Brandon Barton's Wordpress Blog

Enjoying Semi-Retirement by Keeping Up With the Kids Online.

The Bright Inner Ring Eclipses the Rest

While many–though not all–cities around the metro have seen all-time high median sales prices, the first and second-ring suburbs near Minneapolis and major job centers stand out. Check out the median home price for these Minneapolis suburbs.

http://northstarmls.stats.10kresearch.com/infoserv/s-v1/bZFN-25c?w=600&h=400

But when we account for the fact that bigger homes are selling (both from new construction and finishing the attics and basements of existing homes), we find that the price paid per foot of house has not reached new highs since the bubble. That means the price of a comparable or identical property may not really be at all-time highs. Record prices partially reflect the fact that bigger homes are selling.

http://northstarmls.stats.10kresearch.com/infoserv/s-v1/bZEA-xUe?w=600&h=400

Here is the same comparison for other Twin Cities suburbs a bit farther out.

http://northstarmls.stats.10kresearch.com/infoserv/s-v1/bZEZ-OP?w=600&h=400

http://northstarmls.stats.10kresearch.com/infoserv/s-v1/bZE9-Ex4?w=600&h=400

from Blog – Minneapolis Area Association of Realtors http://www.mplsrealtor.com/insight/the-bright-inner-ring-eclipses-the-rest/
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Bald Eaglets #17-0879 and #17-1354 update

On August 19, after Bald Eaglets #17-0836 and #17-1181 were released, Bald Eaglets #17-0879 and #17-1354 were moved to flight pen A3. The rehabilitation team will begin exercising the eaglets daily on August 20; the birds will spend the next few weeks building stamina and strength until they are ready for release. 

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/patient-updates/bald-eaglets-17-0879-and-17-1354-update
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Double Bald Eagle Release

On August 19, Bald Eagles #17-0836 and #17-1181 were successfully released at Mason Neck State Park. Wildlife Center President Ed Clark first released Bald Eagle #17-1181 — now known as “MN72” for tracking purposes — who flew off beautifully over the treeline. Then, Bald Eagle #17-0836 [MN18] was released, who also flew off and out of sight. 

 

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/patient-updates/double-bald-eagle-release
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Tracking MN18

On August 19, 2017, a hatch-year female Bald Eagle was released at Mason Neck State Park in Fairfax County, Virginia. The eagle was rescued in Essex County in May 2017. Read more about the eagle’s history and rehabilitation here. Prior to release, the eagle was fitted with a GPS transmitter.

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/success-story/tracking-mn18
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Tracking MN72

On August 19, 2017, a hatch-year male Bald Eagle was released at Mason Neck State Park in Fairfax County, Virginia. The eagle was rescued in Alexandria in May 2017. Read more about the eagle’s history and rehabilitation here. Prior to release, the eagle was fitted with a GPS transmitter.

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/success-story/tracking-mn72
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Double Bald Eagle Release Scheduled

On August 15, eagle biologist Jeff Cooper came to the Wildlife Center to fit GPS transmitters on eaglets #17-0836 and #17-1181, which will track their movements after release. The birds were also banded and had blood drawn for pre-release blood work; results came back within normal limits. Wildlife rehabilitator Brie checked on the eaglets later that day; both were flying well with their new transmitters, so the team began planning a release!

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/patient-updates/double-bald-eagle-release-scheduled
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Pricing strong, but shortage continues to hold back market activity

While June 2017 marked an all-time home sales record for the Twin Cities, closed sales retreated slightly in July compared to 2016. A slow-down in sellers listing their homes was a contributing factor, as was low inventory. New listings decreased 3.9 percent from last year to 7,227, and the number of homes for sale decreased 18.3 percent to 12,407. That was the largest inventory decline in five months. Pending sales declined 1.2 percent to 5,661, and closed sales were down 2.6 percent to 6,020. Factoring out foreclosures and short sales, traditional pending sales increased 0.7 percent to 5,484.

Weak supply and robust demand tend to encourage rising prices. The median sales price rose 5.9 percent from last year to $254,000—a new monthly record for July. Home prices have now risen for the last 65 consecutive months. At 44 days on average, homes went under contract 18.5 percent faster than last July. Despite there being fewer of them, sellers who have listed their homes recently are receiving strong offers in less time. The average percent of original list price received at sale was 99.2 percent, 0.8 percent higher than July 2016. The metro area has just 2.5 months of housing supply. Generally, five to six months of supply is considered a balanced market where neither buyers nor sellers have a clear advantage.

“The market is always adjusting to changing conditions,” said Cotty Lowry, Minneapolis Area Association of REALTORS® (MAAR) President, “Although we saw a nice gain in new construction listings in July, that segment is typically a few years behind and is a drop in the bucket compared to the existing resale market where sellers have felt stuck with nowhere to go.”

Not only is the move-up market less competitive than the entry-level price points, but move-up sellers are getting strong offers on their homes in record time. Because of the fast pace of the market and lack of inventory, it’s extremely rare for sellers to carry two mortgages for more than a month.

A thriving and diverse local economy has been conducive to housing recovery, as job growth is key to new household formations. The most recent national unemployment rate is 4.3 percent, though it’s 3.5 percent locally. The Minneapolis–St. Paul region has a resilient economy with a global reach, a talented workforce, top notch schools, exposure to the growing technology and healthcare fields, and a quality of life that’s enabled one of the highest homeownership rates in the country.

The average 30-year fixed mortgage rate has declined from 4.3 percent to 3.9 percent recently, still well below its long-term average of around 8.0 percent. Excluding any surprising data or events, the Federal Reserve is likely to increase their target federal funds rate at least once more this year. Additional inventory is needed in order to offset declining affordability brought on by higher prices and interest rates.

“The fact that buyers are hardly phased by the lack of inventory speaks to the appeal of homeownership and of our region,” said Kath Hammerseng, MAAR President-Elect. “The current environment calls for additional patience, persistence and compromise, but Minnesotans are known for those traits.”

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from NorthstarMLS. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

from Blog – Minneapolis Area Association of Realtors http://www.mplsrealtor.com/blog/pricing-strong-but-shortage-continues-to-hold-back-market-activity/
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Black Bear cub #17-2035 update

Black Bear cub #17-2035 has been doing well since last week’s surgery; he’s bright, alert, and feisty! The rehab staff have been offering a bowl of soft food for the bear, which the cub is eating well.

from Wildlife Center of Virginia RSS http://wildlifecenter.org/critter-corner/patient-updates/black-bear-cub-17-2035-update-1
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Landlord Office Leasing Strategies Part II

from The Commercial Real Estate Show – Sponsored by Bull Realty https://www.youtube.com/watch?v=lmUro3XkPic
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Landlord Office Leasing Strategies via Mike Lipsey Part I

from The Commercial Real Estate Show – Sponsored by Bull Realty https://www.youtube.com/watch?v=fB90mdxMsug
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