Re/Max Advantage Plus Shakopee Realtors

Re/max Advantage Plus Shakopee will be moving to a new location starting the first of the year. Re/Max Advantage Plus is a market leader in the Shakopee real estate market and has closed over 300 transactions in the Shakopee office alone year to date with many more pending transactions. Re/Max Advantage Plus, lead by real estate broker Eric Malmberg will be moving into the build Edina Realty Shakopee had occupied for 10+ years. After closing there will be extensive remodeling followed by a Grand opening in which the public is invited. A date and time has yet to be determined. Re/max Shakopee Realtors anticipate holding many Shakopee real estates seminars in the new space geared towards the shifting market. Some buyer seminars included will be first time buyer seminars, investment seminars and seminars about selling in a tough real estate market. Shakopee realtors have seemed to gravitate to the Re/Max Advantage Plus franchise over the past few years and the strength of the company is continually growing. Eric Malmberg, broker for Re/Max Advantage Plus also acquired two more Re/Max real estate franchises in Minnetonka and Chanhassen to have more market share west of the Twin Cities.

The Shakopee real estate market has been a busy one this year although with a lack of inventory. We are just over 200 active mls listings at 225, however 50 of the mls listings have some sort of contingent offer on them. Of the remaining Shakopee homes for sale listed as “active” mls listings 39 are short sale properties and 27 are consider foreclosure listings.  Being  almost 38% of the remaining inventory is considered distressed this does not leave too many Shakopee homes for sale remaining. Let’s compound another factor, Shakopee new construction homes. 28 of the remaining 175 Shakopee homes for sale are either model homes, to be built new construction or under construction homes. That leaves less than half of all Shakopee mls listings as traditional home sales.

I have heard many complaints from Shakopee buyers looking to purchase a house that just can’t find anything out there. If you know anyone looking to sell I do have these buyers looking in Shakopee to purchase soon:

  • Looking for a rambler under 375k, prefer wooded lot and a walkout, may be open
  • Looking for a townhome under 125k 3 bedrooms and must have basement
  • Looking for a townhome under 135k, prefer 3 bedroom with master bath
  • one level townhome under 100k
  • Looking for a two story in Southbridge under 250k
  • Looking for a 4 bedroom plus loft two story East of Independence to Southbridge under 300k

Shoot me an email at TomScott@Remax.net or call me at 612-384-2178 if you know of a good seller

Another Shakopee Home SOLD! | Classics Southbridge

We just recently closed this Shakopee Home in the Classics at Southbridge. This Shakopee home sold for $223,000 and the seller paid $8920 in buyer closing costs.

If you are thinking of listing Shakopee real estate of your placing your Shakopee home fo sale make sure to call Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team. 612-384-2178 or TomScott@Remax.net

What’s New in The Shakopee Real Estate Market

Sorry, for not posting in a while, but it has been crazy busy lately getting out team website up, www.MnHomesForSale.com and we have been doing some blog posts recently on that website too. The school year is off and running anf my wife is officially back to work and in her new school, Jackson Elementary in Shakopee. Very exciting to have a new building and many new students as well.

The Shakopee real estate market has been extremely busy lately. It almost seems more like a spring real estate market rather than Fall. Shakopee real estate is booming when homes hit the market. It seems everything that is decent is selling within 30 days,  although the average days on market for Shakopee homes pending is currently at 140 days, which is down! 231 Shakopee homes are currently considered active in the Shakopee real estate market. Still an overwhelming amount of Shakopee short sale listings flood the market as 31 of those 231 are sold subject to bank approval. Good Shakopee homes are hard to find these days. I think we will see more Shakopee foreclosure listings hitting the market this fall. I know after talking with other Shakopee real estate agents with Remax that specialize in the foreclosure market that the banks seem to be holding back. There are great options purchasing some shakopee foreclosures such as Fannie Mae listings. You can buy a Fannie mae listing with only 3% down, no mortgage insurance no appriasal and the bank will agree to pay 3.5% of loan costs, awesome deal!

If you need any help searching for Shakopee real estate or have any questions make sure to reach out to us and we would be happy to help.

FHA Loan Limit Lowered for Shakopee MN Homes

What does this mean for the average first time buyer? Simply you won’t be able to buy Shakopee homes or other MN homes for sale over the new $318,550 loan limit and only put down the minimum 3.5% downpayment. This leads those who purchase Shakopee homes and want to contribute as little as possible their max purchase price with an FHA loan limit will be $318,550.

