Tuesday, June 7, 2011

Foreclosures, unsold houses trigger plunge in home prices - AP

Home prices in major areas have reached their lowest level since the housing bubble burst in 2006, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.
The 12 cities now at their lowest levels in nearly four years are: Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland, Ore., and Tampa.
Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing crisis began. Prices in March rose only in the Seattle and Washington, D.C., metro areas.
The nationwide index fell for the eighth straight month.
A record number of foreclosures are forcing prices down, and they are expected to keep falling through this year.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Thursday, February 10, 2011

Bring New Vikings Stadium to Arden Hills, MN

                                                                                                                        
                                                                                   Vote--------->
 

Thursday, January 27, 2011

Help Finding a New Home

By following these tips the long road to homeownership can seem like an easy drive vs a crazy race to the finish and closing with the right help from a professional and in this market, maybe even a little luck :)


"It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded..."
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Friday, January 21, 2011

An End to the Crazy Buses


This would be good for cars too and integrated into the traffic lights. 

New bus navigation systems to assist public transportation


Submitted by SHNS on Fri, 01/21/2011 - 17:34 
As snow fell and rush-hour gridlock worsened in metropolitan Minneapolis-St. Paul, bus driver James Geiger couldn't see the road markings beneath the snow and slush -- but he kept rolling right down the shoulder.
Other bus drivers, sensing a harrowing ride down the narrow strip, had pulled back into traffic. But Geiger was piloting a Minnesota Valley Transit Authority (MVTA) bus through a virtual world, projected before his eyes on a drop-down viewfinder.
His bus was equipped with a new navigational system designed at the University of Minnesota. Using a combination of GPS, laser sensors and visual and tactile alerts, the system aims to help drivers navigate shoulders where there is little room for error.
In some places, buses that are 9 1/2 feet wide, including their mirrors, run on shoulders that are 10 1/2 feet wide.
"We're not steering the bus for them," said Michael Abegg, MVTA's planning manager. "... We're going to provide assistance to the drivers, comfort."
With that reassurance, MVTA, the south-metro suburban transit provider, hopes drivers will have the confidence to stick to the shoulders, move quickly and improve reliability.
That will be especially important when the metro area's first bus rapid transit corridor opens next year. The busway is meant to mimic light rail, with buses running on the shoulder between stations instead of trains on a track.
Louis Sanders, director of technical services for the American Public Transportation Association, said transit providers nationwide are using technology to improve bus passenger safety, speed and reliability. In California, another bus guidance system being developed uses magnets embedded in the road.
"There are all kinds of things going on in the bus world," he said, noting that the University of Minnesota is "really one of the leaders in this development process."
Ten buses from the MVTA fleet are testing the Driver Assist System technology, developed in the university's Intelligent Vehicles Laboratory.
When in use, a half-silvered mirror hangs in front of the bus driver's face, allowing the driver to see through to the road with the glowing outline of the shoulder imposed on top.
The system knows the bus location and direction. GPS and a database of the bus route -- in this case, Cedar Avenue -- tracks the bus' position 10 times per second, accurate to within 5 to 8 centimeters.
If the driver strays too far left or right, the stripe on the screen turns from white to red. Then the driver's seat vibrates, like a virtual rumble strip, on the side they are approaching. Finally, resistance on the steering wheel urges the driver to correct the bus position.
MVTA built a simulator, complete with a mockup of a bus cab, to test the technology and train drivers. Some resist the video game-like technology, but drivers with technical aptitude tend to pick it up quickly.
"This is the first application where the general public is on the vehicle," said Craig Shankwitz, director of the university's Intelligent Vehicles Laboratory. "We've been able to address every one of the shortcomings that we had when we first started."
An earlier version of the Driver Assist System, in development since the early 1990s, has been used on snowplows in Alaska and in a smaller pilot on a couple of plows, a State Patrol car and a Metro Transit test bus about 10 years ago.
Bob Gibbons, a spokesman for Metro Transit, said the technology was well received during that test, even in its rudimentary form.
"It wasn't ready for prime time when our part of the research was done," he said, noting that the GPS signal would be lost when the buses passed under bridges. "We're happy to see that it has advanced to the point where it's actually entering service now."
Transit agencies around the country will be paying attention to MVTA's test fleet, including whether it's cost-effective. It cost about $5 million for the simulator, training, technology development and equipment for 10 buses. The funding came through a federal grant to improve Twin Cities transit and relieve congestion.
So far, bus driver Geiger is a fan. "I wasn't 100 percent sold until I had to use it in that snowstorm," he said. "It proved itself."
(Distributed by Scripps Howard News Service, www.scrippsnews.com.)Must credit Minneapolis Star Tribune

Wednesday, January 5, 2011

Look out Marv Albert-- Homeless man w/ golden voice offered job with NBA basketball team!

