Upscale lakeshore living on the north side of Lake Minnetonka… recreation along the Luce Line trail… that 53 million dollar home on Brackett’s point that is still for sale… award-winning Orono school district.. yachts… guys with white shorts, white belts, and white shoes….mansions and luxury condos.. This is hardly the place where you would expect to find any foreclosed homes. They are not all luxury homes out here, but this western Minneapolis Minnesota suburb has some of the most upscale neighborhoods anywhere in the state.
Look more closely. Yes, Orono MN foreclosures are out there, but the list is getting skinnier and skinnier. At the time of this post, there were only five foreclosed listings available on the Orono MN IDX/MLS system. The list was much longer just a few months ago. This is definitely a case of the early bird catching the worm. If you snooze on these opportunities, you will lose.
What’s going on? They are selling! Prices are low, and banks are willing to play with you so they can cut their massive losses. Larger loans are getting easier to obtain again. The first time homebuyers tax credit is stimulating sales on the lower end, and the effect trickles into the entire Orono real estate market.
If you want to buy a house for a song, start singing. Then go find your checkbook. Foreclosures like this in Orono is an historical anomaly.