If your loan is not cleared for closing by underwriting by September 30th, 2011, you will be subject to the new loan limits going into place.

Shakopee Inventory Down, Shakopee Short Sales Up

The Shakopee real estate inventory seems to be heading lower and lower, however at the same time Shakopee short sales are increasing. The Shakopee real estate market is moving though. I sold a Shakopee foreclosure listing that I put on the market in less than a week and recently  sold a listing of mine on the west side of town on Madison the same day! I did have a buyer for the listing a few weeks in advance and did notify both parties prior to listing the home. With only 260 active homes on the market, good real estate is hard to find. Shakopee town home inventory also seems to be down with only 38% of the active listing classified as Shakopee townhomes. As mentioned in a previous blog, a frustrating stat shows again how few homes are available. Of the 260 active Shakopee homes on the market, 60 actually do have offers, but do still show as active and this does not include the 70 pending homes waiting to close. Those 60 are Shakopee homes that are either subject to inspection, another home or subject to bank approval (which is essentially short sale listings). That brings me to my next CRAZY set of stats including Shakopee short sales :

  • 75 of the 260 active Shakopee homes are short sales, 29% and a high percentage.
  •  If you include Shakopee foreclosures, 39.6% of the market is distressed, which is actually down thankfully.
  • Of the 200 remaining Shakopee homes without offers, 34 are Shakopee short sales, again another positive sign as we are down to only 17% of the market being short sale listings in Shakopee.
  • Only 32% of the remaining 200 Shakopee real estate listings are townhomes. Typically 42-48% of the total sales annually in Shakopee are townhomes.

I remember a time when it was hard to find Shakopee homes for sale under $200,000, today 92 of the 200 listings without offers are under $200,000 and 32 of those are single family homes. Only 36 homes are listed over $350,000 and 15 over $500,000.

 

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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Shakopee Homes Under $100,000

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Smaller Shakopee Homes and Real Estate For Sale

Smaller Shakopee homes for and real estate for sale should be a consideration especially after the economy that we went through and still are in. Although you may long for a nice large piece of Shakopee real estate or one of those new construction two story Shakopee homes for sale with lots of square footage, that may not necessarliy be the best option depending on you and your family. If you have a larger family, you may want or NEED that space to have at least some of your “own. Most empty nesters tend to downsize and many other people are getting a smaller Shakopee homes for sale. Even with Shakopee new construction the builders have tapered down the massive 5000 sqft Shakopee homes for sale. There are some advantages when you downsize and there’s nothing wrong with getting a home on the Shakopee real estate market that is smaller. We at Remax Advantage Plus in Shakopee and the Twin City Real Estate have a list of reasons why this is a good option.

Increased Cash Flow

 If you’re spending less on your monthly mortgage payment, you are likely to have money leftover every month to reallocate for other investments, hobbies or desires. Maybe with less of a mortgage payment you can save for a fun family vacation!

More Time For You

Save another bill and getting rid of the in home cleaning service if you are too busy to clean.Having less fewer rooms and smaller spaces cuts down on the time  needed to clean and maintain your Shakopee home. Smaller Shakopee homes can reduce the time spent on housework and busy tasks, leaving more time in the day to do something else more enjoyable and fun.

Lower Utility Bills

 It costs a lot less to heat  and air condition a smaller Shakopee home than larger home with more square footage. Typically in spacer homes you don’t see vaulted ceilings which have a lot of dead air to heat to cool.Less square footage decreases the amount of energy expended. Reducing energy is better for the environment and helps to keep your home green.  Having a smaller Shakopee homes also make it less expensive when replacing air conditioning units and furnaces.

Taxes

Typically having a smaller Shakopee homes for sale have less taxes amounts. Imagine if you have a large Shakopee home with taxes of $4,500 per year instead of a smaller Shakopee homes with taxes of only $1,800 per year. Over a ten year period of time that adds up to $27,000! If you compound that with an 8% interest per year compound it would almost add to $41,500!

Reduced Consumption

Want to be green? If there is no place to put it, you’re much less likely to buy it. That means less money is spent on clothing, food and other goods.

 Minimized Stress

 My favorite is less stress! Having that large nut to crack every month can make life a lot easier. Less responsibility, less taxes, less housework, increased cash flow and greater flexibility to do the things you want to do equalall reduce stress. Shakopee home owners who have successfully downsized sometimes appear happier when they’re no longer overwhelmed by the demands of a larger Shakopee home.

