Young wealth right here in Minnesota. I was recently reading an article that ranked Scott County number 9 in the US for people of the age 25-34 who are making more than $100,000 annually as a household income! It was amazing to note this as you would think other larger cities would have ranked higher.
Out of the 45,157 residents of Scott County 6.6% (2,975) make up the qualified residents. Below is the list of top 10 US counties. The majority of the young wealth as you can see are in the D.C. area. Interestingly enough, Scott County is the fastest growing county in Minnesota.
1. Loudoun County, Virginia (D.C. metro area)
2. Arlington County, Virginia (D.C. metro area)
3. San Francisco County, California
4. New York County, New York
5. Douglas County, Colorado
6. Forsyth County, Georgia
7. Alexandria City, Virginia (D.C. metro area)
8. Delaware County, Ohio
9. Scott County, Minnesota
10. Broomfield County, Colorado
For the full article please visit: http://channels.isp.netscape.com/homerealestate/package.jsp?name=fte/youngandrich/youngandrich
Twin Cities Market Report for the Week of October 5, 2009
New Listings This Week: 1,725 (one year ago 1,725) 0.0%
Active Listings This Week: 24,503 (one year ago 30,873) -20.6%
Pending Sales This Week: 1,056 (one year ago 749) +41.0%
Days on Market: Aug 2009 (133 days), Aug 2008 (143 days)
Percent of Original List Price Received at Sale: Aug 2009 (94.1%) Aug 2008 (92.7%)
Months of Supply: Aug 2009 (6.9) Aug 2008 (9.9)
Closed Sales: Aug 2009 (4,572) Aug 2008 (3,992)
Median Sales Price: Aug 2009 ($175,000) Aug 2008 ($200,000)
Average Sales Price: Aug 2009 ($208,022) Aug 2008 ($241,096)
*Data collected from Regional Multiple Listing Service for residential properties in the 13 county region.
A recent buyer is having trouble getting lenders to back up a loan on a condo. Now I understand where they are coming from with the condo disasters that have taken place in areas like Florida and Nevada but this is much different. The buyer is great; good income, good credit, 15-20% down. The condo complex is good; only a few condos sold for less than $300K, most purchased with cash when new a few years ago, and very few foreclosures. This seemed like a piece of cake.
Well it seems like the tightening of lending shall never end and only get worse. Luckly we have found a lender who will execpt the mortgage insurance and expect that the building was never approved FHA financing because it was above the purchase price limit when the building was built.
What can we do to get lenders to borrow to GOOD borrowers?
Twin Cities Market Report for the Week of July 27, 2009
New Listings This Week: 1,798 (one year ago 2,045) -12.1%
Active Listings This Week: 26,255 (one year ago 33,410) -21.4%
Pending Sales This Week: 1,038 (one year ago 878) +18.2%
Days on Market: June 2009 (140 days), June 2008 (147 days)
Percent of Original List Price Received at Sale: June 2009 (92.9%) June 2008 (92.8%)
Months of Supply: June 2009 (7.3) June 2008 (10.6)
Closed Sales: June 2009 (4,764) June 2008 (3,969)
Median Sales Price: June 2009 ($173,500) June 2008 ($205,000)
Average Sales Price: June 2009 ($204,470) June 2008 ($247,565)
*Data collected from Regional Multiple Listing Service for residential properties in the 13 county region.
Two of the hardest hit zip codes; 55411 and 55106 in the Twin Cities have been given money to get home buyers back in the area.
Home buyers looking to buy a home in St. Paul's Dayton's Bluff neighborhood, 55106 or North Minneapolis neighborhoods like Willard Hay, Near North, Hawthorne, and Jordan will get extra money for a down payment, with the help of a $1 million grant from a Minneapolis charity.
Anyone who purchases a single-family home, duplex, town home, or condo in these 2 zip codes by the end of the 2009 calendar year will receive $8,000. The money will not have to be repaid if the owner keeps the home for seven years. The owner has to stay in the home to qualify, and there are no limits on income. First time home buyers simply take a training class and apply for the grant once they have a purchase agreement.
This funding would be in addition to an $8,000 federal tax credit that is part of this year's federal stimulus package for first time home buyers!
See the following for more information: The Pohlad Family Foundation
Specializing in First Time Home Buyers, Investment Properties, and Move up Buyers. Roseville, Como Park, Shoreview, Arden Hills, North Oaks, Falcon Heights, Midway Area, Mac Groveland, Highland.
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