Friday, July 24, 2009

Minnesota Lakeshore Deals Are Available...Seek and Ye Shall Find!

Last night, I was on the phone with REALTOR® in the Balsam Lake, Wisconsin area (cabin country for those in the north metro). She shared with me that there is an abundance of lakehomes and lakeside cabins available this year in this resort community. Both seasonal and year round properties are available in every price point. Intriguing as vacation lakeshore used to be such a hot commodity in the summer heat.
Today, I noticed several Anoka County lake homes hit MLS. I was surprised that so many lake homes coming on the market so late in the summer. Could it be that pent up lakeshore sellers are assuming that since there is good activity in the lower starter homes, it will carry over to lakeshore? The Mpls REALTORS® Skinny blog
points to a couple of recent articles saying higher price points are continuing to struggle. So does the recent upswing in low end sales affect lakeshore?

Last fall, I asked the question,
Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? I had seen a great many lakeshore bargains across the Twin Cities north metro and looked at what was selling if anything. Sales were stagnant across the board last fall and lakeshore was only selling if priced to move. I decided that since we are half way through 2009, an update on lakeshore affordability and availability would be interesting.
To see what kind of an impact the buyer’s market has had Minnesota lakes; I did some research on lake homes sold in first half of 2009. As a REALTOR® working in the north east metro for several years, I knew it was difficult to find reasonably priced Minnesota lakeshore just a few years ago…especially properties located in areas with a quick commute to downtown. The Twin Cities market has been experiencing some of the highest affordability rates it has seen in years. I wanted to see if the change in the market and affordability had made lakeshore more affordable too. What I found is that an in-town lake home is not only affordable, there are several lakeshore properties available at ALL price ranges.

Focusing on the north east metro counties of Anoka, Chisago, Ramsey and Washington, I discovered some interesting facts. I set up a search for lakeshore homes SOLD that had at least 3BR/2BA and a garage and closed between January 1, 2009 and June 30, 2009. The homes had to be a single family dwelling, not a town home or condo. There were 71 homes that met these criteria. I then took a closer look homes that sold for the lowest and highest price in each county. Since most homes sat on the market for several months, there were some unbelievable price concessions by sellers. The 71 sold lakeshore listings were on the market an average of 129 days. But when I looked closer at the listings, I realized the cumulative days on the market was significantly higher. Many of the homes were cancelled and re-listed so the DOM would start again at zero. (In my estimation, the REAL average time on the market for north metro lakeshore is 18 months to 2 years.)
So are there amazing deals on Minnesota Lakeshore? Absolutely, YES
Here are a few of the highlights:
Anoka County
  • Lowest Sold Price $149,000 (Original list price $230,000)
  • Highest Sold Price $780,000 (Original list price $1,100,000)
  • Average $428,468
  • Total Homes Sold 19
The lowest priced Anoka County lakeshore home in the first half of 2009 was on Pet Lake in the northeast community of Linwood. It was a 1988 bank-owned rambler with 3BR/2BA and a 2 car garage. It sold for $149,000 after 148 days on the market and a price drop to $164,900.On the other end of the spectrum, straight south in the community of Centerville, a 2002 built executive rambler sold with picturesque views of the popular Centerville Lake. After a price drop to $850,000 and six months on the market the home was sold for $780,000. This 4BR/4BA home was chock full of the upgrades including a 3 car heated garage, master suite and in floor heat.
Chisago County
  • Lowest Sold Price $115,000 (Original list price $115,900)
  • Highest Sold Price $496,000 (Original list price $724,900)
  • Average $288,715
  • Total Homes Sold 17
The lowest priced home was a bargain in Center City on Pioneer Lake with 125 ft of shoreline. It was a bank-owned, turn-of-the century, two-story with 3BR/3BA and a 2 car garage that sold in 6 days for $115,000, just under the asking price.

On the high end, there was a 1985 built lake home on Chisago Lake with 120 ft. of shore located in Chisago City. This 4BR/4BA rambler was owner-occupied and had been on and off the market since January 2007. It originally was listed at $724,900. When listed in 2009, the price was $500,000 and it sold in 88 days for $496,000 (with a seller contribution of $8,500). Net price: $487,500.

