Search All Shakopee MLS Homes For Sale & Real Estate

The Shakopee real estate market is moving even though we are hearing how slow the market is in general. Shakopee Homes for sale are flying off the market at quite the pace. It is almost HARD to find good Shakopee houses and Shakopee homes  out there. So many short sale flood the market and make it so you need to wait 3-8 months to get an answer. There are some good Shakopee foreclosures though and contrary to what many think you can close on them quickly. Sometime even more quickly than an owner occupied home. I recently listed a Shakopee foreclosure in which the bank repainted the home, re-carpeted the home and even put on a new roof. On top of that the bank is providing a 2 year home warranty AND would be willing to pay 3.5% of the buyers closing costs, even before beginning negotiations! Take a look at what is out there and if you would like to set up a showing, make sure to contact us.
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Large Shakopee Rambler Homes For Sale on 1+ acre

If you are looking through the Shakopee MN MLS listings it is hard not to pass on this solid rambler in Shakopee on acreage. 523 Barrington Drive in Shakopee MN has almost 2300 sqft on the main  level alone. This custom rambler sits on just over an acre of park like setting and also features a volleyball court and private water feature. There are many outdoor living spaces as well including a west facing porch, South facing covered porch and East patio for morning sun.

The main level of this Shakopee rambler features a large entry with double doors leading to the great room, four season porch, gourmet kitchen, main level laundry, informal and formal dining rooms, master bedroom and bathroom, additional bedroom and bathroom for guest and also a half bath.

The lower level of this home has storage everywhere! So many rooms for crafts, activities and plenty of room to tuck away all your possessions. There is a theater room in the lower level, game space and a custom built bar. There are also two additional bedrooms and a large bathroom.shakopee homes for sale

If you would like to set up a showing or want current pricing information on this great custom built Shakopee rambler feel free to email us or to call the listing agent Tom Scott at 612-384-2178

 

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Shakopee Townhomes Values

Shakopee townhomes for sale have gone on a bit of a roller coaster ride over the last 20 years, they might as well have gone to Valleyfair.  I have analyzed numbers very thoroughly and from a town that had as few as 8 Shakopee townhomes sell back in 1992, to 445 Shakopee townhomes sold in 2005 the townhomes for sale in Shakopee have leveled slightly.

We have seen a lot of new construction in Shakopee after the highway 169 Bloomington Ferry bridge was built in 1996. Up until 1998 Shakopee townhomes had seen only 135 townhomes sold in the previous six years per the Minnesota MLS statistics. Then in 1998, 159 townhomes sold representing almost 35% of the total Shakopee homes sold that year. The average sales price for a Shakopee townhomes in 1998 was $107,890. Average market times were only 60 days and average square footage was for those townhomes in Shakopee was only 1027 sqft, making the average price per sqft to be $105.05.

The Shakopee townhome market exploded from this point on as many more townhomes were to be built. The city temporarily thought about a moratorium of townhomes in Shakopee being built, but then decided not to impose. The number of townhome in Shakopee built in 2001 rose to 249 homes sold representing almost 38% of the total market. Average sales price had climbed to under under $150,000 and the average days on market fell to just 24 days. The boom was definitely here and sqft increased to an average of 1338 per townhome.  The Shakopee real estate market and Shakopee townhome market peaked in 2004-2006. 2004 led to a high of almost  49% of all homes in Shakopee sold that year on the Minnesota MLS to be townhomes. 2005 brought an all time high of townhomes in Shakopee sold through the Minnesota MLS, 445 townhomes. In 2006 values had peaked, with average sales prices just over $192,000, meanwhile average days on market increaseing  48 days more days from the previous year to 107 average days on the market. Through these three years the average price per square foot had almost tripled from 1992 values of $42.57 per sqft, to just over $125 per sqft.

Come 2008, much fewer Shakopee townhomes were selling and bottomed at an eightyear low of only 201 townhome in Shakopee sold that year. Average sales prices had significantly decreased since their peak of just over $192,000 to an average sales price of $161,403. This was over $25,000 less in just a years time than the 2007 average sales price of $186,687. Most assumed this was the worst however Shakopee townhome values again plunged the following year even worse, decreasing on average over $33,500! This brought the average sales price of a Shakopee townhome to $127,782.

We saw signs of hope in 2010 with Shakopee townhome values finally increasing for the first time in three years after a rapid decrease in values to an average of $132,533, but so far in 2011 it appears as though we are seeing a double dip in pricing.I had put together some numbers from the Minnesota MLS and so far in 2011 23 townhomes in Shakopee had sold with an average sales price of $109,718. Days on market had steadily increased over the last 10 years and reached close to the average days on market of 1992 with an average time of 152 days. Per per sqft has dropped to $72.90 per sqft, close to values in 1995-1997. Although we have not had average sales prices fall to those points, our townhomes are much larger today.

