The Minneapolis Real Estate Blog: November 2008

Ok guys. It is finally time for the Historic Homes Group to get a photo. For two years I have been looking at a little person silhouette on our page and I just can't stand it anymore! Our great founding father, Rich Schiffer, has given me the special privilege of getting a contest together to find that perfect Historic Home photo that I know is out there.

While the Active Rain gods have ignored my requests for sponsorship of the contest, aka giving some points to the winner, I have taken it upon myself to offer the prize for the winner. One of the better books that discusses Historic Architecture is written by Virginia and Lee McAlester, "A Field Guide to American Houses", and it will be delivered via mail to the lucky Active Rain member.

No contest is complete without guidelines. Here are the ones governing this contest:

• All photos must be taken by the submitter and not be the property of another photographer. No capturing the photo from another site and submitting it as your own. I will not be held responsible for copyright violations.
• All historic homes must be built prior to 1910. This gives you 100 years to work with, as some areas don't have homes older than that. (Not all of us states were around in the colonial days)
• Each contestant should write a blog post about the historic home, giving as much detail about the house as they know, architectural style info, date built, and why the home inspires them to submit it. Any fun history is welcomed...let your imaginations go wild. Let's do more than just a photo.
• tag the blog post with the words: Historic Home Picture Contest
• Post a link to your blog post in the comment section of this post.

Deadline for submission is November 30 at Midnight, CST. The best picture, along with a great blog post, will win the coveted spot of the Historic Homes group main photo. Good luck!

The area in Minneapolis which has the most single listings is by far downtown Minneapolis. With the inventory largely condominiums, it is easier to break down the data, separating out the houses (only six for sale currently) from the condos. Below is a break down of what has happened so far this year when compared to 2007 for downtown Minneapolis condominiums:

• Average Days on the Market (DOM) : it is taking on average 108 days for a Minneapolis condo unit to sell, up an amazing 28% from this same time last year!
  
• Inventory : the good news is that the number of condos for sale in downtown has decreased by 28%. This means there is less competition compared to 2007, and because of this inventory decrease, the Average Price for condos has increased by 5.6%. The only downside is that the number of closings so far in 2008 is pretty much the same as that in 2007.
  
• Foreclosure Rate: So far this year, of the 571 closed sales, between 7-8.5% of them have been foreclosures or short sale properties. I don't know about you, but that is a pretty low portion of condo sales. When compared to the average Twin Cities real estate market, which is at 35% rate of foreclosure, it is really quite good.

So the bottom line is this, if you own a condominium in downtown Minneapolis, keep your chin up. While times are tough, if you stay positive and have patience, your condo will most likely sell. Just remember to keep your asking price realistic, and possibly ahead of the market. With current listings receiving 96% of the asking price, pricing it right from the start is imperative. Before you know it, Spring will be here and a new wave of home buying will begin!