Looking for a sweet deal lakeshore? If you are within the surrounding Minneapolis real estate market, no doubt you are hoping to find some f Dakota County MN lake home foreclosures, especially in Lakeville or perhaps even some lender mediated lakeshore on Lake Marion.  Lake Marion, after all, is the premier recreational lake of southern Minneapolis suburbs, and of course the school systems in Lakeville, Inver Grove Heights, Apple Valley, and Rosemount are the ones that are frequently requested by out-of state buyers. This area boasts a high quality lifestyle that has been repeatedly mentioned by out-of-state publication.  Hope springs eternal for those who wish to get a bargain on Minnesota lakefront.

“Wish in one hand, and spit in the other.  What gives you the most?”

Have you ever heard that saying? Did your dad ever say anything like that. Your time for wishing is over!  At the time of this post, there are only two foreclosed Dakota County Minnesota lake homes on the local idx system.  There may be some more on the Northstar Regional MLS system, but the chances are slim.  However, it’s not a bad idea to call a Lakeville MN real estate agent to check on it for you.  Wishing alone won’t help.

Waterfront real estate foreclosures are starting to dry up, especially as jumbo loans become easier to obtain.  Minnesota waterfront property will always enjoy a more or less permanent demand, especially if it is this close to the Twin Cities.

Possibly related posts:

1. They don’t call it “Lakeville” for nothing! Lake Marion report - Dakota County.
2. What’s Happenin’ on Crystal Lake in Dakota County?
3. Chisago County MN Lake Home Foreclosures

From the graph, it is pretty easy to see  a significant trend that might mean good news for home sellers and harbinger of doom for bottom feeders who are looking to steal homes in the Twin Cities from mortgagors or mortgagees.  There is nothing wrong with looking for deals and steals, but if you want to do that, you better do it soon.  The market share of lender-mediated properties has fallen 16% in the last five months, dropping from 59.4% in January to 43% in 2008.

This phenomenon has increased the median price to $165,000, constituting a 10% price increase for homes in the Twin Cities in the last month.  This is still down considerably from a year ago, but the month-to-month trend for percentage of lender-mediated listings is pretty evident.  The number of signed sales contracts is up by 17.3%, compared to this time last year. Market supply is at 7.6 months, for a significant drop of 26.9% from this time last year. However, considering this year’s month-to-month trend, you might might not want to sit on the fence if you are hoping to take advantage of good opportunities that are still presented by foreclosed homes in the Twin Cities

Possibly related posts:

1. Twin Cities Home Sales - April 2009
2. Twin Cities Market Update.
3. Surge in Minneapolis Short Sales

“MN lakeshore foreclosure” is a common search term for Google these days, especially among people who are looking for property close to the metro.  Demand for foreclosed Chisago MN lake homes and lakefront property is being driven by five factors:

1. Historically low credit rates
2. Jumbo loan underwriting has loosened up recently, and jumbo loan rates are dropping to levels that are close to conventional mortgage rates.
3. The $8,000 tax credit has made lower end MN lakeshore listings more attainable for first-time home buyers. The new FHA plans to “advance” the credit for home purchases is expected to stimulate more sales.
4. Chisago County enjoys a permanent demand for lakefront properties because of its close proximity to Minneapolis.
5. The lakes offer superb recreational activities, including water skiing and fishing. It also contains a number of excellent walleye lakes.

Right now, there are only eight foreclosed Chisago County MN lake home listings for sale on the MLS/IDX system. At the time of this post, lakeshore purchase opportunities can be found on South Center, Coon, and Comfort Lake, among others.

There are also a few waterfront listings priced under 200K on:

• Roubour Lake
• North Center Lake
• Chain Lake
• Chisago Lake

If you are interested in seeing any of these listings, please contact us.

Possibly related posts:

1. Chisago Lakes Area Homes for Sale.
2. Buying a Lake Home in Pope County? Get to Know Your Neighbors First!
3. Weaver Lake Report - Fishing and Lakeshore Living in Maple Grove, Hennepin County MN.