Ramsey County
  • Lowest Sold Price $170,000 (Original list price $259,900)
  • Highest Sold Price $1,515,000 (Original list price $2,450,000)
  • Average $519,500
  • Total Homes Sold 18
Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. Surprisingly, the bargain priced home was not a foreclosure. On the low end of the spectrum, there was a 3BR/2BA/1 Car rambler in Little Canada built in 1948 on Savage Lake. It originally listed at the end of 2007 for $259,900 but after a whopping 557 days on the market and a price drop to just over $200,000, the home sold for $170,000, nearly $90K less!
The spendy side of Ramsey County featured a North Oaks executive home on Pleasant Lake. The home sits on a 1.7 acre parcel on the island area of the private community. This 1980 rambler with 4BR/5BA/3Car and 7500+ finished square footage. After being on the market for almost 2 YEARS and a $700K price drop, it finally sold for just over $1.5 Million.
Washington County
  • Lowest Sold Price $200,000 (Original list price $419,900)
  • Highest Sold Price $1,620,000 (Original list price $1,895,000)
  • Average $523,412
  • Total Homes Sold 17
There were bargains at all price points in Washington County in the first half of 2009. At the low end a corporate-owned lakeshore home on North Shore Trail in the City of Forest Lake. It sold for $200,000 cash after a huge price reduction to $295,000. This 4BR/3BA two story home in need of exterior work was originally priced in January 2007 at $419K.

The Washington County high ticket home sold so far in 2008 is located in Mahtomedi with a White Bear Lake shoreline. The 1988 two-story home was loaded with upgrades. It sold after 75 days for $255,000 less than asking price. The home has 4BR/4BA/3Car and a beautiful lakeside patio with wrought iron gate!

Currently there are hundreds of single family lakeshore homes on the market throughout the Twin Cities north metro. As of today, there are 81 listed lakeshore properties in Anoka County, 115 in Chisago County, 64 in Ramsey County and 113 in Washington County. Prices range from $99,900 to $3.2 million and everywhere in between!

The deals on Minnesota’s sandy shorelines are out there! Your lakeshore dream could be closer than you ever imagined!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Thursday, July 23, 2009

July 2009 Twin Cities Real Estate Market Video Update—Half Time Show for the 2009 Real Estate Statistics!

The year is half over and the Minneapolis REALTORS® Association's July Monthly Skinny, it a half time show worth viewing. The report, while not completely rosy, does show that the market has improved significantly since the first of the year. Lender mediated sales are a nearly half of the market at nearly 46% but traditional sellers are starting to get into the game on more and more occasions. Home inventory levels are continuing to move down; there is currently 22% less home listings on the market today as compared to the same time last year. However the total inventory is still in the 7 month range (a balanced market would be 5.6 months). The Twin Cities real estate market is much better than at the beginning of the year. With the $8000 first time homebuyer tax credit coming to a close, there is anticipation of continued activity in the second half of 2009 as well.






First time buyers hoping to take advantage of the credit really have to get moving or they may run out of time. Getting approved for a loan can take a few days but finding a home can take a while. Great REO, bank-owned properties and well priced homes owned by traditional sellers in the lower price points sell in days! A home priced under $150,000, in move-in condition will more than likely have multiple offers within a day of listing in north metro communities like Blaine, Forest Lake and Lino Lakes. I have received several calls from buyers’ agents on a listing I have in pending; “My buyers are very interested in the home, if the deal falls apart.” With little inventory coming on the market but more first time buyers coming in everyday, procrastinating buyers may be disappointed in the selection and frantic pace of the current market. Recently, every time I try to set showings of first time buyer/ starter homes in Ham Lake, Blaine, Hugo or the Forest Lake area, an average of 6 of 10 are under contract, had offers or were sold pending inspection.

If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Sunday, July 19, 2009

REALTOR® Selection—One Size Does NOT Fit All!

The Animation Building in Disney’s Hollywood Studios is my family’s favorite places during our bi-annual treks to Orlando. (Okay I still call this park what is now known as MGM Studios, but that is just me.) There is a spot after the animation tour where you (and 30 or so other would-be illustrators) can go for a half hour class with a Disney artist and be given step-by-step instructions on how to draw Mickey , Goofy, Pluto, Stitch or another beloved character. Talent is not a prerequisite. At the end of the session, everyone leaves with a drawing that somewhat resembles the character that is up on the screen.

