A REALTOR® Working Hard to always have that “Little Extra”

Today I was working on pulling a CMA or comparative market analysis for a potential client. When I do a CMA, I spend quite a bit of time selected comparables and figuring out the optimal initial starting price as this is a difficult real estate market. What I do not spend a lot of time with is the collateral information that I put in with every CMA. It is the extra information that tells the new client “how I work”. I spend much time with this information because frankly, the way I work hasn’t changed since I started and wrote up the information several years ago.

For some reason today, the information on the first page just caught my eye. I am not changing a word but I do want to share what my business philosophy is. It is just one quote and 6 sentences. But this short statement gives insight into who I am and how I work.

“The difference between ordinary and extraordinary is that little extra.”
~Barbara Jordan

As your REALTOR®, it is my job to understand your needs and respond to them promptly, professionally and with integrity. It is my pledge to provide you with sound real estate advice, helping you understand the wisdom of the decisions you make.

By being your REALTOR®, our relationship is built on trust. Value and service will be provided before, during and after the transaction, so that your changing needs are always addressed and satisfied.

It is not only my business philosophy, but also a commitment to provide you with exemplary personalized service beyond your expectations. My practice is to listen, hear and truly understand your needs; a quality of business conduct that often seems to have been forgotten in today’s fast paced, highly automated society.

Whether you are considering buying your first home or selling the home you have lived in for years, it is important to realize that not every REALTOR® works in the same way. While other agents may pay lip service to statements such as these, making promises that cannot always be delivered, I take an honest approach and work with you to find the best way to get the job done. I take time to explain the real estate market and if things change, work with you to adapt to the situation in a way that will work best for you. This is truly how I work; anyone who knows me can tell you this is who I am. If you want to work with me to sell or buy a home, I will be your partner in the process from start to finish.

Copyright 2010 Teri Eckholm

Drought Over! Will MN Lakeshore Prices Rise with Lake Levels?

As we prepare for another round of potential thunderstorms this morning, I began to wonder how this summer’s rainstorm after rainstorm has affected the drought conditions that have been plaguing Minnesota for several years. It is no secret to anyone living in the area that the 10,000+ Minnesota lake levels have been low over the past few years as we watched docks get longer to reach the water at lakes throughout the state. There was more than one local news report over the past few years warning boaters to be cautious when touring local lakes for underwater hazards due to low water levels. But this summer we have been blessed (or cursed to those affected by the flash flooding) with abundant rainfall! Last night alone, rain gauges across the Twin Cites with outstate areas boasting several inches. Eagan, Minnesota located just south east of the Minneapolis/St Paul airport had a whopping 3.97 inches of rain last night!

So how have the summer storms of 2010 affected the Minnesota drought? In a word, significantly!

According to this cool tool, the drought impact reporter, Minnesota has gone from being categorized as100% abnormally dry or worse last year to no drought reports anywhere in the state! As early as 6 months ago, several counties across the arrowhead region of Minnesota were reported as extremely dry. Hopefully this is a step toward our lake levels coming back.

The good news is prices on lakeshore have been as low as the lake levels this year! Though few lake shore homes are in foreclosure, the down market has caused many sellers that need to sell their prized lakeshore for rock bottom prices. In many cases, list prices are down tens of thousands lower than in previous years.

Here are just a few DEALS on lakeshore homes that I have noted across the north and east Twin Cities metro this past week:

• 4BR/2BA 50’ Shore on Coon Lake in Ham Lake listed at $235K
• 2BR Forest Lake home with 75’ lake shore on Clear Lake Listed under $230K
• 2BR/2BA home with 55’ Shoreline on Forest Lake listed for $250K
• 3BR/2BA on Bald Eagle Lake, acre lot and 175’ shore listed for $500K

FEATURED LAKESHORE HOME
278 Janice Ave, Shoreview MN 3BR/2BA on private lot, update with view and access to full recreational Lake Wabasso $329,900 CLICK HERE to Take Virtual Tour
For additional information on these or any other lakeshore home in the Minneapolis/St Paul area, call or text Teri Eckholm, REALTOR® with RE/MAX Specialists at 651-336-7073.
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 

Forest Lake, MN Real Estate Market Statistics Mid Year 2010

Forest Lake, Minnesota is well known throughout the Twin Cities area. Many people from the city remember the northeast St. Paul suburb fondly from years gone by as a summer vacation spot, an annual ice fishing tournament tradition or as a destination when going for a Sunday a drive in the country. 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. The northern Washington County and east Anoka County community of Forest Lake is now considered an integral part of the Twin Cities.

