Barker and Hedges Real Estate Blog

All across the U.S., more than 1 million homes have been put in foreclosure so far this year. A recent study commissioned by the Greater Minnesota Housing Fund predicts that 28,000 homes within the state alone will be foreclosed on in 2008, which is not only a 39 percent increase from a year ago but would be a record for foreclosures for Minnesota. If those projections are accurate, it means that between 2005 to the end of 2008, one in every 31 households statewide will have gone through the foreclosure process.

With more foreclosures occurring throughout the country, “foreclosure rescue” scams are also on the rise. From California to Indiana to New York, to right here in Minnesota, unsavory individuals have been calming the fears of residents facing foreclosure with promises of help, only to swindle them out of their homes and equity in the end. Thus, the end of the predatory lending outrage has simply transformed into the beginning of foreclosure fraud scandals.

Some elected officials have been requesting federal legislation to prevent predatory lending. Others have been asking lenders to voluntarily delay raising adjustable rate mortgage rates for home owners in the most trouble. Individual states are stepping forward in attempts to protect homeowners from this new scam as well. About twelve states have enacted laws designed to crack down on fraud by “foreclosure consultants” who claim to help homeowners in trouble.

Earlier this month, Attorney General Lori Swanson filed lawsuits in Hennepin County District Court against several out-of-state companies which had billed themselves in Minnesota as “foreclosure prevention experts”: National Foreclosure Relief; Lewis Loss Mitigation of Alabama, which also does business as Stop Foreclosure and Lewis and Associates Consulting; D.R. Financial Services of California, which also does business as D.R. Financial and Superior Home Loans; and Mortgage Default Assistance of Florida, and Home Assure of Florida. Swanson is also seeking injunctions to stop the companies from operating in Minnesota, part of an ongoing effort by her office to stop foreclosure fraud. It is alleged that they violated state law by collecting fees up front before completing the services they agreed to do. In addition, the companies did not deliver on their promises to save homes from foreclosure, resulting in losses for some residents.

Some of the companies are taking money for services up front and simply not performing their tasks as described. Some companies ask residents to hand over ownership of their house, effectively making them renters in their own home, all the while promising that after a few years they will be able to reclaim ownership. Some homeowners have even signed papers, thinking they’re agreeing to help, only to find they have inadvertently signed ownership of the home to their supposed credit counselors. The method isn’t always the same, but the result usually is. Some lost their homes outright. Other deceived homeowners ended up spending extra time and money trying to save their homes: time and money which could have gone toward good use at lawful organizations which truly do help homeowners.

If you find yourself facing foreclosure proceedings, there are many honest and ethical organizations willing to help. You just need to find them! Here are some tips to help lead you in the right direction.

1. If you have received a foreclosure notice, or even if you feel you won’t be able to make your mortgage payments, it is imperative that you contact your lender immediately. In reality, lenders do not want to foreclose on your home. It is expensive for them and can cut into their profits. If you communicate effectively from the first signs of trouble, you may be able to negotiate your payments and schedule.

2. Be suspicious of marketing procedures. That man soliciting your business by traveling door-to-door or that woman distributing flyers in the parking lot is not a professional. Be wary of any “rescue” ads or deals which proclaim they can save your home or that they will pay your mortgage. Offers to lease back your home, so you can buy it back over time, are weighted against you and you should never agree to such terms. Avoid marketing pitfalls by watching for false promises, such as a guarantee to “save your credit.”

3. Don’t be fooled by anyone calling themselves a foreclosure “specialist” or “consultant.” Walk away from anyone who promises to persuade your lender to negotiate or to find a buyer for the house. After all, you as the homeowner and mortgage borrower are in the best position to negotiate. Realtors, brokers, or real estate agents can find a buyer for your home if it is necessary.

4. Verbal agreements mean nothing: Get it in writing! Then, review the paperwork with a lawyer. Don’t be pressured to sign a contract without reading it thoroughly. And certainly do not ever sign anything which has blank spaces, as anything could be added later without your knowledge. Check out any reports on them at the Better Business Bureau. Make copies of the paperwork for you to keep on hand in case they try to pull anything.

5. A legitimate company will explain everything in detail. They will not be pushy or try to bully you into signing anything. They will sit down with you and carefully collect documentation. When they put together a package, it will be presented to both you and your lender. After all, your lender is part of this equation.

