Minneapolis-based Oppidan Investment Company bought the former Most Holy Trinity Catholic Church at 3946 Wooddale Avenue S. in St. Louis Park and plans to build a condominium complex called Wooddale Flats, which will include six buildings with 33 units. The first building will hold three units and the remaining five buildings will hold six each. Here are some of the features:
Construction is expected to begin in late May or early June with the first move-ins happening in January of 2015. David Carlson at Gatehouse Properties will market and sell the condo units, which start at $364,900.
A new monthly report shows that house prices in the Twin Cities metro, including foreclosures and short sales, increased by 9.0 percent in March 2014 compared with last year,according to CoreLogic's House Price Indicator. From February to March house prices in the Twin Cities increased by 0.7 percent.
That was the ninth-biggest year-over-year gain among the nation's largest metro areas and only slightly below the national average, which stood at 11.1 percent.
CoreLogic's HPI is a unique look at what's happening to house prices because it tracks repeat-sales of the same homes over time, including single-family attached and single-family detached homes. Stay tuned for the April sales report from the Minneapolis Area Association of Realtors, which we'll publish here on May 12. That report will include closings, pending sales and a detailed look at what's selling in this area.
If you read my Sunday story about the rising - and controversial - use of drones to help sell real estate, you might be interested in a couple tidbits on the topic:
A recent CoreLogic MarketPulse report provides a graphic look at a trend that you'd intuitively expect: Sales of expensive houses rise and fall with the stock market. The chart below shows the relationship between sales of $1 million-plus houses, which now represent about 2 percent of all sales, and the performance of the S & P 500. Not surprisingly, they follow they course. Here's a link to the full March report.
Twin Cities real estate agents say that a shortage of listings and harsh weather put a lid on home sales during March, but with fewer foreclosures in the mix and limited options for buyers in some areas, prices were up compared with last year. And those higher prices helped draw more sellers into the market. All of that is according to a monthly report from the St. Paul Area Association of Realtors. Here's a quick look at the Twin Cities housing market during March:
Warmer weather is expected to bring out the house shoppers this weekend, and agents are at the ready with thousands of open houses in all corners of the metro and in all price ranges.
Here's the top-priced listing that'll be open this weekend: 2400 Cedar Point Drive in Woodland is a private peninsula that's listed at $3.495 million (that's after $1.455 million in price reductions). The property, which includes 1,693 feet of shoreline, is listed by Ellen DeHaven of Coldwell Banker Burnet. The owner, according to county records, is US Bank. Here's a link to the listing. The open house is from 2:30 to 4:30 Sunday.