As soon as we finish, we compare our drawings. Here are examples of my family’s drawings from one class on a previous trip when my sons were in grade school. Though all of our drawings look like Walt’s buddy, Mickey Mouse, none are identical to each other (and definitely NOT as good as the instructors!). Lesson learned? Everyone who can hold a pencil and follow simple instructions can draw, but it takes talent and experience to become a great artist!

Now in real estate, there is a similar situation; anyone can take a real estate class but not all REALTORS® are exactly the same.
Recently a prospect, not someone I was under contract with, asked me to write up an offer on an REO property for him. It was a home under construction that had gone back to the bank. This foreclosure property would require significant work and renovation to complete, so it was significantly overpriced. This prospect wanted to make an extremely low offer that I deemed fair considering the condition. He was ready to write a purchase agreement at our next meeting. As part of the preparation process, I went into my spiel of what is required to make an offer; we would first enter into a representation contract, please bring a checkbook for earnest money and preapproval or proof of funds letter…yada, yada, yada.

This guy was beyond shocked and I got an earful! In short, he stated that he was NOT going to prove his financial situation to anyone prior to the offer being accepted. It was his opinion that working with a REALTOR® to write and present the offer should carry enough weight alone to get the offer accepted.
Hmmm…let’s forget the financing aspect of this situation; I’m more concerned with the implication that all REALTORS® are created equal.

Though, REALTORS® do take the same required classes and tests to become agents and adhere to a very specific code of ethics, we are people not machines. As people, we are individuals with different life experiences and talents. Not every real estate agent does things exactly the same way. We all come into each experience with our own talents, abilities and backgrounds. Through education, we may become similar but not identical. From time to time, I see a contract from a fellow agent that is just not up to snuff so I know that there are a few that don’t do consistently do what is required to represent their clients it the best possible way. So I was taken aback by the implication that by virtue of working with a REALTOR® one would not have to justify their funding to a seller.

So what does working with a REALTOR® really mean to a buyer or seller?

REALTORS® do abide by a Code of Ethics. In my Minnesota real estate practice, I take these rules very seriously. It is considered the standard of practice that I work under as I truly believe it is the right way to do business. Although there are many details to the complete code of ethics, here are a few points I would like to highlight:


REALTORS® pledge to protect and promote the interests of their client.
REALTORS® do not mislead on property value.
REALTORS® must disclose material defects and facts on properties.
REALTORS® must not discriminate.
REALTORS® must disclose dual agency.
REALTORS® are required to be accountable for funds.
REALTORS® must disclose accepted offers.
REALTORS® are required to provide competent service.
REALTORS® are not lawyers and cannot offer legal advice.
REALTORS® preserve the confidential information of their clients.


When selecting a REALTOR® make sure that the person is on the same page with you and can draw up and present the contract in a professional manner. It is in the client’s best interest to provide the seller with a professional, sincere and concrete purchase agreement from the get go. Lowball offers without documentation do not get noticed, it gets tossed in the trash. As your REALTOR®, I want your offer to be given serious consideration by the seller and ultimately accepted. That doesn’t happen if it goes from the fax machine to the shredder in less than five minutes.

Take the time to research and select a professional REALTOR® that will be your partner and advocate. Work with a person you like and trust to help you understand the process and negotiate the best deal for you!







Copyright 2009 Teri Eckholm 


Saturday, July 11, 2009

Anoka County Lakeshore, Acreage and New Construction Foreclosures: Home Sweet Home on a Budget!


Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?

It's time to stop thinking of foreclosures as the proverbial money-pit sitting on the market forever! In many instances, that is just not the case. People are snapping up deals all over Anoka County on homes that are in great condition and priced to sell. Some are bank-owned foreclosures but many are sellers just pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready as the good homes are selling FAST!

Here are a few north Twin Cities metro homes that I noted that sold in DAYS:


  • Ham Lake 1992 built home on 1.5 acres with an additional garage. Totally rehabbed with cherry cabinets & brand new stainless appliances listed at $209K. Sold in 11 days.

  • Forest Lake home 4BR/3BA on ½ acre with extra garage. Bank owned price at $154K sold in 8 days.

  • Hugo new construction REO executive built rambler on 10 Acres for $439K sold in 42 days.

  • North Branch 2003 built, 4BR/3BA split w/4 attached garage and detached garage on acre lot for $242K sold in 16 days.
This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:
  • Bankowned New Const. 4BR/2BA 2 story w/50ft on Coon in E. Bethel for $309K...nearly half the original list price of $699K
  • Almost complete Ham Lake Mod 2Sty with 5BR/3BA/3Car on 1+Acre for $239,900...Previously listed at $400K. A price drop of $160K!

