Comments Off on Buy These Minneapolis Duplexes Before They Hit The Open Market
Charming S. Minneapols Duplex
Sometimes, Minneapolis and St Paul duplex sellers get a “to do” list from their Realtor.
This list usually includes things like getting a Truth In Housing inspection, touching up paint, or simply decluttering a property. And because you never get a second chance to make a first impression, the Realtor recommends the tasks be completed before the property is exposed to thousands of buyers on the Multiple Listing Service (MLS).
If you’re looking to buy a duplex, especially with as little inventory as there is right now, knowing about these properties before they go on the MLS gives you a head start on the competition.
On your mark, get set, go!
I have the following properties coming on the market as soon as the sellers finish their “to do” lists. However, because I’m the listing agent, I can get you in to them now.
Uptown Duplex – 2 bedrooms down, 2+ up. Front porches on each floor, hardwood floors, and tons of light. Leases end in May, so either unit will be available for an owner occupant. $400,000.
S. Minneapolis Duplex – Beautifully maintained. Hardwood floors, arched doorways, wonderful light. 2 bedrooms up, 2 down, 2 car tuck under garage. Screened porch, fenced yard, and your own raspberry patch! $300,0000.
S. Minneapolis Duplex – Impeccably maintained duplex with room for master suite on third floor. 2 bedrooms up, 2 down, built-ins, fireplace, hardwood floors and a 2 car garage. Needs some cosmetic updating. $250,000.
N. St Paul Fourplex – Cash cow. Four three bedroom units with their own furnaces. All new windows. $399,000.
Edina Condominium – Spacious 2 BR, 2 BA in a park-like setting. Pool, exercise room, garage. Will be priced right.
If you have interest in seeing any of these properties before you have to compete with the buyers using only the Multiple Listing Service, give me a call at (612)290-5998. I’d be happy to get you in.
Comments Off on Beat the Truth In Housing Inspector Before He Shows Up
If you’re thinking of selling your Minneapolis or St. Paul duplex, you’ll be required to have what’s known as a Truth In Sale of Housing report before the property goes on the market.
This report is not the same as a buyer’s inspection. This is a city required inspection the seller is required to pay for which simply measures the property against current building code and requires that certain minimum standards be met to ensure consistency in the community’s housing stock.
The most common items labeled as “Required Repairs” by city licensed inspectors seem to be items like making smoke detectors operable, installing carbon monoxide detectors and back flow prevention device.
What’s a back flow prevention device? It’s a brass fitting that attaches to any faucet you normally would attach a hose to – whether it be outside the house or in your laundry room.
So what’s it for and why is it important? If there would suddenly be a drop in water pressure as a result of high demand, a burst pipe or frozen pipes, the drop in pressure could result in unclean water being sucked back in to the city’s water supply.
This simple little brass fitting keeps that from happening.
To put them on before the inspector tells you that you must, simply run to your nearest hardware store. They’re a few dollars each – which isn’t much compared to the fee the inspector may charge to come back and see that you installed them after he told you to.
Comments Off on Minneapolis Duplex Sellers in Short Supply
The Minneapolis and St Paul duplex market continued to suffer from a lack of inventory during the month of March.
There were 62 duplex owners who successfully sold their duplexes, triplexes and fourplexes during the month. The high seller was a duplex at 3444 Colfax Ave S, which achieved a sales price of $600,000. At the other end of the spectrum was an East St Paul duplex that closed for $36,000.
Eighty-four duplex, triplex and fourplex owners decided to get their properties on the market ahead of the spring rush in March. Of these sellers, 42 have already received and accepted purchase agreements.
Low vacancy rates continue to push rents higher. Meanwhile, continued low interest rates have begun to appeal to first time home buyers choosing to look for a duplex rather than a single family home.
It is a duplex sellers market. Buyers are jumping on listings in which they perceive value and in many cases, we are seeing multiple offers.
We must remember, however, that real estate markets have cycles. It won’t be a seller’s market forever.