West Savage Real Estate Blog

JUST SOLD! Arctic Lake 2-Story at 3204 Lake Bluff Circle

JUST SOLD!  This truly exceptional home in Prior Lake home sits on a private, walkout cul-de-sac lot with mature trees overlooking Arctic Lake to the back, and Prior Lake to the front.  This home boasts maple hardwood floors, granite surfaces, 2 stone fireplaces, in-floor radiant heat, tile floors, built-ins, a workout room, sport court, and deck with amazing views! Huge front porch! Professionally landscaped.  4000 FinSqFt

JUST SOLD! 4BR 3BA Extensively-Landscaped Home at 7961 Grinnell Way

JUST SOLD!   This quality-built home is loaded with updates!  

The main floor includes a large foyer with hardwood floors and a skylight window, a newly refurbished formal dining room, and a spacious eat-in kitchen with an adjacent screened porch.   The upper level includes a large family room and two bedrooms, including a master bedroom with an adjoined bathroom with whirlpool tub.  

The walkout lower level offers a family room with many built-ins and a gas fireplace, two additional bedrooms and a ¾ tile bathroom.  One of the bedrooms could be used as a den or exercise room. 

The bathrooms in the home have been completely updated with tile and new surfaces.   The home has been newly landscaped with a water feature, paver patio, boulders and an in-ground sprinkler system.   

This home includes a new roof (2007), new furnace, new air conditioner, new water softener, and fresh exterior paint with new lighting. You can feel the quality when you walk in the door!

View our ONLINE FLYER or VIRTUAL TOUR for 7961 Grinnell Way. 

7961 Grinnell Way is proudly marketed by Chad & Sara Huebener.   For more information on this home, call 952-212-3597.

OFFER PENDING! 10200 Windrose Curve

OFFER PENDING! 

Freddie Mac-owned 2-Story on oversized corner lot!  Family room with fireplace, vaulted master, jetted tub with separate shower, large windows.  Lakeville schools.  Unfinished LL for future equity!

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. )  

Market Activity Update - for the Week Ending Nov 21

Our local REALTOR Association reports:

The most recent weekly report card shows buyer activity is still registering higher than the same week in 2010. Sellers, on the other hand, introduced fewer new homes to the market than last year at this time. A few shakeups in the housing policy world are worth mentioning: keep an eye on HARP 2.0, new FHA conforming loan limits, and changes to the short sale process on GSE-backed loans. As always, there are prices and then there are the driving forces behind them. It's important to understand both.

In the Twin Cities region, for the week ending November 12: 

• New Listings decreased 2.5% to 1,112 

• Pending Sales increased 37.1% to 853 

• Inventory decreased 22.2% to 21,068

For the month of October: 

• Median Sales Price decreased 9.6% to $154,500 

• Days on Market decreased 0.7% to 134 

• Percent of Original List Price Received increased 1.0% to 91.2% 

• Months Supply of Inventory decreased 28.0% to 6.3

There are some interesting parallels here, as we indicated in an article we just wrote for The Pointe Association's semi-annual homeowner's newsletter.   We'll  be posting that article shortly.  

We're Now with Edina Realty!

We joined the team of Edina Realty today, in the Savage-Prior Lake office off County Road 42 and Highway 13!   We are in the process of updating all our our online profiles and websites.   

We can be reached at:

Chad - 952-212-3597   [email protected]

Sara - 952-215-5012   [email protected] 

JUST SOLD! Remodeled Rambler at 15021 Tyacke Drive

JUST SOLD! Complete remodel at 15021 Tyacke Drive!  Beautifully redone w/an open floor plan, and updated from top to bottom. Gourmet kitchen with all new appliances, countertops and ceramic flooring. All new bathrms w ceramic tile throughout. Main Lev fam rm w/cozy FP, new carpet.

JUST SOLD! 15021 Tyacke Drive

JUST SOLD!   This beautifully remodeled rambler offers an open floor plan and updates from top to bottom. Gourmet kitchen with all new appliances, countertops and ceramic flooring. All new bathrms w ceramic tile throughout. Main Lev fam rm w/cozy FP, new carpet!

Quick Facts from our REALTOR Association

 What's driving home purchases nowadays? Record low mortgage rates, affordable prices and plenty of options to choose from can't hurt.

For the 12-month period spanning November 2010 through October 2011, Pending Sales in the Twin Cities region were up 8.5 percent overall. The price range with the largest gain in sales was the $120,000 and under range, where they increased 50.0 percent. The overall Median Sales Price was down 8.9 percent to $154,900.

The property type with the smallest price decline was the Single-Family segment, where prices decreased 8.1 percent to $170,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 138 days; the price range that tended to sell the slowest was the $1,000,001 and above range at 253 days.

Market-wide, inventory levels were down 22.4 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 19.5 percent. That amounts to 6.3 months supply for Single-Family homes and 5.2 months supply for Townhomes and Twinhomes.

OFFER PENDING! 10200 Windrose Curve

OFFER PENDING!  

4 Bedroom two-story on oversized corner lot!  Family room with fireplace, vaulted master, jetted tub with separate shower, large windows.  Lakeville schools.  Unfinished LL for future equity! 

Offered at $169,900