The number of foreclosure fraud, real estate scams, and predatory lending cases are increasing. Scams to take advantage of homeowners in trouble are getting more creative. As a homeowner, you need to protect yourself and your family from the wolves. Even if you are facing foreclosure, a positive outcome is still possible. The first place to start is always to discuss your situation with your lender. If you seek more help, research the company ahead of time before you meet with them. It is your home and your investment, do your best to protect it!

Problems are much more likely to occur in homes that are left unoccupied for any extended period of time. With a large inventory of vacant homes on the market today, buyers should be aware of issues that often arise when a home is not maintained regularly. While these homes can often be purchased at a bargain, anyone considering a house which has been vacant for a while should pay close attention to their condition. Here are a few things to be aware of when buying a vacant property.

• One of the obvious things that can happen to a vacant home is vandalism. From broken windows and spray paint to the theft of copper pipes and wires, it does happen. This means that you may end up having to make some repairs yourself. Sellers may also make sub par repairs themselves to save money, which may mean even more work.
• Fluctuating temperatures in vacant homes as the weather changes unpredictably can lead to cracks around windows and in weather stripping. Moisture and temperature changes in wood can also cause cracks in plaster and drywall.
• If the furnace has been shut off for a long time, ensure to have them checked for leaks or rust build up. Heating systems usually dry moisture which may be in the home. Without heat, the moisture can create rust, or worse, mold. Air conditioning systems may also need to be inspected and possibly recharged to work properly.
• Plumbing problems can arise with unused drain pipes. Some are more susceptible to waste blockages and solidifications, while others may be at risk for sediment buildup. Additionally, washers and gaskets may shrink, which may cause pipes and fixtures to leak.
• Sediment buildup from stagnant water in an unused water heater can impair its function. Turning the water heater on improperly after a time spent in disuse can cause thermal shock, leading to leaks and even failure.
• Appliances such as dishwashers, washing machines, clothes driers, and garbage disposal motors can freeze up. Also, as with the plumbing, their seals can dry out and leak after a period of disuse.
• There are the obvious problems that can occur with dust and dirt! Without the ventilation systems running to move air and filter pollutants, dust, dirt, and cobwebs can settle throughout the home.
• This is Minnesota, a land full of 10,000 lakes and an abundance of wildlife. Beyond small rodents, there may be a raccoon, possum, or other animal setting up shop in a vacant home.
• When roof and drains are not properly maintained and cleared of debris, roof leakage may occur due to water buildup. Deferred maintenance of flashings can be another source of leaks.
• Soil expansion can also occur after the dry yard of a vacant property is properly watered by a new homeowner. This could have unexpected affects on the home’s foundation.

If you plan to purchase one of these homes, have it inspected carefully by a professional. Based on the results of the inspector’s report, a buyer considering a vacant home should rely on the expertise of a real estate professional to assist in negotiations for repairs or price adjustments. Even then, it may help to set aside some cash in the event an unforeseen problem presents itself after you’ve move into the house.

On April 22, First American CoreLogic, a leader in residential mortgage data and analytics for the mortgage industry, released its February 2008 LoanPerformance Home Price Index (HPI). The LoanPerformance HPI “provides a comprehensive set of monthly home price indices and median sales prices covering 7,508 ZIP codes, 957 Core Based Statistical Areas (CBSA) and 670 counties located in all 50 states and the District of Columbia.” The indices are the most comprehensive available in the industry.

According to their LoanPerformance HPI criteria, 36 states experienced a housing price decline over the three month period which ended with February 2008. The Minneapolis, St. Paul, Bloomington Core Based Statistical Area experienced a 3 month decline of 4.6% and an annual decline in house prices of 8.98%. The LoanPerformance HPI data indicates that thirty-three states now show year-over-year real estate declines. On a quarter-over-quarter basis, the number of states with decreasing property values increases to thirty-eight states.

Not surprisingly, many areas on the list with the highest drops in property values are in California and Florida. The state of Texas had several areas where real estate property values have been climbing slowly. The full available statistics and press release can be found here.

Also on April 22, the Office of Federal Housing Enterprise Oversight also sent out a press release regarding its monthly House Price Index. The OFHEO monthly index is calculated using the purchase prices of home mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Because of this, the OFHEO HPI is based on homes that cost $417,000 or less. According to OFHEO, U.S. home sales prices fell 2.4 percent for the 12 month period ending in February. Since its peak in April 2007, the index is down 3.1 percent.

