Our Twin Cities Real Estate Blog

Dec. 7, 2022

Just Listed: 2060 197th Avenue NW, Oak Grove, MN 55011

Active | List Price: $499,900
Beautiful 5 Acre Hobby Farm in Oak Grove

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Description: Acres: 4.8 | Beds: 3 | Baths: 3 | Sq Ft: 2,500+ | Garage: 3 | Welcome home to nearly 5 acres of dry, wooded privacy featuring a well maintained home and a 60x30 pole building. The main floor offers a primary suite with private bathroom, new flooring, a renovated kitchen with center island storage, beautiful granite countertops, new appliances and a 1/2 bathroom. The grand family room has a vaulted ceiling, a floor to ceiling brick fireplace and walks out to the bright and open sunroom and large cedar deck. The 2 upper level bedrooms and generous loft style family room are serviced by a full bathroom. The lower level walks out to the garage and offers tons of additional space awaiting your finishing touches. Additional features include new carpet, a new water heater, maintenance-free siding, a new roof, Anderson windows, storage sheds, an oversized heated and insulated 3-car garage with bonus storage attached and more. Enjoy the maturely wooded surroundings offering abundant wildlife, privacy, plenty of open flat space and perennial gardens.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Nov. 18, 2022

Coming Soon: 9989 Dell Road, Eden Prairie, MN 55347

Coming Soon | List Price: $4,500,000
A Modern Take on Classical Architecture with Breathtaking Views of the MN River Valley

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Description: Acres: 1.46 | Beds: 6 | Baths: 6 | Sq Ft: 10,100+ | Garage: 9+ | Set at Eden Prairie's highest point, this modern take on classical architecture is a masterclass in artistic design, intelligent engineering and quality craftsmanship, specifically designed to maximize the expansive, breathtaking views of the Minnesota River Valley. The home is laden with the finest finishes imported from all over the world and the most luxurious of features. With stone and paver patios, maintenance free decking, or flat, usable lawn space outside each level, all surrounded by evergreens and abundant wildlife, you can enjoy the property's beauty, charm, privacy and panoramic views, inside and out, through all four seasons. Poured concrete walls, spray foam insulation, high-end windows and in-floor, zoned, radiant heat on every floor including the 6+ car, 4,500 square foot, subterranean garage, make this one of the most energy efficient homes ever built in Minnesota. See the link above for supplements for more details.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Nov. 1, 2022

Under Contract: 2859 126th Avenue NW, Coon Rapids, MN 55448

Under Contract | List Price: 349,900
Turn-key, One-level Living on a Gorgeous Setting

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Description: Beds: 2 | Baths: 2 | Sq Ft: 1,600+ | Garage: 2 | Welcome to one of premier villas of Shamrock's Alexandra Cove. This turn-key home is set on one of the best lots in the community with beautiful, private, expansive nature views from inside the living room, from the large sun-room, from the primary suite and from the private, outdoor patio. The home has been well maintained by the current owners and with fresh paint and new carpet, you can move right in with a quick close possible. Features include a large kitchen with center island, vaulted ceilings, easily accessible laundry and generous closets for storage. The spacious primary suite features a large window with nature views, a walk-in closet and a private bath with a tub, a shower and double vanities. There are no stairs to navigate inside, outside, front to back. The oversized, backyard patio opens up to a spacious lawn. If you're looking for turn-key, one-level living on a gorgeous setting, this is a must see.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Oct. 30, 2022

30-year mortgage rates hit 7% for the first time since 2002

(Data Sources: You can track Twin Cities housing market trends here. You can track mortgage rates here. You can track home builder confidence here. You can track lumber prices here. You can track showing volume here.)

The 30-year fixed mortgage rate in the U.S. has risen above 7% for the first time since April of 2002, more than 20 years ago. Having begun the year at 3%, from a rate of change perspective, this is the largest and fastest rise in mortgage rates in U.S. history. Mortgage rates have now clearly broken out of a 41-year declining trend that began back in 1981.

This dramatic rise in mortgage rates YTD has caused demand to collapse almost 40% YTD in 2022, to a 9-year-low. The higher interest rates have also put downward pressure on new listings which has so far helped to maintain supply/demand balance and hold prices up, despite the massive rise in the cost of capital. Home prices remain in a seasonal correction but have not yet broken out of the current, 11-year bullish trend which began back in 2012.

The Median Home Price: The median home price fell 2.1% in September to $362,050 as the seasonal market correction continues in most segments of the Twin Cities housing market. $362,050 is still up 5.8% YOY so the broader bullish trend in home prices has yet to be broken. Dramatic increases in mortgage rates has caused demand to collapse to a 9 year low in 2022, but near record low inventory is helping to keep prices up despite the significant rise in the cost of capital. We expect the median home price to continue to correct through January of 2023 before turning back bullish in February of 2023.