Cavaliers Offer Job to Homeless Internet Sensation

Ted Williams’ golden voice has taken the internet by storm over the last few days. The former drug addict says he has been clean for two years, yet he still finds himself homeless and out of work. But with his new found Youtube fame also comes job offers.
According to NewsChannel5, a spokesperson for the Cleveland Cavaliers has offered Williams a full time voiceover job, and a home paid for by the organization. Williams called it “the best deal ever!”
Here is the video of Williams showcasing his pipes:

Tuesday, January 4, 2011

$28 MILLION- Cost of Converting the Minnesota Building into apartments

“Technically, it’s a loan from the city of St. Paul,” -- Is now the time for the City of St. Paul to be loaning out funds for projects like this? ...when they have 100's of already RESIDENTIAL vacant homes throughout there cities impacting values and neighborhoods severely. 28 Million could purchase over 500 foreclosures throughout the city and increase values throughout, while this project does little for anyone other than the investors and directly connected with the development. 

Vintage Minnesota Building converted to affordable housing



By Burl Gilyard
Bill Klotz)
The Minnesota Building in downtown St. Paul has been converted to 137 apartment units. (Staff photo: Bill Klotz)
The venerable Minnesota Building in downtown St. Paul will reawaken this week after several years standing empty.

But this time residents will move into the 81-year-old building, which has been converted from offices to 137 affordable apartment units.
Sand Cos. - based in the St. Cloud, Minn., suburb of Waite Park - is wrapping up the $28 million redevelopment. The vintage building stands at the intersection of Cedar and East Fourth streets, kitty corner from the St. Paul Pioneer Press. The project also is near the future Central Corridor Light Rail Transit line.

“The light-rail station is just kitty corner from our building, so it’s just half a block. We think it’s a huge bonus for the building,” said Sand Cos. CEO Jamie Thelen, who does not think that noise from the train will be an issue for residents.
The building is the latest in a trend of converting former downtown St. Paul commercial buildings into residential units.

Minneapolis-based nonprofit Aeon is converting the Renaissance Box building in downtown St. Paul to affordable apartments. The $16.9 million project calls for 70 units. Aeon previously renovated the former Crane Ordway warehouse in downtown St. Paul into 70 affordable rentals.

One block west of the Minnesota Building, St. Paul-based nonprofit CommonBond Communities turned the vintage Commerce Building into 100 units of affordable apartments. The Minnesota Building project is seen as a plus for downtown St. Paul.

The biggest hurdle for the project was cobbling together the financing.“We struggled to fill some gaps in the financing structure,” Thelen said. But the federal Tax Credit Exchange Program and the Tax Credit Assistance Program, both part of the American Recovery and Reinvestment Act of 2009, freed up approximately $9.6 million in financing for the project, he said. The city is the conduit for the money.“Technically, it’s a loan from the city of St. Paul,” Thelen said.

The Minnesota Building includes 23 studio apartments, 111 one-bedrooms and three two-bedroom units. Monthly rents range from $575 to $625 for studios and $740 to $920 for one-bedroom units; rent is $1,094 for the two-bedroom units. Rents are meant to be affordable to people earning 60 percent or less of the area’s median income. Fifteen units are pre-leased, according to Thelen.

The building also will offer about 8,000 square feet of ground floor retail space. No leases have been signed. Thelen said marketing of the space will begin in January. Sand will open a St. Paul office in early 2011, taking 2,200 square feet of space on the second floor. The property is owned by MNB Development LLC. Sand handled architecture and construction and will handle property management.

Minneapolis-based Marquette Advisors recently reported the apartment vacancy rate at the end of September in downtown St. Paul at 8.4 percent, double the overall 4.2 percent vacancy rate across the Twin Cities. The report tracks market-rate units, not affordable apartments.The city of St. Paul also has stepped in to serve as developer for two proposed market-rate apartment projects: The Penfield and The Lofts at Farmers Market. Combined, the two projects propose to add approximately 300 new apartments to downtown St. Paul.

The art deco Minnesota Building was added to the National Register of Historic Places in 2009. Thelen said Sand pursued the historic designation so the project could qualify for federal historic tax credits.
Some veterans of St. Paul commercial real estate circles recalled that the Minnesota Building, not far from the St. Paul City Hall/Ramsey County Courthouse building, was a favorite with local law firms.
“There were just a ton of law offices in there. It was kind of the place to be if you were an attorney,” recalled Bill Buth, who served as president of the Greater St. Paul Building Owners and Managers Association for more than three decades until his retirement in 2007.