Shakopee New Construction – Ryland Homes Glacier Estates Pricing

After the anticipated wait, Shakopee newest development, Glacier Estates, by Ryland Homes released their pricing information.In a follow up to a previous blog post I wrote about Glacier Estates in Shakopee, here is a little more information in regards to your pockbook. With the model home soon to open mid May this should be a very busy new construction development in Shakopee. Ryland homes purchase the remaining 30 or so lots with the Glacier Estates community in Shakopee after College City Homes, Cuddigan and a few other builders back out of the development, some for financial reasons. IN a development that saw sales prices pushing over $600,000 the Glacier Estates development with now be priced much more competitively.

Ryland Homes released the pricing on the five plans they will include in the development ranging from a base of $274,990-$334,900. It appears as though the model home floor plan, The Edgewater, will base at $304,990 and feature over 2750 sqft on the upper two levels. The grand opening for the development is May 11th.

Taken from the Ryland Homes website, here are a list of features they will be including with their homes:

 

Construction Features

  • “I” Joist Floor Framing System with ¾ Subfloor
  • 2 X 6 Exterior Wall Construction
  • 200-AMP Electrical Service
  • Asphalt Roofing Shingles with 25-Year Warranty
  • Carbon Monoxide Detector
  • Electrical Ground Fault Outlets
  • Engineered Roof Truss System
  • Exterior Foundation Insulation
  • Interconnected Smoke Detector System on All Levels
  • Low Maintenance Exteriors
  • Maintenance Free Aluminum Soffit, Fascia & Trim
  • Passive Sub-Slab Vent
  • Poured Concrete Foundation Walls
  • Sump Pump
  • Water Proofed Foundations
  • Wirsbo® Water Supply System

Elegant Baths

  • Aristokraft® Vanity Cabinets
  • Armstrong® No-Wax Vinyl Flooring
  • Cultured Marble Vanity Tops
  • Designer Nickel Lighting Fixtures
  • Electrical Ground-Fault Outlets in all Baths
  • Luxury Owner’s Bath with Soaking Tub & Separate Shower Stall
  • Moen® Lavatory Faucets
  • Sterling® Tub/Shower Surrounds
  • Sterling® Water Saving Commodes
  • Vanity Mirrors

Energy & Water Conservation

  • 13 SEER Air Conditioner with Puron
  • 50 Gallon Gas Water Heater
  • All Electrical Boxes on Exterior Walls Sealed with Air Tight Box & Gasket
  • Carrier® 92% Efficiency Power Vent Natural Gas Furnace
  • Fiberglass Insulated Entry & Steel Insulated Service Doors
  • R-19 Fiberglass Insulation Plus Vapor Barrier in Exterior Walls
  • R-44 Fiberglass Insulation Value in Ceilings with Vapor Barrior
  • Roof Trusses with Energy Heels
  • Tyvek® Housewrap
  • Vinyl Clad Insulated Windows with Low E Glass and Screens
  • Whole House Fan Ventilation System

Exterior Detailing

  • (2) Exterior Water Spigots (location per plan)
  • (2) Weatherproof Exterior Outlet Boxes (location per plan)
  • 3-Car Garages
  • Asphalt Driveway
  • Concrete Sidewalk & Stoop
  • Front & Rear Door Lighting
  • Garage Door Opener with Two (2) Remotes
  • Insulated Steel Garage Door
  • Norandex Great Barrier® Vinyl Siding
  • Schlage® Security Dead Bolt Locks
  • Stone or Brick Accents (per plan & elevation)

Home Technology

  • (1) CAT5 Telephone Jacks
  • (1) Multi-Media Jack (Phone, Cable, Data)
  • (2) RG6 Cable Outlets
  • Three-Level Technology Tube for Future Wiring

Inspections

  • A. Pre-Construction Meeting with Site Superintendent & Sales Counselor
  • B. Pre-Drywall Meeting
  • C. Pre-Closing & New Home Orientation
  • D. Sixty-Day Service Conference
  • E. One-Year Drywall Touch-Up
  • Site Construction Superintendent
  • Twin Cities Warranty Staff
  • Unmatched Quality Inspection Process

