Tag Archives: MN

Orono ranks #1 in highest median home price in MN, Wayzata ranks #10


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Image by yuan2003 via Flickr: Lake Minnetonka

Just some fun information.  Minneapolis/St Paul Business Journals ranked 14,214 Cities nationwide by median home value and upper quartile value. 

It appears the power Lake Minnetonka’s “Lake Affect” helped the cities near the lake rank high on this list.

 Orono ranked top of the list for median home price while Wayzata comes in 10th place in Minnesota.  For upper quartile house value  for Minnesota, Dellwood ranks 1, followed by Orono and then Tonka Bay.

For Minnesota’s highest median home value, the list ranks in this order:

Orono, MN  Median Home Value:  $732,600

Dellwood, MN   Median Home Value:  $686,500

North Oaks, MN  Median Home Value:  $651,700

Tonka Bay, MN  Median Home Value:  $588,200

Independence, MN  Median Home Value:   $542,400

Deephaven, MN  Median Home Value:   $532,700

Minnetrista, MN  Median Home Value:  $512,700

Medina, MN  Median Home Value:  $479,500

Grant, MN  Median Home Value:    $460,600

Wayzata, MN  Median Home Value:   $452,700

This is just a very short summary of the full story by Minneapolis St Paul Business Journals.

Read Full Story from Mpls/St Paul Business Journals

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Twin Cities Rental Market is booming: Plymouth Park Place Apts Sold for $54.7million


This one is a big enough sale to say:  WOW.

Park Place Apartments Plymouth, MN (link to Oodle)

Plymouth Park Place Apartments just sold to a South Carolina company for $54.7million.  The extremely low vacancy rates on rentals right now and the low property prices make it a good time to invest, especially in Single Family rentals.

A friend of mine, Aaron Clarey who is an Economist extraordinaire, writer (Behind to Housing Crash) and blogger – programmed a nice Excel worksheet for me to analyze investment property returns.  You can download it on the right sidebar or here:

download

 Download and use to analyze potential returns on buying rental properties.

 This Story is from Minneapolis/St Paul Business Journal

The 500-unit Park Place Apartments in Plymouth has been sold for $54.7 million to a South Carolina company.

The four-building complex was bought byGreystar Real Estate Partners    of Charleston, S.C., Finance & Commercereported. The previous owner was Dallas-based Park Place Portfolio Inc., an entity connected to Atlanta-based Invesco    .

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Pulte’s Preliminary Plat approval for Marshes of Bloomfield Rosemount, MN


Pulte Homes logo

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Pulte has received preliminary plat approval from Rosemount for a  new 182 lot sub-division called  the Marshes of Bloomfield.

The plans may change slightly as Pulte tabled the approval process while they work on some revisions.  Check back with the City of Rosemount to see when they get back on the agenda.

Marshes of Bloomfield location map
Marshes of Bloomfield Preliminary Plat

Looks like a nice project for Pulte.  There is no pricing information available as this project is not through the approval process yet.  I will keep you posted.

 Although it looks like a nice project, they may have some tough competition depending on their price point.
 
Currently Lennar appears to be in the final phase of the Glendalough of Evermoor neighborhood of 155 home sites.
 
Rottlund is still working on their Harmony neighborhood of 519 mixed use units.
 
RMLS data shows an 8 month supply of homes, or 194 actives, in Rosemount for month ending July 2011.  This is on the higher end of what you should be adding inventory to.  I would venture to guess the Pulte is well aware of this and phase their project accordingly.

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Rybak proposes 2% property tax increase in Minneapolis


Minneapolis

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Oh no!  Not Again…

City of Lakes and Tax Hikes.

Full Disclosure: I own rental property in Minneapolis, and can not vote there because I am not a resident.  Anyone interested in buying my Rental Property??

Story by Star & Tribune:

Chastened by last December’s noisy pushback from Minneapolis property taxpayers, Mayor R.T. Rybak responded Thursday with a 2 percent tax hike proposal for 2012 — the smallest he’s urged in his 10 budgets.

That proposal contrasts with a 6.7 percent levy hike that had been budgeted for 2012 in the city’s five-year budgeting cycle and the 7.5 percent the mayor sought last year for 2011 before a backlash from taxpayers and the council cut it to 4.7 percent.

Last December, homeowners stormed City Hall before the council adopted a 2011 budget to demand further cuts, saying they couldn’t weather property tax hikes during a prolonged recession. “Minneapolis residents have told us loud and clear that property taxes are too high and they want us to do everything we can to hold them down,” Rybak said.

But Rybak’s 2012 proposal is built on the gamble that the city’s retired police and firefighters will approve a pension merger that finance officials say will save the city $17.1 million in spending next year

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New Senior Housing Development in Orono Should Be Built by Spring


Great site! Great Location!  Glad to see it get utilized.

Ground has been broken on a new senior housing development in Orono.

“Trails of Orono,” a $10 million two-story facility, will house 19 memory care units and 43 assisted living units. The complex is a long-term partnership with Kraus-Anderson and Minneapolis-based senior housing provider Ebenezer Management Services.

…Trails of Orono is located at 875 Wayzata blvd (New Highway 12 and Luce Line Trail Access) in Orono.

Read Full Article from Lake Minnetonka Patch

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