Dreaming of Owning a Minnesota Lakehome?

The temperatures in the Minneapolis/St Paul metro won't be breaking any records this week but Minnesotan's will undoubtedly be breaking out the shorts (and dare I say, flip flops) as the thermometer edges close to 70. It won't  be long before the huge sheets of ice blanketing the surface of our 10,000+ lakes will drop. Ice out is when the ice finally drops to the bottom of the lake and in Minnesota that is when the people take start taking steps toward making their lake home dreams a reality.
 
If you have been contemplating life on one of Minnesota’s 10,000 lakes, consider the north metro. There are options that will fit many budgets from very small starter homes or cabins to high end executive estates.  There are many options for the would-be lake shore owner  on a full recreational, multi-use lakes like Coon Lake in Anoka County or Forest Lake in Washington County.  There are other smaller lakes perfect for kayaking or swimming that restrict motors that are options as well. Surprisingly lake shore properties in the north and east metro can be offered at prices comparable to homes without a shoreline. 

How can homes on Minnesota lakes in the north metro be so affordable? It appears that prices are not rising on lake properties as quickly as in other categories especially just north of the Minneapolis/St Paul metro. From what I have seen, prices have edged up a bit more slowly than on other types of homes. But prices on all homes are starting to recover significantly and lake shore will too. With continued low interest rates, 2015 might be your best opportunity to realize your lake home dream.

Want to learn more about Buying or Selling a Minnesota Lake Home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. 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 2015 www.terieckholm.com

Minnesota Lakeshore Question: What is a Channel Shoreline?

The Minnesota Lakeshore Question of the Week:

 What is a Channel Shoreline?

The shore of any lake whether located in Minnesota or not, is not going to be a straight line. It will follow the geography of the land defined by the flow of water and water table. Often there are inlets and channels that will lead to other bodies of water. In Minnesota, these can be other lakes or wetland marshy areas.

Owning property with shoreline along a channel can be an affordable option for home buyers who want access to a full recreational lake. Many large lakes will have channels or narrow extensions that lead to other lakes or ponds. Quite often channel shoreline is not ideal for a swimming beach but does allow a short dock or slip for a boat and access to the main lake. Many of these properties offer a view of homes on the opposite shore of the channel but if the goal is affordable use of a full recreational lake, this is can be a great alternative.


Copyright 2014 terieckholm.com

Lakeshore Dreaming? Ice Out is Here—Time to Start Shopping

With today’s April shower, there is no doubt that the ice on lakes throughout the north and east Twin Cities metro will drop. Ice out is when the ice finally drops to the bottom of the lake and in Minnesota that also means, the for sale signs start going up.

If you have been dreaming of living on one of Minnesota’s 10,000 lakes, consider the north metro. There are options that will fit almost any budget from fixer-upper cabins to high end executive homes.  I took a quick look at the MLS today and there are nearly a hundred options for the would-be lakehome owner.  Most are on full recreational, multi-use lakes like Coon Lake in Anoka County or Forest Lake in Washington County. Surprisingly these properties are often available at prices comparable to homes without a shoreline. 

How can Minnesota lakeshore be so affordable? It appears that prices are not rising on lake properties as quickly as in other categories. From what I have seen, prices are stagnant or in some cases lower than last year.  While on the whole the housing inventory is down, this is not the case for lakehomes. There has been an abundance of these shoreline beauties every spring and summer which has been keep prices affordable.

 
Copyright 2014 www.terieckholm.com

There's Good, Bad & Ugly When Buying Minnesota Lakeshore in the Winter

Spring is just around the corner but the recent weather reports and our aching, shoveling-afflicted backs continue to let us know that our Minnesota’s winter weather will continue to be here for awhile. Unfortunately all that picturesque lake shore that defines our beautiful state and the Land of 10,000 Lakes is going to stay frozen and covered with a thick white blanket of snow....This is not a great scenario as the real estate market has started to heat up early. 

