minneapolis: They Finally Cut the Grass - 07/27/09 03:01 PM
A local non profit used the City of Minneapolis ‘First Look' program to purchase one of my foreclosure listings in June. They literally snatched it away from a couple that had made a full price offer on this home in a nice South Minneapolis neighborhood. After letting it grow for six weeks they finally cut the foot tall grass on the vacant property.
 
First Look is part of the Minneapolis Foreclosure Recovery Plan, the component used to "pursue aggressive property acquisition".  The plan is for the city to purchase for itself and it's Coordinated Development Partners nearly one third (over … (0 comments)

minneapolis: Seeking Stability - 01/29/08 08:27 AM
Seeking Stability
  
The 2007 statistics for the Twin Cities real estate market were released at a press conference by the local real estate associations on January 16th, 2008.  The highlights were as follows:
 
Listings processed, 105,004, down 2.8%
Sales, 40,055, down 16.4%
Inventory of homes for sale at year end, 26,675, up 16.8%
Average sale price, $274,767, down 1.3%
 
For excellent, detailed reports on the market, go to the Minneapolis Association of Realtors website: http://www.mplsrealtor.com/Segments/Realtors/Research.htm
 
It was a disappointing year for many, but important for the long term health of the market.  No one likes to see prices drop, but after ten years of rapid appreciation we need … (0 comments)

minneapolis: Signs of the Bottom - 11/24/07 07:53 AM
We are often asked if it's time to buy yet.  Has the market hit bottom or is it still falling?  The simple answer is: If you are ready to buy, now is a good time.  "Maybe you're right Pat, but isn't that what you Realtors always say?"  Perhaps, but then we're usually right.  "Do I detect a hint of arrogance?"  I prefer to call it confidence, but bear with me here.
 
In every market there are a number of fairly priced properties, some bargains, and some over priced dumps.  Now is no different, except with a higher inventory and a number of … (0 comments)

minneapolis: Minneapolis Bridge Tragedy Gets Close and Personal - 08/07/07 08:41 AM
I learned over the weekend that a friend, Vera Peck, is among the missing in the aftermath of the 35W bridge collapse.  Vera was with her 20 year old son, Richard Chit, who has Down's syndrome.
 
Vera is a wonderful person, sweet and kind, respectful and respected.  You just feel good in her presence.  She will be missed by many.  After hearing that she is missing, I have been following the story more closely.  I went to a touching memorial service Sunday, and later viewed the site from the neighboring Stone Arch Bridge.  I've lived in this city all my life and … (0 comments)

minneapolis: Marketing; Does it Still Matter? - 07/29/07 06:20 AM
We all know that to sell our listings, our marketing must reach the serious buyers (those that may buy in the near future at a decent price).  But beyond putting the listing on the MLS, is any additional marketing beneficial?
 
The vast majority of serious buyers are working with Realtors.  The primary search tool for us Realtors is the MLS.  The MLS is and always will be the best tool for searching for real estate (another blog, another day).
 
In our market, and I think most others, we have broker reciprocity, meaning all listings on the MLS go onto all broker's websites.  So … (5 comments)

minneapolis: Same Game, Different Name - 06/22/07 11:00 AM
A recent article in the Minneapolis Star Tribune, "Straw Buyer deals fuel tidal wave of foreclosures", discusses a problem that has been big for over a decade.  Back in the 1990's, it was called the "Flipping Scandal".  It involves property sold at inflated prices to unsuspecting buyers
 
In this story, a 22 year old woman was sold 10 houses in 90 days, with none of her money down, accumulating $2.4 million in debt.  Less than 18 months later, she was losing all the properties to foreclosure.
 
Flipping became such a bad word that it seems to have dropped out of the local vocabulary.  … (3 comments)

minneapolis: Minneapolis Condo Conversion Boom; Why it Happened and How it Helped the City - 06/15/07 08:50 AM
Minneapolis has seen an unusually high number of rental apartments converted to condominiums in the last few years. This has received considerable negative attention, since some tenants have been forced to move and some affordable rental units have been lost. But the conversions came at a time when they were desperately needed, and provided a near perfect remedy to market imbalances. A report prepared by a Minneapolis CPED intern identified 1,252 units converted from 2001 through 2005. As of the 2000 census, Minneapolis had a total of 168,624 households. The units converted amounted to less than three fourths of one percent … (0 comments)

minneapolis: The Buyers Market, "In It for the Long Haul" - 06/06/07 02:06 PM
The Buyer's Market
"In It for the Long Haul"
The spring and summer months are typically the busiest time for real estate, but the hoped for rebound in the market has yet to occur.  Many had suggested the rebound would occur this year, but now that it's obviously not, next year is the favored target.  While we will likely see a rebound in the number of sales, I would suggest that the Twin Cities' buyer's market may be here for a long time.
A buyer's market literally means there are more sellers than buyers.  A buyer's market does not necessarily mean a "bust" or … (8 comments)

 
Pat Paulson, Realtor Minneapolis, Minnesota (Exit Realty Metro)

Pat Paulson

Realtor Minneapolis, Minnesota

Minneapolis, MN

More about me…

Exit Realty Metro

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