2022 Neighborhood Garage Sale - 12th Annual

June 23rd and 24th 9-5 and June 25th 9-2

10018 Ives Way (Fri/Sat only) - Kids clothes, toys, some furniture and adult clothing, books, DVD’s, kitchen items

12012 99th Ave N

9911 Ives Lane N

11660 97th Ave N

… plus even more homes are having sales!

 11th Annual Park Reserve Neighbor Garage Sale - June 10, 11 and 12, 2021

10th Annual Elm Creek Park Reserve Neighborhood Garage Sale

June 13 & 14th 9am-5pm

June 15th 9am-1pm

9th Annual Park Reserve Neighborhood Garage Sale

June 7-9, 9am-5pm

 

 

 

 

                   

                                









     Don't miss this great neighborhood wide sale!
     Plants, yard art, tools, baby items & clothes,
     women's & men's clothing, electronics, games
     and the list goes on.....................

         Sponsored by Steve Hoem, Edina Realty

Updated Flyer and Map

We had a last minute addition.
Here's the updated flyer

7th Annual Garage Sale - This Weekend!

This weekend is the 2016 Elm Creek Park Reserve Neighborhood Garage Sale! 7 homes within walking distance are holding sales.

9AM to 5PM on Thursday, Friday, and Saturday

Located in the neighborhood next to the Elm Creek Park Reserve entrance, in Maple Grove.

Addresses:
10085 Hemlock Ln N
12335 97th Ave N
11237 98th Ave N
11492 99th Pl N
11911 99th Pl N
11504 100th Ave N
11868 101st Ave N

Some of the goodies you could find: antiques, plants, kids’ clothes, toys, lawn mower, electric clothes dryer, furniture items, and Stampin Up stamps.

Multi-Family Neighborhood Garage Sale June 25th, 26th and 27th
9 am to 5 pm
81 or 610 to north on Zachary Lane
to west on 100th Place. Watch for the signs.

2014 Park Reserve Neighborhood Home Sale Summary

2014 was another positive year as values in our neighborhood continued to increase.

The 2014 median sale price in our park reserve neighborhood was $235,960 compared to the 2013 median of $210,000. The 12.4% increase bettered Maple Grove's rise of 5.4%.--
Click here for a link to the 2014 sales details (the link will expire in 60 days).

Multi-family neighborhood garage sale June 5th, 6th and 7th
9 am to 5 pm
81 or 610 to north on Zachary Lane
to west on 100th Place. Watch for the signs.

Neighborhood Garage Sale - PLANNING

We're having the 5th annual neighborhood garage sale this year on June 5,6,7 from 9-5 pm.
I will be advertising and putting out signs.

If you would like to participate, please call or email Heather Hoem - hhoem@comcast.net or 763-443-1015.

We'll need your address and a description of what you will be selling. Example: kids clothing, records, tools, etc.

2013 Neighborhood Home Sale Summary

The neighborhood map shows the locations of homes sold in 2013

2013 saw marked improvements in our economy which also resulted in increasing home values.

Median Sales Prices
• Maple Grove 2013 - up 6.1%
• Our Neighborhood - up 6.5%

List of 2013 neighborhood homes sold

Twin Cities Real Estate Update-August 2013 Interest rates hit their lows early this summer and have inched up to a still-low 4.5%. The combination of low interest rates, low prices and rising rent costs have continued to drive sales with pending sales up 13.6% over the past 3 months from a year ago and the resultant inventory decline of 14.3% over the same period.

What does the future hold? There are several issues that could impact the real estate industry.
(1) The federal government is proposing reducing their bond purchases. Just the threat of this has caused 10 year bond yields to go up which tends to drive up mortgage rates.
(2) The federal government is also contemplating what to do with Fannie Mae and Freddy Mac, the government-sponsored entity (GSE) mortgage guarantors that the government had to bail out to keep solvent. These GSE's could be privatized with banks and other mortgage originators taking more of a risk in mortgage losses. This would likely further drive up the costs of obtaining a mortgage.
(3) Past home-owners who lost their homes to foreclosure or short sale are beginning to re-enter the market as potential home-buyers, this will drive up demand and further drive down supply.
(4) Home investment companies have blossomed over the past year. Most homes for sale are seeing at least one, if not several offers to purchase from out-of-state corporations that are buying thousands of homes to build their rental portfolios. This will also potentially drive down supply.

Summary
As the economy rights itself and employment continues to improve, people will return to home-ownership as a historic cornerstone of personal stability and wealth-building. Price appreciation is expected to be around 4-6% over the next 12 months due to the resulting increasing sales. This appreciation will bring homeowners that are currently unable to sell their homes back above water which will allow inventory to increase and the real estate market to continue its recovery. All this could be impacted by the feds moves which drive up interest rates but as long as interest rates remain below approximately 6%, the housing market should remain healthy and stable.

Special thank-you to the Minneapolis Area Association of Realtors:
Data and graphics are courtesy of the Minneapolis Area Association of Realtors

Real Estate Update

Summary: Inventory is down, Rates are going up, and Prices are inching up

Mortgage Rates
At the past couple federal reserve meetings, the chairman has announced that with unemployment improving, he will soon phase out "quantitative easing" or the bond purchasing programs. This has driven down the price of 10 year notes (if you pay a lower price, that means your yield goes up on a specific face value bond). 30 year mortgage rates follow 10 year bond rates so mortgage rates have also increased. Mortgage rates have risen from 3.5% to 4.25% over the past 30 days.