Home Inventory: The home inventory level in the Twin Cities moved up 2.8% in September to 9,212 units. That level is also up a marginal 2.8% YOY but remains very low, historically. High interest rates have put downward pressure on new listings as move up or move down prospects have been hesitant to trade out of a 3% mortgage for a 7% mortgage. The potential risk factors that could contribute to a rise in inventory down the road are 1) persistent inflation continuing to eat away at disposable income making mortgage payments harder to make or 2) the job market collapsing, which so far has been holding up, despite shrinking corporate profits YTD. Inventory is sort of the key to the current housing market dynamic, if inventory stays low, prices are not likely to crash due to rising rates but if inventory breaks out to the upside, that would change the game.

Pending Home Sales: 3,991 homes came under contract in the Twin Cities in September. That is down a whopping 20% MOM and down 32% YOY as higher interest rates and higher prices continue to strain demand and overall sales volume. We expect pending sales to continue to decline through December or January before turning back up into the spring of 2023.

New Listings: 6,047 new listings hit the Twin Cities market in September which is down 3.2% MOM and down 17% YOY. Collapsing affordability is primarily impacting demand but it is also impacting new listings as some move up and move down buyers are deciding to stay in their current homes in the face of the higher prices and rates. So long as new listings continue to fall dramatically along side demand, that will keep a floor under housing prices during the off-season, however in this September data, the decline in new listings is starting to diverge from the decline in pending salesso we'll have to keep an eye on that.

Mortgage Rates: The dramatic rise in mortgage rates cooled off from June through mid-August but since August 18th, rates have been once again raging higher. The average 30-year-fixed mortgage in the U.S. as of October 27th, 2022 is 7.08%, up a whopping 40% since August 18th and up a whopping 125% YTD. The last time mortgage rates were at or above 7% was back in April of 2002, more than 20 years ago. If the Fed remains committed to fighting inflation regardless of declining economic data, interest rate volatility is likely to continue into 2023.

Lumber Prices: Lumber prices appear to have stabilized back to within a pre-pandemic range after having more than quadrupled during the pandemic.

Home Builder Confidence: "The NAHB housing market index in the US fell for the 10th straight month to 38 in October of 2022, half the level it was just six months ago and below market forecasts of 43. This was the lowest reading since August 2012, with the exception of the onset of the pandemic in the spring of 2020, due to rising interest rates, building material bottlenecks, and elevated home prices. Current sales conditions fell 9 points to 45, sales expectations in the next six months declined 11 points to 35, and traffic of prospective buyers fell 6 points to 25. “High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga." Source: National Association of Home Builders

This concludes my Twin Cities housing market insight for October of 2022. Please don't hesitate to call us at 952-222-SOLD if you would like to go more in depth on a particular market segment or dive into the current fair market value of a property that you currently own or manage.

Sources: NorthstarMLS, Infosparks Data, Hedgeeye Risk Management, FreddieMac.com, Nasdaq.com, TradingEconomics.com, fred.stlouisfed.org

By Nick Leyendecker, Co-Founder | Broker | REALTOR

 

Posted in Market Insight
Oct. 27, 2022

Under Contract: 8813 Xerxes Avenue S, Bloomington, MN 55431

Under Contract | List Price: $424,900
Updated, Turn-key Home Set on a Maturely Wooded Cul-de-sac

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Description: Acres: .22 | Beds: 5 | Baths: 3 | Sq Ft: 2,600+ | Garage: 2 | This updated, turn-key home is set on a maturely wooded cul-de-sac in a charming neighborhood, walk-able to Girard Lake Park, Nine Mile Trail and other paths and parks. The main floor is bright and open featuring three bedrooms up, including a primary suite with a private bath. The updated kitchen, featuring CraftMaid Cabinetry, hardwood floors, granite tops, tile backsplash, recessed lighting, a large island and more, opens up to dining, living and the sun-room. The sun-room walks down to an outdoor patio set inside the fully fenced backyard with sufficient green space. The lower level features lookout windows, access to the garage, a large family room with a fireplace and two more spacious bedrooms, all serviced by an updated bathroom. Enjoy easy access to freeways and close proximity to restaurants, coffee shops and shopping amenities.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Oct. 25, 2022

Under Contract: 2815 Revere Circle N, Plymouth, MN 55441

Under Contract | List Price: $899,900
Resort Style Living in a Fully Renovated, Walkout Rambler on a Private Lot at the end of a Quiet Cul-de-sac

