West Savage Real Estate Blog

THE POINTE Current Housing Inventory

Number of Homes Actively Available for Sale - 2

Number of Homes Temporarily Unavailable for Showings - 0

Number of Pending Transactions - 3

Number of Closed Transactions for May 2012 - 1

 

OFFER PENDING in The Pointe! 8347 Carriage Hill Alcove

OFFER PENDING!  Welcome to 8347 Carriage Hill Alcove - a four bedroom walkout two-story nestled on one of the best cul de sac lots in The Pointe neighborhood!   The home is beautifully landscaped in front and back, providing striking curb appeal!

This original-owner home has hardwood floors running through the main floor, topped with raised trim for an elegant look.  A gas fireplace and a wall of windows complete the family room.  The kitchen has an abundance of cabinetry and new granite countertops.  A main floor formal dining room and den/living room flank the foyer. A deck lies just off the kitchen. 

The second floor includes four bedrooms and two full bathrooms, including a vaulted private master bathroom with separate shower, dual sink vanity and new tile flooring.  The upper level offers newer carpet and a convenient laundry room.  The walkout lower level is unfinished and awaits your touches!    

This home offers custom blinds, fresh paint, new countertops, new tile flooring and new mechanicals.  The yard includes two apple, two birch, two maple and one oak tree, and privacy everyone can appreciate!   

View our VIRTUAL TOUR or ONLINE FLYER for 8347 Carriage Hill Alcove. 

24-Hour Recorded Message   1-800-605-6994  Ext. 530

8347 Carriage Hill Alcove in Savage is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597.  

Chad & Sara's OPEN HOUSE SCHEDULE This Weekend

SUNDAY, MAY 20  12:00pm - 2:00pm    2780 LIMERICK STREET, PRIOR LAKE

Charming 2-story w/ Pottery Barn flair! Granite/Stainless KIT, wide-plank rustic pine floors, 2 frplcs, screen porch. Main floor Den/Dining. Spacious MSTR w/ cast-iron tub & private deck. Fin Bsmt w/ solid drs. Patio/Hot tub. New roof/siding 07.    Offered at $399,900  

 

 

 

 

 

 

 

Price Adjustment in The POINTE! 5BR Home Loaded w/ Upgrades! 8682 Carriage Hill Road, Savage

This stunning POINTE home is loaded with upgrades and fresh updates!  The kitchen includes maple floors and 42” raised panel cabinetry, granite countertops, stainless GE Profile appliances with double oven, pendant lighting and a glass tile backsplash.  The main floor laundry room includes tile floors and front-load appliances.   The family room includes a corner, gas fireplace with stone surround and a maple mantle.  A den with French door and arched entry, formal dining room, and a ½ bath also lie on the main. 

The second floor offers four bedrooms and two full bathrooms, including a private master suite with tile floors, maple cabinetry, dual-sink vanity, whirlpool tub and separate shower.  All the bedrooms have ceiling fans.  The upper hall has sconce lighting. 

The lower level is spectacularly finished, with a lighted tray vault ceiling, granite surfaces, cherry media center, bar with lighted cabinets, and arched artwork niches with granite ledges.   A bedroom with a wide, walk-through closet, and ¾ guest bath with granite surfaces, heated travertine floors and shower, and a glass bowl sink also lie on the lower level.

This home offers a paver patio, in-ground sprinklers, security system, and an extra-deep, heated garage with workshop and wash basin.  

A RAINBOW Playset is included!

24 Hour Recorded Message  1-800-605-6994   Ext. 531

View our ONLINE FLYER or VIRTUAL TOUR for 8682 Carriage Hill Road!   View our

Offered at $379,900

8682 Carriage Hill Road is proudly marketed by Chad and Sara Huebener of Edina Realty.  If you have questions about this home, please contact us at 952-212-3597. 

 

Pointe Winter Newsletter Article

The Board of Directors for The Pointe homeowners' association asked us to compile a real estate update for its winter newsletter.  Here is what we wrote and submitted for publication.  

At the end of the year, it’s always interesting to unpack the statistics of a neighborhood.  This year is no exception.   Activity in The Pointe has shown some interesting shifts this year relative to last year.  These shifts are reflective of a metrowide market trend our REALTOR® Association has been highlighting all year.   We discuss them below. 