Real estate in Forest Lake, MN sold a bit faster during the second quarter compared to the first. A total of 110 properties sold in the Forest Lake Area between January and June compared to 45 being sold prior in the first three months of the year. Of these homes, 68 properties, were single family homes while the other 42 were townhomes, condos or twin homes.

Not surprisingly, the price category of under $200,000 is the high point the bulk of homes sold during the first half of 2010 (78 properties sold with 39 Single family homes and 39 townhomes/condos). The $8000 tax credit really made an impact in the Forest Lake market as the first time buyer homes under $200,000 are not staying on the market for very long. It will be interesting to see if this momentum continues, though it seems doubtful based on early pending sales results for May and June since the credit expired.

High end homes continue to struggle though the first half of 2010. Homes over $500,000 remain are at a complete standstill with zero homes sold in the over half a million price category in the Forest Lake area during this time period. Add that to the one home sold in all of 2009 and it will is difficult to calculate an absorption rate. As most lakeshore homes fall into this category, there is an abundance of high valued lakeshore homes to select from in the Forest Lake area. With one sold in the past 18 months and 24 active listings over $500,000, it will DECADES for all the homes to sell if sales continue at this rate.

What does this mean for the home buyer? Homebuyers in 2010 looking for homes under $200,000 will have to make quick decisions on homes in Forest Lake that appear to be good values. Lakeshore and acreage properties priced under $500,000 seem to be attractive to buyers and selling quickly again, so it is important to be prepared to buy when the right property comes onto the market.

A buyer looking to purchase high-end lakeshore in the Forest Lake area, is at the wheel in the captain’s chair in 2010! With so much inventory, high-end lakeshore sellers must to be flexible on pricing if they want to be the house with the SOLD sign on their yard this summer! NOW might be the perfect time to negotiate a GREAT deal on a lakeshore home! The inventory is awesome…Over 50 lakeshore homes with are currently active in the Forest Lake area; some are at very attractive and affordable price points. Many have been on the market for several months; some have been on the market for years. With the continued low interest rates may never be a better time to negotiate a deal on your piece of Minnesota shoreline!Mid Year Average Sales Price of all homes sold in Forest Lake:
All Homes $175,317

Single Family Homes $207,204
Townhomes/Condos $125,208

Mid Year 2010 Average Cumulative Days on Market in Forest Lake:
All Homes 167
Single Family Homes 180

Townhomes/Condos 146

Mid Year Forest Lake real estate statistics for single family homes:

Under $200,000~ 48 Active Listings, 7 Pending Listings, 39 Sold Listings, 123 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 0 Sold)

$200,000-$300,000 ~ 60 Active Listings, 7 Pending Listings, 19 Sold Listings, 200 CDOM (Lakeshore Subgroup ~ 9 Active, 1 Pending, 1 Sold, 50 CDOM)

$300,000-$400,000 ~ 24 Active Listings, 0 Pending Listings, 4 Sold Listings, 210 CDOM (Lakeshore Subgroup ~ 8 Active, 2 Pending, 2 Sold, 86 CDOM)

$400,000-$500,000 ~ 15 Active Listings, 0 Pending Listings, 6 Sold Listing, 408 CDOM (Lakeshore Subgroup ~ 5 Active, 0 Pending, 3 Sold, 493 CDOM)

$500,000-$1,000,000~ 19 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 19 Active, 0 Pending, 0 Sold)

$1,000,000 and Up~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 5 Active, 0 Pending, 0 Sold)