Most people considering buying a lake shore home in 2013, think they have to wait until ice-out in the spring to make a move on a piece of shoreline. But, not so fast. Buying a lakeshore home in the winter can make sense…And save money too. If you know the specific lake well or are not concerned about the quality of shoreline, winter can be a great time to write up an offer.

GOOD reasons buy NOW:

1. Motivated Sellers—Any seller has their Minnesota lakeshore home on the market in February/March most probably needs to sell.
2. Less Competition—With few buyers on the market there is less change of multiple offers on a lakeshore property which make for easier negotiations with the sellers. This might not be the case come spring.
3. Low Interest Rates—They keep telling us that these rates won’t stay around forever and they are starting to inch up again. A lower interest rate means more buying power.

BAD  and UGLY situations that could arise:

1. Shoreline Problems—That picturesque beauty that was covered with snow could reveal low lake levels or weedy shoreline problems rather than the sandy beachfront you imagined.
2. Septic issues—If the home is on a lake with a private sewage system, it might not be able to be fully assessed for compliance issues which could be costly if a new system is required.

Bottom line, winter can be an tremendous opportunity to get a deal on a Minnesota lake home but be advised if you don’t know the lake well; there are some risks when putting in an offer if the lake is covered with a thick slab of ice. Weigh your options carefully before deciding whether you should put in an offer on that seemingly perfect snow covered home on the lake or wait until May when the waves are once again lapping on the shore.

Copyright 2013 www.terieckholm.com

Affordable Lake Reshanau—An Anoka County Hidden Gem

Did you know that not all full recreational lakes in Minnesota have public access? 

Yes, most larger lakes have several access points for the public to use boats, jet skis and other motorized water craft. But there are a few hidden gems that only allow homeowners along the lake to launch boats and use the open water for recreational boating and fishing. Lake Reshanau  in Anoka County is one of those hidden gems.

Located in the community of Lino Lakes, Lake Reshanau has about 100 homeowners along its banks. The shoreline also abuts a 22 acre park with picnic tables and a fishing pier but not a boat launch. This keeps traffic down on the lake and limits exposure to invasive species.

Renaushau is a 336 acre lake that reaches depths of 16 feet. If you like to fish, it is known for bluegill, crappie, sunfish and northern pike. It is one of seven lakes in the Rice Creek Chain of Lake Regional Park Preserve.  

Some of the home owners have acreage properties on the northern side of the lake so have private well and septic systems. However many homeowners are fortunate to have approximately half acre lots and city utilities.

Copyright 2011www.terieckholm.com

The Good, the Bad & the Ugly of Buying a Minnesota Lakehome in the Winter

According to the calendar, winter just started but we all know from the chiropractic visits to tend to our aching, shoveling-afflicted spines that Minnesota’s winter weather blew into town several weeks ago. Unfortunately this means all that picturesque lakeshore that defines our beautiful state is frozen and covered with a thick white blanket of snow.

If you’re considering buying a lakeshore home, that just about cuts off any opportunity of buying for the year; that is unless you assess the quality of the lake using an ice auger and depth finder when freezing your backside off fishing on the ice. Right?

Well, not so fast. Buying a lakeshore home in the winter can make sense…And save lots of money too. If you know the specific lake well or are not concerned about the quality of shoreline, winter can be a great time to write up an offer.

GOOD reasons not to wait:

1. Motivated Sellers—Any seller that keeps Minnesota lakeshore on the market during the winter most probably needs to sell.
2. Less Competition—With few buyers on the market there is less change of multiple offers on properties which make for easier negotiations with the sellers.
3. Low Interest Rates—They keep telling us that these rates won’t stay around forever and they are starting to inch up again. A lower interest rate means more buying power.

BAD  and UGLY situations that could arise:

1. Shoreline Problems—That picturesque beauty that was covered with snow could reveal low lake levels or weedy shoreline problems rather than the sandy beachfront you imagined.
2. Septic issues—If the home is on a lake with a private sewage system, it might not be able to be fully assessed for compliance issues which could be costly if a new system is required.

