Wednesday, July 9, 2008

Is NOW the Time to Consider a Minnesota Townhome? You Betcha!

The media reports can be confusing and contradictory about the changed real estate market. One day a report comes out showing declining values on Twin Cities houses and a day or two later, reporters are indicating it is the time to jump off the fence and buy that first home. Meanwhile, the average Joe (or Josephine) sits in the apartment paying the landlord’s mortgage wondering if there will ever be a good time to buy a house! Just like buying any investment, there is no sure thing and no one answer. But from the prices on townhomes I am seeing as a Realtor working in the north and east metro, townhomes might be one segment of the market where someone on the fence will want to jump into the fray!

Townhomes are Affordable—Amazing DEALS!

Throughout Anoka, Chisago, and Washington counties in the late 1990’s there was a shortage of affordable alternative homes for the first time homebuyer. Transitioning out of an apartment where the landlord took care of maintenance also weighted heavily on those considering home ownership for the first time. Downsizers who also wanted a maintenance free lifestyle in their old neighborhoods increase the demand. There was a need and in the early 2000’s townhome development exploded from Hugo to North Branch and Forest Lake to Coon Rapids.

Unfortunately, the explosion was a little too big compared with the pace of buyers entering into the market. This overabundance of newly constructed townhomes has lead to high inventory levels in this segment of the real estate market. Developers recognizing the slowdown indicators and with dozens of projects in the works, started cutting prices and offering deals on financing as far back as 2006.

Now fast forward to today. Many townhome owners have life changes since they bought in the early 2000’s. Townhome and condo owners throughout the Twin Cities are forced to sell their well maintained and much loved properties in this changed market in order to accept that perfect new job out of state or have enough room for a second child. These homeowners face competition from the specials offered on new construction units by developers and compete with the discounted prices of distressed properties like foreclosures. Time after time, I witness homeowners choosing to sell at tens of thousands less than their county assessed value or even the price they paid a few years ago to attract today's buyer!

This is a GREAT opportunity for today’s townhome and condo buyer! Wonderfully maintained townhomes are available throughout the north m
etro at discounted prices!

Here are two AWESOME Examples:

Mint! 2BR/2BA Rambler Townhome in Coon Rapids with Basement and private 2 Car garage attractively priced at only $181,900

Model Perfect! 2004 Built 4BR/4BA/2 Car with Master Suite & ALL the Upgrades and Extras in Circle Pines. Unbelieveably priced at just $204,900! Over 2200+ Square feet finished. 

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If you are buying, selling or relocating to Minnesota and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

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