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
For years, the trend has been to design homes to the back of the house as we have become an auto-dominated society with front-loaded garages. Prior to the 1970s, a high percentage of homes constructed throughout Minnesota had front porches. However, that design trend faded as garages became larger and more emphasis was placed on…read more
Technology has changed the home buying and selling process signficantly over the past few years. With the addition of Apps, today’s buyers and sellers have access to real estate data that previously was tougher to obtain. There are literally hundreds, if not thousands, of real estate apps available. From home searches to mortgage applications to…read more
No doubt about it, the apartment sector has driving the real estate recover over the past year. Although the Mullins Group estimates there are upwards of 20,000 apartment units in the pipeline throughout the Metro Area, many of these developments will stall out or be cancelled. However, 2013 looks to be a record year for…read more
Good article about cutting costs on new construction. As builders have come out of the recesson, labor costs other effieciences have been implemented to bring home costs down. In particular, depressed land costs have been a substantial cost savings to new home buyers as the savings has brought the total package price down. In many…read more
Today’s article from Builder Magazine compares new home sales versus existing homes. According to the 2010 Census, this past year posted the lowest new home sales transactions since data was collected in 1963. Although not good news for builders and developers, buyers looking to build new will continue to find enticing properties and deals in…read more
As we continue to regain traction in the housing market, 2010 will be a year many builders would like to forget. This past year, building activity was at its lowest in 47 years across the country. Continued tighter lending standards, lack of consumer confidence, and higher than normal unemployment rates kept new housing construction at…read more
It’s no secret, today’s builders are making homes more effiecient and scaling back square footages in response to buyer preference and the current housing market. Traditionally builders always built bigger, but today’s buyers are more concerned about cost and smart design. Today’s floor plans maximize square footage and eliminate “wasted space,” together these two factors…read more
I found this article interesting. Building permits are up in the Metro Area. Is it a sign the worst is behind.. tought to gauge right now but I’m caustiously optimistic the construction industry is turning the tide. http://www.finance-commerce.com/article.cfm/2010/03/27/Twin-Cities-area-homebuilding-advances-in-March
Just a reminder the Parade of Homes runs through March 28th. Most builders models are open from 12-6pm. This is a great opportunity to tour new home communities throughout the Twin Cities Metro Area. Although the number of models is down substantially from the heyday of the real estate market, there are hundreds of models…read more
