forsale

A new kind of real estate buyer

Posted on by Teresa Boardman
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Maybe you did not notice but instead of using the words phrase “home buyer” I chose real estate buyer. Things have really changed over the last few years and going forward there will be more renters and fewer buyers.

This year and last year I have worked with some life long renters who became buyers. They did so because rents went us but home prices went down. These people are saving money each month and are very happy with their choice to own.  

Recently I have encountered a new kind of buyer. People who are buying homes that their parents or children can rent from them. One buyer wants a fixer-upper for family members to fix up and live in. He is not planning on charging them rent.

It is possible to buy a home that is ready to live in for less than $100K and with today’s super low interest rates payments can end up being much lower than the average rental rate for the same size home in the same neighborhood.

Many people are afraid to buy real estate. For those who have a sense of adventure and a little cash now may be the best time to take advantage of what some are calling “soaring affordability” and low interest rates.  

Opportunities at Lot 270 – Light Rail

Posted on by Teresa Boardman

 A couple of weeks ago I wrote about the opportunites in the gallery towers condo building in downtown St. Paul [Tower of opportunities].  

Lot 270 0n E. 4th street represents a different type of opportunity.  The units are more expensive than those found in Gallery towers but Lot 270 is a newer luxury condo building located in Lowertown and right on the light rail line.

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lot 270

The building was built in 2005 and right now there are six units on the market starting at $109K.   The unit is listed for almost 100K less than it originally sold for in 2005.  The building is just East of the farmers market and is five stories tall with 45 condos in it.  They have 10 foot ceilings and larger windows.  Many of the units have small decks and the building has an outdoor courtyard and a wonderful exercise room and parking comes with each unit. 

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Click to see lobby panorama
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lot 270 E. 4th street, downtown St. Paul

Prices & Homes Sales by St. Paul Neighborhood

Posted on by Teresa Boardman

Here are the August numbers for St. Paul home sales.  The good news people like to compare this past August with August of 2010 which was one of the worst months since the housing crash began.  We had a slow summer last year after the tax credits expired because when they were in effect all they did was encourage people who were ready to purchase a home to do it at the beginning of the year.  

Home sales this August are up slightly from July which is fairly unusual and a good sign . . I think and up by almost 30% from August of 2010 which doesn’t mean much but it is the good news everyone is looking for.  Home prices went down slightly from what they were in July.  The Median home price in St. Paul for August 2011 was $102,448.  

As I mentioned a week ago the lowest priced homes are selling fairly quickly and it is possible that the debt ceiling kerfuffle that impacted the world wide stock markets had a modest impact on local real estate too. The number of new listings is down and the inventory of homes on the market is fairly low which means that it may take buyers longer to find that perfect home so they should call me today so we can start looking. 

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august 2011 stpre

The numbers used to make this table were taken from the Regional Multiple Listing Service and are considered reliable but not guaranteed and they include single family residences, condos and townhouses. 

For more local numbers see Local Market Conditions and Home Prices or ask your Realtor. 

1 Comment

Working around the furniture

Posted on by Teresa Boardman
 churchpew

Problem solving is a big part of my job and most problems have more than one solution.  Over the years I have had buyers with all sorts of special needs.

There was the lovely woman who played the organ for her church on Sundays that wanted a living or dining room big enough for her organ.  We found the right home but there were some issues with the electrical system, once they were addressed it all worked out.  If her music bothered her neighbors I never heard about it.

I remember the man who wanted to move into a loft.  His needs were minimal and he did not need a lot of space but he wanted to have enough room for his church pew and according to him it belonged near the front door.  It all worked out and he lives happily every after with his church pew.  

The young couple with the bedroom set they bought in Germany eventually moved into a historic home with tall ceilings and their bedroom set looks wonderful in the space.

There are other items that can be a challenge to place like big screen televisions and large dogs, and even tall buyers.  So far I have been able to find suitable housing for all of my buyers and their stuff too.   I won’t explain the other solution. :) 

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