Shakopee Real Estate Inventory Low

It seems within the last few weeks the Shakopee real estate inventory has dropped to recent lows. Last time I check all Shakopee MLS statistics there were only 265 Shakopee homes for sale. Typically the Shakopee MLS seems to generally support 300-325 Shakopee homes for sale on average, but I would attribute the low Shakopee real estate inventory due to less forecloses coming on the market and also a lot of sellers that may not NEED to sell, just staying put for the time being.  I am hearing from many buyers being frustrating with the lack of good quality Shakopee homes for sale on the market. It seems there is either a lot of unrealistically high homes on the Shakopee MLS for sale or there is a lot of plain junk homes out there. Banks keep saying they will be “releasing” more inventory, but I have heard that since the first of the year. Although we may be in a buyers market overall where many properties sit on the market, I have also seen many Shakopee real estate transactions with multiples offers. Make sure when looking on the Shakopee MLS you contact Shakopee real estate agents to find out if the home has any contingencies. Many buyers run into this frustrating situation and feel they are being lied to because many homes that are for sale on the Shakopee MLS can actually have contracts on the, but still show as active listings. My advice if you are looking to buy a home for sale in Shakopee is to be patient, act fast and be realistic. You Shakopee real estate agents know the market and can help put together a market analysis to advise you what a good price may be to come in at. Sometime even going over list price may be needed to get your offer accepted.

Handicap Accessible MN Townhomes For Sale

Finding a handicap accessible MN townhome is not an easy task. Many MN townhomes are just are not made to be 100% handicap accessible. Sure, even if you look at the MN MLS you might search using terms such as one level living or all living facilities on one level, but that doe not necessarily make the MN townhomes for sale handicap accessible. To me a true handicap accessible MN townhome will have switches accessible, wider door ways that are accessible via wheelchair, wider hallways and one large detail, NO STAIRS outside. So many “one level townhomes” have a stair or two to get in. I recently had a conversation with someone about how hard this can be if you are in a wheelchair.

If you are considering looking at MN townhomes and need a good, quality built true handicap accessible townhome, we have the perfect place for you. We will be listing a Shakopee townhome this week that has everything I said above and is such a good neighborhood with such wonderful people there. I may be a bit partial being my Mother used to live in the neighborhood before she passed away. Anyway feel free to give me a call on the home, it is at 1935 Boulder Pt in Shakopee and we will be listing the townhome soon for $175,000. This handicap accessible townhome is a 2 bedroom, 2 bathroom one level MN townhome with about 1400 sqft. It includes a two car garage, sunroom, gas fireplace and a nice layout. Feel free to contact me if you would like to set up a showing.

New Federal Program available for Homeowners on the Brink of Foreclosure

                On the brink of foreclosure?  The federal government has issued a new program that would give up to $50,000 dollars in “interest-free, forgivable loans” secured by liens against the existing home.  The loans would only be available to those in danger of foreclosure due to unemployment, underemployment or medical issues.  For all that apply, only 1,405 Minnesotan homeowners will be chosen from the pool of eligible applicants.  Applications will only be accepted through July 22, 2011.

                This program is supposed to reduce the number of foreclosures in the state by 5% or more, which is a step in the right direction considering the 25,673 foreclosures last year in Minnesota.  This will help current Minnesotans in foreclosure, but it is too late for people who have had difficulties from 2007-2010.  The program was created by HUD, which allocated over $50 million to use in Minnesota over the next two years.

                The main purpose of this new program is to help homeowners weather the downturn in the economy, but the program does reserve the right to cut off funding if a recipient’s income returns to original levels made two years prior.  Loans given to property owners will be forgiven by 20% every year, making the loans completely curable in five years.  However, government has set forth certain qualifiers to become eligible.  These qualifiers include:

  • Being unable to make mortgage payments for the past three months or longer.
  • Living in the house.
  • Have faced an income decline of at least 15% because of unemployment, underemployment, or medical issues.
  • Households of four within the Twin Cities must make less than $100,800 annually.

Once the July 22 application deadline is reached, applicants will undergo a more thorough screening process to become eligible for one of the 1,405 chances to receive a loan.  Given the unique nature of this program, many believe it is a one-time opportunity, so make sure to apply if you are an eligible homeowner!

If you would like to discuss your options, Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team work with local attornys that would offer a free consultation and legal advice. Depending on your situation, the attorney may choose to work with you at no additional cost as they are also compensated by the bank during a short sale if you elect that as an option.

