Blaine, MN Real Estate Market Statistics First Quarter 2010

The community of Blaine has continued to grow and expand in the north metro of the Twin Cities despite the economic downturn. Just drive down Highway 65 and see the 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 be a force in 2009. 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 to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. As I predicted, this affordability did continue throughout 2009. Home sold more quickly in 2009 and at better prices than in 2008 (Click Here to see stats for Blaine for the first quarter of 2008). The homes that are selling best in Blaine continue to be in the under $200,000 price point. There is currently only about 5 months of single family homes in prices under $200,000 in Blaine.

I would speculate that the tax credit incentive boosted the lower end sales considerably by enticing first time buyers into the market. Cumulative days of the market (CDOM) picked up a bit in the lower price points as compared with 2009 by a few days. It is good to note that there were a few more sales in the higher price points too. There is approximately 9 and 11 months of inventory of single family homes in the $200,000- $300,000 and $300,000-$400,000 ranges, respectively. It is also important to note that there are fewer new construction properties in the over $500,000 price range and that builders are starting to construct both townhomes AND single family homes under $200,000. Builders seem to finally realize that buyers are not buying as many “McMansions” in Blaine as they had in years past.

The townhome and condominium market is still selling slower than single family homes but inventory levels have come down considerably in the past year in Blaine. Existing townhome sellers must continue to be aggressive in their pricing to compete with builders if they want to sell their properties in this market. Townhomes under $200,000 have about an 16-18 month absorption rate but little is selling in higher price ranges so it is difficult to assess how long the current new townhome inventory will stay on the market.2009 Average Sales Price of all homes sold in Blaine:
· All Homes $196,174
· Single Family Homes $216,254
· Townhomes/Condos $150,523

2009 Average Cumulative Days on Market in Blaine:

· All Homes 143
· Single Family Homes 140
· Townhomes/Condos 150

1st Quarter Blaine residential real estate statistics for single family homes:

Under $200,000~ 104 Active Listings, 53 Pending Listings, 59 Sold Listings, 115 CDOM (New Construction Subgroup 4 Active, 2 Pending, 0 Sold)
$200,000-300,000~109 Active Listings, 33 Pending Listings, 34 Sold Listings, 167 CDOM (New Construction Subgroup 35 Active, 15 Pending, 7 Sold, 113 CDOM)
$300,000-$400,000 ~40 Active Listings, 10 Pending Listings, 16 Sold Listings, 119 CDOM (New Construction Subgroup 14 Active, 5 Pending, 7 Sold, 119 CDOM)
$400,000-$500,000 ~ 21 Active Listings, 3 Pending Listings, 4 Sold Listings, 319 CDOM (New Construction Subgroup 4 Active, 1 Pending, 3 Sold, 378 CDOM)
$500,000-$1,000,000~ 20 Active Listings, 4 Pending Listings, 3 Sold Listings, 156 CDOM (New Construction Subgroup 10 Active, 3 Pending, 1 Sold, 47 CDOM)
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction over $1,000,000)
1st Quarter Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 115 Active Listings, 40 Pending Listings, 20 Sold Listings, 95 CDOM (New Construction Subgroup 14 Active, 6 Pending, 7 Sold, 40 CDOM)
$200,000-300,000~18 Active Listings, 7 Pending Listings, 0 Sold Listings (New Construction Subgroup 10 Active, 6 Pending, 0 Sold)
$300,000-$400,000 ~ 4 Active Listings, 1 Pending Listings, 2 Sold Listings, 193 CDOM (New Construction Subgroup 3 Active, 1 Pending, 1 Sold, 151 CDOM)
$400,000-$500,000 ~4 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 5 Active Listings, 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 1/1/10 through 3/31/10.

Copyright 2010 Teri Eckholm 

2009 Year End Snapshot of Blaine Market Statistics

The number of new listings continued to drop in Blaine, Minnesota through 2009 as did the average sales price. Blaine’s high valued home market in prices $500,000 and up continues to be at a standstill but lender mediated foreclosure/short sale homes in the lower price points continue to sell and affect the average sales price. Closed sales are up for Blaine in 2009 over 2008 so the market is seeing activity. Listings are staying on the market just slightly less this year than the previous year. Blaine has sold through most of its current home inventory as it was an affordable option for buyers in the north metro homebuyer. With less than 3 months of inventory in the lower price points, 2009 might be the year for a traditional seller with a starter home to have the opportunity to move up.  

*Does not take into account time on the market or list price from previous listing contracts.
*Based on data from the Minneapolis Association of Realtors and data reported to the Regional Multiple Listing Service, Inc.

 
Copyright 2010 Teri Eckholm http://www.terieckholm.com/

Unexpectedly Amazing Bank-Owned Homes on Lakeshore, Acreage and throughout Anoka County!

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 very good condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many homes that you can move right into too!


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

• New Construction Foreclosure on Coon Lake! 60ft of shoreline and brandnew 4BR/2BA on north side of Coon Lake in East Bethel. Builder listed at $600K;bank priced ½ off at $299K.


• East Bethel Acreage with underground sprinklers, master suite and 4BR on one level. 4BR/3BA with 3 car built in 2001 and EXTRA garage sold for $393K just listed this weekend by bank for $222K!


• Bank-owned New Construction 5BR/4BA Rambler in Ham Lake. Executive home with 5 car attached garage. Tax valued at $589K bank asking $499K includes heated garage, wet bar, landscaping!


• 3BR/2BA/3Car 2004 built splitlevel on 3 acres in Burns Township. Just listed this weekend for $139K. Originally sold in 2004 for $265K.


• Modified 2 story 3BR/2BA/3 Car on 1/4 ac in St. Francis. Just listed this weekend for $169,900 by bank. Anoka County tax value $219K--$50,000 higher than asking!


• Brand NEW Andover One-Story Twin Home! 2BR/2BA/3Car with master suite. Builder priced at $265K...Bank asking $150,000!

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...often with 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. Buyers must be prepared to make all necessary repairs out of their own pocket after closing.


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/

Unexpectedly Amazing Bank-Owned Homes on Lakeshore, Acreage and throughout Anoka County!

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 Anoka County this weekend:

• New Construction Foreclosure on Coon Lake! 60ft of shoreline and brandnew 4BR/2BA on north side of Coon Lake in East Bethel. Builder listed at $600K;bank prices nearly ½ off at $309K.
• Bank-owned New Construction 5BR/4BA Rambler in Ham Lake. Executive home with 5 car attached garage. Tax valued at $589K bank asking $499K includes heated garage, wet bar, landscaping!
• East Bethel Acreage with underground sprinklers, master suite and 4BR on one level. 4BR/3BA with 3 car built in 2005 and sold for $393K just listed this weekend by bank for $238K!
• Brand NEW 2BR/2BA/3CAR Rambler Twinhome in Andover. Master suite, vaults, walk-in closets. Builder priced $265K...Bank asking over $100K less at $150,000!
• Just Listed 2004 Modified 2 story in St Francis with 3BR/2BA/3Car on 1/4 acre with open floor plan. Sold for $243K in 2005...Bank asking $169K.

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...often with 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. Buyers must be prepared to make all necessary repairs out of their own pocket after closing.


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/