The phrase “Edina real estate” conjures up images of a country club lifestyle with a high quality-of-living standard.  It hardly brings ideas like “distressed properties,” “short sales,” “foreclosures,” “bank-owned” or REO properties.  Without having done much research on this, I would venture to say that the number of lender mediated listings is much less than it is in other communities.  This is certainly the case for Edina condo foreclosures.  In fact, if you are looking for lender mediated townhouses and condominiums in this city, there is “slim pickin’s.”  At the time of this post, there were only six of them on the Edina MLS/IDX system.  With investors and other “bottom-feeders” on the prowl, I would not expect this sort of inventory to increase in the near future.  Real estate investors are buying these kinds of properties up because they can cash flow them, as well as create future value.  Edina is one of those real estate markets that tends to hold value, and enjoys a more-or-less permanent demand because of its amenities, school system, convenient location, and reputation for quality living.

At the time of this post, there were only four Edina condo foreclosures available, according to the MN MLS IDX system.  If you would like to be the first to know about new listings of this type, please give me a call at (612) 296-0007.

Possibly related posts:

1. Edina luxury townhome in Cahill. Only $319,900
2. Riverview Tower Condo - Minneapolis
3. Featured Article: Find Minnesota Lakeshore Foreclosures

A few notes about the first-time home buyer $8000.00 tax credit:

The home buyer tax credit began as more of a loan that would be repaid over a period of 15 years. Lawmakers saw that this was a rather lame idea, so last year they decided to make it a fully refundable tax credit of $8000.00, or 10% of mortgage costs, whichever is less. This might seem like a great idea until you stop to consider that most buyers will need the cash before they buy a house because they don’t have any money saved up for down payment and closing costs.. Hey… it’s the Visa Generation.. nobody has any savings.

Monetizing the Tax Credit

As a solution, FHA lenders will be providing a cash “advance” on the tax credit, along with a promissory note specifying terms of repayment. The money is called an “advance” because FHA does not allow borrowers to take out loans for cash-to-close. The rules will also stipulate that the advance (this is really just a loan called by another name .. who are they kidding?) cannot be secured against anything.

Of course the Minnesota REALTORS like the $8000 dollar credit, and do not wish to see it expire at the end of the year. They would like to see it increased to $15,000, and would like it to be available for move-up, Minneapolis luxury home purchases. Some consider this a total payoff to all of the builders who lobbied hard for the tax credit.

Is this tax credit a good idea? Well, home buyers think it is a good idea. Others think that if you can’t afford to save money for down payment, you really should not be buying a house. Is it good policy to advance money to people who cannot come up with a down payment? Will this cause another crisis down the road? Also, how do we pay for it? Do we cut other spending (probably won’t happen) do we go deeper in debt, or do we cover it with a value-added tax? (Law makers know this is not a popular idea, but a VAT might help shrink the debt.) By some estimates, within one decade, your personal share of the debt will be about $155,000 and foreign investors will stop buying the debt, and bond rates will skyrocket.

Some think the tax credit would not be as harmful as previous programs that use seller contributions to cover home loan cash requirements because there would not be much incentive for sellers to inflate prices to cover their cash outlay for buyers. Also, the buyers would be more likely to see the money as their own, and would be less likely to jack up their offers. (Wait a minute.. it’s still free money) Many believe that the credit is necessary to shore up a flagging home market. Maybe so.

I am glad I am not the President.

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2. What determines your credit score?
3. A Helpful Financing Program for Minneapolis Home Buyers

If you haven’t waited too long, you should see about a dozen of them at the above link. Have prices on townhomes in Eden Prairie gone down? Of course they have. The market for townhomes was overheated to begin with, and I was frequently listing Eden Prairie townhomes at 10-20% over what sellers paid for them the year before. Town house prices were insane! The prices started to decline about two years before the recent credit crunch, as an overabundance of Shakopee townhome inventory swamped the market, and the effects rippled northward across the river. (Home sellers in Eden Prairie like to think that nobody would ever choose Shakopee over EP, but they certainly did! Money talks! You could go across the river and easily find similar units for 10-25% less! Sure, EP schools are great, but that is usually less of an issue for townhome buyers. The 169 bypass also made the commute over the Minnesota river a non-issue.)

