The Don Edam Group | Real Estate Professionals Serving Minneapolis, Edina, St. Paul and Surrounding Suburbs


Our updated Twin Cities Market Report suggests that things are getting a little better out there.  For graphs and charts of the key statistics, click the PDF link at the bottom of the post.

Prospective homeowners appear to have celebrated our Independence holiday by buying a home. For the week ending July 5, there were 735 signed purchase agreements (pending sales), up 7.3 percent from the same week one year ago. New listings increased by 2.5 percent for the same time period comparison but took the expected dive from one week prior due to the 4th of July holiday.

Days on Market Until Sale fell from last month to 147 but is still 13.1 percent higher than a year ago, and the Percent of Original List Price Received at Sale increased to 92.8 percent. Both changes are (more…)

Plentiful jobs, excellent schools, affordable housing – according to CNN’s Money Magazine top 100 list of America’s best small cities, 9 Minnesota cities have all that and more. And even better, the report ranked our very own northwest suburb, Plymouth, MN, as the #1 place to live among U.S. cities with populations of 50,000 to 300,000!

The ranking touts Plymouth’s “topnotch” schools, plentiful jobs, affordable housing, low crime rate and active outdoor culture. In addition, the report shows that Plymouth has a significantly higher-than-average median family income, family purchasing power, math and reading test scores, and percentage of residents with a health plan (91.2%); AND lower-than-average auto insurance premiums, shorter commute times, and lower median home prices. Here are a few other things they say about our little gem of a city… (more…)

There are currently at least 29 short sales that are available for sale in the Edina and Southwest Minneapolis markets (found by searching in agent comments for “bank approval” and “short sale”). In the Camden area of Minneapolis, there are at least 70. If I look at Minneapolis proper, the number is over 315…St. Paul proper gives us over 300 as well. So, needless to say, there are a good amount of short sales out there. The question is, what does that mean to you, the buyer? How can you keep your dream home from vanishing before your eyes (like the one above)? Short sales open a whole new can of worms throughout the buying process…but first, a short (no pun intended) explanation of them. (more…)

Springwise points us to a new online marketplace with the descriptive name Home Equity Share matches home buyers with investors. To be exact: it brings together buyers who can afford monthly payments but not a 20% down payment, and investors who want to get into real estate but don’t want to become landlords or make monthly payments.

Potential home buyers post a profile listing their preferences, including the area they want to buy in, and the price range they’re looking for. They’re automatically matched with compatible investors, come to an agreement and sign a preliminary commitment. This allows the buyer to become pre-approved for a loan, and to start looking for a property. Once buyer and investor agree on a property, the investor provides the down payment, the buyer arranges a mortgage for his home and moves in. At the end of a specified agreement term—usually three to seven years—the buyer can purchase the investor’s interest in the property, or they can sell the house and share its appreciation in value.

Home Equity Share provides the matching service and contracts at no cost to buyers and investors, but requires that they use a real estate agent who is registered with the company. Agents pay a referral fee of 20% of the commission earned on transactions referred by Home Equity Share.

Unlike P2P lending services we’ve written about in the past, such as Zopa and Prosper, Home Equity Share is targeting a very specific niche: real estate down payments. It matches the parties and provides them with contracts, but doesn’t facilitate the exchange of money. Other niche P2P lending matchmakers to follow?

In this – the season of tinseled trees, lavish lights, overloaded outlets, and candy scented candles – the American Red Cross offers us the gift of holiday home fire prevention tips to keep us all safe in this most festive time of year…

Christmas Tree Care

• Purchase flame retardant metallic or artificial trees.
• If you purchase a real tree, make sure that it has fresh, green needles that aren’t easily broken.
• Keep live trees as moist as possible by giving them plenty of water.
• Use a sturdy tree stand designed not to tip over.
• Keep trees at least three feet away from heat sources, including fireplaces, portable heaters, radiators, heat vents and candles.
• Make sure that any light strings or other decorations for the tree are in good condition and follow manufacturer’s instructions for their use. Do not use anything with frayed electrical cords.
• Be careful not to drop or flick cigarette ashes near a tree.
• Never put tree branches or needles in a fireplace or wood burning stove.
• Safely dispose of trees as they become dry and needles begin to drop.
• Dispose of trees through recycling centers or community pick-up services. Dried-out trees should not be left in a house or garage, or placed against the house or garage.

Holiday Lights and Decorations

• Always unplug tree and holiday lights before leaving home or going to bed.
• Inspect holiday lights each year for frayed wires, bare spots, broken or cracked sockets, and excessive kinking or wear.
• Avoid overloading electrical outlets by not linking more than three light strands.
• Use decorations that are flame-resistant or flame-retardant
• Place decorations at least three feet away from fireplaces, portable heaters, radiators, heat vents and candles.

Holiday Candles

• Always extinguish them before leaving the room or going to bed. Do not leave a room before extinguishing candles.
• Never use lit candles to decorate a tree.
• Keep them at least three feet away from trees, evergreens, holiday decorations, and other items that can catch fire like clothing, papers and curtains.
• Use candle holders that are study, won’t tip over easily, are made from a material that cannot burn, and are large enough to collect dripping wax. Remember that even glass holders can shatter and explode from the heat of a candle flame.
• Place them where they cannot be reached or easily knocked over by children and pets.

Listings of foreclosures on newforeclosureonline.com reveal all-time highs for country foreclosures. According to the site, numbers show that filings have nearly doubled since last year, but have leveled off in the last two months.More homeowners were reported to have lost their homes in October of this year as compared to a year ago. Nevada, California, Florida and Ohio recorded the highest foreclosure rates, experts said from New Foreclosure. New Foreclosure Online is a specialized foreclosure listing company that also provides solutions to anyone that is threatened to lose their home.

As of the end of October, 224,451 foreclosure filings were reported, up 94% from 115,568 in the same month a year ago, according to Irvine-based RealtyTrac Inc. The national average is said to be set at one foreclosure for every 555 households in October, also according to RealtyTrac, Inc. In all, 45 states saw an increase in foreclosure filings since last year.

Among the top of the list of states with increased foreclosures were Nevada, California and Florida. Nevada reported one foreclosure filing for every 154 households, earning the state the highest rate in the nation for the 10th month in a row. The state had 6,618 filings in October, nearly triple from October 2006. California’s rate beat out Nevada with one filing for every 258 households. The state reported the most foreclosure filings of any single state with 50,401, down 2 percent from September but more than triple the number from October of last year.

Florida had one foreclosure filing for every 273 households and had reported 30,190 foreclosure filings in October, down more than 9% from September, but up nearly 165% from October 2006’s total. Rounding out the states with the top 10 foreclosure filing rates in October were Georgia, Michigan, Colorado, Arizona, Indiana and Illinois. New Foreclosure Online has responded in many ways to help homeowners find better solutions.

What’s new in Puerto Vallarta condos? Want to see the latest San Diego high rise?

No longer do you have to wait for a national road show to get a feel for new developments around the world. Cliff Bowman, the Vancouver, B.C.-based marketing expert who has turned pre-selling condominium buildings into an industry art form, has taken his online condo idea to retail stores. His Urban and Resort Condo Centers offer consumers a menu of popular destinations and in-city projects while providing developers and builders a downtown sales presence for a fraction of the cost of finding and leasing their own building. Full Story