Minneapolis Real Estate Blog

While circumstances are still somewhat fluid, I wanted to pass along some of the things I’ve seen/heard/am working on so that you can find out more, and possibly take advantage of some of the opportunities that are becoming available.

Covid Stimulas Checks. This is a pretty good article on the potential $1200-per-adult, $500-per-child checks that have been announced. Actual amounts depend on your income. Depending on how you’ve filed taxes in the past, you may be seeing money directly deposited in two to three weeks. There is also some information here regarding unemployment.

Paycheck Protection Program. This article goes through the PPP. In short, employers and independent contractors can borrow money from an SBA lender (i.e. a bank) to cover

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In light of these unusual times I just wanted to shoot you a slightly different report including some information we have gathered from various sources pertaining to the effects of the coronavirus on the real estate market.

Showing Activity in General

Showing activity is down as are the pending listings but they are are not tracking each other exactly. There are fewer showings but the buyers that are out there are presumably more serious (which you will see in the chart published by the star tribune earlier this week - below). You will notice different price points are being affected differently as well.

That combined with sellers possibly re-financing and staying where they are or waiting for things to blow over may present an opportunity for

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This is NOT Like the Last Time

Source: Keeping Current Matters

With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. As leaders in the Minneapolis real estate market, we are doing what we can to look for early indicators and ease our clients worries. We are staying up to date on market trends and do not believe this will be another 2008.

However, the feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:

“With people having PTSD from the last time, they’re still afraid of buying at the

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March 19, 2020 by Mike Seebinger

As you have probably heard, the Federal Reserve cut interest rates to zero over the weekend. This news may have caused confusion for many. First, let us start by saying that this does not directly impact fixed mortgage rates. The Fed dropped the federal funds rate which impacts short-term and variable interest rates such as home equity lines of credit (HELOC).

Here are answers to the most-asked questions about the announcement:

How does this affect mortgage rates?

This does not directly impact fixed mortgage rates. It will help keep mortgage rates in a happier zone, under 4%. It will also pave the way for a return to 3% or below rates in the coming weeks.

Does this affect people who have already locked in

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  By ERIC BEST JUNE 14, 2016 UPDATED: JUNE 14, 2016 - 3:55 PM  
  1. 200 Central

200 Central Ave. SE

Alatus

The City Council’s Zoning & Planning Committee has overturned the Heritage Preservation Commission’s decision to deny approvals for a 40-story condo tower project in an area just northeast of downtown Minneapolis. Alatus has been planning the approximately 280-unit development over the past year for the site on Central Avenue now home to the Washburn-McReavy Funeral Home and St. Anthony Athletic Club. The committee also gave its approval to demolish the aging buildings within three months to move forward with construction. A full Council vote is slated for June 17. Alatus is planning to break ground later

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Minneapolis Mayor Betsy Hodges, Minneapolis Downtown Council President and CEO Steve Cramer and City Council Members Lisa Goodman and Jacob Frey today announced the Nicollet Mall Project’s next steps and timeline at a press conference on Nicollet Mall outside IDS Center.

The press conference outlined a three-phase process by which Nicollet Mall will be finished, with substantial completion by the end of 2017 and finishing touches in spring/summer of 2018. 

"We’ve already seen progress in 2016, with more to come this year and next as we work toward completion in 2018,” said Mayor Hodges. “It’s exciting to experience all the vibrancy this unique, public-private partnership will bring to Minneapolis’ signature street. With Nicollet Mall

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Two Minneapolis units were combined into one, creating a custom designer condo with dramatic downtown views. You can have it for $2.5 million.    "In the kitchen, dark wood cabinets are a contrast to light marble countertops and upscale commercial-grade appliances, such as a Subzero refrigerator and Wolf range. Flesher custom-designed the globe pendant light fixture above the island. The expansive condo also has a TV/media room, den, guest quarters and a climate-controlled 500-bottle wine room. An office with built-in bookcases also doubles as a playroom for Jan and Ralph’s grandkids. There are two balconies — one for grilling and the other for watching storms approaching from the west."    
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