  • 5BR/4BA/5Car attached new construction executive rambler in Ham Lake on an acre for under $500K.

  • Bankowned 4BR/3BA Andover multi-level over 1/2 Acre on City water and sewer! with all the bells and whistles. Builder listed at $479K…Bank dropped price another $30,000 to $349K!

  • TWO Executive Blaine REO Beauties in The Lakes. A 3BR/3BA rambler that originally sold for over $640K in 2005 bank priced today at $415K. AND a 5BR/5BA brick two story lakeshore home sold for over $1 million in 2005 just listed at under $615K!

  • Cute 2BR/2BA/2Car Anoka endunit townhome Original list price just under $200K now lender bargain price is $134K.
If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.
  • Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won’t be considered.

  • Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.

  • Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly.

  • Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.

  • In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.

  • Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don’t guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.

  • Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank…the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.





Copyright 2009 Teri Eckholm http://www.terieckholm.com/



Foreclosures on Lakeshore, Acreage and New Construction in Washington County that Buyers WANT to Call Home!


Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?

Good news is that foreclosures are no longer always trashed, fixer-uppers. Today's foreclosures can be simply AWESOME! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

Here are a few of the treasures I noted on the Twin Cities MLS in Washington County this morning:




  • 50 feet of lakeshore on Forest Lake’s first lake. Newer home with over 4600 square feet of living space and under $450K.
  • Starter home with 40ft of Forest Lake shoreline. Older but liveable one BR with den. $189,900.
  • Hugo New Construction Modified 2-Story in Water's Edge w/Master Suite. Previously listed at $375K, bank offering at $269K.
  • Brand new end 2 Story Tudor in Victor Gardens, Hugo. Granite, HWD, whirlpool mstr suite. Originally listed for $499K but now sold by the bank for $369K.
  • New Construction Executive homes in Lake Elmo 5BR/4BA two stories in St. Croix's Sanctuary that listed originally at the $1 million mark, now being offered by the bank for $790K.
  • Brand NEW Forest Lake 3BR/3BA/2 car townhome with 2100+ finished sq ft listed originally at $200K but bank has now priced $50,000 less at $149,900!
If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.
Seven Tips for homebuyers considering a foreclosed home:
  1. Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won't be considered.

  2. Banks reject lowball offers...no negotiation. They are a business and know the value of the asset they are selling.

  3. Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first.
  4. Banks sell homes AS-IS. What you see is what you get. Repairs will not be made.

  5. Banks will not pay for inspections in most cases. This includes the septic system and/or well. Be prepared as all inspections could end up being the buyer's responsibility. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.

  6. Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don't guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.

  7. Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank...the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Friday, July 10, 2009

Top 10 Reasons To Call Birch Pond Condos in New Brighton MN Home!

There are countless reasons people love the condominium community of Birch Ponds in New Brighton, Minnesota! It was difficult but I have narrowed down the list to just 10 amazing features.

10. Beautiful Pond. What a great place to take a walk, have a picnic or sit and relax. Residents with views of the pond from their balconies often consider this the best place to relax in the condo, while those without enjoy taking frequent strolls around the pond.

9. Professional Management. The association is professionally managed and works hard to keep the quality of service up while maintaining reasonable association fees.


8. Workshop. Be creative in the common hobby room/workshop that is located just off the garage in each building. And there is an assortment of tools available for resident use too.

7. Workout and Whirlpool. Keep fit by using the in building workout facilities. An assortment of workout equipment and free weights are located in the mini-gym of each building. Or just relax after a long day in the whirlpool.

6. Guest Suites. Most people do not have room to entertain out of town guests in their condo but this is not a problem at Birch Ponds. For a nominal daily fee, a guest of a resident can reserve and rent one of the guest suites that is located in either building.

5. Swimming Pool. Who doesn’t think an outdoor swimming pool looks incredibly inviting during the dog days of a Minnesota summer? Whether you enjoy sipping lemonade poolside or splashing with family and friends, having an outdoor pool at your disposal is a wonderful feature.

4. Underground Parking. Most units have at least one parking spot in the underground heated garage. And as a special bonus, both buildings offer a carwash stall allowing residents to have sparkling clean vehicles year round.