Bottom line, winter can be an tremendous opportunity to get a deal on a Minnesota lake home but be advised if you don’t know the lake well; there are significant risks to making a purchase when the lake is covered with a thick slab of ice. Weigh your options carefully before deciding whether you should put in an offer on that seemingly perfect snow covered home on the lake or wait until April when the waves are once again lapping on the shore to put in your offer.

Copyright 2010 terieckholm.com

Almost Speechless Sunday--Waves of a Minnesota Winter Snow!

Being a REALTOR® who specializes in Minnesota Lakeshore and acreage, you may have been expecting a frozen lake shot or field sculpted into drifts from the record-breaking, "snow-mageddon" Minnesota blizzard of last weekend. We clocked in with 16-20 inches across the Minneapolis/St Paul metro; in fifth place for the most snow in one storm. To be honest with you, those winter lake and open field shots can be boring as they are often nothing but white.

However the wind did sculpt the first snowfall of the season into perfectly formed snow waves across our newly installed backyard landscaping. This was such a unique sight, I just had to capture it for posterity! Only Mother Nature could provide such a backyard treat!

Copyright 2010 Teri Eckholm

Ready to Buy a Minnesota Lakeshore HOME? But How Safe is the Water?

A lakeshore home is the ideal of many a Minnesotan! And why not? When you live in the Land of 10,000 Lakes, one would be hard pressed not to drive by a lake, pond or river on a daily basis. Whether you are in Anoka, Ramsey, Chisago, Washington, Hennepin or any other county in our great state lakeshore is a plentiful and beautiful.

On an almost daily basis there is a news report regarding one of our wonderfully wet natural resources. Unfortunately, some of the news is not always so great: Eurasian milfoil, mercury in the fish and polluted waters are just a few of the concerns. Even those who live in the city are being asked to prevent grass clippings from going into the street and sewer systems as the chemicals that make our lawns so beautifully green, go through the storm drains and into our lakes. So how do you know if the sparkling pristine blue water of that Minnesota lakehome you want to buy is as clean as it looks?

As a REALTOR® working in the north and east Twin Cities metro, I do get asked questions regarding the quality of our lakes. After buyers are dazzled by the view of a lakeshore sunset, they want to know about water quality before they sign a purchase agreement. Lakeshore owners want to be able to fish, boat and swim in the water. So questions arise.

*Is the lake polluted?

*Are the fish safe to eat?

*Is there milfoil present?

*Is the water safe to swim in?
Finding these answers is simple. I direct my lakehome buyers to http://www.checkmylake.org/, a wonderful website devoted to MN lakeshore and recreation published by Conservation Minnesota. The site gives information great information on all of Minnesota’s lakes that have been tested for water quality.

A potential lakeshore buyer can find out whether the lake water is safe to swim in and whether the fish are safe to eat on a case by case basis. The lake search is very simple to use. Just put in the name and or county of the lake you are interested in and hit GO. I found that when I was looking for a big lake that overlaps into more than one county, like White Bear Lake, entering the lake name alone can be best because each lake is listed in only one county. (In the case of White Bear Lake, it listed as Washington County not Ramsey County.)

Pollution status is not the only feature of checkmylake.org. The website is updated daily with water facts, lake news and beach reports. You can also sign a petition to protect our lakes, volunteer to monitor lake quality, or submit a story about your favorite lake.

Now if you are looking for a great place to fish on a Ramsey County Lake, check out these links:

Fishing Piers in Ramsey County:

• Bald Eagle Lake
• Beaver Lake
• Lake Gervais
• Island Lake
• Lake Josephine
• Keller Regional Park (Round Lake)
• Long Lake
• Lake McCarrons

Copyright 2010 Teri Eckholm 

Lakeshore, Acreage and New Construction Foreclosures that are Move-In Ready for Washington County Homebuyers!

