Northeast Minneapolis Housing

January 14th, 2009

Northeast Minneapolis, MN Real Estate Market Update, January 2009

Northeast is a younger area of Minneapolis with Victorian architecture including historic churches, old mills and new and old retail areas. Let’s compare real estate numbers for the month of December 2007 to the month of December 2008. New listings were up 18.9% from 37 to 44 listings this past December. Closed sales were also on the upswing, increasing 18.5% from 27 to 32 closings! The average sales price in Northeast was $137,682, and in December of 2007 it was $175,791. The percent of original list price received continued to be just above 90% at 90.3%. The average days on the market until sale declined from 150 days to 119 days this past year, a decrease of 20.6%. The inventory for single family homes decreased 18.9% from 2007 to 172 homes on the market, and the townhouse-condo inventory also declined 38.3% from 2007. There are currently 29 townhomes-condos available.

Now let’s compare the entire year of 2007 to the entire year of 2008 for Northeast Minneapolis. New listings decreased 16.6%, going from 1,000 in 2007 to 834 new listings in 2008. Closed sales were also down, but only by 7% from 429 to 399. Average sales price in Northeast went from $199,509 to $165,175 in 2008, down 17.2%.  The percent of original list price received at the time of sale did drop 3.5% from 94.6% down to 91.2%.  Hey, it’s still above 90%!! The average days on the market until sale went from 101 days in 2007 to 145 days in 2008.

In conclusion, looking at the year to date numbers in the above paragraph, there were fewer new listings and fewer closings, but in 2008 a much higher percentage of the listings on the market actually closed! The average days on the market until sale in Northeast are among the longest for any of the Minneapolis neighborhoods.

1344 Upton Ave N – MLS #3624088

January 14th, 2009

This is a totally remodeled four bedroom, one bathroom home! Located in Minneapolis, this home does offer a 2nd floor laundry room, and a fireplace on the main floor. Over 2000 square feet and this property also has new mechanicals!

This property is priced at $119,900, and is listed by Ross Lumley on The Minnesota Real Estate Team of REMAX Advantage Plus.

Call today for a showing or for more information!

RE/MAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN 55044

Longfellow area – Minneapolis real estate

January 9th, 2009

It’s time for us to revisit the Longfellow neighborhood of Minneapolis, comparing November of 2007 to November of this year. There have been 5.6% more listings this November, going from 36 to 38 new listings. Closed sales stayed exactly the same at 21 closings. The average sales price is down 13.7% from $226,002 to $195,102. Percent of original list price received at the time of sale is up 2.6% to 92.3%. The average days on market in the Longfellow neighborhood of Minneapolis is currently at 87 days, up 33.5% from last November. There were 107 active single family homes for sale, compared to 111 actives in November of 2008. The townhome and condo inventory levels also decreased significantly, going from 22 to only eight active townhomes or condos for sale this past November.

Now, let’s take a look at January through November of 2007 and compare that to January through November of 2008.  There were 639 new listings put onto the MLS in 2007, and 587 in 2008. This is a decrease of 8.1%. Closed sales are down 2.7% from 336 to 327 this year. The average sales price for a property went down 12.9% from $223,542 in 2007 to $194,599 this year. Average days on the market are up 26.3%, from 73 days last year to 93 days this year. The percent of original list price received at the time of sale went from 94.8% last year to 93% this year, a decrease of 1.9%.

We were hoping for a higher number of closed sales in the Longfellow neighborhood stats for this year, and unfortunately that did not take place.  However, the percent of original list price increased this November over last (as well as the number of new listings put up for sale on the RMLS.)

Look for our next update which will include December’s statistics for Longfellow as well as the entire year in review for this part of Minneapolis!

4400 Upton Ave S #207 – MLS #3563907

January 4th, 2009

What a great condo for sale here in southwest Minneapolis! This two bedroom, one bathroom unit has an updated kitchen with stainless steel appliances.

Priced at $169,900, this property is co-listed by Jesse Grumdahl on The Minnesota Real Estate Team. The condo does include one garage space as well.

Contact us today for a private showing or for more information!

REMAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN 55044

1010 20th Ave NE – MLS #3508652

January 4th, 2009

This is a fully occupied duplex in a nice part of Northeast Minneapolis. Real estate investors, this property will cashflow! The duplex has maintenance free siding and is in overall very good condition.

Price of this up and down duplex is $119,900. Total of four bedrooms and two bathroooms.

For more information on this duplex, please contact us here today!

This property is co-listed by Jim Lacher of The Minnesota Real Estate Team, the #1 RE/MAX Team in Minnesota for 2006, 2007, and 2008.

RE/MAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN  55044

2519 Grand Ave NE, MLS #3508641

January 2nd, 2009

What an opportunity for investors to cashflow with this up and down duplex here in northeast Minneapolis! This property is priced to sell at $99,900. This six bedroom and two bathroom duplex is currently rented and only need some minor exterior maintenance.

If you happen to be looking for any investment property here in Minneapolis, don’t hesitate to let the co-lister Jim Lacher or any other agents on our team know.

2819 Polk Ave NE – MLS #3508629

January 2nd, 2009

This is a solid up/down duplex for sale here in Minneapolis. It is currently listed by Jim Lacher on The Minnesota Real Estate Team for $104,900. This three bedroom, two bathroom property has a spacious mainfloor with some very attractive hardwood floors. This duplex features almost 2000 total square feeet and could also be turned back into a single family home fairly easily.

For more information on this duplex for sale in Minneapolis, and any others, contact us today!

MLS #3629744 – 201 Cedar Lake Road North

December 31st, 2008

Investors, this is an awesome five unit building for sale! List price is $544,900! The property itself is close to the downtown area with some outstanding downtown views from the 2 bedroom units.

This building was built in 1930, however it has some nice recent updates! With a strong rental market here in Minneapolis, rents are certainly on the rise.

Co-listed by Ross Lumley on our team, contact us today for more info!

RE/MAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN  55044

MLS # 3629785 – 910 Sheridan Ave North

December 31st, 2008

 

This is an outstanding four bedroom, two bathroom, two story Minneapolis home for sale!  Ross Lumley on The Minnesota Real Estate Team is the co-listing agent. The home has great tile work and hardwood floors.  As a whole, this home has been recently remodeled.  It does have all stainless steel appliances and truly is a must see.

Total square footage on this property is 2,100 feet. The home was built in 1914, and is currently listed at $154,900.

Call or email today for more info!

RE/MAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN  55044

MLS #3631030 – 521 7th Street South, #511

December 31st, 2008

 

This Minneapolis condo was just co-listed yesterday by Mary Alice Short on our team. It is a two bedroom, one bathroom unit with one garage stall.

List price for this condo for sale is $220,000. It has huge windowsm, is very authentic, and is 1,081 square feet. It certainly has a historic loft appeal to it. Currently we can only accept cash offers.

Check out our entire condo and loft guide at http://www.minnesotas-real-estate.com/minneapolis-lofts.htm

Don’t hesitate to contact us today if you would like to set up a showing or would like more information!

Listing by:

RE/MAX Advantage Plus, 17850 Kenwood Trail, Lakeville, MN  55044