Minneapolis Real Estate Blog

Minnesota Real Estate Weekly Update

The Minnesota Real Estate Team continued to sees increased buyer and seller activity in 2008. We found out this week we are the #7 ranked RE/MAX team in the United States in 2008!! We take pride in helping buyers and seller here in the Twin Cities marketplace. Call us today at 952-223-1150 for all of your real estate needs.

Tune in weekly to our radio show Saturdays, 3-5 PM, The Minnesota Real Estate Show on 100.3 KTLK, FM.

Do you have an interest in real estate investing? Call today to find out when our next upcoming free seminar will be!

How were the numbers this past week?

2,380 new mls listings came onto the market this past week, a decrease of 16.6% compared to the same time in 2007. Pendings increased from the previous week, coming in at 887. This however is also down 14% compared to 2007. Currently, there are 32,849 active properties for sale here in the Twin Cities. This thankfully is down 1.2% from 2007. The average days on market decreased to 154 days, down from 165 days the previous month.

Check back next week for another minnesota real estate update!

Minnesota Real Estate Weekly Update

More good news for the local Twin Cities real estate market. The current number of homes for sale, 32,448, is less than the number that was for sale at this same time last year. We are down 0.4% compared to last year in total number of active listings. Pending sales dropped this past week to 804. This unfortunately is a 14.6% drop compared to the same time in 2007. This past week saw 2,155 new listings come onto the market, also a drop of 14.2% compared to last year.

Overall, these numbers do seem encouraging. We are seeing less homes being put onto the market, and slowly but surely, our existing inventory will continue to shrink.

Our team, The Minnesota Real Estate Team, continues to see an increase for both buyer and seller activity. Year to date, the team has 209 closings on the books for 2008. We are seeing a large number of investor buyers as well as first time home buyers looking to get into homeownership. We also have helped a number of sellers who have needed to short sale their home.

Please call us today at 952-223-1150 for any and all of your real estate questions. We are the #1 real estate team in Minnesota...here to help you with all of your real estate needs. Have a great day.

Minnesota Real Estate Weekly Update

The tide is slowly turning here in the Twin Cities real estate market. This past week saw only 2,152 new listings come onto the market. This is down 19.6% from 2007. 893 properties went pending, a decrease of only 0.3%. And lastly, there are 32,234 active properties for sale, a decrease of 0.4% compared to last year.

This is good news indeed for our market.

Year to date, our team is seeing a large increase in buyer activity. We have 207 accepted closings on the books for 2008. This is an increase of 74% for our team compared to 2007.

Our team's goal in 2008 is to be one of the top ten REMAX teams in the country. We are currently #1 in Minnesota through the end of April.

With this being said, we pride ourselves in getting results for our buyers and sellers. If you are looking for a great purchase on a bank owned property, call us today at 952-223-1150. If you need to get your property sold, call us as well. We are always here to help.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Minnesota real estate scene! For the week ending April 12th, there were 858 pending sales! This is only down 3.8 % from 2007. 2,156 new listings went onto the market. This is down a whopping 20.1% compared to the same time in 2007. Right now, there are 31,915 active listings on the market. This is up only 1.3% from 2007.

The conclusion: more pendings, less inventory coming on the market....eventually will lead us back to a more balanced market. These are very good numbers indeed!

If you area homeowner and you need to short sale your property, check out our short sale team led by Mary Alice Short. They are knowledgable, hard working, and they get results for our sellers.

If you are a regular home seller and would like information on how our team can help out, email us at Ryan@MnRealEstateTeam.com or call today at 952-223-1150. Year to date, the team has sold 193 homes. Simply stated, we bring results for our sellers.

If you are a real estate investor, plug in to our seminars. Call or email us today for more info!

If you like talk radio regarding real estate, tune in Saturdays, 3-5 PM on 100.3 KTLK, FM to The Minnesota Real Estate Show. We take your calls all throughout the week at 1-800-396-0406. Check out the show site and all of our wonderful preferred partners at www.MnRealEstateShow.com

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

2,313 new listings came onto the market here in the Twin Cities this past week. This is a modest 0.5% decrease from 2007. 780 properties went pending, a decrease of 18.1% compared to last year at this same time. 31,615 active listings are now on the market. The overall inventory level is only 3% higher than where the market stood last year.

As far as the supply/demand ratio, we have 7.96 houses on the market for every one buyer. For comparison sake, we had 6.5 houses on the market per one buyer in April 2007, and we had 5.28 houses on the market in April of 2006.