3. No Age Restrictions. This is not a senior only building though due to the amenities many of the residents are 55+. This makes Birch Ponds the perfect condo for anyone who wants a no-maintenance lifestyle!

2. Security. Key access to the building and unit and an intercom entry system is only just the start of the security that you will find at the Birch Pond complex. It is a friendly community of people that make a point to know their neighbors and keep a watchful eye on who is coming and going in the building for everyone’s safety and security.

1. Location, Location, Location. What a great area to live in! Birch Ponds is situated near the intersection of Silver Lake Rd and County Road E in New Brighton. Close to both 35 and 694 to access virtually any community in the Twin Cities within minutes! Plan on a quick commute to a theatrical evening at the Guthrie in downtown Minneapolis; or a action packed Minnesota Wild hockey game in downtown St. Paul. If shopping and traveling is more your style, Birch Ponds is just minutes from a shopping spree at the Mall of America and the Mpls/St Paul International airport!


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Tuesday, July 7, 2009

Lino Lakes, MN Real Estate Market Statistics Second Quarter 2009



Lino Lakes in Anoka County, MN was a great place to scout out a great deal on lakeshore or acreage in the Minneapolis/St. Paul area north metro during the second quarter of 2009. Directly impacted by the promise of an $8000 tax credit for first time buyers, bank owned and lender mediated properties flew off the Lino Lakes market. Traditional homes also saw an upswing in sales in the lower price points…heck in almost every price point. Even townhomes in this area have started to sell at a quicker pace, though not at higher prices.

Lino Lakes has a good mixture of lakeshore, acreage and townhome residences but is more known for having a bit of space between the houses. It conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart of the city. Lino Lakes is committed to maintain this treasure and its natural settings and wildlife habitats for years to come.

Lino Lakes single family homes in the low price points did not lingering on the market during the second quarter. The cumulative days on market (CDOM) statistic was down considerably to 174 in the second quarter compared 192 in first quarter. It is still higher than for the average CDOM of 160 that was for all of 2008. But obviously homes are starting to sell in Lino Lakes neighborhoods. Looking at current inventory levels and the rate of sales during the 2nd quarter for homes priced under $300,000, there is about 6 months of inventory for single family homes and 10 month of inventory on town homes.

Surprisingly, Lino Lakes homes in the $300,000- $400,000 price point are also starting to sell as people look for deals on acreage and lake homes with a quick commute to either downtown area. High end homes are not selling however. With two sales in the past six months over $500,000, it will take three years for the current high end inventory to sell.

2008 Average Sales Price of all homes sold in Lino Lakes:·

All Homes $259,826
Single Family Homes $276,580
Townhomes/Condos $169,074

2008 Average Cumulative Days on Market in Lino Lakes:

All Homes 160
Single Family Homes 157
Townhomes/Condos 178

2nd Quarter Lino Lakes residential real estate statistics for single family homes:

Under $200,000~ 17 Active Listings, 2 Pending Listings, 14 Sold Listings, 159 CDOM

$200,000-$300,000 ~ 40 Active Listings, 6 Pending Listings, 13 Sold Listings, 160 CDOM

$300,000-$400,000 ~ 27 Active Listings, 7 Pending Listings, 7 Sold Listings, 155 CDOM

$400,000-$500,000 ~ 10 Active Listings, 0 Pending Listings, 5 Sold Listings, 227 CDOM

$500,000 and Up ~ 12 Active Listings, 0 Pending Listings, 2 Sold Listings, 370 CDOM

2nd Quarter Lino Lakes residential real estate statistics for townhomes and condos:

Under $200,000~ 25 Active Listings, 5 Pending Listings, 9 Sold Listings, 121 CDOM

$200,000-$300,000 ~ 8 Active Listings, 1 Pending Listings, 1 Sold Listings, 430 CDOM

$300,000-$400,000 ~ 1 Active Listings, 0 Pending Listings, 2 Sold Listings, 165 CDOM

Lakeshore available in Lino Lakes as of 6/30/2009

4 Active Listings

Lino Lakes lakeshore price range: $375,000-$648,000

1 Home on Otter Lake
2 Homes on Reshanau Lake

Acreage properties available in Lino Lakes as of 6/30/2009

14 properties listed on 1-2 Acres priced between $159,900-$648,000
4 properties listed on 2.1-5 Acres priced between $239,900-$550,000
5 properties listed on 5.1-10 Acres priced between $249,900-$750,000
1 property listed on 10.96 Acres priced at $660,000
1 property listed on 29 Acres priced at $849,900
1 property listed on 80 Acres priced at $6,000,000


For additional information on any current Lino Lakes real estate listing or for additional information on buying a home in Lino Lakes contact Teri Eckholm directly at 651-336-7073.