Mid Year 2010 Forest Lake residential real estate statistics for townhomes and condos:

Under $200,000~ 35 Active Listings, 11 Pending Listings, 39 Sold Listings, 121 CDOM

$200,000-300,000~9 Active Listings, 0 Pending Listings, 3 Sold Listings, 200 CDOM

$300,000-$400,000 ~ 4 Active Listings, 0 Pending Listings, 0 Sold Listings

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

54 Active Lakeshore Properties available in the Forest Lake area:

Price range $225,000-$4,995,000

44 Homes on Forest Lake
6 Home on Clear Lake
2 Homes on Comfort Lake
1 Home On Shields Lake
1 Home On Sylvan Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 6/30/10.

Copyright 2010 Teri Eckholm h

Ham Lake, MN Real Estate Market Statistics 1st Quarter 2010

The City of Ham Lake has a rich history. 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. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. 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. Anoka County officially was recognized it 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 more and more people look to buying acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. Homes are selling again. There are bright spots across the board with homes selling in all price categories under $400,000. New construction sales have picked up a bit with 2 sold and 4 pending compared with zero sold in the first quarter of 2009. The average Cumulative Days-on-Market (CDOM) is down for the first quarter in Ham Lake at 181 days compared to 249 for the same time period in 2009 so there are signs of an improving market. However, first quarter average sales prices were much lower at $216,291 compared with an average sales price of $247,748 for all of 2009. (See homes sales snapshots below for additional details.)
Inventory is down in Ham Lake from the levels seen in 2009; most notably in the higher price points. There are currently 101 homes active on the market compared to 110 in January of 2009. Homes listed at higher prices continue to take months to sell but lower priced inventory seems to sell. There still are more Ham Lake homes than Ham Lake buyers but there are only a handful of homes over $500,000 this year compared to 20 last year. 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 11 months of inventory in the Ham Lake area and homes are selling again in every price point. But as in 2009, having your home properly priced and prepared for showings is essential to sell a home in this Anoka County community in 2010.
First Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 19 Active Listings, 15 Pending Listings, 13 Sold Listings, CDOM 82 (All existing homes)

$200,000-300,000 ~ 41 Active Listings, 10 Pending Listings, 9 Sold Listings, CDOM 295 (New Construction Subgroup ~ 4 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 22 Active Listings, 7 Pending Listings, 2 Sold Listings, CDOM 260 (New Construction Subgroup ~ 5 Active, 2 Pending, 0 Sold)

$400,000-$500,000 ~ 13 Active Listings, 2 Pending Listings, 2 Sold Listings, CDOM 174 (New Construction Subgroup ~ 2 Active, 0 Pending, 1 Sold)

$500,000 and Up~ 6 Active Listings, 3 Pending Listings, 1 Sold Listings, CDOM 525 (New Construction Subgroup ~ 1 Active, 1 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake11 Active Listings

Ham Lake lakeshore price range: $135,000-$774,900

5 Homes on Coon Lake
3 Homes on Ham Lake
1 Home on Lake Netta
1 Home on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 3/31/10.



Copyright 2010 Teri Eckholm

Merry Christmas LOLCat

The morning of Christmas eve, Muffin decided it would be a great time to sit on the new dining room table. It had been up for a couple of weeks and he never put a paw on it but there he was. So I removed him with a thump...Moments later he returned with a very smug look. He was mocking me...So I bought him a gift...Merry Christmas!

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/

Foreclosures on Lakeshore, Acreage and New Construction in Chisago County that YOU will 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 Chisago County this past week:

• 75 feet of lakeshore on Lindstrom’s South Center. Executive lakehome with all the upgrades previously priced at $475K; now listed for less than $260K!
• Chisago Lakes Acreage! Newer one level 5BR ranch home with pole barn& five acres. Previously listed at $360K now priced at $235K.
• Brand new 1.5 story log home on 5 Acres in Fish Lake Township. Originally listed for $500K but now sold by the bank for over $200K less!
• 80 feet shoreline on South Center. New Construction 2 story! 3BR/2BA was almost $800K bank selling for $600K.
• Modified 2-story in Wyoming on 3 acres 3000+sq ft and 5 car garage. Listed originally at $450K but bank has listed for $315K.
• Newer North Branch multi-level w/3car on wooded acre. Listed originally for $260K, bankowned price under $160K.