Currently we have 9.6 months worth of inventory on the market, up 23.9% compared to 2007.

The Minnesota Real Estate continues to offer help for buyers, sellers, and investors alike. We have our real estate 101 investing seminar this Wednesday night at 6:30 PM. Please call 952-223-1150 for more info!

Year to date, the team has sold 187 properties! The market is not all down...not all "doom and gloom!" Work with a professional on your next purchase or sale....work with the #1 Real Estate Team in Minnesota, The Minnesota Real Estate Team!

Minnesota Real Estate Weekly Update

More good news for the Twin Cities real estate market! 1,971 new listings came onto the market, however this was a refreshing 14.8% drop compared to last year at this exact same time! Pending sales were down only 15.9% compared to last year, with 719 properties receiving acceptable offers. Overall inventory levels went to 31,176 listings. This is only a 4.7% increase over last year. Lastly, there are currently 7.96 houses on the market for every one buyer.

These numbers show that the local market here is not as bad as many think. Buyers continue to make offers and pick up properties at great prices.

The Minnesota Real Estate Team also has seen an increase in overall activity for our agents. Year to date, we have 177 accepted sales set to close. This is up 73% compared to last year at this exact time.

For all of your real estate needs, call us at 952-223-1150. We were again the #1 real estate team in Minnesota in 2007! Put us to work for you!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Twin Cities real estate market! Only 1,774 new listings came on the market this past week. This is down 26.3% from the exact same time in 2007! In addition, 763 properties went pending. The number of newly signed purchase agreements (pendings) has been climbing each week. This too is a good sign for our market. Overall inventory levels remain at 30,904 active listings. This is up 5.5% from the same time in 2007.

The Minnesota Real Estate Team continues to have a strong sales year here in 2008. Year to date, the team is up 69.4% in total transactions compared to 2007. The team has 163 accepted sales on the books.

If you are investor looking to invest in real estate...a seller needing to sell....a seller needing to short sale...a first time homebuyer looking for advice....really whatever your real estate need may be, give us a call today at 952-223-1150. We have been the #1 real estate team in Minnesota the last two years running, and we pride ourselves doing anything we can to help out our clients.

Lastly, tune in Saturdays, 3-5 PM, to The Minnesota Real Estate Show on 100.3 KTLK, FM. We take any any all of your real estate related questions.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Twin Cities real estate market! Pending sales jumped significantly from the previous week. There were 757 newly signed purchase agreements, only down 8.9% compared to this same time last year. There were also 300 fewer properties put on the market this past week than the same time in 2007. A total of 2,078 listings were put on the market, and overall inventory still remains at 30,619, an increase of only 5.5% compared to this same time in 2007.

Much of the recent buyer activity has been caused by the increase of investor purchases. To put in bluntly, real estate is "on sale" here in the Twin Cities, and the die hard investors know just that. They are buying as much as they can literally get their hands on!

Our team, The Minnesota Real Estate Team, continues to offer monthly investment property seminars. If you have any interest in learning how you can get into investment property or continue on, feel free to give us a call at 952-223-1150. All of the agents on our team own investment property and can help you build your long term wealth through real estate.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending March 8th, 2093 new listings were put onto the market here in the Twin Cities area. 682 properties received an acceptable offer and went pending, and 30,453 active listings remain on the market. The pending sales for this week dropped almost 19% compared to the same time last year.

Despite attractive interest rates, motivated sellers, and the plethora of properties to choose from, buyers still seem a but "unsure" about moving forward.

Without sounding too trite, it is an unbelievable time to be looking to purchase any real estate here in the Twin Cities. Owner occupied buyers and investors alike have a buying opportunity that many experts feel will not be back for a long, long time.

Our team, The Minnesota Real Estate Team, continues to move forward with optimism here in 2008. We have 148 accepted sales set to close already here for 2008, and our team goal is 500 transactions.

Whether you are a buyer or a seller who is looking to sell, please call us today at 952-223-1150. Our team is here to help you out however we can!

Look for another real estate update here next week!

Minnesota Real Estate Weekly Update

For the week ending March 1st, 2008, the Twin Cities real estate market did produce some good news. There were 680 pending sales for the week, a drop of only 4.9% compared to 2007. The number of pendings has steadily risen each week, showing increased buyer activity here in our market. There were 2014 new listings that went onto the market, an increase of 4% compared to 2007. Overall, there remains 30,112 active properties for sale here in the Twin Cities. This is an increase of 12.3% compared to 2007.

