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.