If you are in the market for a great deal on a foreclosed home, time to get a buying strategy put together because the rules to buy a REO or bank-owned home are a bit different than when working with a traditional seller. Good homes at great prices go very quickly so you have to be ready to make your move when you see a deal!

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 most often 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/

Happy Buyers Say Thank You for a Job Well Done!

This afternoon I had an email hit my BlackBerry while I was eating lunch. It was from a past client that I had helped find a home in January. They had told me they were please with my service but sometimes the testimonials from clients just blow me away.
A little background....Cheri and Denny called me just after the new year when I was trying to sort out my transfer from my previous broker to RE/MAX. The call came in on a Friday evening. They were out to dinner and discussing a few houses they had seen online and just as they were about to set up an appointment with the listing agent to see the home, they realized what they were doing. They called me and we had set up showings for Sunday. Within days we had seen several homes. They narrowed their choices and we wrote the offer. Within weeks, the home they saw was theirs. As I said goodbye in the parkinglot to them, I told them I wanted pictures of the major renovations that I knew they were starting that afternoon.
Back to today....Here's a copy of the letter. This kind of stuff really makes my day!
Hard to believe but I am finally getting to this! I posted a review on the Incredible Agents site. Feel free to add this testimonial where you like and let me know if I can post it any where else for you! We are exhausted but loving our new place. All new paint and floors and finally moved most of our stuff in.
Here's the Testimonial:
"Teri had previously sold one of our homes and was our first choice when we were looking to find a new home.
Teri was able to help us navigate the current unstable real estate market and went out of her way to help us. She pointed out about pros and cons of neighborhoods where we found potential homes and was eager and willing to work with both of us. She was willing to work out of her normal territory and traveled to meet our needs.
She kept us informed and worked diligently with a difficult REALTOR® to present and negotiate our offer ensuring all the paperwork was presented and in order.
Teri represented our interests throughout the negotiations and closing process. We have been through several real estate transactions this one turned out to be a very smooth, quick purchase we are thrilled with our new home. We I highly recommend Teri for your real estate needs.
Thank you Teri!"
Cheri and Denny L.

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

Foreclosures on Lakeshore, Acreage and New Construction in Washington County that YOU will 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 past weekend:

• 50 feet of lakeshore on Forest Lake’s first lake. Newer home with over 4600 square feet of living space and under $500K.
• Executive log home on 5 Acres of Scandia countryside. Previously listed at $600K now priced at $309K.
• Brand new end unit townhome with master suite in Forest Lake. Originally listed for $297K but now sold by the bank for $169K.
• New Construction Executive homes in Lake Elmo 5BR/4BA two stories that listed originally at the $1 million mark, now being offered by the bank for $780K.
• Rambler in Stillwater on 3.5 acre executive estate with 2900 sq ft foundation and 8 car attached garage listed originally at $1.5 million but bank has listed for $650K.

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/

Anoka County Lakeshore and Acreage Foreclosures—Expect the Unexpected! And in a GOOD way too!

When someone says foreclosure, bank-owned or short sale, what do you expect to see? The proverbial money-pit? Remember that old 80’s movie where everything fell apart and one repair evolved humorously into a huge renovation? Are bank-owned properties, homes that take thousands upon thousands to repair? Will walking in the house require wearing a hazmat protective suit just to walk through the door?