Inventory
With the number of homeowners who have lost their homes to foreclosure, there is an ever-increasing number of people renting. This has led to a very low 2.8% vacancy rate (Marquette Advisors, May 2013). Low vacancy rates has led to increases in rent amounts, driving home buyers and in particular, 1st time home buyers into the market place and driving inventories of homes for sale to 10 year lows.

Prices
Supply and demand is also driving up the prices of homes with the median price of a home in the Twin Cities up 14.9% from this time in 2012.

Neighborhood Garage Sale June 13, 14 and 15 (8 a.m. to 5 p.m.)

1. 11867 101st Ave N
2. 9955 Hemlock Way
3. 9772 Ives Lane
4. 11421 99th Pl N
5. 9907 Deerwood Ln N
6. 11262 98th Place N
7. 11282 98th Place N
8. 11655 100th Ave N
9. 9817 Kirkwood Lane N
10. 10065 Hemlock Ln

Other garage sales:
224 4th Ave SE, Osseo

2012 Neighborhood Real Estate

For those of you wanting to know how the story ends, read no further:
The market has finally turned!

What led to the recovery:
(1) Interest rates have remained at ridiculous lows (apprx 3.25% at the time of writing)
(2) Rents have gone up making owning more affordable than renting
(3) First time home buyers have re-entered the market in increasing numbers
(4) All this led to an increase in demand and therefore, a shortage of supply
(5) Driving prices up and leading in 2012 to an APPRECIATION of home values

In our neighborhood, 18 homes sold with an average of 75 days market time and an average sale price of $202,122.
I divide these homes into two general categories:
(1) Distressed sales-those involving a bank to sell the home (short sales and foreclosures)
(2) Traditional sales

There were seven distressed sales with an average sale price of $164,971 and 11 "traditional" sales with an average sale price of $225,764.

DISTRESSED SALES SUMMARY

MAP OF 2012 DISTRESSED SALES

1. 9926 Deerwood Ln N
2. 11700 N 98th Ave N
3. 12282 97th Ave N
4. 9964 Cottonwood Ln N
5. 9792 Ives Ln N
6. 11600 97th Ave N
7. 12169 97th Ave N

TRADITIONAL SALES SUMMARY

MAP OF 2012 TRADITIONAL SALES

1. 9877 Deerwood Ln N
2. 11534 100th Ave N
3. 11573 100th Pl N
4. 9852 Norwood Ln N
5. 12052 99th Ave N
6. 11575 98th Ave N
7. 9805 Kirkwood Ln N
8. 11331 100th Pl N
9. 12468 99th Ave N
10. 12344 99th Ave N
11. 9843 Kirkwood Ln N

Our neighborhood offers easy access to 610, 169 and 94 and the park reserve is unbeatable! I see the recovery continuing through 2013 provided interest rates remain relatively low and unemployment doesn't rise significantly.

Mortgage Debt Relief and Taxes

 The Mortgage Debt Relief Act is set to expire at the end of 2012. This is the law that may exclude from taxation qualifying debt forgiven at the conclusion of short sales. Although it is possible that this law will be renewed, no one knows for sure.

 For some time now, emails have circulated suggesting that the federal health care law will impose a 3.8% federal tax on the sale of all homes. The emails are terribly misleading – the tax referred to is neither a real estate transfer tax or a sales tax. Instead, it’s a 3.8% tax increase on capital gains (and other unearned income) for individuals with adjusted gross income over $200,000 (or $250,000 for married couples filing joint returns). In addition, the normal capital gains exclusions that we work with every day still apply – which in most cases means no tax on the sale of principal residence (assuming less than $500,000 gain under a joint return, $250,000 for an individual return). In the end, a small percentage of homesellers will be affected by this new tax. See my previous blog article.

For more information on the Mortgage Debt Relief Act

For more information on the capital gains tax

Property Taxes and Market Values

If you're like me, you just received your property tax statement for next year's taxes and were shocked by how low the assessed value is.

Based on our neighborhood property values, my assessed value is below what my home would sell for in the current real estate market and yours may be as well. (see chart below showing YTD Maple Grove increase in median sales prices)

The taxable market value is established each year by the Maple Grove assessor using appreciation/depreciation percentages, sales data and computer programs. Additionally, every five years the assessor visits your property to confirm condition and updates which he/she also factors into his/her valuation.

A few details to consider:
(1) Make sure you are looking at your taxable market value and not the net value after the homestead market value exclusion is subtracted (see previous blog article on this)
(2) You can appealing your taxes and taxable market value - an appeal is required by April 30. See the city website and a previous blog article for more details.

If you still have questions on your taxable or actual market value, drop me a line.

Whirlyball - what's that?

You've probably noticed that the Mann Theater in Maple Grove closed but have you heard what's moving into the old theater?

Whirlyball! What's that? Whirlyball is a cross between bumper cars and lacrosse. Click HERE for the YouTube video. The facility featuring two Whirlyball arenas and a lasertag course is expected to open in spring 2013.

And the large building in the parking lot? That's a 2nd Maple Grove Goodwill store which is expected to open as early as December 2012, just in time for your Christmas decoration shopping!

Neighborhood Market Update

Finally. The news is catching on that the real estate market has recovered. Sales are up - 21% through the end of September for Maple Grove over 2011 levels which has led to inventory being down 37% over 2011 levels. source: Mpls Area Association of Realtors

In our neighborhood, the average sales price for the 16 homes that have sold so far this year is $203,025 and an avg list price of $206,350. (an avg pricing discount of just 1.6%)

A map showing the current active listing and those sold or otherwise off the market since September 1st are below. Click HERE for a link to these listings (which will be good until Dec 2012).

To recap, the real estate market in our neighborhood and Maple Grove is recovering nicely and I expect we'll see 3-5% APPRECIATION of values this year.