Now IS the Time to get a GREAT DEAL on a Minnesota Lakeshore Home!

Recently I was on the phone with REALTOR® from the Brainerd Lakes area (cabin country for those in the Twin Cities north metro). We were discussing how affordable lake shore properties had recently become in Minnesota compared to just a few years ago. One of the tidbits he shared with me was that all predictions were pointing toward an abundance of lakehomes and lakeshore cabins that would be hitting the foreclosure market this year. This year seasonal and year round properties are available in every price point at rock bottom prices.

So this got me thinking and once again I decided to check on what was happening in the north and east Minneapolis/St. Paul market. What I found was phenomenal…home prices on local lake homes had dropped yet again and there are lakeshore deals all across the north metro in Anoka County. I was surprised that so many lake homes were hitting the market so late in the summer. Could it be that people think that since there is good activity in the lower starter homes, it will carry over to lakeshore? It is no surprise that in this economy, higher priced homes will have extremely long market times. In some communities that I serve homes in the half million plus price point have been on the market for YEARS. The housing tax credit did boost lower end sales but didn’t do much for these higher end homes. So how does the recent upswing in low end sales affect lakeshore? Or does it have any affect at all?

Once again I think it is time to ask the question, Is NOW a Good Time to Make a DEAL on a MN Lakeshore Home? It's GREAT!

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 2010. As a REALTOR® working in the north east metro for several years, I knew it was difficult to find reasonably priced Minnesota lakeshore in just a few years ago…especially properties located in areas with a quick commute to downtown. Just last year, the Twin Cities market has been experienced 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 quick search for lakeshore homes SOLD and closed after January 1, 2010. I found 93 single family lakeshore 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. If a sold home was not a foreclosure, there were some unbelievable price concessions by sellers. The 94 listings were on the market an average of 209 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 average time on the market for north metro lakeshore is closer to 2 YEARS.


So where were the deals on Minnesota Lakeshore during the first half of 2010? All over the north metro!
Here are some of the highlights:


Anoka County


Lowest Sold Price $148,000 (Original list price $169,000)
Highest Sold Price $561,000 (Original list price $1,145,000)
Average $336,470
Total Homes Sold 27


The lowest priced Anoka County lakeshore home in the first half of 2010 was on Minard Lake in the northern community of East Bethel. It was a 1972 split level being sold due to a corporate relocation. It was 3BR/2BA and a 2 car garage. It sold for $149,000 after 148 days on the market for $20,000 less than asking and a $5,100 seller paid concession.


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 $ 68,000 (Original list price $ 98,900)
Highest Sold Price $ 722,225 (Original list price $750,000)
Average $251,634
Total Homes Sold 32

The lowest priced home was a foreclosure bargain in Fish Lake Township on Lower Goose Lake with 100 ft of shoreline. It was a bank-owned, 1950’s rambler with 2BR/1BA and a 2 car garage that sold in 91 days for $68,000.
On the high end, there was a 1996 built lake home on Chisago Lake with 100 ft. of shore located in Chisago City. This 5BR/4BA brick rambler with a 6 car garage was a beauty! The home was sold occupied and sold by a traditional seller without lender mediation. It originally was listed at $ 750,000 and sold in 61 days for $722,225.


Ramsey County


Lowest Sold Price $210,000 (Original list price $ 389,000)
Highest Sold Price $1,650,000 (Original list price $ 2,250,000)
Average $554,687
Total Homes Sold 23


Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. On the low end of the spectrum, there was a 3BR/2BA/1 Car One and a half story in Roseville built in 1950 on McCarrons Lake. It originally listed in early 2008 for $389,000 but after going to the bank it was sold as an REO property for $210,000.
The spendy side of Ramsey County featured an Arden Hills executive home on Lake Johanna. The one story brick and cedar home was build in 2002 and sits on a 1.3 acres with 4BR/5BA/7Car and 6400+ finished square feet. After being on the market for just 189 days and a quarter of a million dollar price drop, it sold for just over $1.6 Million.
Washington County