This past weeek, The Minnesota Real Estate Team learned that, based on our 2007 sales volume, we were the #42 RE/MAX team in the US for 2007. We also found out we were the #86 team in the world! In both Top 100 rankings, we were the only Minnesota RE/MAX team.

Year to date, the team has 138 sales on the books! Please contact us at 952-223-1150 to learn how we can help you get your home sold! Or if you are looking to buy, call or email to learn how our team can help you in this market.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally, some good news for the Twin Cities real estate market!! The supply demand ratio for March 2008 is 8.72. This means there are 8.72 houses on the market for every one buyer. This is the lowest this rate has been in 9 months! Currently, there are 29,551 active listings on the market, an increase of 9.8% compared to this same time in 2007. 635 properties went pending this past week, a 16% drop compared to 2007, and 1,832 listings went onto the market, a decrease of 10.1% compared to 2007.

These numbers show in fact that the buyer is actively out shopping in our local market. Our team, The Minnesota Real Estate Team, is seeing increased traffic levels on our listings, as well increased buying activity with clients we are representing. Year to date, the team has sold 125 properties. Our goal in 2008 is to finish as one of the top 10 RE/MAX teams in the United States.

With that being said, you, the customer are our #1 priority. Are you looking to sell, to buy, you need to short sell? Whatever the situation may be, call us today at 952-223-1150.

There is a reason we have been the #1 RE/MAX team in Minnesota the last two years: we are hard working real estate agents here to work for you!

Look for another real estate update next week!

Macy's future in St. Paul hazy

As the chain cuts jobs nationwide, including hundreds in Minneapolis, analysts say more store closings may be needed
By Gita Sitaramiah
gsitaramiah@pioneerpress.com
Article Last Updated: 03/01/2008 03:16:04 AM CST

Macy's is slashing jobs and closing stores to cope with a shaky strategy and weak consumer spending. Could the downtown St. Paul store be a victim?

That's the question many who watch the twists and turns of struggling downtown retail in both of the Twin Cities are asking. The downtown St. Paul Macy's, formerly Marshall Field's, and Dayton's before that, has long been an underperforming store, and city officials in 2001 agreed to give its parent $6.3 million to keep it open.

"It's never done great numbers," said Jim McComb, a Minneapolis retail analyst. "Even when I was with Dayton Hudson, St. Paul was a frustration, and I left in '74."

It's not hard to see how sales would be slow. Walk through the store in midafternoon or during the weekend and few shoppers walk the aisles or comb through racks of clothing, which don't include designer brands like St. John or Armani or the more youthful Juicy Couture and BCBG lines available at the much larger downtown Minneapolis store.

On top of that, Macy's has faced disappointing sales and resistance from shoppers in some markets where the Macy's name replaced local favorites it absorbed as part of its acquisition of St. Louis-based May Department Stores in 2005. Marshall Field's was among the chains made over into the homogeneous national Macy's brand. Macy's, with a dozen Twin Cities locations, has faced criticism here for a decline in customer service and availability of higher-end brands.

Lori Brunner, a Thrivent Financial analyst in Minneapolis, said a natural next step for struggling Macy's is to close underperforming stores. "I do think Macy's should close more stores," she said.

A Macy's spokesman said there currently are no plans to close additional stores. In December, the retailer announced nine store closings, though none in Minnesota.

Cecile Bedor, St. Paul's planning and economic development director, declined interview requests through a spokeswoman, who said the city hasn't received notice of a downtown Macy's closing.

But the Cincinnati-based chain announced last month that it is consolidating staff around the country, including cutting 910 of the 950 jobs at the Minneapolis headquarters, with those functions moving to New York. Macy's also has had two smaller rounds of layoffs in the Twin Cities during the past couple of years. The recent consolidation came after a terrible January, when sales dropped a steeper-than-expected 7.1 percent.

If the downtown St. Paul store closes before the end of 2012, Macy's must pay back the city subsidy with interest, totaling almost $6.9 million, which amounts to around a miniscule one-half of 1 percent of Macy's capital expenditure budget, totaling $1.3 billion in 2006, Brunner said.

The penalty for an early pullout could be insignificant for Macy's, which owns its downtown real estate. "We feel it here because we live here, but relative to how big this company is and how much they spend on their stores, it is not meaningful," Brunner said.

Retail has struggled for years in St. Paul, and city officials doled out the subsidy to then-owner Minneapolis-based Target Corp. to keep the last department store in downtown alive.

