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MAAR’s Foreclosure and Short Sale Report – Q3 2008 Update

The unfortunate growth of foreclosures and short sales (i.e., lender-mediated properties) has had substantial effects on the Twin Cities housing market and doesn’t appear to be going away anytime soon.

We published our first “Foreclosures and Short Sales in the Twin Cities Housing Market” report in May 2008. We have now followed up with a second-quarter (Q2) in August and a third-quarter (Q3) update published just this month. The expanded Q3 report provides further fine-tuning to our methodology and deeper analysis on the role of lender-mediated properties by city, neighborhood, property type and price range.

View the full foreclosure statistics report here.

October 10, 2008 According to The City of Shakopee, Shakopee is located in the southwest corner of the Twin Cities metropolitan area, 23 miles from Minneapolis, on the Minnesota River. Residents of Shakopee enjoy both the atmosphere of a small town and the resources of a thriving metropolitan area. Incorporated in 1857 as a booming river town, today Shakopee is the county seat of Scott County, one of the fastest growing counties in the United States.

The city has its own downtown central business district, regional medical center and business park and is home to regional entertainment attractions such as Historic Murphy’s Landing, Valley Fair Amusement Park, and Canterbury Park Racetrack.

I decided to research foreclosure listings in this great town.
I uncovered 53 homes for sale that are listed as foreclosed homes in Shakopee. The foreclosed homes in Shakopee range in asking price from $82,900 to $825,000.
Total finished square feet ranged from 728sq.ft. all the way up to 6,600sq.ft. These foreclosed homes were built from 1985 to as recent as 2006.
One particular Shakopee foreclosed caught my eye. 584 Vista Ridge Lane, Shakopee. Personally I like the look of the home. Built in 1995 this home has 3 bedrooms and 3 baths, along with a 3 car attached garage. It boosts a whopping total finished sq. ft. of 4,500 and sits on 1.13 acres according to the MLS listing.
In May 2006 this home was listed for $789,000 and is now on the market for $434,900.
I found 4 good comparables that are currently on the market from $799,000 to $1,329,000. The neighborhood supports the value of the subject foreclosed home, and appears to be a really good price!

If you would like me to find a foreclosed home for you, just let me know where and I can run a full personalized foreclosed home report.

“I took a hiatus from house shopping, and now I’m back. Is there a place to get foreclosure listings? I found realtytrac but they make you sign up. They say you cancel within 7 days, but I do know if they are trustworthy.I saw a house listed on a mls site, but I can’t figure out who the realtor listing the house is. There’s no sign in the yard. On realtytrac they have a house listed on that street as an auction and has a date of 10/15, but they don’t give a house number. So I think it’s the one I want.”

 

 

Northstar MLS, which services the Minneapolis and St. Paul areas, requires a field titled “foreclosure/Lender Owned” when Real Estate Agents enter a new listing. Therefore Real Estate Agents in the Twin Cities should have no problem finding foreclosure listings to show buyers.

Keep in mind, many Real Estate Agents are unfamiliar or do not feel comfortable working with foreclosed homes. Find a knowledgeable foreclosure listings Realtor and you should have no problems finding free foreclosure listings.