Craig and Susan Craig and Susan BlixrudBlixrud

Breakfast Club Craft Talk 2011

2011 RE Market Results2011 RE Market Results

Sales were 37,606 Median Sale Price was $169,900 Average Sale Price was $211,186 Average of 130 days on market 20 consecutive year of over 35,000 Sales $7.94 Billion in sales volume Rentals added to MLS system

2011 Results – 2011 Results – another viewanother view

2010 Sales were 35.6% lower than peak 2010 Avg SP was 24.2% lower than peak Foreclosures/Short sales were 39.9% of

sales Sale price was 92.1% of Original Price Average of 130 days on market up from 38

days in hot market

Falling values: Why?Falling values: Why?

Number of Buyers fell by 25% since 2001

0

50000

100000

150000

200000

250000

300000

2001 2003 2005 2007 2009

Avg Sale Price# of Sales

2011 RE Observations2011 RE Observations

Expiration of the Buyer’s $8,000 credit killed the market in the last half of 2010

Loss of Equity has “trapped” people in their homes-(bought or re-financed since 2002)

Foreclosures and Short Sales drag down Traditional sellers prices

First time buyers now skeptical investors

A look at Foreclosures/REO’sA look at Foreclosures/REO’s

100 homes in Neighborhood

70 are owner occupied 49 have a mortgage 5 are in trouble 2 of the 5 are REO’sIt used to be less than

one in a neighborhood!

Location, Location, Location,LocationLocation,Location

64% of North Mpls sales were distressed, property values have fallen 63% since 2006

13.3% of Edina sales were distressed, property values have fallen 13% since 2006

Employer Assisted HousingEmployer Assisted Housing

Why should an employer consider a housing benefit?– Historically for Relocating employees only– Shorter commutes for better work/life balance– Stable employees/Stable communities– Less work time spent on personal housing

EAH Benefit programsEAH Benefit programs

Homeownership counseling and education Homebuyer Assistance

– Company match down payment savings– Forgivable loans based on length of service– Discount programs on Mortgages/Title services

Rental Assistance Home renovation programs New Construction programs

Fun FactsFun Facts

Highest price home sold in 2011 was $5,000,000 on Lake Minnetonka

260 homes sold over $1 million, 43% less than 2006

Lowest price was $18,000, asking price was $12,000 in North Mpls

255 homes (out of 38,000) were sold at auction in metro area

SummarySummary

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