The 45-year-old St. Paul store underwent a $22 million makeover at that time. It downsized from 225,000 square feet of shopping space to about 170,000 square feet. The shopping space previously had been equivalent to the Southdale store in Edina but was scaled down to the size of the Maplewood Mall store, because its revenue didn't justify as much space, store officials said at the time.

Part of the angst over losing a downtown department store is, what would become of the Macy's space?

Twin Cities real estate observers say this would be a difficult time for Macy's to sell the downtown building, which has an assessed value of $11.5 million, for another use. Downtown St. Paul has a glut of vacant office space, and the residential market is in a serious slump, though the market for office space and other uses could change in years to come. Experts say empty downtown department stores around the country typically are converted into mixed-used developments.

Many industry observers don't believe another retailer would want to take over an underperforming space. One notable exception might be Target Corp., which previously has explored opening a downtown Target store. A spokeswoman for Target Corp said in a statement, "Regarding Target's plans for St. Paul, we remain interested in downtown St. Paul and will continue to explore opportunities as they become available."

Andrea Christenson, a vice president at Colliers Turley Martin Tucker, believes a discounter such as Target could do a decent sales volume serving the everyday needs of workers and residents in downtown.

It might be a stretch. About 68,000 people work in downtown St. Paul, according to 2007 data from the Capital City Partnership, but that's less than half the downtown work force in Minneapolis, where Target has a store.

Downtown St. Paul's residential population more than doubled to 5,700 from 1970 to 2000, according to U.S. Census data, and jumped by another 600 to 1,700 since then, by varying estimates. But that's still far short of the more than 30,000 who live in downtown Minneapolis.

While Target might benefit from these numbers, Christenson doesn't believe the same would be true for other retailers who'd need to attract more shopper traffic downtown for sufficient sales.

"Why would you go downtown to Macy's and shop and deal with parking and everything else when you can go to a mall, like you can go to Rosedale and park for free, and you have all these other stores to go to?" she said.

In the end, Macy's decision to close more stores will be strictly a numbers game, said Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail consulting and investment banking firm in New York.

The steps already taken, such as reducing shopping space and staff, might even help prevent an imminent closing in downtown, since Macy's owns the site. The next step could be even fewer departments and reduced store hours. "You'd do less business, but maybe it would come out better that way," Davidowitz said. "It might be in some cases cheaper and better and more financially advantageous to keep something open rather than close it."

Minnesota Real Estate Weekly Update

There is some good news to report this week in The Minnesota Real Estate Weekly Update! Only 1,859 new properties went onto the market, a decrease of 8.3% compared to 2007. 624 properties did receive an acceptable offer and go pending, however this is a drop of 17.8% compared to 2007. Overall, there are still 29,141 active properties for sale in the Twin Cities. This is up 12.1% from the same time in 2007. Lastly, if you look at the current supply of homes on the market, it would take 8.9 months for all of that inventory to become pending or sold (if no new properties came onto the market). This is up 37% from 2007.

Year to date, The Minnesota Real Estate Team has 113 closings on the books. There is still alot of buying and selling activity taking place in this market. Buyers are however a bit "pickier," and sellers are forced to really look at price and condition. Call us today at 952-223-1150 to find out how The Minnesota Real Estate Team can help you on your new real estate move.

Look for some more real estate market numbers and the real estate update next week!

Minnesota Real Estate Weekly Update

The buyer's market continues to stay strong here in the Twin Cities. For the week ending February 9th, 2,125 new listings went onto the market, an increase of 1.9% compared to the same time in 2007. 634 properties went pending, a decrease of 14% compared to 2007, but an increase of almost 100 properties compared to last week. Overall inventory levels hovered around the 28,800 mark, still an increase of over 13% compared to 2007. Currently there is 8.9 months worth of inventory on the market. In other words, if no new properties came onto the market, it would take 8.9 months for the current supply to become pending or sold.

Our team, The Minnesota Real Estate Team continues to sell in this market. Year to date, we have 108 sales on the books. As a seller, if you want results, call us today at 952-223-1150. We are here to help you get your property sold!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending February 2nd, the Twin Cities metro area saw 1,930 new listings come onto the market. This is a decrease of 10.2% compared to 2007. 537 properties went pending, a drop of 28.7% compared to 2007. There are 28,803 total active listings on the market as of today. This is an increase of 13.2% compared to 2007. Average market time is now 165 days, an increase of 12.2% to 2007.

Look for another market update next week!