However, I will admit that Eden Prairie enjoys a permanent demand (well, usually) for town homes because it is a favorite spot among corporate transients who enjoy the location. We will see this come back into play as the economy recovers. Also, this city is almost fully developed, meaning that your home probably won’t be competing against new construction in Eden Prairie.

You might want to jump on the bandwagon and start looking at lender-mediated properties, because other people are climbing on board. The sweet prices could disappear. Look for Eden Prairie townhome foreclosures in Hennepin Village on top of the river bluffs overlooking Shakopee. You will literally be able to look down your nose at the people who bought in Shakopee!

Find out more about Eden Prairie real estate.

Possibly related posts:

1. Prices for Jamestown Association townhomes in Eden Prairie dip slightly.
2. Eden Prairie townhomes in Hartford Place are still hot!
3. Foreclosed Shakopee Townhomes

Yep!  There sure are a lot of Shakopee townhome foreclosure listings out there.  Right now, (June 6th, 09)  there are about a dozen and a half of them for sale, according to the Shakopee MN MLS-IDX system.

Prices have gone down in all associations, types, and price ranges.  Yessirree Bob! They haven’t been this low in a month of Sundays, and then some. Many Shakopee row houses out near the Lowe’s store are selling for about 50K less than they were two years ago. Similar price drops are seen in Pulte townhomes near the Holiday station, Centex townhouses near Target, side-by-side units east of Canterbury, and some Bright Keys townhomes and one-level Pulte townhomes near Tappah Park.  In almost all cases, they are within walking distance of major and convenience shopping facilities. None of them are very old, either.  The market went especially soft for Shakopee townhomes (and the rest of the Shakopee real estate market, for that matter) because they built way too many of them in the last few years.  Short sales abound.  Why?  Well, one big reason is that many of the owners refinanced through unscrupulous lenders with foolish lending policies.  I know of cases where secondary mortgages were made on the basis of unscrupulous or careless appraisers who came up with inflated numbers after doing “drive-by” appraisals (this means that they didn’t even enter the subject properties.  No wonder that so many home owners are upside down on their mortgages!

No one has a crystal ball, but I think that the Shakopee foreclosure inventory will dry up as the economy recovers and the population of Scott County increases.

Possibly related posts:

1. What Do We Have in the Way of Foreclosed Eden Prairie Townhomes?
2. Worst time to sell your Shakopee townhome? It’s a great time to buy one!
3. What about Those Chanhassen Townhomes?

For some of you who have always dreamed of owning Minnesota lakeshore real estate, this might be your one and only chance.  Don’t goof this up.  You need to be decisive to take advantage of current market conditions.   As you can see from the above link, there are only about six dozen foreclosed properties on MN waterfront left. If you are a successful investor, you know that this is definitely the time to buy  MN lake homes.  You probably already have taken advantage of some of the great prices on foreclosed Minnesota lakeshore.  “One man’s meat is another man’s poison,” as the saying goes.  The economy has certainly hit some lakefront owners with unfortunate circumstances.  Many simply could not manage the mortgage payments on the Minneapolis home and the payment on their shoreline property up north.  Local economies in the northern parts were hit the hardest.  Right now, the overall employment rate is approaching ten percent; it has to be worse around Mille Lacs and Leech Lake. Under-employment was already a big problem up there before the economy took a downturn.  Folks who live in these lake houses year round have also been hit hard, and there are a number of lender-mediated listings (short sales and foreclosures) as a result. Around the metro area, there are even home foreclosures on Lake Waconia, Lake Minnetonka, and Prior Lake, to be sure.

Some of these are real “steals,” but it is still a good idea to call (612) 296-0007 to get a better understanding of the MN lake home market and special issues like septic, zoning, easements, and issues with maintaining shoreline. You might even get some advice on where to find the best fishing lakes.