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 while perusing theTwin Cities MLS in Washington County today:

• 4+Acres in Lake Elmo. Beautiful acreage 2002 built two story 4BR/4BA/3Car home with over 3800 square feet of finished living space. Tax value $699K; bank priced $200K less
• Lakeshore Beauty!! Almost 4700 sq ft finished, 6BR, 2 story with bank of windows to view Forest Lake. Previously listed at 700K, bank listed for under $460K.
• Brick Rambler on 5 Acres Near Afton Alps! 5BR/3BA/3 car built in 2003 with picture perfect oak floors and huge master suite. 4000+ finished. Originally listed at $624K but foreclosure priced at $349K!
• BRAND NEW 4BR/3BA townhome with vaulted ceilings in Forest Lake. Stainless appliances, cherry cabinets, master suite and more! Tax valued at for $262K…Bank asking $200K.
• 2Story Oakdale New Construction Beauty! 5BR/4BA with 3 car built in 2007 with granite, stainless, 4 BR on one level and more. Builder asking price $600K but bank asking $424K.

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 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/

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/

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/

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/

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/

Washington County Lakeshore, Acreage and New Construction Foreclosures that are Move-In Ready for Homebuyers!

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 weekend:

• 2003 Built Forest Lake 2 Story. Picture-perfect 3BR/3BA/3Car home with over 2100 square feet of living space finished and unfinished basement. Last year listed at $425K bankpriced at $255K.


• 4BR on one level 2Story in Landings of Summerfield Forest Lake. Built in 2006 with all the bells and whistles…Master suite, granite counters, maple cabinets. Tax valued $430K…Bank asking $309K.


• Lakeshore Beauty!! Almost 4700 sq ft finished, 6BR, 2 story with bank of windows to view Forest Lake. Previously listed at 700K, bank listed for under $460K.


• 2BR/2BA end unit townhome with vaulted ceilings in Forest Lake. Originally sold in 2005 for $173K…Bank asking $119K.


• Rambler on 1/2Acre with Egg Lake View in Hugo! 4BR/3BA with 3 car built in 2005 and sold for $539K now asking $449K and not even in foreclosure!


• 4BR/2BA on 5Acres in Hugo. Sold in 2006 for $345K bank asking $180K includes seller pd new septic system!


• New Construction Home in Victor Gardens Hugo with 2100 sq ft finished tudor with creek view priced originally at just under ½ a million but bank has listed for $369K.


• West Lakeland Executive 2.8 acre Estate. 4BR/4BA/3car 2story home with nanny’s quarters and inground pool. Originally asked $900K, bank priced $580K.

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/

How to Choose a REALTOR®—Don’t Focus on Fee. Service is the KEY!

I love a bargain! I always want the best deals on any products I buy. I scour the internet, clip coupons and negotiate with sales people for better prices on everything from groceries to clothing to vacations to new cars.

One place I do not negotiate is on professional services. My hairstylist was referred to me by a friend. She does an awesome job and is worth every penny I pay her (including the tip!). Likewise, our doctors and dentist came to us by recommendation. They are out-of-network from our HMO which means that we pay an increased co-pay for each visit. We could change our doctors and dentist to providers that are in-network and reduce our fees, but we would never consider giving up the quality of care we receive to save a few bucks.

Every time our family needs a new service professional, we use the same process: think for a moment which friend has been in a similar situation and call that trusted friend for a referral. A few years ago our family was in a car accident a few years ago and needed both and attorney and auto body shop. After two phone calls, we were in the hands of trusted professionals. Our son needed braces and we didn't shop around for the best price, we contacted a friend whose daughter was completing the process with a beautiful smile. We made an appointment for a consultation with the recommended orthodontist and a week later, my son had his braces. Not once did we try to negotiate a better fee with any of these professionals. We wanted the best possible service. We had no intention of compromising on quality for a lower price.

So what does this have to do with real estate?