Believe it or not, the answer is no in many cases. 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 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:

• Ham Lake executive quality new construction home with all the bells and whistles and a view of Lake Amelia for $260K less than the original list price.
• Coon Lake shoreline new construction two story on the north side of the lake with a wall of windows to view the shoreline and dock at less than half of the original list price. New construction on Coon Lake for under $350K…Amazing!
• Burns Township bank-owned one story with a 1600 sq ft foundation located Pinnaker Lake in northern Anoka County. This one needs a bit of cosmetic work but is priced at over $170K less than tax value.
• Five wooded acre paradise in Ham Lake with 3 car attached garage and detached 30X60 additional garage. Priced at $80K less than tax valued. With a bit of elbow grease another gem!
• Beautiful brick Ham Lake rambler on 2 acres with 1900+ foundation and all the bells and whistles…especially for the mechanic. 4 car attached above ground and 4 car/shop below. The bank is offering this at under $400K!
• A 2005 built 4 level split on 2.5 acres in Linwood…picture perfect under $275K
• East Bethel one story beauty on 3.7 wooded acres with 1400 foundation and basement almost finished. This one was built in 2004 and is listed by the bank for under $225K.
• 4.5+ wooded acres! Andover rambler with almost 1900 sq ft foundation and 5+ bedrooms with pool in move in condition. Bank offering under $400K…over $175K less than tax value.

If you are in the market for a great deal on a foreclosed home, get your ducks in a row 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. This includes the septic system and/or well. All inspections will be 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/

Forest Lake, MN Real Estate Market Statistics First Quarter 2009

Forest Lake, Minnesota is well known throughout the Twin Cities area. Many people from the city remember the northeast St. Paul suburb fondly from years gone by as a summer vacation spot, an annual ice fishing tournament tradition or as a destination when going for a Sunday a drive in the country. 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 had a good first quarter for homes priced under $200,000. A total of 26 single family homes were sold in Forest Lake and Forest Lake Township during the first quarter of 2009. The Cumulative Days on Market (CDOM) Statistic ran at 165 days for all homes sold during the quarter which is equal to the CDOM of all of last year. In the first and second quarter of 2008, the CDOM was well over 211-286, so homes are continuing to sell at a faster pace as we start 2009.

Not surprisingly, the price category of under $200,000 is the high point of the year. With 19 listings sold with an average CDOM of just over 5 months, it appears buyers are out there shopping for homes under $200K. The $200,000-300,000 category has slowed a bit with only 3 homes sold but they sold quickly with a CDOM of 42 days. This statistic is more than likely skewed with the small number of sales. It appears that there is over 3 years worth of inventory in this price range but I think this will average out over the next few months.

It appears the high end homes will continue to struggle into 2009 with virtually no sales in prices over $500,000. The bulk of these properties are beautiful executive residences on Forest Lake’s picturesque First Lake. Currently, the Forest Lake community sits with nearly 5 years of inventory in this price range and no relief appears to be in sight.

Great homes are currently on the market in Forest Lake at amazing prices; many are lakeshore and acreage properties. With this much inventory, sellers will need to be flexible on pricing. It might be the perfect time to negotiate a GREAT deal on a lakeshore home!

Lakeshore opportunities have been abundant in the Forest Lake area in 2009! There are more listings than ever before at incredible prices too! The inventory is awesome…35 lakeshore homes are currently active and some are at attractive and affordable price points. Many have been on the market for several months. With the amazing low interest rates and few high pricepoint buyers, it could be a great time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!

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

Under $200,000~ 28 Active Listings, 11 Pending Listings, 19 Sold Listings, 158 CDOM (Lakeshore Subgroup ~ 1 Active, 1 Pending, 1 Sold)
$200,000-$300,000 ~ 46 Active Listings, 4 Pending Listings, 3 Sold Listings, 42 CDOM (Lakeshore Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$300,000-$400,000 ~ 22 Active Listings, 2 Pending Listings, 2 Sold Listings, 394 CDOM (Lakeshore Subgroup ~ 6 Active, 1 Pending, 1 Sold)

$400,000-$500,000 ~ 9 Active Listings, 0 Pending Listings, 2 Sold Listing, 199 CDOM (Lakeshore Subgroup ~ 6 Active, 0 Pending, 2 Sold)

$500,000 and Up~ 24 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 21 Active, 0 Pending, 0 Sold)

Lakeshore available in the Forest Lake area:

35 Active Listings, 2 Pending Listings, 4 Sold Listings

Forest Lake lakeshore price range:

$199,000-$2,100,000

• 30 Homes on Forest Lake


• 2 Homes on Clear Lake


• 1 Home on Shields Lake


• 1 Home on Howard Lake


• 1 Home on Comfort 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/

Lakeshore Foreclosures Available in Washington County

Throughout Minnesota there are homes in foreclosure so with tens of thousands of lakes, lake homes cannot be immune from the mortgage and foreclosure crisis can it? In a word, no. I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found six current listings for Washington County lakeshore properties.
There are 3 listings on Forest Lake. The first two are priced very reasonably in the low $200’s. This is amazing for anyone who knows the area. Only a couple of years back, a lake lot would have sold for the same amount on Forest Lakes’ first lake. For those developers looking for a bargain, there is a 2 million dollar 46 acre parcel of prime Forest Lake shoreline that can be developed into 23 lots with deeded access for up to 10 boat slips.

If Scandia is more your cup of tea, then consider a foreclosed home on Bone Lake (pronounced bonnie). The two story home looks like a beauty for $379,900. Or consider the nice acre bargain on Big Marine for under $285K. And if you want something in southern Washington County maybe you would consider a home on Lake Jane. This four level split is available for just under $500K. All of the current foreclosed lake homes in Washington County are on full recreational lakes where boating and swimming are allowed.

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 Washington County. 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. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.

• Big Marine


• Bone


• Forest


• Jane

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.



Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Chisago County

With 12,000+ Minnesota lakes and a foreclosure crisis, there must be a few lakeshore homes that are bank owned and available, right? Actually, yes! I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found eight listings on eight different Chisago County lakes. And the best part…not one of these homes is priced over $400K. In fact half are under $200,000.
From complete new construction on Lake Vibo in Chisago Lakes Township to a Rush Lake cabin in Nessel Township, lakeshore foreclosures are full of bargains. Another great affordable option listed for $174,900 in Nessel, is on the natural environmental Leech Lake and features 9 acres of property for the price.

If you are looking for a newer home, there is a 2005 built rambler available on the full recreational lake, South Center in Lindstrom priced at $399,900. That completed new construction home is also a rambler and priced even less at an attractive $344,000 but on the smaller lake.

There are two homes in the low to mid $200,000 range in Chisago City; one on Lake Martha and one on LakeEmily. There are even more affordable options a little farther north in the Harris and Fish Lake Township area of Chisago County for under $200K. These are on Horseshoe and Fish Lake.

One should note that this list does not include any homes currently in a short sale position or if the current owner did not disclose that the home is in a pre-foreclosure status. More opportunities will continue to come on to the market throughout Chisago County. 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.

Another thing to consider is that 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: Leech Lake it an environmental wetland that not listed in the Minnesota DNR Lake Finder.

• Emily


• Fish


• Horseshoe


• Martha


• Rush


• South Center


• Vibo

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.

Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Anoka County

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 nine current listings for lakehomes in Anoka County.

Priced from $134,500 for a 1983 built home on Round Lake in Andover to $799,900 for an East Bethel home built in 2007 on Coon Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is a home on channel shore like to Otter Lake listed for $279,900. This one has frozen pipes so plan for a bit of additional work. There are two opportunities on Coon Lake in East Bethel priced at $339,000 and $799,900. There is a 4300+ square foot home on the smaller Lake Amelia in Ham Lake for just under $600,000. And don’t forget the previously mentioned home on Round Lake for the bargain price of $134,900.

For those who don’t mind a smaller lake that is more for the view than activities, there are options in northern Anoka County on Pet Lake in Linwood, or to the far west on Pinnaker Lake in Burns Township and two almost new homes in the Blaine development, The Lakes, on Aspen Lake.

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 County. 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!

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR® to find that perfect piece of shoreline, give me a call or visit my website for a FREE Relocation Packet or Homebuyers Success 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.
Buying a Home? Check out my new HOME BUYER'S BLOG!
Copyright 2009 terieckholm.com