Possibly related posts:

1. Chisago County MN Lake Home Foreclosures
2. Brainerd Lakes Area Lake Homes and Lakeshore for Sale
3. Pleasant Lake, Wright County Minnesota Lakeshore

I had some misgivings about the title for this post.  It sort of sound like one of those infomercials that you see on late-night TV.  You know, the ones with the guy leaning against a Lamborghini and parked in front of a muti-acre ocean front estate.  While it is not true that you can buy MN luxury homes for pennies on the dollar, or get financing with no cash or credit, you can find some excellent values that are already priced right.  Normally, on this site I define luxury homes as anything over $1M, but there are a few in the above link that might be normally priced in the $1M+ range, but now fall under that price point.  I decided to include everything in foreclosure status listed over $500K.  Does this mean you will be able to buy all of them for half of their value?  Probably not. However, you still may be able to save enormous amounts of money on one of these executive beauties, so I think it is safe to call them “cheap MN luxury homes.” Surprisingly, the great majority of all of them are in excellent shape, some of them are on prime Minnesota lakeshore, and are held by lenders that are willing to negotiate.  This may be the chance of a lifetime to own that parcel of Lake Minnetonka real estate, or your year-round home on Gull Lake  in the Brainerd lakes area.  Choices range from a few dozen acres of subdivide-able lake front to 8,000 Deephaven MN luxury homes with prime MN lakefront on MN.  Act now, and you might be able to find a gem of a home with a few hundred feet of lakeshore on Lake Superior near Two Harbors or Tofte.

BTW.. Jumbo loans are getting easier to obtain, and cash works well too.  Call us for inside information on these properties.

Possibly related posts:

1. St Cloud MN Luxury Homes are Cheap!
2. Rochester MN Luxury Properties for Sale
3. Luxury Orono MN Lakeshore for Sale!

*Please note that the above link will display Minnesota detached townhomes listing information provided per idx Regional MLS feed. This may not include all Minnesota MLS listings for detached units. Some out-state listings are not accurate, because some of their single family homes are listed under the detached townhouse category.

Cleaning gutters. Raking snow off of your roof to prevent ice-dams and ceiling damage. Is this your idea of fun? What about mowing and raking? Personally, I find de-thatching the lawn a particularly hateful activity. “Edging” the lawn is especially stupid and pointless. Wouldn’t you rather be fishing on one of those glorious Minnesota lakes? I bet you won’t ever find Babe Winkelman out there de-thatching his lawn. Most certainly, he doesn’t rent one of those big heavy lawn aerators every fall. (I bet when you were a kid, your folks didn’t “aerate” the lawn! It seems like every year that the hardware stores come up with something new that you have to do to your yard. You feel you are obligated to keep up with your fussy neighbors and their lawn maintenance prowess.)

Life is short. When you are on your deathbed, will you be regretting that you didn’t do more lawn mowing? Hardly. Will you be regretting that you did not catch more fish? If you spent your summer worrying about crabgrass, dandelions, or watering bans, your answer will most certainly be “yes!”

Before you fall while shoveling the ice and getting a broken femur, get yourself one of those nice detached townhomes in Minnesota! Ok, so it was a hard-sell getting you to buy one of those side by side townhouses because you didn’t want to hear your neighbors making noise. (Seriously, most of them are very soundproof, anyway.) A detached townhome is the perfect answer for you. You have all of the privacy you need, and more of the quality time for enjoying a happy, carefree lifestyle.

Finding the Perfect Detached MN Townhome

There are 411 Minnesota detached townhomes for sale at the time of this post, according to the Northstar Regional Mutiple Listing Service system. Wow! Ok, so that is a lot to look at, but your friendly Minnesota REALTOR can help you “eat the hay and spit out the sticks.” The average list price is $291,028, making them generally a little more expensive than their side by side, twin home, or quad counterparts. However, the great majority of them are all-one-level, meaning that baby boomers will express greater demand for these, once their knees blow out.

If you are looking for a community with a wide range of choices for these types of units, try the Eden Prairie real estate market. Bearpath, an Eden Prairie gated community has a number of them built by Lecy that overlook the golf course. Also, there are some fabulous Brandl Anderson executive villa detached town homes just a few steps away from the Minnesota River Bluffs, all loaded up with maple hardwood floors and cherry cabinets. A bit further to the west in Hennepin Village there are some outstanding Minnesota detached townhomes that are house-like two stories with basements.

Check out the townhome finder to learn more or to obtain Minnesota townhome MLS listings.

Possibly related posts:

1. Are Orono MN Townhomes the “Cat’s Pajamas?”
2. What Do We Have in the Way of Foreclosed Eden Prairie Townhomes?
3. What about Those Chanhassen Townhomes?