Real Estate Consulting & Sales | Residential + Commercial

Affordability Waning as New Construction Prices escalate in the Twin Cities

A newly released report by the Housing Affordability Institute stresses what I’ve been researching for year; Twin Cities new construction costs are higher than many other metropolitan areas across the country.  Yes we live in a cold climate that requires increased costs for energy efficiencies; but the underlying factor is it cost more to build…read more

Few Entry-Level New Homes Under Construction in Twin Cities

Like most areas across the country, the Twin Cities real estate market as drastically impacted by last decade’s housing downturn and the ensuing Great Recession.  After peaking in 2005 and 2006, the median sales price of a home in the Twin Cities is finally back up to the pre-recessionary levels.  However, the new construction market…read more

Twin Cities Condo Market is Red Hot

The Twin Cities condo market, in particular Downtown Minneapolis, is red hot as the inventory is nearly non-existent.  A  review of all condo listings in the Downtown Minneapolis area shoes there are only 76 active listings in Downtown and in the surrounding neighborhoods such as the North Loop, Loring Park, northwest Minneapolis, etc.  These listings…read more

Are entry-level homes making a comeback in Twin Cities?

Without a question, the new construction sector has catered to move-up and executive buyers since the recession.  Most of the new homes built since the Great Recession have catered to the $400,000+ buyer; a result of increasing land, labor, and material costs for new homes.  Prior to the recession townhomes were the answer for first-time…read more

New home buyers – bigger is better

Recently the US Census/Commerce Department published its annual Characteristics of New Housing report and to no surprise from real estate experts….today’s buyers desire larger homes.  The average size of a new home decreased during the Great Recession; however as the new construction has been rebounding over the past five+ years home sizes are growing again. …read more

Are new construction starter homes extinct?

Historically, starter homes have been a prominent housing type within the new construction segment.  Prior to the peak of the real estate market in 2005/2006, starter homes priced under $200,000 represented a major share of the housing inventory.  However, since 2005 the number of new homes priced under $200,000 had declined substantially. Today, there are…read more

Home Price Gap between Existing Homes and New Homes…

New construction homes have historically always commanded a premium price over the existing home market.  However, since the housing downturn and Great Recession; the gap between the two product types has widened.  In the Twin Cities Metro Area (as of July 2014) the median listing price for a new construction home was $359,900 ($147 per…read more