April 2016 H OUSING N EWS R EPORT inventory. There is too little inventory in the lower price point ($300,000 and less) and too much inventory in the higher-priced properties. The $500,000 to $750,000 price range, has an inventory surplus in many areas, while the $750,000 to $1 million plus has 18 months to two plus years of inventory, depending on the area.” Many Baby Boomers, said Welu, are downsizing and moving to downtown Minneapolis to take advantage the new condo towers, townhouses and new restaurants and shopping in the urban core. “There are many empty nesters from our area that are selling their larger single family homes and moving to condos in downtown Minneapolis or the uptown area; they are looking for great walk scores to dining, shopping, events and fun,” said Welu. “They want to walk everywhere and walk to restaurants from their downtown condos. New construction condos and renovations
getting mortgages and buying houses, especially the younger people.”
Underwater Homes
In the Twin Cities, underwater borrowers continue to return to equity as prices rise. Just 5.3 percent of all homeowners with a mortgage in the Twin Cities still owe more on their house than their home is worth, according to RealtyTrac. Moreover, many borrowers who refinanced their loans are facing resets. Cindy Welu, a broker with Keller Williams Realty Elite in Eden Prairie, Minnesota, said that homes in the lower price points are selling faster than homes priced above $300,000. “The strongest sales are under $250,000,” said Welu, who specializes in the southwest suburbs of the Twin Cities. “Inventories are low in this price range — especially good
Ken Carpenter Realtor RE/MAX Results Plymouth, Minnesota
“ Single family homes under $300,000 sell in a few days. There’s lots of new construction in Plymouth, Maple Grove and Medina. ”
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Minneapolis, Minnesota
WHAT: 4-bedroom home HOW MUCH: $494,500
WHAT: 3-bedroom home HOW MUCH: $274,900
WHAT: 4-bedroom home HOW MUCH: $475,000
Rare to find great investment or multi- generational home opportunity in Mound, Minnesota. This home is a duplex or single family home with a mother-in-law quarters or just a single family home. Amazing fenced, wooded, double lot with views of Harrison Bay and tons of privacy. Agent: Ken Carpenter, RE/MAX Results, (763) 591-6016, http://www.plymouthareahomesales.com/
Stunning two story in Wayzata schools. Meticulously maintained by the owner, and updated for luxury living. Best of both worlds: Live in high demand area with Ridgedale Mall and shopping just blocks away, and enjoy the privacy of a spacious treed lot. Agent: Ken Carpenter, RE/MAX Results, (763) 591-6016, http://www. plymouthareahomesales.com/
Custom built two story on quiet cul-de- sac in Plymouth, Minnesota. Grand foyer, vaulted ceilings, formal dining, chefs dream kitchen with stainless steel appliances, tons of built-ins throughout, two see- through fireplaces, fenced yard with private wetland views. Agent: Ken Carpenter, RE/ MAX Results, (763) 591-6016, http://www. plymouthareahomesales.com/
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