Shakopee Entertainment Sector to Continue to Expand

Shakopee is back at it and adding to the entertainment hub they are known for in the southern part of the Twin Cities. Currently Shakopee real estate is home to many venues including Canterbury Park, Valleyfair, Murphy’s Landing. Owner of Dangerfield Gus Khwice and Michael Orensteen owner of MinneHaHa in Burnsville, is planning to move the comedy club to the lower level of Mr. Khwice Dangerfield’s restaurant in Shakopee. Dangerfield’s has the food to bring people in for a nice dinner and a 90 minute show. An article from the Shakopee Valley News states, “For $25, people can watch a 90-minute show and also select a dinner entrée, ranking from whiskey sirloin to crab meat stuffed tilapia. Tickets to just a show will be $10 or $13.” To me that is a steal of a deal. My friends and I usually head to downtown Minneapolis to catch a show at Acme Comedy Co. Looking on Acme’s website; prices seem to be close to Dangerfield’s quoted prices ranging $15 for just a show, and $30 for dinner and a show. The next performer at Acme is Dwight Slade, which I am not familiar with, but I hope to see Dangerfield’s grow and bring in some top talent. My Mother, Carol Scott, loved going to Dangerfield’s for dinner and I am sure she would have loved the opportunity to have an adult entertainment venue so close to home. Gus Khwice was a great man to her and I respect and support his business ventures and wish him the best of success. Let’s hope Gus keeps prices for beer down, we get lots of laughs in and the comedy club can continue to thrive. Now if the Minnesota Vikings would just move their stadium to Shakopee and buy a little real estate down here, maybe we could keep generating some more tax dollars to help pay for our future second high school.

Shakopee School Update

In reference to a previous blog post I had about Shakopee schools, it sounds as though the Shakopee school board will have some tough decisions ahead of them. I think the most crucial topic currently on the table before next school year is configuring the grade levels. They will need to decide on a Kindergarten center, 6th grade center or some other option I imagine sometime in the near future as teacher will need to be relocated and settled with the new elementary school set to open for the 2011-2012 school year.

In regards to the possibility of a new high school in Shakopee, some within Shakopee are worried dividing Shakopee Schools would also divide the town. Some are concerned this would be similar to when the mascot was the Shakopee Indians and the transition to the Sabers. Many propoents and long time Shakopee residents wanted to keep the Indians. Shakopee, which has always had a small town feel since I lived here, is rapidly changing. Many areas have expanded and built a second high schools successfully. Lakeville North/ South, Chaska/ Chanhassen, Apple Valley/ Eastview and Woodbury and Eastridge to name a few. I’m sure Shakopee will take into consideration ideas current resident have, but I ultimately see Shakopee within 5-10 years with a second school. I also see Shakopee expanding their business sector as well with an increase of Shakopee real estate land selling and builders again putting up many homes after a previous lag.

We have seen a population explosion of Shakopee real estate since the opening of the highway 169 bridge, and with that our town has become much more diverse in the process. Shakopee will continue to grow with the amount of vacant land around for building residential homes, commercial land and industrial areas to bring in new business and more resident. 10 years from now the Shakopee real estate landscape, Shakopee schools and the commerce will be very different, but I believe improved much like where my sister lives in Maple Grove. Look at the Country Rd 42 and Hwy 113 intersection on the border of Prior Lake and Savage, or the business sectors of Woodbury and Maple Grove. These positive additions brought tons of new residents to those areas and their populations have exploded in the process. I think it would be great if Shakopee turned the HWY 69 and 169 area into a shopping mega center and revive the movie theater. The east side of town I think could also use a grocery store with such high traffic at the local Cub Foods.

I think Shakopee has so many opportunities in the future and building another high school will only expand our possibilities.

Shakopee Townhome Update

There are many townhomes in the Shakopee real estate market. Of the 301 current active listings 126 are townhomes, twinhomes or condos which represent almost 42% of the current market inventory. The Shakopee real estate townhome market is very affordable now compared to past markets especially after seeing values drop significantly over the past few years. Currently of the 126 active Shakopee townhomes, the average sales price if hoovering just over $129,000 for a 2+ bedroom 2 1/2 bath townhome built in 2001 with over 1550sqft. 4-5 years ago these Shakopee townhomes would have sold in the $190’s. If you are searching for a home you need a way to narrow down all your choices. The best options in the Shakopee real estate market I feel are in the 3+ bedroom 3+ bathroom townhomes with at least a 2 car garage built after 2000 and priced competitively under $125,000. If you were to narrow down the Shakopee real estate market with that search criteria you would still have 15 homes. To view all Shakopee real estate listings or homes in other areas, go to my website www.MinnesotaListingSearch.com

Shakopee Real Estate Market Hits Bottom

That is a question many Shakopee real estate buyers are asking these days. It’s hard to look at this market and think that we are not close to the bottom if not there. It is true the Shakopee real estate market will see many more foreclosures over the next few years, however currently most pricing is cheaper than if you were to rent real estate in Shakopee.

The other day I looked at a home behind St. Francis hospital in the Pheasant Run neighborhood. The home was price at $162,500 and really all that needed to be done was paint and carpet. This home was built by Keyland Homes and years ago in the Shakopee real estate market this home would have sold upwards of $300,000. Today, given values of homes in shakopee, this homes was priced almost 50% lower.

Generally speaking if you were to take estimates of a full price offer of $162,500 with the buyer putting 3.5% as a downpayment, current taxes at $2678 and annual insurance of $900 the estimated monthly payment would be only $1225 given a 4.75% interest rate. That shows you right there where the Shakopee real estate market is it today, a bargin. If 5 years ago the value for this home was even $275,000 and interest rates were one percent higher at 5.75% and taxes the same, your payments would be a staggering $2025.

This shows you what type of buying power there is out there in the market today. I see many Shakopee townhomes that sold in the $190,000’s a few years ago now priced under $100,000. You could buy these townhomes today, rent them out and cashflow the homes at $300-400 per month! The opportunities are endless and we may not know truely if we are at the bottom of the Shakopee real estate market, but we do know now more than ever pricing is great.  So if you are starting your Shakopee real estate search today, have your loan officer run the numbers and realize truel how low interest rates are in this market and what it means to your botom line.