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Description: Acres: .6 | Beds: 6 | Baths: 5 | Sq Ft: 3,900+ | Garage: 3 | Welcome home to resort style living at this custom, walkout rambler set on a serene, maturely wooded lot in a quiet cul-de-sac, just 2 blocks from the Medicine Lake Regional Trail & Harty's boat slips. The property has been completely renovated from top to bottom, inside & out. The main floor is bright, open, flooded with natural light and has private nature views out of almost every window. The primary suite, living and family rooms are all centered around a large sun room with skylights & heated, Tuscan tile floors, overlooking the private, backyard oasis. The lower level set up for multi-generational living includes a separate garage entry & 2nd laundry. All that is needed for a 2nd unit, is a driveway to the lower garage & a kitchenette at the north wall of the lower family room, which is pre-wired for a future fridge & stove. The backyard is a thoughtfully landscaped retreat surrounded by nature & wild life & centered around a 20' x 40' in-ground pool with a 12' deep end.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Oct. 17, 2022

Under Contract: 215 10th Avenue S #533, Minneapolis, MN 55415

Under Contract | List Price: $384,900
Turn-Key Bridgewater Lofts Condo Adjacent to Gold Medal Park

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Description: Bridgewater Lofts | Beds: 2 | Baths: 2 | Sq Ft: 1,100+ | Garage: 1 | Welcome to Unit 533 of the Mill District’s Bridgewater Lofts building. Hardwood floors span the open floorplan featuring tall ceilings and floor to ceiling windows. The unit is filled with high end features including granite countertops, stainless steel appliances, a gas range, a Murphy bed in the second bedroom and more! The primary suite features a massive walk through closet and a luxurious private bathroom with a double vanity, separate shower and jetted tub. There is 1 garage stall and storage included in the underground, secure garage. Enjoy your private balcony or venture to the common spaces including a rooftop pool & hot tub, patio space with a bonfire area, totally renovated community room or state of the art fitness center, all offering fantastic views of the city. The building is completely secure, has on-site management and is within walking distance to the Vikings stadium, Trader Joe’s, Guthrie Theater, walking paths, many restaurants and sits across from Gold Medal Park.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Oct. 13, 2022

Under Contract: 4362 Rustic Place, Shoreview, MN 55126

Under Contract | List Price: $399,900
Charming Rambler with Resort Style Living and all Living Facilities on One Level

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Description: Acres: .25 | Beds: 4 | Baths: 3 | Sq Ft: 2,800+ | Garage: 2 | This charming, updated rambler offers private, resort style living with all of the living facilities on one level. The main floor is bright and open with 3 bedrooms, a full and a half bath, laundry and a renovated kitchen featuring stainless steel appliances, a large center island with a gas cook-top, Travertine flooring and more. Additional features include abundant built-ins, extensive storage, recessed lighting, fresh paint & carpet throughout, an extra wide staircase and doorways, 2 gas fireplaces, a lower level kitchenette and a sauna in the lower level ¾ bathroom. Enjoy the gorgeous backyard, featuring an in-ground, heated pool, a large enclosed gazebo area, custom privacy fencing, a built-in covered grill with surrounding counters, beautiful landscaping and a discreet shed for storage. Located in a maturely wooded neighborhood, this home is walk-able to multiple parks, lakes and paths and just a 5 minute drive to North Oaks Golf Club.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Oct. 13, 2022

Under Contract: 5703 Oakview Lane, Minnetonka, MN 55345

Under Contract | List Price: $399,900
Resort Style Living on a Private Lot in the Desired Scenic Heights Neighborhood

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Description: Acres: .56 | Beds: 3 | Baths: 2 | Sq Ft: 2,200+ | Garage: 2 | Welcome home to resort style living set on a beautiful, private lot, in the desired Scenic Heights neighborhood. The home has been well cared for and periodically updated by the current owner for the past 48 years. The main floor is bright and spacious with an open living room and dining space, a large family room with a cozy stone fireplace and a sun room with vaulted ceilings that walks out to the recently re-built deck. There are three bedrooms up that are serviced by a large, updated full bathroom. The lower level family room could also be used as a bedroom with and attached ¾ bathroom. There is plenty of room for storage or workspace in the 20’x14’ lower level workshop. Enjoy the in-ground, heated swimming pool and pool shed with a recently installed awning for poolside shade. Updates include maintenance-free vinyl siding, refinished hardwood floors, a new water softener, water heater furnace, fresh paint throughout and more!

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Sept. 9, 2022

Just SOLD: 15 Hill Farm Circle, North Oaks, MN 55127

SOLD | List Price: $795,000
Custom Built Two Story on Beautiful Lot

We represented the buyer of this property which sold for $795,000 and closed on 8-31-22.

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Description: Acres: 147 | Beds: 4 | Baths: 4 | Sq Ft: 4,000+ | Garage: 3

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To schedule a free equity analysis email or call us today at 952.222.SOLD (7653). 

Posted in JUST SOLD, Luxury Homes