“The Minnesota Building and the Commerce Building were both good office buildings. That’s where you had attorneys and accountants and things like that,” said Craig Lien, vice president with Minnetonka-based NAI Welsh. “Over time the buildings got old, and there were newer buildings that the attorneys moved into.”

Thelen said Sand is staying busy with similar workforce/affordable housing projects in other regional cities. The company completed construction of the 60-unit Hoffman Place in White Bear Lake in June.
Under construction is a 42-unit project in St. Michael. In Plymouth, Sand is working on a 67-unit project called West View Estates and hopes to break ground in July.


Monday, December 13, 2010

Should the Minnesota Vikings get a new stadium?!

With the dome deflated... is it time? It is always a matter of funding but we are in favor of racino/gambling money being used for the project and limited outside public funds unless given ownership/ stock within the team and stadium like in Green Bay...
     Poll to the right posing the question and leave your vote today   ------>
     If in support of a new stadium check out the FB page linked to this post!  





Friday, December 3, 2010

Got Questions... but can't find answers?

Stop waiting for some random person on yahoo, ask or realtytrac and others to respond to you-- these which are great resources are not as personal as the page created here just for you-- below is a note from our FB page.. Enjoy and ASK AWAY! 

If you ever are wondering anything in regards to real estate, the twin cities area, housing, rentals etc.. feel free to post a comment on here and you will get a response right away-- stop wondering and start asking!!

No matter what your question is as simple or complex we are happy to help provide a professional REALTOR response and advice. Stop posting to random websites and people hoping someone answers you and get connected with a profession who wants to answer you!


First time/Move-up buyers, Estate sales, Taxes, Where/how to's, Pricing/Listing property, Investing, Schools, Contracting/remodel's, Utilities, and more! Let's here em'-- don't have to raise your hand, just comment! :) 

We also have a website to track and ask questions anonymously- visit  http://www.formspring.me/CribConnection 

How low can home prices go?!

Who knows the truth about this but we do know things are not getting any better, anytime soon! With the foreclosure mess amongst us the low prices and high inventory is here to stay.

On Wednesday, research firm RealtyTrac said 12 percent of all home sales in Minnesota during the third quarter were houses that have been through foreclosure. Nationwide, a quarter of all sales were foreclosures. Statewide, that number is down from last year, but at the current pace of foreclosure activity, the Home Ownership Center estimates that by the end of the year there will be a 13 percent increase in the number of foreclosures.

Likely to be the second worst year on record for home foreclosures and at a time when homeowners are facing increasingly dire circumstances. An extension of unemployment benefits has expired and Congress has yet to renew them. Home prices have continued falling. And lenders are swamped with an unprecedented supply of houses that owners can no longer pay for.

Real estate research firm Realtytrac found that in Minnesota the average sales price of properties in some stage of foreclosure was more than 32 percent below the average sales price of properties not in the foreclosure process.
--Daren Blomquist from Realtytrac said foreclosures accounted for about 25 percent of all residential sales.
"We are seeing in the third quarter basically what the true market is like without the artificial stimulus of the tax credit," Blomquist said. "If you look at overall sales numbers from other sources, overall sales are down as well quite a bit."
Blomquist said that he believes the sharp drop is largely because of the homebuyer tax credit that basically pulled forward a lot of demand to the second quarter.

A slate of data releases shows the Twin Cities residential and commercial real estate markets are still struggling to recover. The Standard & Poor's Case-Shiller home price index indicates Twin Cities home prices dropped 2.1 percent from August to September. Among the 20 cities the index tracks, that drop was the second worst. Cleveland had the biggest decrease. The Twin Cities index showed home prices had been ticking up in the spring and early summer before starting to drop again. In an email, David Guarino, a spokesman for Standard & Poor's, says the Minneapolis market's volatility "is due to foreclosure sales (as a proportion of total sales) increasing rapidly over the past 3 years." Foreclosed properties sell at a lower price relative to comparable non-foreclosed properties. "Increasing and more volatile volumes of foreclosure sales generate more volatility in the Case-Shiller price index," Guarino noted. But Scott Anderson, an economist with Wells Fargo, has another explanation for the apparent volatility in the Twin Cities Case-Shiller numbers for September. "The drop in housing demand has been more severe in the Twin Cities than it has been nationally, so I guess I am not surprised that the Twin Cities had some of the largest home price declines in the nation," Anderson said in an email. Anderson says housing demand has been weak since May, while housing inventory -- the number of homes for sale -- has been on the rise. That dynamic of greater supply and lower demand pushes home prices down. Anderson projects home prices will continue to drop over the coming year."This will increase the financial pressure on households, and prolong the credit problems in the banking system, sapping the vitality of the economic recovery again next year," he said.

Good time to buy if you need to move and build long-term equity but dangerous time to flip with a lack of qualified buyers and over-supply of active listings!