These two reports offer slightly different views of the real estate market on a national scale. Part of this anomaly is because of the different methods by which the data is collected. Also, because the data analyzed is obviously different, as the OFHEO is only taking into account relatively less expensive homes. Of course, there are many homes in the Twin Cities metro area which are priced well above this mark and do not qualify for loans backed by Fanny Mae or Freddie Mac. Therefore, these home sales are not factored into the OFHEO figures.

Remember, these reports are national figures on housing trends as a whole and are not representative of every market. They don’t take into account the hot markets where sales and home sale prices are actually increasing because over-all, the market is down. Knowing your local market is very important. A good source of local real estate market information is the Minneapolis Area Association of Realtors 100+ Market Update, which analyzes data in 205 local Twin Cities communities.

It might not make a lot of sense at first, but this blog uses that report as a reference quite regularly.  You can see the previous posts which offer summaries of Minneapolis and St. Paul market activity for the month of March as well as the year to date.�

Though this is just a little late, last week (the last full week in April) was Window Safety Week, sponsored by the Safety Council and window, screen and door manufacturers.  It is spring time, headed into summer.  The storm windows are coming off and screens are going in.  For the safety of children, steps should be taken to lessen the chances of a window-related accident occurring.

• Window screens should be strong and thick enough to keep bugs out, but kids should still be able to remove them if an emergency occurs.  It is also important to teach your children how to remove the screens if a fire occurs and they must escape.
• When children are around, keep windows closed and locked. If you open a window for ventilation, make sure it’s a window which is out of reach of children, such as a window behind the kitchen sink.
• If you do install window bars or guards, be sure you purchase those which have a release mechanism that will open easily in a fire emergency.  Again, teach them how to remove the guard if it is necessary to escape.
• Keep furniture - or anything children can climb - away from windows. Children may use such objects as a climbing aid.
• Now that you have the proper screens and guards, prevent the children from playing near windows.  Set and enforce rules about keeping children’s play away from windows or patio doors. 
• In order to lessen a fall’s impact, place shrubs or grass beneath second- or third-story windows.

According to the Minnesota Department of Health, falls from windows account for an estimated 12 deaths and 4,000 injuries among children 10 years of age or younger every year in the United States.

Between 1993 and 2007, at least 193 serious injuries from window falls were reported in the state of Minnesota.  Nineteen of those injuries resulted in a death. Of the 193 injured falling out of windows, 151 were children under 10 years of age, four of whom died.

Last year a new Minnesota law was passed requiring the installation of safety screens on any house or apartment built or remodeled after Jan. 1, 2009. The law is called “Laela’s Law” for toddler Laela Shaugobay, who was injured when she fell out of a Minneapolis apartment building in 2006.

You can still catch the Minneapolis and St. Paul Home Tour today. At this event, new and remodeled homes will be open for free self-guided tours from 1 to 5 p.m. Sunday, April 27. Home Tour guides can be picked up at Twin Cities libraries, at the homes themselves, and at www.MSPhometour.com.

The Parade of Homes Easystreet is a tour of 112 association-maintained new homes, including townhouses, condos, lofts, villa homes and rowhouses throughout the Twin Cities area. This event takes place through May 18. The times are from 12 p.m. to 6 p.m. Saturdays and Sundays and 3 to 7 p.m. Thursdays and Fridays. Tour maps are available at local Holiday Station stores and at www.paradeofhomes.org.

As we discussed in a previous post, the Living Green Expo is coming up this weekend. This event features products, services, information and workshops on building and remodeling, yard and garden, recreation, energy and other sustainable- and green-living topics. The times are from 10 a.m. to 5 p.m. May 3 and 4. The event is free and it is taking place at the Grandstand at the Minnesota State Fairgrounds. www.livinggreen.org.

Like the previously mentioned home tours with a slightly different twist, the Dayton’s Bluff Vacant House Tour is also occurring over next weekend. The neighborhood council is sponsoring tours of about 10 bank-owned houses sitting empty, some of which are move-in ready. The tour begins at 12 p.m. - 5 p.m. on May 3, and 1 p.m. - 5 p.m. on May 4. Meet at 798 E. 7th St. for free trolley rides to the listings.

With the weather warming up (and hopefully drying out… SOON), many Minnesota residents are gearing up to make improvements and repairs to their homes. Some will hire a professional, and some will do it themselves. When it comes to home repair, sometimes doing it yourself pays off. Other times, it doesn’t.