**All Statistical information sold based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 4/1/09 through 6/30/09.



Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Monday, July 6, 2009

Ham Lake, MN Real Estate Market Statistics for 2nd Quarter 2009


Yes, there really is a lake and a town in Minnesota named after a ham hock. It will probably not come as a surprise that the unique Ham Lake name wasn't the first choice by the settler's to the area. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. The original name of the community was Glen Carey, which is the Scottish translation of "beautiful valley". Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake...most probably because the lake in the area has a unique "ham-hock" shape. Anoka County officially was recognized Ham Lake as a township in 1871. In the early 1900's Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.

Those four lanes are in full use now as people continue look at acreage, executive, luxury, hobby farms, lakeshore and even entry level starter homes in the Ham Lake area. The real estate market remains sluggish in Ham Lake, MN like many other Anoka County communities, but a number of homes are selling. There are bright spots across the board with homes selling in all price categories under $400,000. Not only have there been a significant number of closed sales during the quarter, there still are a large number of existing single family homes in pending with scheduled upcoming closing dates. However, new construction sales are still slow to move with only a handful of closed sales in the second quarter. This is an improvement from the zero homes sold in the first quarter of 2009. The average Cumulative Days-on-Market (CDOM) is down a bit from first quarter in Ham Lake but still at 202 days it is taking longer to sell a home than in 2008 when the CDOM was at 158. These numbers will tend to be skewed for sometime as we work through the sales of homes that sat on the market for well over a year.

Inventory is down in Ham Lake from the levels seen in 2008 but has taken a jump in the spring and summer months. No doubt lakeshore home sellers have jumped back in to the market as there is nothing as picturesque as a Minnesota lake in the spring and summer months. There are currently 133 homes active on the market compared to 110 at the beginning of January. Homes continue to take months to sell as there still seems to be more Ham Lake homes on the market than Ham Lake buyers. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months. Right now inventory levels indicate there is about 24 months of inventory. Having a good price strategy for your home and being prepared for showings is crucial for anyone planning to sell a home in this Anoka County community in 2009.

2nd Quarter 2009 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 29 Active Listings, 12 Pending Listings, 13 Sold Listings, CDOM 196 (All existing homes)
$200,000-300,000 ~ 38 Active Listings, 8 Pending Listings, 14 Sold Listings, CDOM 192 (New Construction Subgroup ~ 2 Active, 1 Pending, 2 Sold, CDOM 15)
$300,000-400,000 ~ 37 Active Listings, 3 Pending Listings, 4 Sold Listings, CDOM 175 (New Construction Subgroup ~ 6 Active, 1 Pending, 0 Sold)
$400,000-$500,000 ~ 13 Active Listings, 1 Pending Listings, 0 Sold Listings (New Construction Subgroup ~ 3 Active, 0 Pending, 0 Sold)
$500,000 and Up~ 16 Active Listings, 1 Pending Listings, 2 Sold Listings, CDOM 366 (New Construction Subgroup ~ 3 Active, 1 Pending, 1 Sold, CDOM 586)

Lakeshore available in the City of Ham Lake
6 Active ListingsHam Lake lakeshore price range: $185,000-$950,000
  • 6 Homes on Coon Lake

  • 1 Home on Lake Netta

  • 1 Home on Ham Lake

  • 3 Homes on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 3/31/09.







Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Thursday, July 2, 2009

Forest Lake MN Real Estate Market Statistics 2nd Quarter 2009



Forest Lake, Minnesota is well known throughout the Twin Cities area. It was a favorite summer vacation spot, an annual ice fishing tournament tradition and a destination when going for a Sunday a drive in the country in days gone by. Today, the lakeside cabins have been replaced with year round residences, the fishing tourney is but a memory and the farms are few and far between in this third ring St. Paul suburb.

