cutting carbon emissions.
Among the requirements:
• Three-quarters of solid waste from construction and demolition must be recycled.• Landscaping must use 50% less water than traditional developments.
• Energy use information must be recorded and submitted to the state.
A group comprising representatives from businesses, government, nonprofits and other stakeholders spent the past two years…
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