Interior Finishes

  • 9′ First Floor Ceiling Height
  • Designer Nickel Lighting Fixtures
  • Front Door Bell & Chime
  • Hang & Tape Walls and Ceiling of Garage
  • Interior Paint by PBG®
  • Laundry Hook-Ups with Dryer Venting
  • Lower Level Bath Rough-In
  • Princeton Painted Trim
  • Satin Nickel Knobs (Interior)
  • Shaw® Luxury Carpeting (per plan)
  • Three Panel Pre-finished Colonist White Doors
  • Ventilated Closet Shelving
  • Water Softener Rough-In

Landscaping

  • Fully Sodded Yard
  • Landscaped Front Yard (per plan: mulch, bushes, & shrubs)

Ryland Homes New Home Warranty

  • Measured Customer Satisfaction Program
  • Name Brand Manufacturers’ Limited Warranties
  • One-Year Material & Workmanship Warranty
  • Ten-Year Structural Warranty
  • Two-Year Mechanical System Warranty

Tastefully Appointed Kitchens

  • 42″ Upper Kitchen Cabinets
  • Aristokraft® Cabinetry with Adjustable Shelves
  • Armstrong® No-Wax Easy Care Flooring
  • GE® Built-In Dishwasher
  • GE® Ceramic Smooth-Top Range
  • GE® Refrigerator
  • GE® Spacemaker Microwave
  • Ice-Maker Rough-In
  • InSinkErator® Garbage Disposal
  • Kitchen Island (per plan)
  • Moen® Kitchen Faucet
  • Pantry Closet/Cabinet (per plan)
  • Stainless Steel Double-Bowl Sink
  • Wilsonart HD® Laminate Counter Tops

If you have any questions about the Shakopee real estate market, new construction in Shakopee, some of the developments by Centex Homes, Lennar Homes, Mattamy Homes, Ryland Homes or qualit local builders feel free to contact me. I grew up in the Shakopee area, live here currently and my wife is a teacher in the area. I have been actively selling real estate for 10 years and work with a tem of agents, the Twin City Real Estate Team, to help serve our clients better. If you would like to find what previous clients have said, make sure to check out our Shakopee Realtor testimonial page.

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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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Parade of Homes in Shakopee

The Parade of homes in Shakopee is underway and that are many homes in Shakopee to choose from. This year ten builders have chosen to feature their homes in Shakopee in the parade. Contact your Shakopee Realtor for a showing, or if Pricing for homes featured in the Parade of Homes in Shakopee ranges from $209,900 -$555,000. The builders participating this year are:

Lennar

Lennar features many two story floor plans to choose from in the Valley Creek Crossing neighborhood. Their model is priced at $360,278 with other homes starting at $319,990.

GBI homes, Inc.

GBI features two model homes in the parade. A three level priced at $269,900 and a two story home priced at $365,900, both int he Valley Creek Crossing neighborhood.

Shamrock Builders, Inc

Shamrock offers one of the most affordable homes in Shakopee featured in the parade.  This multi level home has 2,118 sqft. and is priced at $232,900.

Key Land Homes

Key land homes has a  home in Shakopee near the high school in the Countryside neighborhood. The model is priced at $299,900 but others start as low as $195,000

Wensco, Inc.

With pricing starting at $190,000 an d their parade model home in Shakopee priced at $209,900 they are the least expensive new construction model in the Parade of Homes in Shakopee. This is a split entry home with just over 1,500 sqft.

Knoblach Builders, L.L.C.

Another home in the Countryside development of Shakopee. Knoblach Builders has a two story home in Shakopee priced at $319,900 with other homes in Shakopee starting at $244,900

Centex Homes

Centex homes features many models to choose from starting at $254,990. Their Parade of Homes model in Shakopee is currently priced at $361,764 with many upgrades. Located in Ridge View Estates accross the street from Eagle Creek elementary school in Shakopee, this development is a great location.

Mattamy Homes

Just East of the Centex development, Mattamy also has many model homes to choose from. Their Parade model home in Shakopee is priced at $339,900 with others priced from the $270’s.

Capstone Homes, Inc.

Capstone is in the Ridge Creek Bluff edition near the Centex neighborhood. Their model home is price comfortably at $314,900 and features almost 2,900 sqft on the upper two floors.

Hartman Homes, Inc.

An solid upper bracket home along the Shakopee and Savage border tucked in the Whispering Oaks development of Shakopee. Their model is priced at $555,000 and other homes start in the 300’s.

Rememeber there are also many great buys on exisiting homes for sale in Shakopee .  The average listing price of a two story home in Shakopee is  just over $288,000. Remember to compare the pros and cons of new construction if you are thinking of building to make sure you are choosing what is best for you and your family’s needs.