Real estate in Forest Lake, MN in north Washington County and east Anoka County has seen homes priced under $200,000 selling significantly faster in the 2nd quarter than in the last year, though there has not be a significant increase in the number of homes sold A total of 16 single family homes were sold in Forest Lake and Forest Lake Township during this time period. The Cumulative Days on Market (CDOM) Statistic is down considerably in the 2nd quarter from 165 days to129 days for homes under $200,000 in Forest Lake. This is quite a bit better than what was seen in the first half of 2008 when the CDOM ranged from 211-286. Homes are selling much better in the lower price points…no doubt that the $8000 first time homebuyer tax credit had something to due with the picked up rate of sales in this price range.

It appears the high end homes will continue to struggle into 2009 with virtually no sales for homes priced over $500,000. All of these properties are lakeshore and many are beautiful executive residences on Forest Lake's picturesque First Lake. Currently, the Forest Lake community sits with nearly 5 years of inventory in the highend price range and with no homes sold in the second quarter…long after the ice has melted…it appears this end of the market is at a standstill.


With all this inventory, some sellers are getting aggressive with pricing. There are a few beautiful homes are currently on the market in Forest Lake at amazing prices; many are lakeshore and acreage properties. With this much inventory, motivated sellers will need to be flexible on pricing. It might be the perfect time to negotiate a GREAT deal on a lakeshore or acreage home! There are 46 active lakeshore homes for sale in the Forest Lake area and some are at attractive and affordable price points. Many lakehomes have been on the market for several months; some over a year. With the amazing low interest rates and few highend buyers, it could be a great time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!

2nd Quarter 2009 Forest Lake real estate statistics for single family homes:

Under $200,000~ 34 Active Listings, 11 Pending Listings, 16 Sold Listings, 129 CDOM (Lakeshore Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$200,000-$300,000 ~ 51 Active Listings, 10 Pending Listings, 8 Sold Listings, 180 CDOM (Lakeshore Subgroup ~ 5 Active, 1 Pending, 1 Sold)

$300,000-$400,000 ~ 29 Active Listings, 5 Pending Listings, 2 Sold Listings, 190 CDOM (Lakeshore Subgroup ~ 6 Active, 2 Pending, 1 Sold)

$400,000-$500,000 ~ 11 Active Listings, 0 Pending Listings, 0 Sold Listing, (Lakeshore Subgroup ~ 6 Active, 0 Pending, 0 Sold)

$500,000 and Up~ 28 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 28 Active, 0 Pending, 0 Sold)

Lakeshore available in the Forest Lake area: 46 Active Listings, 3 Pending Listings, 2 Sold

ListingsForest Lake lakeshore price range: $189,900-$2,600,000
42 Homes on Forest Lake
1 Homes on Clear Lake
2 Home on Comfort Lake
1 Home on Heims Lake (Environmental Lakeshore)


**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 4 /1/09 through 6/30/09.


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Wednesday, July 1, 2009

Keep Moving Forward (An Almost Wordless Wednesday Post)

Two of my favorite Walt Disney quotes keep my life and real estate business in focus:

"Around here, however, we don't look backwards for very long. We keep moving forward, opening up new doors and doing new things, because we're curious and curiosity keeps leading us down new paths."

No matter what happens, whether in an appraisal comes in low, there is a multiple offer situation or a buyer loses a job and the financing falls apart, you have to keep moving forward, putting home buyers and sellers together to help them find their way home.

"It's kind of fun to do the impossible."

Sometimes it seems like a home will be impossible to sell. When the "SOLD" sign goes up, I have to admit it is kind of fun!

(And yes, that is a photograph...Of a Mickey Mouse clock that I have in my house.)


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Blaine, MN Real Estate Market Statistics 2nd Quarter 2009