1.   SALES ARE UP.    It’s true in The Pointe.  Last year, 44% of the total inventory sold and closed.  This year, if we look at what has sold, plus all homes that have accepted purchase agreements waiting to close, we can say that 60% of the inventory in the neighborhood will sell this year. 

2.  INVENTORY IS DOWN.    In The Pointe, 15 unique properties participated in the market in 2011, compared to 21 last year.   Of those fifteen, 10 are traditional in nature, and 5 of them (33%) are financially distressed.   This number, fortunately, is still below our metro marketplace average of 40%, however, that number has crept up from last year.   (Last year 19% of Pointe inventory was distressed.)

3.   PRICING IS DOWN.   This year Pointe homes, are selling for an average of $98 per finished square foot, at an average sales price of $322,529.   We can break this number apart even further by taking seller-paid closing costs into consideration, thereby looking at the true net-to-seller figures.   Using these figures, Pointe homes are selling for an average of $95.60 per square foot, at an average sales price of $317,591.  

Let’s compare to 2010.  Last year, Pointe homes sold for an average of $117 per finished square foot, with an average sales price of $361,309.    With seller-paid closing costs, these figures are adjusted slightly, to $357,950 and $116.93, respectively.  

Now for the logical question:   If sales are up, and inventory is down, HOW can pricing be down?    It seems to go against basic economic rules.  Quite simply, distressed properties continue to challenge our market.     Before we go into panic mode, let’s take a look at some of the improvements in our market.   The higher sales volumes and lower inventories are a benefit to homeowners in that they equate to less competition, thereby helping to create a degree of pricing buoyancy.   This is most evident in the stabilization of our market, compared to the rapid pricing plummets seen several years back.  At least now we can say that our pricing is bobbing.

Interest rates remain historically low.   Rates are driving buyer activity, which held steady into late October.   And buyer activity is good for sellers.   Those who subscribe to our West Savage Home Prices Update probably noticed the rise in pending activity in the late fall period, as buyers wrote purchase agreements with the intent to close before Christmastime.  (If you don’t receive this Update and would like to, email us.)  And of course, those seeking to refinance are relishing these rates, which are hovering around 3.375% for a 15-year fixed and 4% for a 30-year fixed.

Pricing on higher-end inventories like custom homes, acreage and lakeshore has become highly attractive.   Paired with low interest rates, upper bracket property has become all the more affordable, and we are seeing more families gravitate towards their dream home.   The moving process is a two-part equation.  (Selling + Buying = Complete Transaction)   Focusing on the pricing savings on the Buy Side is a driving motivator for many when it comes to achieving their long-term housing goals.  

We are also noticing that some banks are experimenting with higher pricing levels when initially listing foreclosed property to the market, adjusting the price only after a certain period of time has elapsed with no offers.   This is a welcome strategy to the traditional seller, who although does not necessarily compete directly with these properties, is still impacted by them.   

Another trend worthy of mention is that temporary rental housing between property moves has grown increasingly the norm.  Many sellers want to ensure their home sale is consummated before they begin a home search or break ground on a new home.   Some move into temporary housing after the sale of their home, with the intent of taking their time with the new home search, so they can buy exactly what they want once it hits the market.    They view it as a short-term inconvenience to obtain a long-term objective.

Price points experiencing the highest degree of sales volume are those under $300K.   Markets above $400K are quieter.   Everything in the middle is just that… somewhere in the middle.  

In last winter’s issue, we encouraged people to seek opportunities in this market.  We continue to do so.   Finding one that is the most feasible and best suits your needs is up to you, and those that are the patient and flexible benefit the most.   Give us a call at 952-212-3597 if we can help.  

(Statistics quoted are as of November 21, 2011.  Chad and Sara Huebener are full-time REALTORS® with Edina Realty in Savage. )  

PRICE REDUCED in The POINTE! 13637 Ashcroft Road - Chad & Sara Huebener, Coldwell Banker Burnet, Lic. MN

This striking, full-brick front home in The Pointe is move-in ready!  The foyer includes a grand open staircase flanked by a formal dining room and living room/den option.  The family room has a fireplace and adjoins a large, eat-in kitchen with hardwood floors and new granite countertops.  A ½ bath and mud/laundry room lie just off the kitchen.  The dinette walks out to a spacious deck. 

The second floor features four bedrooms, including a private master suite with walk-in closet and full bath with whirlpool tub.  Another full bath lies on the second floor.  The finished lower level offers a bedroom/den with French doors, a large family room with fireplace, ¾ bath, storage, and a laundry area.   