Lowest Sold Price $ 95,000 (Original list price $ 99,900)
Highest Sold Price $1,501,069 (Original list price $ 1,799,900)
Average $465,493
Total Homes Sold 24


There were bargains at all price points in Washington County in the first half of 2010. At the low end a corporate-owned lakeshore home on Tanners Lake in the City of Oakdale. It sold for $95,000 cash after being originally listed for $195,000 in 2007. This 1BR/1BA/1 Car 1940’s home was a short sale/lender-mediated property.

The Washington County high ticket home sold so far in 2010 is located in Stillwater with shoreline on Big Carnelian Lake. The 2003 two-story home was built on a 6 acre estate and full of all the upgrades. It sold after a whopping 796 days for $750,000 less than asking price…Yes a three quarters of a million price drop! The home has 5BR/5BA/6Car and 1200 feet of lakeshore!

Bargains are STILL out there!

Currently there are hundreds of single family lakeshore homes on the market throughout the Twin Cities north metro.  As of today, there are 80 listed in Anoka County, 122 in Chisago County, 75 in Ramsey County and 134 in Washington County. Prices range from $ 84,900 to $2.65 million and everywhere in between! The deals on Minnesota’s sandy shorelines are out there! Your Minnesota lakeshore dream home could be closer than you ever imagined!

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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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.

Copyright 2010 Teri Eckholm 

Happy Mother's Day! --The Meaning Behind the Greeting

-->

A “Happy Mother’s Day” greeting has a deeper meaning than to just have a joyous day. Sharing these three words with your mom, grandma, stepmom or other person is a way to say, “thank you”, “I honor you”, “I respect you”, and “I love you.” It is about putting a mom’s happiness first for the day.

In the United States we have been honoring mothers for nearly a century on the second Sunday in May. Credit for the holiday is attributed to Anna Jarvis, who spend much of her lifetime promoting this special day to honor her own mother, Ann Jarvis. She was inspired by her mother’s dedication to her eleven children.

On the second anniversary of her mother’s death which fell on the second Sunday in May, Anna Jarvis worked with her mother’s church in West Virginia to create a celebration for all moms. She decorated the church with her mother’s favorite flowers, white carnations which were symbolic of her mother’s love; full of sweetness, purity and endurance. Carnations still are used today in Mother’s Day celebrations. Red carnations are symbolic of mom’s who are living and the white flowers memorialize the ones who have passed away.

This first Mother’s Day was such a success that support grew for Anna Jarvis. She recruited a team of supporters to write politicians, congressmen and ministers throughout the U.S. It was a century ago, in 1910, when West Virginia became the first state to officially recognize Mother’s Day as a holiday. The following year almost every state observed the day to honor mothers as well. In 1914, President Woodrow Wilson officially declared the second Sunday in May as the holiday: Mother’s Day.

In the past 90+ years though the family structure may have changed, creating many more “mothering” people to be honored, one thing has stayed the same. This day is for remembering and honoring moms for all of the good you do and the love you share. Happy Mother’s Day!

Copyright 2010 Teri Eckholm

Unexpectedly Amazing Bank-Owned Homes on Lakeshore & Acreage throughout Anoka County!! (And some by traditional sellers too!)

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 today:

• New Construction Foreclosure Brick Rambler in Ham Lake! Acre lot, 6 car attached garage, executive 4BR/3BA with hardwood, tile, vaults and more. 80% complete. Builder price $480K, bank asking $279,900.


• 3500 Sq ft Executive Rambler on Ham Lake acreage. 4BR/3BA/4Car on 1.8 acre lot. Cherry cabinets. Hwd floors, media room, 2 decks +++ Builder listed for $799K in 2007. Bank asking $499K.


• 4+ Beautiful Acres 5BR/2BA/3Car in Columbus. Originally sold in 2005 for $322K…Bank asking $175K.