In spite the economic downturn of the past few years, the community of Blaine has continued to grow and expand in the north metro of the Twin Cities. Just drive down Highway 65 and see just completed Main Street (125th) overpass to get an idea of how the significant changes have affected the community. Though housing construction had slowed during 2008, it has not stopped and continues to affect the 2009 market. New developments expand the housing base, especially in the townhome and lower level price points. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16
. Blaine is best known for the National Sports Center a sport and meeting facility that hosts an annual worldwide soccer event and Tournament Players Club golf course where the PGA Senior tour is played every summer.
Builders' incentives and lender mediated home sales have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. As I predicted this affordability is continuing in 2009. It seems a builder or two has finally caught on that under $200K is the price point where the bulk of the buyers are as there are single family new construction homes in Blaine UNDER $200K for the first time in years!
While the homes moving the quickest in Blaine continue to be in that under $200,000 price point, we are finally starting to see a little more movement in the $300K-$600K priced homes (the over $600K market remains pretty static). My guess is that all the first time buyers have bought up a few of those starter homes owned by traditional sellers that are now able to finally move up to the next price point.
Cumulative days of the market (CDOM) are pretty consistent in the lower price points. But notice the high CDOM’s for high valued homes…475+ days on the market is a very long time. With 55 homes on the market above $500,000, there is currently almost 3 YEARS of inventory!
Additionally, the $8000 first time homebuyer tax credit really affected the inventory levels in the lower price points. Looking at current inventory levels and the rate of sales (including pending sales) for single family residential homes priced under $200,000, there is about 3 months of inventory for single family homes in Blaine as it stands today.
Lower priced townhomes in Blaine have similar statistics with very low inventory. Of the townhomes and condominiums on the market in Blaine, roughly 25% of those sold were new construction. Townhomes are still a popular option for first time homebuyer in the Blaine area and builders price incentives have affected the market, as has lender mediated pricing. The average price of Blaine townhomes sold has dropped significantly in the first half of the year. Existing townhome sellers must make their prices very attractive to compete with the aggressive lender mediated and builder pricing. Townhomes under $200,000 have about a four month absorption rate but higher priced units have well over a year of inventory.
Average Sales Price of all homes sold in Blaine 2008 vs 2009 to date:
  • All Homes $225,300 in 2008 vs $194,321 in the first half of 2009
  • Single Family Homes $253,143 in 2008 vs $211,725 in the first half of 2009
  • Townhomes/Condos $171,218 in 2008 vs $149,652 in the first half of 2009

Average Cumulative Days on Market in Blaine 2008 vs 2009 to date:
  • All Homes 154 in 2008 vs 159 in the first half of 2009
  • Single Family Homes 150 in 2008 vs 155 in the first half of 2009
  • Townhomes/Condos 162 in 2008 vs 172 in the first half of 2009
2nd Quarter Blaine residential real estate statistics for single family homes:
Under $200,000~113 Active Listings (20 Disclosed as Lender Mediated), 50 Pending Listings, 54 Sold Listings, 121 CDOM (New Construction Subgroup 1 Active, 1 Pending, 0 Sold)
$200,000-300,000~94 Active Listings (9 Disclosed as Lender Mediated), 23 Pending Listings, 31 Sold Listings, 162 CDOM (New Construction Subgroup 17 Active, 6 Pending, 6 Sold, 298 CDOM)
$300,000-$400,000 ~37 Active Listings(2 Disclosed as Lender Mediated) , 13 Pending Listings, 9 Sold Listings, 175 CDOM (New Construction Subgroup 13 Active, 7 Pending, 5 Sold, 116 CDOM)
$400,000-$500,000 ~ 26 Active Listings (2 Disclosed as Lender Mediated), 1 Pending Listings, 8 Sold Listings, 484 CDOM (New Construction Subgroup 8 Active, 0 Pending, 2 Sold, 272 CDOM)
$500,000-$1,000,000~ 29 Active Listings (3 Disclosed as Lender Mediated), 3 Pending Listings, 2 Sold Listings, 496 CDOM (New Construction Subgroup 7Active, 1 Pending, 1 Sold, 170 CDOM )
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 0 Active, 0 Pending, 0 Sold)
2nd Quarter Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 110 Active Listings (12 Disclosed as Lender Mediated), 43 Pending Listings, 42 Sold Listings, 162 CDOM (New Construction Subgroup 13 Active, 10 Pending, 8 Sold, 313 CDOM)
$200,000-300,000~24 Active Listings (2 Disclosed as Lender Mediated), 2 Pending Listings, 3 Sold Listings, 325 CDOM (New Construction Subgroup 13 Active, 2 Pending, 0 Sold)
$300,000-$400,000~ 7 Active Listings, 0 Pending Listings, 3 Sold Listings, 150 CDOM (New Construction Subgroup 6 Active, 0 Pending, 1 Sold, 276 CDOM)
$400,000-$500,000~3 Active Listings, 1 Pending Listings, 0 Sold Listings (New Construction Subgroup 3 Active, 1 Pending, 0 Sold)
$500,000-$1,000,000~ 2 Active Listings(1 Disclosed as Lender Mediated), 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
For additional information on any current Blaine real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 4/1/09 through 6/30/09.


Copyright 2009 Teri Eckholm http://www.terieckholm.com/