This home includes solid 6-panel doors, 9-foot ceilings, new roof (2 yrs old), in-ground sprinkler system and an extended three-car garage.  Situated on a quiet, cul de sac lot, this home is the perfect place to call home!

Offered at $333,900

View the VIRTUAL TOUR or ONLINE FLYER for 13637 Ashcroft Road in The Pointe neighborhood of Savage.  View our COLDWELL BANKER BURNET ON LOCATION video. 

24 Hour Recorded Message 1-800-605-6994  Ext. 537

This home is proudly marketed by Chad & Sara Huebener of Coldwell Banker Burnet.  For more informaton on 13637 Ashcroft Road in Savage, please call 952-212-3597.

ON LOCATION at 8682 Carriage Hill Road in The POINTE

Patience is a Virtue in Our Housing Marathon

It can be very difficult to explain why patience is so important in this market.  But it is.    It’s true that most sellers want a quick sale, and four months on the market can feel like forever.   A couple weeks ago we held our quarterly Open House Blitz,  a two-day marathon of open houses, and the comments from buyers resonated with us, because it speaks to the timing of our market.  

On a few of our listings, buyers indicated that they had been watching the house on the market and were hoping to get their current home sold so they could make an offer.  Until then, everyone will play the waiting game.   This is normal in our market, and not a sign that anything is wrong.  

That said, some homes are priced for a very quick sale - typically foreclosures.  This month, we saw the TRADITIONAL SALE home in The Pointe that was listed for $269,000 hit the market, and cars lined the street to get in. Everyone has been wondering, and the answer posted on MLS recently: It sold for $297,500 with $7,500 in seller concessions (i.e. net sales price of $290,000.)  

Let’s do a quick breakdown of the nature of our ACTIVE West Savage housing inventory:  There is 1 foreclosure on the market, 5 short sales and 15 traditional sales.   That equates to 29% of our market being distressed.   This number has come down quite a bit since early spring.    PENDING inventory equates to 1 short sale and 5 traditional sales.  Recent SALES (this Update) contain 2 distressed sales and 1 traditional sale (the one we just discussed in The Pointe.)

Our West Savage absorption rate is 6.63.   That means if zero new homes come on the market, it will take 6.63 months to sell our existing inventory.

JUST SOLD!*** Elegant POINTE Home - 8532 Carriage Hill Circle

***SOLD !!! *** This storybook, full-brick front POINTE home has everything one could desire!  A paver walkway leads to a custom front door opening into a grand foyer with open staircase. A formal living room with a soaring ceiling and a curved den flank the foyer. The kitchen is updated with stainless appliances, Cambria countertops and floors and oil-rubbed hardware. The formal dining room lies just off the kitchen. The main floor family room offers a huge, stone, wood-burning fireplace with built-ins, and a wall of windows overlooking the Minneapolis-St. Paul skyline. A deck lies off the kitchen. The main floor also offers a mud room and ½ bath.

The second floor boasts four bedrooms, including a large, vaulted master with private bath, dual sink vanity, whirlpool tub in breathtaking views. The master bedroom closet has an extensive custom shelving system. Another bath lies on the second floor.

The walkout basement was finished by TimberRidge and offers a wet bar, family room with gas fireplace, bedroom with French doors, ¾ bath, laundry (which can be placed upstairs) and patio access.

This home offers custom window treatments, many built-ins, jaw-dropping lighting, extensive landscaping and an in-ground sprinkler system.

24 Hour Recorded Message 1-800-605-6994 Ext. 530

VIEW OUR VIRTUAL TOUR or our ONLINE FLYER. 

Offered at $384,700

For more information on 8532 Carriage Hill Circle in The POINTE neighborhood of Savage, please contact Chad and Sara Huebener in the Scott County Regional office of Coldwell Banker Burnet at 952-212-3597. 

We're Holding a Summer OPEN HOUSE BLITZ!

Join us for our SUMMER Open House Blitz on August 13th and August 14th. We're showcasing many of our listings in a large variety of styles and price ranges.    From architect-designed Prior Lakeshore to acreage to townhouses, there is something for nearly everyone.  

If you know anyone looking to buy a home, rates are phenomenally LOW and the selection is fabulous. Print out the flyer below and send them through!  (You can print this flyer by clicking the printer icon in the upper left frame of the PDF box.)

The time to buy a home just does not get any better than this!