• 1996 Built Modified 2 Story on 25+Acres in St Francis 4BR/2BA with 3 car, wooded setting, Hwd floors, Master suite, gas fpl in finished family room listed by bank for $239K!


• Coon Lake Shoreline 4BR/5BA/5Car in Ham Lake 85+ft shoreline and 2+Acres. Entertainers dream 2 Story w/2 full kitchens &Master suites! w/o basement. Original list $650K now priced to sell at $454,900.


• 2 story on Pet Lake in Linwood! Not a foreclosure, but priced like one! Just listed today at $180K ($40K under tax value)! Well maintained 2BR/3BA/2Car w/Hickory cabinets and SS Appliances.


• New Construction Foreclosure 5BR Two Story in Ham Lake! Acre lot, Completely finished with upgrades: Cherry cabinets, upstairs laundry, private master suite. Builder price $570K, bank asking $369,900

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.

Are YOU ready to get a great deal on a foreclosed home? Let me be your professional REALTOR®! 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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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.

Copyright 2010 Teri Eckholm

Lakeshore Foreclosures Available in the North East Twin Cities Metro

In Minnesota, Land of 10,000 Lakes…well 12,000 actually, there are bound to be one or two lakeshore owners who have had a tough time in this economic downturn right? I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found five current listings for lakehomes in either Anoka County, Ramsey County or Washington County. This number is down considerably from this time last year where there were nearly a half dozen bank-owned lakeshore properties in each of the three counties. Buyers wanting to snatch up a great deal need to act quickly.

Priced from $245,000 for a 1940 built home on Tanners Lake in Oakdale to $1,725,000 for 45 Acres that could be split into 23 lots; 10 with lakeshore on Forest Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is another home on Forest Lake listed for $274,900 with 3 bedrooms and 2000+ finished square feet. Or if you would prefer a home in Anoka County, there is an opportunity to buy lakeshore property on Centerville Lake in Lino Lakes. This 1970’s home is listed for just under $345,000.

For those who don’t mind a smaller lake there’s a great new listing on Goose Lake in White Bear. A home with 2700 finished square feet on almost an acre just listed for $279,900.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Anoka. Ramsey and Washington Counties over the next few months.

And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. Note: As Aspen is a small, man-made lake it is not listed in the Minnesota DNR Lake Finder.

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/27/2010. 

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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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.

Copyright 2010 Teri Eckholm 

New Summer Listings on AFFORDABLE Minnesota Lakeshore! GREAT PRICES throughout Anoka County

Are Minnesota lakeshore owners hoping the real estate market has turned a corner? Maybe.

I spotted an unusual trend this past July. Lakeshore homes, that traditionally list as soon as the the frozen lakeshore shows signs of spring, were being listed mid-summer and now into August. And they are not just the usual handful of sellers that just couldn't get ready in time for the spring market. There were several lake properties listed in Anoka County after July 1st this year. These are not "cancel and relist as new" homes…You know the ones that just give you the feeling of deja'vu because they get a new MLS number every 6-8 months. Over a dozen new lakeshore listings hit the market as bona fide new listings in the past six weeks.

Here are a few of Anoka County “priced-to-sell” Lakeshore Listings that just hit the market:

• Otter Lake 4BR/3BA/2car split on ¾+ acre under $350K


• 1998 built 2-Story 4BR/4BA/5Car on Coon Lake. Additional garage with studio/office above on paved road priced under $660K (Almost $70K below tax value!)


• 2BR/3BA/2car 2000 blt townhome in the Lakes of Raddison. Pd $230K in 2005, asking $189,900


• 5BR 2-story on Linwood Lake with pole barn! Updated Gourmet Ktn and awesome lakeviews! Listed at $435K

Need to learn more about the size, depth and water quality of Anoka County lakes? Check out these links to a few popular lakes in Anoka County. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.

• Coon


• Ham


• Linwood


• Otter


• Round

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