Surprising facts for all: I ran some sales stats for a client, utilizing MLS data only. I found some very interesting information. First, I’d like to state that selling homes in the $449K-$650K price range in the SW metro area of Minneapolis is not as tough as people think, **assuming** the home is in good shape, shows well and is priced-right. We have a lot of ‘Fortune-500′ companies in the twin-cities, and this has been the major factor for helping successful sales, in the mid-range home prices within our current market.

Criteria: List price = $449K-$650K, single family homes (no condos or Town-homes), off market since 01/01/2010, does not include ‘pending sales’ (sold, but not yet closed, of which there are currently many), does not include ‘non-MLS’:

- Edina = 117 listings sold (128 including Condos and Town-homes).
- South and Southwest Minneapolis = 108 listings sold.
- Greater Lake Minnetonka Area (Wayzata, Orono, Minnetrista etc.) = 106 listings sold.
- Eden Prairie = 81 Listings sold.
- Plymouth = 80 listings sold.
- Minnetonka = 65 Listings sold
- West Bloomington = 25 listings sold.

Total listings sold, priced between $449K and $650K = 593

1) Yes, many of these homes were purchased at much higher prices in 2001-2006.
2) Yes, many other homes did not sell, and either canceled or expired.
3) Yes, many people had a brutal time selling their homes, and often times were not able to, or did not price it correctly, right out of the chute.
4) No, many people did not incorporate the extra work in finishing projects on their home, prior to listing it.
5) However, many more homes at even higher price-points had successful sales.
6) The key: many people did not take the suggested staging advice offered , and ended up kicking themselves afterward, especially when learning that many of the homes that sold successfully, were dialed-in, staged great, marketed great and priced right. Do it right the first time!

The takeaway from this: Despite a tough market, many homes do in fact sell quite successfully in the Southwestern and West Minneapolis metro area. It is certainly not all doom and gloom.
The keys to a successful sale, are in point #6, above.

For staging advice, marketing advice, pricing and comparative market analysis data, please call anytime.
I’ll be happy to help.

In this article – linked from www.Breitbart.com – we see that investors are finally moving in and taking advantage of the very low prices for condos and regular homes in the Florida real estate market, and Miami in specific.

This is interesting, as I have been watching for this for the past few years. When the investors move in on a depressed market, it is a good indication that the general perception is that the values are @ a low-point.

Of course, we did see a short flurry of this about 2.5 years ago in the Florida market, when  many speculators thought it could go no lower. And those investors were certainly wrong.

This time, I’d wager it won’t go much lower in Florida. – Really? – $40K for a condo in South Beach, Miami? Meanwhile, I write this from the Minneapolis area, where it was -8 degrees last night, and I spent a cumulative 12 hours shoveling snow this weekend, after the blizzard dumped 17-inches of snow on us this past Saturday.

I’d be OK if the $40K condo was at the corner of Thug Central, so long as there was no snow and it was about 73 degrees warmer than -8. (Although, my preference in Florida is certainly The Keys).

How does this relate to other markets? I do think there is still a high probability for the softening of prices in other market segments, in various cities across the country, but as the age-old rule still goes: All real estate is local.

Holy Smokes. One of my clients/buyer’s just locked on a conventional, 30-year fixed mortgage, at a rate of 3.875%!
Almost unbelievable, yet quite true.

Time to buy or refi. Call anytime if you are looking for a good lender referral.

Something different for my blog. The Irish Band – Poitin – from ‘County Fargo.’ That is my father – Jim Haney Jr. – sitting down, playing the mandolin. Make it to the 2 minute mark, then you’ll hear them kick it down. This is a good reel.
Here is their site: http://www.poitin.org/Media.htm