There are signs of hope for those looking to buy while starting their home search and those looking to rent their townhome in Shakopee. Shakopee townhomes are priced so aggressive today I feel there is a huge upside potential. You can currently buy cheaper than you could rent townhomes in Shakopee. The rental market is great as well. With Shakopee being relatively close to shopping, Minneapolis, lakes and many activities more and more are moving to the area. Shakopee also has a lot of job opportunity in the area with large companies like Seagate, Mystic Lake, Canterbury, Valleyfair and more. Shakopee has a transit as well for an easy commute to downtown.

Still remain cautious because I see two potential problems we could see down the road. One deals with financing for future buyers, and the other deals with increased association dues. Many current owners who have moved to single family homes are renting their Shakopee townhomes. Some aassociations have become a bit more lenient with their covenants pertaining to how many townhomes can be rented.  Because of this and the increased Shakopee foreclosures and short sales, some Shakopee townhomes down the road may be hard to get bank financing. Lenders look at an area with high foreclosure rates and rental rates as more of a risk and may not offer some loan programs in those development, primarily those legally defined as a condo. Most developments with Shakopee townhomes actually are classified as a condo. If you own a Shakopee townhome, look at your legal description and if you see CIC, likely it is a condo. Those townhomes in Shakopee that have a lot and block, likely are classified as a townhomes. The other area for potential future concern would be  inflated association dues. Some associations are in great standing because they have not had many foreclosures. Stone Meadows one level townhomes for example I know are in great standing while keeping their dues low at $115 per month. Other townhome areas I know have increased their association dues above $200 per month when previously the average was in the $125-150 range.  Some association are charging extra month assn dues if you rent your townhome. I don’t think that is necessarily bad because some area have amenities like community park or pools and hopefully 10-15 years down the road the won’t need to get a bond to replace roofs or siding. Make sure when search for your next home or Shakopee townhome you talk to you local Shakopee Realtor and make certain you review the associations financials and covenants. In Minnesota you have 10 days to review all such documents per a condo/ townhome addendum your Realtor should add to the Minnesota real estate contract.

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Shakopee New Construction Tips

If you are thinking of building one of the many homes in Shakopee on lots that are available you might consider weighing the positives and negatives of new construction homes in Shakopee.

Positives to New Construction in Shakopee

  • No one has ever lived in the home, clean slate
  • everything is new (roof, siding, mechanicasl, etc)
  • you have the entire history of the home
  • Many new neighbors and friends to meet
  • latest energy effient standards and code standards
  • new current design layouts
  • Taxes are not fully assessed yet

Negatives to New Construction in Shakopee

  • Window treatments needed
  • Landscaping needs to be finished
  • no mature trees typically
  • Might not have neighbors for a few years
  • Dust and messy neighborhood during construction

Shakopee new construction also tends to be more expensive overall. If you look at the current Minnesota MLS data there are 37 active homes in Shakopee with an average list price of $306,392 and an average of 2,331 sqft. Existing homes in Shakopee have an average sales price of only $261,297 for single family homes in which there are 125 homes in Shakopee currently on the market and those homes in Shakopee had an average of 2,434 sqft.

Looking at pending homes in Shakopee there  was even a lower average list price at$254,486 with 2,171 sqft for new construction, and an average sales price of $229,521 for the 32 existing homes in Shakopee with an average of 2,481 sqft.

Looking at the sold homesis hard to gage being many new construction Shakopee builders do not include their sold data in the Minnesota MLS. However taking the data from the Minnesota MLS we have, there were 86 new construction Shakopee homes sold with the last year with an average sales price of $259,297 and had an average of 2032 sqft. The 278 existing Shakopee homes in Shakopee that sold in 2010 averaged a sales price of $227,148 and had 2,333 sqft.

Shakopee Foreclosures

Digging through the Minnesota MLS this year may possibly be one of the largest year for Shakopee foreclosures to date. So far in 2011 there have been 28 foreclosure homes in Shakopee that have closed escrow.  36 Shakopee foreclosures are currently pending bring this years foreclosure total in Shakopee to 64 homes through only February. We are pacing over a home sold per day that is consider a Shakopee foreclosure! Now theoretically take that number and multiple by six, could that mean we are heading for 384 Shakopee foreclosures for the year?

Those Shakopee foreclosure numbers seem staggering being only 197 closed homes in Shakopee last year were foreclosures. We are heading for close to double those numbers and eclipsing the high of 331 set in 2009. Currently there are 54 homes in Shakopee that are active on the market and considered Shakopee foreclosures.

All of these numbers are only estimates being many Shakopee real estate agents often do not disclose the status of their Minnesota MLS listings or decipher if the home is a bank owned home, short sale or potential short sale. Why Shakopee real estate agent don’t disclose status can vary and it would be too time consuming to go through EVERY listing to get exact numbers

Although not perfect numbers you can see how the number of foreclosures in Shakopee have escalated since last year and how many buyers will have numerous opportunities this coming year.