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Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 13th, 2016, 7:46 pm
by alleycat
I'm friends with the previous owner. He moved to Victory after 11 years at that house. His best guess is that lady from Bloomington who bought it wasn't a good fit for the neighborhood. Not everyone is cut out for living in north.

The price seems fair, but he couldn't see any changes that were made (My home just West of Penn could go 140-150K according to my realtor). The Irving home is along the proposed Northside Greenway. Three blocks from West Broadway streetcar/aBRT. I believe the Jordan tangle town is going to have a resurgence; there's a lot of upside.

P.S. David, the tornado got nowhere near there. Hit closer to Penn at this cross street.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 13th, 2016, 8:47 pm
by David Greene
Huh. Google street view shows missing trees and tarps on roofs. Maybe I had the wrong block though I swear I saw the house there. I didn't double-check the tornado track and just assumed I was looking at storm damage.

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Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 13th, 2016, 9:32 pm
by alleycat

Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 13th, 2016, 11:11 pm
by David Greene
That's not the Willow Ave. house.

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Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 13th, 2016, 11:13 pm
by David Greene
There's definitely storm damage right next to the Willow house.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 14th, 2016, 8:00 am
by alleycat
Hah. Thought we were still talking about the Irving house. The tornado did hit right about there. It's amazing how much a good tree canopy improves the aesthetic of a given block.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 14th, 2016, 4:35 pm
by winterfan
alleycat wrote:I'm friends with the previous owner. He moved to Victory after 11 years at that house. His best guess is that lady from Bloomington who bought it wasn't a good fit for the neighborhood. Not everyone is cut out for living in north.

The price seems fair, but he couldn't see any changes that were made (My home just West of Penn could go 140-150K according to my realtor). The Irving home is along the proposed Northside Greenway. Three blocks from West Broadway streetcar/aBRT. I believe the Jordan tangle town is going to have a resurgence; there's a lot of upside.

P.S. David, the tornado got nowhere near there. Hit closer to Penn at this cross street.
Thanks for the intel. I thought it might be something like that. The higher price must just reflect the realtor costs.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: May 18th, 2016, 2:56 pm
by at40man
Latest real estate sales data from Teresa Boardman:

Image

She says the available supply is loosening [/i]very[/i] slightly, but that it still is very much a seller's market.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 1:09 pm
by twincitizen
http://www.startribune.com/twin-cities- ... 382964441/

The scarcity of homes (under $250k) for sale right now is a total joke. Most of the houses listed near the very bottom end ($185-200) are total garbage and most of the ones at $225-230ish are overpriced. It feels like the market for decent starter homes has crept up closer to $240k (rather than $220, $230) just in the last few months, though some of that is due to there being next to nothing available. Prices in many areas are now at or exceeding 2006 levels (peak of the peak). There are so few homes available that the market is basically made up of overpriced, or problematic/tiny houses that wouldn't sell at all in a normal market. Any decent house that comes along in this price range has dozens (hundreds?) of potential suitors ready to get into a bidding war. It's scary to think about buying a house at/above what it sold for at the absolute height of the last bubble. The circumstances pushing prices up are completely different from 10 years ago, and I don't think there's a bubble about to burst or anything....but it still scares the crap out of me.

One more thing, I've seen a handful of listings of houses that just sold in 2014-15 and are being flipped for 20% gains right now (i.e. bought for $200k two years ago, now listed at $240k) and with no improvements done by the current owners.
Example: http://www.edinarealty.com/homes-for-sa ... -180729776 (granted that particular house is mint AF and in a real solid location)

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 1:58 pm
by MNdible
Ah, basement living.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 2:17 pm
by amiller92
twincitizen wrote: Most of the houses ... of the ones at $225-230ish are overpriced.
Are they? Sounds like market prices are going up.
Any decent house that comes along in this price range has dozens (hundreds?) of potential suitors ready to get into a bidding war.
My brother and SIL made on offer on a house that wasn't even officially listed. It sold with 10 offers for $20K over asking. Yikes. (Higher price range though).
It's scary to think about buying a house at/above what it sold for at the absolute height of the last bubble.
It's kinda scary, but it's been 10 years. 10 years for a similar amount of appreciation as happened in the 2-3 years before that doesn't sound so unrealistic.

What's scary to me isn't so much the prices relative to 10 years as the apparent feeding frenzy that might suggest a bubble.
The circumstances pushing prices up are completely different from 10 years ago, and I don't think there's a bubble about to burst or anything....but it still scares the crap out of me.
If we're not having the same erosion of credit quality (I don't think so but I'm not close to it), hopefully it won't wind up the same way.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 2:41 pm
by EOst
It really is pretty crazy out there.

If this market continues next year, it'll be very interesting to see which areas zoom into the stratosphere next. How much higher do prices have to go in, say, Powderhorn for people to consider Willard-Hay? There are still deals to be had in Hamline-Midway and west Frogtown; how long do those last? Even in places that are usually avoided prices seem to be rising pretty quickly (at least for good houses).

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 2:59 pm
by David Greene
amiller92 wrote:My brother and SIL made on offer on a house that wasn't even officially listed. It sold with 10 offers for $20K over asking. Yikes. (Higher price range though).
Our neighbor three doors down had a realty sign going up. The house sold before the sign could be completely installed.

Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 3:12 pm
by Anondson
I've mentioned I don't know where else, but I'm a neighborhood of all starter-range prices. Was mostly under $200K last year. Two houses on my block were listed under 13 days and sold for 10-15K higher than list. Another home was on the market one day listed at $219K.

We've been told the home across from me is coming on market this year. They've been fixing it up from a single year stint as a rental.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 4:37 pm
by twincitizen
I wish my search area was more broad, but IIWII. I like to say I'm looking at everything between 36th St and 70th St...BUT.... Can't afford ANYTHING west of 35W, even Windom, so that's out. Then there's that goddamn airport noise zone eating up a huge chunk (at least 1/3) of the areas that would otherwise be perfect, geographically speaking.

P.S. And all 3 of us (me, gf, her sister) that would be living in the house drive our own cars...we all just all detest the idea of driving anywhere > 10 minutes

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 5:55 pm
by mattaudio
My old roommate just moved up the alley from me, but on Ian's street. Thatcher half kids about buying on our alley when he moves back. Let's be alley buds.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 16th, 2016, 10:21 pm
by mister.shoes
You get used to the goddamn airport noise. We live directly under the flight path for the north parallel runway—so direct I can't even see the tails of the planes. It's annoying, yes, but the location is worth it. Of course, there's absolutely nothing on the market in our immediate area, aside from a few crazy expensive Parkway homes, so, yeah.

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 17th, 2016, 9:01 am
by amiller92
In the house, we don't really hear the planes (thanks, MAC settlement), aside from once or twice a day when the air national guard C-17s take off (I think that's what it is). In the yard, it's not that big of a deal.

Personally, I recommend keeping a creek or other body of water between you and Matt ;)

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 17th, 2016, 10:04 am
by MNdible

Re: Renting vs. Owning | Apartments vs. Condos

Posted: June 17th, 2016, 10:45 pm
by mister.shoes
amiller92 wrote:In the house, we don't really hear the planes (thanks, MAC settlement), aside from once or twice a day when the air national guard C-17s take off (I think that's what it is). In the yard, it's not that big of a deal.
MNdible wrote:C-130's.
These are the only ones that regularly annoy us, too. AND they always seem to come in pairs.