Many times when I receive a phone call regarding listing a home, the first question from that potential listing client is "What is your fee?" as opposed to what will I do for them to sell their home. No matter what I answer, some of these clients will insist it is too high. I wonder how many of these people ask that of other professional service providers they use. It is just as important to understand WHAT service will be provided as it is to know HOW MUCH you will pay. In this slower buyers market, getting the home SOLD is the key to success. As a seller you need to ask questions regarding what quality of service will be provided prior to negotiating a listing fee.

My real estate service is full service.

From the time you contact me, I go to work.

**I consult with you and advise on how to prepare your home to get the best possible price.

**I analyze the market and assist you in properly pricing your home.

**I take the time to research to see if your city requires any point-of-sale inspections and recommend service providers for those inspections on your home, well or septic system.

**It is my job to prepare marketing materials, provide signs and hold open houses.

**I use my resources to develop an online presence for your property specific to your homes location and amenities. Lakeshore, acreage, townhomes, condos and single family homes all have unique qualities and need to be marketed online differently to attract specific buyers.

**I review offers with you and provide expert advice on the pluses and minuses of each purchase agreement so that you know when to make a good counteroffer and/or when to accept the deal.

**I work with the buyer's agent to negotiate the best possible terms as directed by you.

**If the purchase agreement included contingencies for other inspections or repairs, I assist you through the process.

From your initial phone call through the final paperwork, I am by your side as a professional REALTOR®, providing high quality service. From the amount of referrals I receive, I know that my fee is fair for the service I provide.

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

Signs of Spring--Ice Out is Getting Close on Forest Lake in Minnesota

Spring has sprung according to the calendar but in Minnesota we all wait for the ice out on the lakes as a true sign of that the season of growth is upon us. As you can see in this photo essay of shots of Forest Lake, there is still some work for the sun to do.

About a week ago, an early ice out was anticipated. We experienced several days with unseasonable 60 and 70 degree temperatures. The snow melted quickly but it takes longer for three to four feet sheets of ice to drop to the bottom of the lake.

This past week the slightly below average temperatures have slowed the progress. So while the few feet of open water laps the shore, the giant ice sheet prevents use of these Minnesota treasures. We are left waiting for more signs of spring to come to Forest Lake.

As I drove along North Shore Trail to the north side of the lake to take these shots, I passed several homes for sale. Lake homes don't sell well until the shoreline is visible.

Soon the buyers will be excited by the beauty of the lake and their will be more sold signs than for sale signs on Forest Lake lakeshore homes. That will be a real sign of spring!

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

Wetland, Lakeshore and Foreclosure--What Does a Minnesota Homeseller Have to Disclose?

Last week I received a text inquiry from someone who had read my blog asking if I had any homes currently listed on any of Minnesota's wetlands. I was excited as though I didn’t have any current listings on one of Minnesota’s greatest resource; I know there are many well-priced homes currently listed throughout Anoka, Chisago and Washington Counties on beautiful property with views of our Minnesota lakes and wetlands.
I made the connection and my “buyer” was calling not to buy, he had already bought a Minnesota wetland property. It was another question on Minnesota disclosures. What should have been disclosed to him before he purchased. As this was turning into a legal question, I directed him to call an attorney for legal advice.

But his question is valid, “What does need to be disclosed when selling a home in Minnesota?”

The advice I give to my clients, is to disclose anything and everything you would want to know as a prospective buyer. If your property is near lakeshore or wetland, there is a good chance the Minnesota Department of Natural Resources has restrictions on what can be done to the landscaping. This is something that I would recommend that my sellers disclose as most buyers would want to be aware of any building restrictions.

These days so many properties are now bank-owned and lender mediated sales. Do foreclosures, REO properties and short sales have different disclosure requirements in Minnesota?

In a word; no. But sellers who have limited knowledge of the condition of the property do have options available. Often a bank will require that a buyer waive their rights to a disclosure and buy the property AS-IS I came across a great YouTube video from the Minnesota Association of REALTORS® where Chris Galler, COO of MAR, explains the Minnesota disclosure law as it relates to foreclosures in great detail.






Still confused about real estate disclosures? Let me help! If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website.

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