You can reach us at 612-384-2178 or TomScott@Remax.net

Shakopee Foreclosures? Use the FHA 203k loan program

Like many other MN Homes, Shakopee foreclosures are just as prevelant. To  purchase some of those detressed foreclosure properties you need a LOT of $$$$ to repair the MN homes to bring them up to par, because the banks won’t lend the money to buy the house until the repairs are complete. I recenlty had a client use a great program for Shakopee foreclosures. The program is called the FHA 203k loan program and I used Wells Fargo in Shakopee to do the MN FHA 203k loan program we just closed on. There are a few other companies that do the MN FHA 203k loan program, but not all loan officers do, so make sure to check if you are looking in a price range that may need repairs.

More MN FHA 203k Loan Program Information

  •  The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is only 3.5% of the purchase price and repair costs of the property.

The MN FHA 203k loan includes the following steps:
A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.

Find an approved MN FHA 203k loan officer

-Submit repair bids from A LICENSED CONTRACTOR, if you are not licensed, you CAN NOT do the work.

The appraisal is performed to determine the value of the property after all repairs are completed, they don’t need to be completed prior to closing, but they do the appraisal as if those repairs were completed.

If the borrower is approved through the loan officers underwriting , the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.

At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

The remodeling can begin after closing.

Escrowed funds with the title company on MN homes are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.

If you would like more information about the FHA 203k loan program, a good loan officer familiar with the process or Shakopee foreclosure list make sure to contact me.

Search all Shakopee Foreclosure Listings

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 Builder Looking For Feedback | Enter to win $50 gift card | F & B Construction

A local Shakopee builder, F & B Construction, recently sold their model home in Spring Lake Estates just south of Shakopee about 4 miles down Marschall Rd. We would like to actively hear what consumers are looking for in their floor plans. We recently sold a rambler that was about 1881 sqft on the main level with a office and two bedrooms on the main floor.

F & B construction builds quality homes that last.  They won’t be the cheapest Shakopee  builder short term when you compare F & B Construction to national builders like Lennar Homes in Shakopee, Ryland Homes in Shakopee or Mattamy homes in Shakopee, however they will not cut corners with the quality of their work.

F & B Construction uses top quality materials like Marvin Integrity windows, finished on site flooring, plywood subflooring instead of chip board, thicker gauge siding and custom cabinets from a local cabinet maker in Jordan MN. They take pride in everything they do and have numerous happy customers. Even when comparing against national builders, they are still competitive. Standard features F & B Construction includes when building a home is a concrete driveway, flooring allowance adequate for REAL hardwood floors, garage door openers, knockdown ceilings, an appliance allowance, fully painted home and a fully sodded yard. Ihave seen many Shakopee builders charge additionally for these items. F & B Construction uses all the same sub contractors so you know your home will be built by the same people every time.

While not using “box cabinets” or a prefabricated hardwood you have more flexibility to choose the stain colors for you home. If you can dream it, F & B Construction can build it. They have floors plans to choose form, alter or create your OWN CUSTOM PLAN.

A client told F & B Construction how an energy audit was done on their home and if that home had gone through the qualifying, it would have been rated an energy star home. F & B Construction does not need the reassurace of paying to qualify as an energy star home, they just build homes right.

Please fill out or contact form  and mention this blog to register for a chance to win a $50 Bonfire gift card. Note what you would like to see that is missing with Shakopee builders today. Is it that laundry hamper you grew up with, larger mudrooms, bonus rooms, different layouts, better quality products. Then mention what style of home you would like to see built.

F & B construction can build home anywhere within the metro area and would love to opportunity to sit down to earn your business and show you what sets them apart.

***registrations will be taken through July 31st, 2011 and the winner will be contacted via email on August 1st, 2011***

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Shakopee MN MLS Home Prices Fall

MN MLSHere is a look at the Shakopee home prices that have fallin with price reductions the last week:

1636 Liberty Circle, Shakopee MN MLS #4054306

Purchased for $202,000 in 2005, this Shakopee townhome was listed 21 days ago with Remax Advantage Plus for $147,495 and recently reduced to $134,900. An aggressive move to get this Shakopee townhome sold quickly. Click on the address for more infomation.

6188 Oxford Rd, Shakopee MN MLS #4043733

This unique large two story on over an acre has 5000+ sqft. The sales price was just reduced $10,000 from $469,850 to $459,850. 5 bedrooms 4 bathrooms and a 12 x 11 walk in closet!

1227 Elmwood Ave, Shakopee MN MLS #4041129

Weston Ponds Shakopee townhome for sale. Price was reduced $89,876 to 85,000. This Shakopee townhome started at $99,876. I have been in this townhome and it shows great. One of the best Shakopee townhomes on the market for the price. 2 bedrooms 2 bathroom with an additional loft space or potential third bedroom. END UNIT!!!

1903 French Trace Ave, Shakopee MN MLS #4025920

Shakopee rambler reduced $2,000 down to $227,876. Great location near the hospital with just under 1900 sqft 3 bedrooms and 3 bathrooms.

