Here's what you need to know about a handful of interesting mixed-use projects at various stages of development in Minneapolis:
How much salary do you need to buy an average house in the Twin Cities and the other top 25 markets in the nation? HSH.com wanted to find out, so they put together a list that looks at the salary you'd have to earn to afford the principal and interest payment on a median priced home in the top 25 markets nationwide.
The Twin Cities, where a buyer would have to have a $33,800 income to buy a $197,000 house, was No. 12 on the list. The required salary in the Twin Cities fell more than $3,300 from the previous quarter because interest rates and home prices were down slightly.
Cincinatti was No. 1 at $19,435, and not surprisingly, uber-pricey San Francisco was last with a required income of $115,510. Check out the rankings for the other cities by clicking here.
Ever dream of ditching your job in the city and retreating to the woods and water? Here's your chance. The Cascade Lodge on Lake Superior - the largest freshwater lake in North America - is now on the market. For $2.7 million you get a main lodge with 10 rooms and 1 suite, along with 11 cabins, a four-unit motel, a creek chalet, a private residence and a restaurant/pub. The listing includes 13 acres and 500 feet of Lake Superior shoreline.
Bruce Zeller of Lakeplace.com has the listing, click here for a complete photo tour of the property.
Fannie Mae announced a new program today that offers homebuyers in Minnesota and 26 other states up to 3.5 percent in closing cost assistance when they purchase a HomePath property during what's known as the FirstLook period. Here's how Fannie describes the program:
Frigid temps and a shortage of listings helped keep home buyers on the couch last month, according to new data released this morning by the Minneapolis Area Association of Realtors. During January there were 2,536 home sales, a 12.8-percent decline compared with last year. Despite that decline, the median price of those sales increased 12.4 percent to $179,900 because there were far fewer foreclosure sales but a healthy increase in upper-bracket sales.
Though the slowdown in sales might suggest that buyer demand is stumbling, there are reasons to suggest otherwise. New listings last month fell 11.5 percent, leaving buyers with a dwindling number of choices. Sellers are still getting a high percentage of their asking price and houses are selling faster than they were last year - on average houses sold within 93 days , a 12.3 percent decline compared with last year.
“Would-be sellers have an opportunity to benefit from inventory levels and get ahead of the spring market if they list their property,” said Michael Hunstad, president of the Saint Paul Area Association of Realtors. “Buyers can also be ready to act on a purchase while good deals are available.”
We'll have a complete story in the Thursday paper.
- Jim Buchta
Once a hunting retreat for a founder of the Gander Mountain sporting goods store, the Bird Wing Spa in Litchfield is on the market for $2.25 million. The property includes 557 acres, two miles of Star Lake shoreline, a pond, restored prairie and several buildings, including a restored barn, with a total of 16 bedrooms and 15 bathrooms. First a private hunting retreat, for years the property was used as a wellness retreat and spa and was featured in a Star Tribune Travel story. Find out about our intrepid reporter's winter experience at the spa by clicking here. Better Homes and Garden Realty of Chanhassen, has the listing.