Thursday, August 28, 2008

Open Houses for Labor Day Weekend

We are happy to announce that we will be hosting two open houses in the demand Watermark Neighborhood in Victoria.

8121 Krueger Court

4 Bedroom \ 4 Bathroom \ 3 Car Garage

Built by Reggie Award winner Kerber Homes, this stunning home is sited on one of the premier lots in demand Watermark and enjoys a spacious lawn, pond views and quiet, cul-de-sac setting.

2280 South Parkway

4 Bedroom \ 4 Bathroom \ 3 Car Garage

2280 South Parkway is a beautiful custom home with many amenities from the granite counter tops in your Gourmet Kitchen to the Custom Built-ins on every floor. The home features a two story Great Room with tray ceilings; built-in entertainment centers, and a ceiling to floor stone front fireplace and opens to a spacious Gourmet Kitchen with granite counter tops and stainless steel appliances. Just off the Kitchen is the 4 Season Porch. Four Bedrooms are situated on the second floor and the Junior Bathroom features a Jack & Jill vanity. The Lower Level Game room is outfitted with a full service Wet Bar, for all your gaming needs. Another stone faced fireplace is the corner stone of the Lower Level Family Room. Walk out of your lower level to the large backyard with plenty of room to roam and play. You can entertain on the custom landscaped fire pit all summer long.

Friday, August 22, 2008

New Price Reduction on Beautiful Lake Home

6563 Bartlett Boulevard, Mound, MN
We have just taken a large price reduction on this wonderful Lake property.
Now Listed at $1,475,000
~Open House ~ Sunday, August 24th, 2008 ~ 1-3:00 PM ~

Enjoy cottage style living in this picturesque, Lake Minnetonka setting.

This modern take on a classic design features four Bedrooms and four Bathrooms, complimented by a Nanny Quarters/ Mother in Law suite and Tram to the 64’ of sand bottom Rip-Rapped Lakeshore.

The gorgeous Kitchen has beautiful granite countertops and stainless steel appliances. Just off the Kitchen is an open and airy Sun Room. Adjacent to the Sun Room is your Family Room with a gas burning fireplace and views out to the lake.

The first floor also features the Suncrest Builders signature “Flex Room.” This room is yours to use in any way you want from a Formal Dining room to Home Office, the possibilities are endless.

Beautiful stone and workmanship accentuate this like-new construction Storybook style.
The Master Suite looks out on the lake with long, southerly views of Halstead’s Bay. A great sight to wake up to every morning.

Living at home is a Year-Round Vacation when you call 6563 Bartlett Boulevard “Home.”

Come and visit us this Sunday!

Tuesday, August 12, 2008

Weekly Market Activity Report

For the fifth consecutive week and ninth of the last twelve, there were more purchase agreements written on homes than one year previous.

For the week ending August 2, there were 820 pending sales—an increase of 2.2 percent from the same week in 2007. Over the last three months, pending sales have held relatively steady, posting an increase of 0.6 percent from the same period last year. With sales tantalizing the marketplace with slight upward jiggering over the past several weeks, some might want to predict that we've reached bottom. While the news is encouraging, it's a bit premature to stake that claim. Meanwhile, housing supply is clearly in decline. New listings from the most recently reported week were a stirring 19.8 percent lower than last year and were down 12.8 percent over the last three months.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics. Days on Market Until Sale in July fell slightly to 146 but remains up 13.3 percent from July 2007. Percent of Original List Price Received at Sale decreased to 92.6 percent, also down from last year. Months Supply of Inventory is up 8.6 percent from last year at 10.5. And our Housing Affordability Index (HAI) fell 4 points from last month to 144 due to another increase in interest rates and seasonal increases in home prices. Despite the drop, the HAI remains much improved from 2006 and 2007.

Tuesday, August 5, 2008

Weekly Market Activity Report

There are fewer homes to choose from for today's prospective buyers than there were a year ago. There are currently 32,978 residential housing units up for sale in the Twin Cities region, down 5.5 percent-or about 2,000 units-from this time last year. The cause of the lessened supply is a decrease in new listings combined with more homes coming off the inventory list by way of "sold" signs. For the week ending July 26, there were only 1,816 new listings, a drop of 16.5 percent from one year ago. Newly signed purchase agreements (pending sales) for the same year-over-year comparison increased by 5.1 percent.

Less supply coupled with promising signs of demand have created a new market picture. In August, our Supply-Demand Ratio (SDR) indicates that there will be 8.68 homes for sale per buyer, a decrease of 4.2 percent from one year ago. This is the second consecutive month of downward year-over-year movement in this metric, which is a good thing. A well-balanced market for the month of August would show an SDR of about 5 homes for sale per buyer. We have a ways to go, but we're on the right track if this trend continues

Monday, August 4, 2008

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

Here’s how it works:

The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: The Washington Post, Michelle Singletary (07/03/08)

Rates Expected to Hold Steady Until '09

Former Federal Reserve officials and economists believe the central bank will hold short-term interest rates steady at least in August and September and that rates likely will not be raised until early 2009.

Recent reports on inflation have been dismal, but the central bank has also taken a tough stance in its language of late. The financial markets are more of a concern because of the problems at Fannie Mae and Freddie Mac, and the housing slump and tight credit conditions remain key economic issues for the Fed, analysts say.

"They need to see financial markets settled, some good growth numbers, or good employment numbers," says Mike Moran, chief economist at Daiwa Securities International in New York.

Source: MarketWatch, Greg Robb (07/28/08)

Weekly Market Report from MAAR:

In the Twin Cities housing market, sales are flat like a New York pizza and supply is down like grandma's comforter. Fortunately for us, the data confirms our kitschy similes. Pending sales for the week ending July 19 are ahead of the same week last year by 3.8 percent, while new listings fell by 13.0 percent for the same time period—positive signs of a market in transition.

The total number of active listings for sale currently sits at 33,410, (comfortably) down 1,722 units—or 4.9 percent—from this time last year. Since the number of new homes coming on the market remains in decline and sales appear to have hit bottom, we can expect total inventory to remain lower than last year for some time to come.