If you would like the full MN MLS listing sheet emailed to you drop me an email or call 612-384-2178

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Shakopee MN MLS Short Sales Are Selling, BUT…..

With all the talk about short sale homes in Shakopee many buyers are wondering what is going onin the current market place. I took a look at only the Shakopee short sales and what their numbers looked like so far this year accornding to the MN MLS. For those looking at the MLS online website, themlsonline.com is NOT the MLS, iot simply is a company just like Edina Realty, Remax or Coldwell Banker however they were grandfathered in to using the term MLS in their name.

SHAKOPEE SHORT SALE INVENTORY & SALES

Anyway accornding to the MN MLS there are a total of 286 homes in Shakopee listed, of those 286 homes listed 86 are Shakopee short sales. One common way homes are listed in the MN MLS, but not on other broker sites are homes that are consider “sold subject to third party approval” whihc means they are a short sale home waiting for the bank to say yes or no. The seller likely has signed the offer as they still own the home, but need approval from the bank. There are 40 homes in Shakopee currently listed as active that have this classification….annoying, I know. There are only 10 pending Shakopee short sale listings that are waiting to close and have approval from the bank according to the MN MLS. It seems half or 2 out of every 3 listings is a short sale which i found this statitic interesting: from January 1, 2011 only 26 Shakopee short sales have closed! Only 26 home in 6 months! With all the short sale listing out in the marketplace these banks need get their acts together.

PRICING OF SHAKOPEE SHORT SALES

I think the pricing of Shakopee short sales is what is contributiong to lower prices for the average homeowner. So many buyer avoid short sale in Shakopee because they can not wait the 3-9 month time frame many short sale homes require. Oddly enough I looked a one niche in Shakopee that has a higher sales price and lower days on market of short sale listings than traditional sales. Shakopee townhome short sales had an average sales price this year of $129,033  with 143 days on the market with only 12 homes closing since 1/1/11. 94 foreclosure and tradtional sales netted $109,531 with 155 days on the market. I do think the foreclosures contributed to bringing this price down, but I can’t explain the shorter time frame, that baffles me. Looking at single family homes brings numbers you would expect.  The short sale listings in Shakopee averaged a sales price of $183,511 with 261 average days on market where the traditional sales averaged a sales price of $221,627 and only 125 days on the market.

SHAKOPEE SHORT SALE REALTORS HELP

If you are looking for a Shakopee Realtor or real estate agent to help represent you in buying a home or selling your home make sure they have the experience required to help. Having a knowledgeable Shakopee realtor who know the ins and outs of the bank short sale process can be beneifical even when purchase as they can know the right questions to ask to make sure eve

Shakopee Lake Front on Thole Lake | 620 Hahn Drive, Shakopee MLS # 4054409

The MLS listing reads “Stop dreaming…your dream has come true with this sophisticated home designed for fine living & ideal for entertaining with its elegant spaces, lakeshore, swimming pool & park-like 2.5 acre setting! Old World flair, stunning architecture & rich details!” Friends of mine and previous coworkers when I worked at Edina Realty in Shakopee, Bruce and Sue Wolf, recently listed this gem of a home. One of Shakopee’s finest homes is on the market.

You need to see the virtual tour to believe this one of a kind walkout rambler sitting  on a gorgeous parklike setting with 2.5 acres AND Shakopee lake front! Seriously, not every day does someone stumble across Shakopee acreage listings that also include lake front. You have your own private dock and the home is located in the prestigous Theis Estates development on the southern edge of Shakopee sitting on Lake Thole. Lake Thole is a quiet 105 acre lake in Shakopee and is well known in the area as a good fishing lake.

MAIN FLOOR LIVING

Upon entering this one of a kind rambler you will be taken back by and impressed by the gold Venetian plaster, barrel vault ceiling with metallic finish, hardwood floors and antiqued pillars. To the immediate left is a one of kind formal dining room. The centerpiece of the room is a hand carved masterpiece detailed ceiling trimmed with 18 carat gold and crown molding. The formal dining room includes a built-in hutch, antiqued pillars, floor to ceiling windows & hardwood floors. To the immediate right upon entering, french doors lead to your home office. If you work from home, the main floor office is fit for the finest executive. Many custom built ins line the walls, a built in desk, plenty of large windows to brighten up the room and custom artwork.

The great room features impressive custom built in cabinets, huge floor to ceiling windows to capture the panoramic Lake Thole views, 12 foot coffered ceiling and chandelier as a touch of class. Old world charm radiates in the dramatic great room! 

