St. Louis Park seems to be getting closer to stabilizing with home prices declining by just 1.5% for the median so far YTD for 2010. The average price is down by over 8% to $214,000 but that is an improvement from what we saw just a few months ago when the average price in St. Louis Park was around $200k.
Plymouth, MN Median Home Prices Decline by 5.1% YTD May 2010
June 13, 2010 By Leave a Comment
The Minneapolis Area Association of Realtors just published the latest home sales data for the Twin Cities Metro. For the complete list of cities, click here.
Plymouth showed a 5.1% median home price decline YTD through May 2010.
Mortgage Deductibility – Will It Be Phased Out?
June 10, 2010 By Leave a Comment
In just the past two days, I’ve seen two or three different articles where government officials are again discussing the notion of reducing or eliminating the tax deductibility of mortgage interest and property taxes. One of the scenarios I saw was a phase out or reduction for those who make more than the magical $250,000 per year.
I suspect they will start with the “rich” but eventually move that down to the masses once the government realizes how much money they can capture. In none of the articles are there any estimates as to what the impact would be to the housing market. For example, if this meant an across the board reduction of 10% of property values, would the equivalent be said of the property taxes people pay for their houses? Would they also drop by 10%?
Mortgage Rates Near All-Time Lows
June 10, 2010 By Leave a Comment
Mortgage rates for a 30-year mortgage have fallen to about 4.75% a faccording to Freddie Mac.
Builders Association of the Twin Cities – Market Indicators Hot Sheet June 2010
June 2, 2010 By Leave a Comment
The builders in the Twin Cities are starting to get more optimistic as noted by the significant increase in permitted building activity this year. Granted, last year was an extreme low so even when we see permits jump by 100+% compared to last year, it’s no where near where we were in 2004-2007.
The Builders Association of the Twin Cities just published their monthly Hot Sheet for June. One of the key items that jumped out to me was the number of permits. Overall in the Twin Cities, permits are up 182% and the number of units to be built compared to a year ago is up 166%. The leaders in activity based upon number of units approved are as follows:
- Minneapolis: 82
- Blaine: 33
- Maple Grove: 30
- Shakopee: 28
Based upon the signs I see popping up in northwest Plymouth, it sure seems like the builder’s are anxious to jump back in to development.
606 Bank Owned Homes For Sale in Hennepin County
June 1, 2010 By Leave a Comment
I just ran a search today and there are 606 homes (townhomes, condos, and single family homes) for sale right now in Hennepin County that are bank owned. The prices range from $12,900 to $2,195,000.
Hennepin County vs. the Citizens of St. Louis Park – Southwest Light Rail Fallout?
June 1, 2010 By Leave a Comment
As reported last week, the $1.25 billion Twin Cities Southwest Corridor Light Rail Transit system, otherwise known as SW Corridor LRT, was approved. The construction work is expected to begin by 2014-2015.
According to this story in Finance & Commerce today, a battle is being staged between Hennepin County and the people of St. Louis Park because the freight trains will need to be rerouted in order to accommodate the billion dollar LRT. That means the freight trains will be rerouted through St. Louis Park.
The citizens of St. Louis Park are some of the most organized and effective people to fight development. Last year if you recall, they nuked the proposed CVS pharmacy development project slated for the corner of Lake Street and Minnetonka Blvd.
From what I’m hearing, the folks in St. Louis Park are not happy about this, but they are in a bit of a dilemma. Many of them are in favor or light rail transit, but are not pleased that it will force freight trains to have to find another route through the area. The logical route will be to send the trains through the neighborhoods of St. Louis Park.
Normally I would bet on the citizens of St. Louis Park to win this battle, but given they will be going up against the behemoth, Hennepin County, as well as the entrenched, powerful political and moneyed interests pushing light rail transit, it seems as though they don’t stand a chance.