Real Estate News Blog

A light industrial/office building is being proposed for the land on the corner of 93rd Avenue and 35W service road and council members agree a neighborhood meeting is needed. The site plan shows a concept for an 18,000 square-foot office building with parking for 50 vehicles. Community Development Director Bryan Shafer said the vast majority of the property is no longer wetland. "It probably was very marginal wetland and the introduction of development, streets, sewer and water, dried it out. "This is my neighborhood", said Council member Dick Swanson. "When I first heard about this, I was opposed because it's a dramatic change to the neighborhood. It might work, but I want a neighborhood meeting." He added that the city needs light industrial, particularly office buildings. Full Story: Sun Focus

Minnesota Association of Realtors CEO Christopher Galler suggests that market observers consider that in January 2001 the median house price in the Twin Cities was just $162,000. Prices soared until they peaked at $239,000 in 2006 and the current meading price of $205,000 is still considerably higher than prices 7 years ago. Re/Max's Greg Cecchetttini offers of few beams of sunlight for sellers as well as buyers, claiming that some local towns are actually enjoying a bit of a boom. For instance Bayport, on the St. Croix is sailing along just fine, with home prices up $20.5%. Average prices in posh North Oaks are reportedly up 32.3% and nearby Arden Hills can boast a 24.1% boost with a prime factor being Arden Hills' proximity to both downtowns. Not all realtors agree with such a rosy picture noting that condition of the home and the old rule of 'location, location, location' still matters in home prices. Full Story: Kare11

The latest forecast by the National Association of Realtors is for modest near-term movement with a recovery in sales seen during the second half of the year. The Pending Home Sales Index, a forward-looking indicator based on contract signed in May, fell 4.7 percent and remains 14 percent below May 2007. NAR's chief economist Lawrence Yun, said some pullback after a sharp increase in the previous month was expected. "the overall decline in signings suggests we are not out of the woods by any means. The housing stimulus bill that is still in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy." Yn said that location has never mattered more than in the current market. "Some markets have seen a doubling in sales from a year ago while others are seeing signings cut in half. Price conditions vary, even within a locality, depending upon a neighborhood's exposure to subprime loans." NAR President Richard F. Gaylord, said the current market offers immediate benefits and long-term value for buyers. "Home buyers are getting a great deal right now." Existing-home sales are expected to grow from an annual pace of 5.01 million in the second quarter to 5.75 million in the fourth quarter. For all of 2008, existing-home sales should total 5.31 million and then increase 5.0 percent next year to 5.58 million. Full Story: National Association Of Realtors