Foxberry Farms Home for Sale: 4355 Shorewood Trail, Medina, MN $979,900
Enjoy the spectacular views from this meticulously well maintained home in Foxberry Farms. This home sits on a beautiful lot overlooking Lake Medina. It has 6 BRs, 5 Baths and 4975 finished square feet. The home is extremely well suited for entertaining with its large open main floor layout. The kitchen, informal dining and 2-story great room all have an open feel. The 2-story great room has floor to ceiling windows overlooking the fabulous oversized 46′x20′ Dolphin pool complete with a diving board, water slide, and Roman ends. The pool also has a sophisticated, but easy to use pool cover that offers tremendous safety as well as heat retention.
Please see this video tour for more information on this home. (Note, this is not your standard virtual tour).
Medina, MN Home Sales - 3 Year Trend
Medina, MN continues its steady pace of sales. Over the next ten years, I believe this is going to be the place to be if you’re looking to buy an upper bracket home in the northwest suburbs. With median homes prices hovering in the $1,000,000 range, someone who is looking to make this kind of investment with be well protected by the other like homes in the city.
Neighborhoods such as Wild Meadows, Foxberry Farms, and Bridgewater continue to offer excellent housing choices in the million dollar range.
This chart below shows a 3 year trend in unit sales in Medina. You can see that sales have slowed a bit, but they have not collapsed like they have in some other communities during this housing slowdown.
Click on image to enlarge:
The following graph shows the 3 year trend for home sales in Medina, MN. (Note, this information includes all residential structures). This graph plots the median sales prices.
Click on the graph to enlarge:
Medina, MN - Days on Market, September 2007
Days on Market for homes sold during the month of August, 2007 skyrocketed to about 230 days on average. However, if you don’t have knowledge of why this is, one might conclude that it’s taking significantly longer to sell homes. What’s really behind this statistical anomally is that two of the five homes that closed during the month of August were new construction homes in the Bridgewater development. They both had market times well over 500+ days which skewed this data point.
Click on the image to enlarge:
Medina Celebration Day: September 22, 2007
The Medina, MN Celebration Day is today, Saturday, September 22, 2007. Events start at 4:30pm. The schedule is below:
4:30 - 5:00pm Veteran’s Memorial Ceremony
4:00 - 8:00pm food vendors, bingo, lawn games, inflatable bounce toy etc.
5:45 - 7:45pm kid/adult karaoke, as well as fun background music
7:00 - 8:00pm bonfire and s’mores
8:00pm (or dusk) fireworks, provided by donations from Medina businesses and residents.
Twin Cities Housing Supply - September 2007
Congratulations to Jeff Allen, Research Manager and the lead person for the Minneapolis Association of Realtors on the excellent analysis for the Twin Cities real estate market.
I had the good fortune to be part of a group of maybe 20 Realtors who had a sneak peak at this material 4-5 weeks ago as the association was finalizing some of their thinking on this piece of research. The Minneapolis Area Association of Realtors really is leading the way and may be the most advanced association in the country at being able to provide in-depth market research for buyers, sellers, Realtors, and builders.
The e-mail announcing this new research just came out 15 minutes ago. I’ve only had a chance to glance at the report but I wanted to get this posted quickly so others would have an opportunity to dig in to the research. I’m sure I will make comments on it later once I’ve had a chance to go through it. Enjoy the report!
Announcing the Launch of MAAR’s New Expanded Housing Supply Outlook.
The Minneapolis Area Association of REALTORS® is pleased to announce the launch of a new free research tool called the Housing Supply Outlook. Though it has existed for several years, it has now been expanded and enhanced with powerful new data and analysis never before seen in the Twin Cities housing market.We now provide an extremely detailed picture of supply and demand in our region’s housing market. We can tell the important stories found where property type, construction status and price range intersect and create drastically different submarkets that affect the experiences and livelihoods of consumers, REALTORS®, builders, lenders and beyond. You’ll find:
- Supply and demand dynamics in the new construction market
- Different home price pressures experienced by property type and construction status
- Home sales and inventory for 7 price ranges
- Historical analysis of the condominium, townhome and single-family submarkets
- Much, much more
The new Housing Supply Outlook is another step in our goal to be the preeminent source of real estate market information and analysis for the Twin Cities region.
Congratulations to Jeff and the association. Nice work.
City of Medina, MN: Reassessing Foxberry Farms and Wild Meadows
The City of Medina is having Foxberry Farms and Wild Meadows reassessed this year. The assessor is out walking the neighborhood today in Foxberry Farms. He came by my home, but apparently did not have to come in as we had not done any additions or completed the basement since the last time the property was assessed.
Medina, MN Average Home Prices Up 4.0% in 2007 YTD to $831,752
The Minneapolis Area Association of Realtors published its report on sales in Medina, MN through August 2007. So far, average home sales are up 4% compared to 2006.
New listings are down 4% and pending sales are down 16%.
More Race Baiting — Attacking Credit Scores of Minorities
This article in the Star Tribune continues the notion that across the board, mortgage companies and credit scoring agencies discriminate against minorities. It seems so totally ridiculous on the face of it. Unless it can be backed up that the credit reporting agencies actually deduct points for being black or latino, I don’t know how they can keep pushing this stuff other than to keep the race baiters in business.
Given the complete and total implosion of the sub-prime mortgage market, we continue to have “fair housing advocates” pushing the notion that more needs to be done to get those with poorer credit scores in to mortgages.
Nothing ever changes.
Twin Cities Builder Incentives - The New Way to Market Homes?
The Star Tribune reported today on the many incentives local and national home builders are offering consumers to purchase homes now. As I reported last week after my Parade of Homes tour, K. Hovnanian and others are offering significant incentives and upgrades for new home purchases.
The Star Tribune is reporting that the average cost per finished square foot is down by 8% this year. There is no source for that data point, but it does not sound that far fetched given what the builders are doing to sell homes.
Commercial Real Estate Search Site - GoFish Commercial
I enjoy reading stories about entrepreneurs launching new businesses melding internet technology and real estate.
Kristi Oman has recently launched a commercial real estate site for commercial real estate investors and tenants called GoFishCommercial.com. It operates a bit like Craig’s List where you can list your items at no charge.
Other commercial search sites include loopnet.com, costar.com, and MNCAR.com