Minneapolis, Minnesota Real Estate Market: Bottom in Sight! - 04/27/08 04:20 PM
Signs of the Bottom
They say you don't know the bottom until you reached it.  Real Estate markets move slowly, however, and the bottom of this market won't come up and slap us across the face, rather it will slowly emerge and turn into recovery over a 2-3 months time.
I see the bottom, and feel it as well.  It's clearly visible in the current market stats, and I hear it at open houses, in the calls I receive and in the activity on my listings.
The market stats for the past few weeks have been really nice.  New listings are down and pending … (3 comments)

Minneapolis, MN: Southwest is Good and Getting better - 04/19/08 10:52 PM
Location, location... yeah you konw the rest!  But seriously, look at these stats for SW Mpls and tell me is a bad market. 
In 2007 the average SW Home Seller was on the market 112 days, and received 95.3% of their asking price.
$310,000 was the Median Sale Price in 2007 ($200/sq. ft.)
Up 8% from 2006 Median of $287,000
Up 47.6% from 2001
Also, a very important development in the Metro Market occurred this spring, the Number of Listings has started to fall.  The current housing market "down turn" is based on high inventory levels resulting in a Buyer's Market.  Sales volume has weakened as … (1 comments)

How to buy Short Sales and Foreclosures - 04/18/08 09:40 AM
Short Sales and Foreclosures Sales have stymied many a buyer in recent months.  Banks are bad a selling homes in good times, and now they are overwhelmed.  You might think that Buyers would be able, even encouraged, to scoop up these homes.  Not the case, buying in a Short Sale, or Foreclosure situation is extremely frustrating, but, knowing what to look for will help you avoid the most common mistakes.
A Wall St. Journal artical today describes the situation quite well, with some good national stats.  I'd like to add some local color to the story...
Number of Sheriff Sales in the 7 county metro … (1 comments)

Minneapolis, MN | RE Market | Recovery Begins: But Who Will Admit It? - 04/17/08 09:18 AM
Good news in Minneapolis Real Estate world... inventory levels are falling!  We've all been talking about Buyers being able to "cheery pick" the best of the homes ("best" = cheep and nice), leaving all sellers in a bind trying desperately to be the best.  Well that's beginning to change...
In all price ranges above $190,000 their are fewer homes on the market today than this time last year.  MAAR's Housing Supply Outlook goes into detail.  That's good news, but I'd expect Average Sale Price will continue to drop, in response to the flood of deals in the below $190 range, and buyers in this range still able to "cheery pick" … (1 comments)

TJ Waconia Fraud Case: Charges - 04/17/08 08:31 AM
One of the poster children for real estate and mortgage fraud in the Twin Cities has been charged...
Earlyer this week TJ Waconia was charged with one count of mail fraud in connection with a bunch of bad real estate deals.  The allegations basically accuse TJ Waconia of writing bogus appraisals and mortgages in a small section of North Mpls.  Of 140 real estate deals the company did in 3 North Mpls neighborhoods, 86 are currently in foreclosure.  Alex Stienbeck (Behind the Mortgage) has done a GREAT job covering this story.  Our local Start Trib on the Fraud Scheme.
Interesting about the charges...ONE COUNT of mail … (0 comments)

Minneapolis, Minnesota, Linden Hills Neighborhood - 04/04/08 08:58 AM
Linden Hills Neighborhood Council  Linden Hills Business Association
This quaint, and popular, neighborhood just south of Lake Calhoun and west of Lake Harriet is bordered to the south by West 47th Street, and to the west by France avenue. Named by a developer for the linden trees and rolling terrain, was developed in the 1880s to entice home-buyers to leave downtown for cottages on Lake Calhoun and Lake Harriet.
Most of the original cottages have been replaced by a wide variety of home types.  Contemporary designs, ramblers, colonials, tudors, and bungalow can all be found in Linden Hills.
Linden Hills Power and Light, a … (4 comments)

Strangest Incentive Yet - 04/04/08 07:44 AM
From the "What will they think up next" file... 
Creative incentives offered by sellers these days are getting out of control!  Consider this bonus...if the Seller dies in the next 10 ten years the Buyer gets $500,000!!!
I man in Whitetail WI is offeringa 10 year term life policy with the Buyer as the beneficiary.  If the Seller dies in the next 10 ten years, it would pay for the cost of the home! 
I wonder if the Buyer will have ask the Seller to have a medical evaluation?
… (10 comments)

Minneapolis, MN Real Estate Market: Week of March 31st - 04/03/08 07:57 AM
New Listings Down!
Hot on the heals of last weeks rising sales comes the news we've all been hoping for...New Listings were down 26.3% compared to the same period last year, and down 14% from last week.
New Listings are homes for sale added to the market this week.  Prolonged declines in New Listing activity, combined with healthy sales activity, will eventually bring our market back into balance. 
The root case of the market's recent softening is the imbalance in supply and demand.  In spite of all the news stories, there is one fundamental issue, over supply.  The result, Sellers must compete to sell their … (0 comments)

 
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Ben Kolkman Real Estate Author & REALTOR Southwest Minneapolis & Edina Minnesota

Ben Kolkman

Minneapolis, MN

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Address: Minneapolis, MN

Office Phone: (612) 599-4161

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Ben Kolkman has been recognized by the local association of realtors and by local media as an expert in the Twin Cities real estate market. Ben leads discussion groups on marketing techniques for the Minneapolis Area Association of Realtors, Young Professionals Networking group. He was awarded the 2009 Super Agent award by Mpls St. Paul Magazine and Twin Cities Business. KSTP and WCCO have both featured Ben in their newscasts, and he is a regular contributor on the DIY Network "Sweat Equity" cable TV program.


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