WAREHOUSE HISTORIC DISTRICT The landmark neighborhood was once home to bustling railroad yards, factories, warehouses and mills. After falling dormant in the ’60s and ’70s, it has come back to life, dotted with re- stored warehouse lofts, stylish boutiques and restaurants catering to professionals and empty-nesters. ‘A LANDLORD PARADISE’ The Twin Cities metro area has one of the tightest rental housing markets in the nation. Rentals in all price ranges are in short supply across the Twin Cities. Low vacancy rates and rising rents may be a landlord’s dream, but they can be a night- mare for apartment seekers—and agents
trying to list rentals for sale, according to Kari Lundin, an agent with Keller Wil- liams Realty in Edina, Minnesota. “There’s no inventory,” said Lundin, who specializes in buying and selling duplexes and other multifamily units and is known locally as the Duplex Chick. “Currently, there are only 53 properties in the MLS for Hennepin County, which includes Minneapolis, which is home to 1 million people. Our vacancy rate is below 2 percent. It’s a landlord paradise. Rents have gone up, and it’s a landlord free-for-all. “In my duplex and triplex niche, we have no inventory because the investors are getting great rents,” said Lundin. “But they’re not selling because they fear the stock market.”
FORECLOSURES DOWN Minneapolis was not the poster child during the foreclosure crisis. Things were not nearly as bad as Las Vegas, Phoenix and Miami. But it did suffer plenty, with banks foreclosing on 208,200 homes in the Minneapolis metro from 2006 to 2016, according to RealtyTrac data. Foreclosures activity peaked in 2009, when lenders repossessed over 36,000 Minneapolis homes. In February 2016, banks had repossessed only 1,741 homes. Between 2009 and 2010, about 60 percent of the homes on the market were foreclosed bank-owned homes. •
SOURCE: RealtyTrac
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