3 sided gas fireplace and accent pillars divide this gorgeous great room from the informal dining area and kitchen. The kitchen features a huge center island with a sink built in to prep food. This fabulous kitchen provides a true culinary experience. Large work spaces, prep sink, double wall oven, walk-in pantry, custom designed cabinetry, granite and tile back splash. Great gathering space with its center island seating.

Just off the great room of this custom walkout rambler featuresa gorgeous master bedroom with views of pool and Lake Thole. The master suite also includes a two sided fireplace leading to the master bath suite. The master bathroom has a custom double vanity, whirlpool soaking tub and custom tiled walk in shower with dual shower heads. Elegant master bath with whirlpool tub, 2 sided fireplace, dual head shower, his and hers sinks, walk-in closet and heated travertine floors.

The main level is also accompianed by a large laundry room, guest bath, an additional informal entry with built in lockers, tile floors, closet and garage access.

LOWER LEVEL

Walkout level entertainment space features gas fireplace, built-in media center, floor to ceiling windows, infloor heat, slate flooring, 9ft ceilings & impressive full bar. Making this room an entertainment hot spot is a pub style wet bar featuring a built-in wine rack, extensive cabinetry, refrigerator, granite counter tops and is open to pool table and family room.

Also in the lower level is a convenient Jack & Jill full bath with double sinks, makeup vanity, heated floors and large linen closet. This bathroom connects two of the three large bedrooms.  There is an exercise room in the lower level.

GARAGE SPACE

Immaculate 3.5 car garage onn the main level is heated and features epoxy finished floors, storage cabinets and a alcove for motorcycle parking. The lower level garage is perfect for a workshop, storage or for a boat. There is a wrap around driveway leading to the lower garage.

This custom Shakopee home on Lake Thole has 4 bedrooms, 5 bathrooms, 6 garage stalls and 2,377 sqft on the main level with an additional 2,284 finished on the lower level totaling 4,661 sqft.

EXTERIOR

Fully irrigated 2.5 acres, exterior security cameras with DVR backup, wrap around driveway with access to the lower level 3 car garage. Ample space in the backyard for tennis court, hockey rink or sports court!

OUTDOOR LIVING AT ITS FINEST

  • Cozy screened porch off kitchen includes knotty pine vaulted ceiling, a wood burning fireplace with stone surround and convenient access to deck.
  • Large Lakeside Firepit for the cool fall evenings
  • 20X16 deck with panoramic views of Lake Thole, pool and gold course like manicured yard. Stairs lead to the lower patio & pool perfect for entertaining.
  • 20X40 In ground pool features automatic cover, fountain, extensive paver pool deck and low maintenance salt chlorine generator system.

To set up a private showing on this listing, contact Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team at 612-384-2178 or via email.

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Ryland Homes & Glacier Estates in Shakopee | Basement Promotion & More Free Stuff!

Ryland Homes ShakopeeA great development in Shakopee on the East side of town just off of County Road 18, Glacier Estates, is offering some great incentives to bring buyers in the door.

I received an email from the Ryland Homes representative in Glaicer Estates in Shakopee. She said it’s been a very busy community so far at Glacier Estates.  As you know, Ryland Homes opened their model May 21st, and said they have already sold three homes since then.

To help get mpre buyers in the door in the Shakopee Glacier Estate neighborhood Ryland Homes is offering a free finished basement promotion that is offered for the month of June.  This is Ryland Homes biggest promotion!  A basement costs $20,000 to $25,000 depending upon the size of the home according to their sales rep.  The best part about the promotion is that you can add additional space in the lower level giving you:  five total bedrooms, another bathroom and a HUGE family room. 

If a basement is not important to you as a home buyer, you can buy options for the value instead!  That could be $20,000 to $25,000 of upgrades. Use your Ryland Homes promotion for upgraded cabinets, flooring, fireplace, WHATEVER.

In addition to this spectacular promotion for the Glacier Estates neighborhood in Shakopee, Ryland Homes is including a free Entertainment Package to put in your finished basement

The entertainment package includes:

  • 46 inch high definition TV
  • 7 channel home theater
  • Installed speakers
  • 2-room music package

Now your basement can become a huge movie room! click here for initial pricing or visit the Ryland website

Even when building a home you can use a Shakopee Realtor to represent your interests in the transaction and help negotiate. Tom Scott of Remax is a Certified Buyer Representation and Certified New Homes Specialist. Licensed for 10 years and holding a Broker license give him the help you are looking for. Why hire another agent to help during the new construction process?

  • Negotiations
  • Help choose Upgrades and Options
  • Advise in Resale Potential
  • Having Your OWN Representation (who do you think the sales reps work for)
  • Help with the sale of your current home
  • Knowledge of Local Area
  • Do a Market Analysis to Make Sure The Value is Fair