The idea of doing it yourself sounds great, at first glance. It can save you money on both labor and materials, you can learn new skills, sharpen existing knowledge, and improve your home at the same time. But it isn’t without its risks.

The key to avoiding an expensive mistake is knowing when to pick up the hammer and when to pick up the phone. When it comes to home improvements, you must know you’re limits. If you start a project you are unable to finish, you’ll simply spend more money getting it fixed.

Here are a few home improvement tasks you might want to consider leaving to the professionals:

Anything involving Wires. In Minnesota, all electrical wiring work must be completed by an electrician licensed by the state. However, you can do electrical wiring in a home which you own and live in. All electrical wiring must be inspected by the State Electrical Inspector. Beyond the legalities, consider that 95 percent of electrical fires are due to homeowners who installed wires improperly.

Anything involving Plumbing. As with wiring, all plumbing work must be completed by a plumber licensed by the state, but a resident who owns a home and lives in it can apply for the proper permits to carry out the work. A plumbing permit is required to replace or install fixtures, replace or install water piping, replace or install a water heater, and to connect gas appliances to gas piping (stoves, dryers, or fireplaces). A mechanical permit and a licensed contractor are required when it comes connecting a furnace. A permit is not required to reset an existing fixture. One thing to think about when it comes to plumbing is if anything isn’t sealed correctly, the resulting water damage could be quite costly.

Demolishing walls. If you make a mistake and remove the wrong wall or beam, you could find yourself with an unstable home or roof problem. This should very strictly be left to the professionals. Only an engineer can properly determine what can be removed and if additional support is needed.

Installing windows and doors. Changing doors and upgrading windows requires precise measurements. In many cases, it can be hard to understand the nuances involved with sizing and placement. What good is installing those brand new energy efficient windows if you have a 1/4 inch gap around the frame? If a larger window or door is installed (see previous statements about “wall demolishing), there’s also a risk that a stud that supports the house’s structure could be removed by mistake.

Some Roof repairs. Obviously, repairing a roof high off of the ground is inherently dangerous for obvious reasons. People are injured and even killed every year performing their own roof repairs. However, a poorly installed roof can also lead to water damage inside your home as well. When it comes to fixing the roof, be sure you know what you’re doing.

Building decks. Properly built decks have to be constructed to certain specifications. In Minnesota, building permits are required for all decks that are attached to the home or are 30 inches or more above grade. Decks and platforms not more than 30 inches above adjacent grade and not attached to a structure with frost footings, do not require a building permit and may require a zoning or land-use permit. Decks and platforms are required to meet the land-use requirements of the community’s zoning code.

Chemical or heat stripping of woodwork. This job can be dangerous if what you’re stripping contains lead. A certified lead carpenter or licensed lead abatement specialist should definitely be hired for this task.

If you’re not particularly handy, but you want to expand your skills, you should start out relatively small. Try painting a room, hanging a medicine cabinet or shelves, perhaps even installing new moldings. These are some fairly simple tasks for a beginner do-it-yourselfer. By starting small, you can discover what you’re capable of and hopefully it will help you understand when you should call the professionals.

The Living Green Expo is an annual event that provides information and products to help Minnesotans improve how their day-to-day lives impact the environment and society.  The Expo features over 200 exhibitors of products, services, and information, as well as workshops on a variety of sustainability and green living topics.  There will be music, art, food, demonstrations, and activities for youth and children at this free event.  Of particular interest, along the lines of our recent post about Green Homes, would be the Living Green Expo’s workshops, exhibits, and attractions which revolve around the home. 

In regards to building and remodeling, your own home provides the ideal location for practicing sustainability on a personal scale. We probably spend more time in and around our homes than we do in any other environment, except for perhaps work.  The Living Green Expo has home building and remodeling workshops, exhibits, and attractions which highlight good choices for building our living spaces and making them comfortable and healthy.  This includes the materials we use, the technologies we select to heat, cool, and ventilate, and decisions about where we live relative to where we work, go to school, and play.

Resources such as sunlight, water, and wind are managed to create diversity and abundance in a sustainable landscape. In a terrain such as this, plants, soil organisms, and animals do most of the work for you.  As designer and steward of the land, this is your place to create your own strong and healthy ecosystem in your own backyard.  The Living Green Expo showcases yard, garden, and landscaping workshops, exhibits, and attractions.  Here, you can learn how to create beautiful and productive lawns and gardens in ways which are conservative and which minimize any earth-unfriendly impacts.

Energy use, outside and inside the home, is one of the areas with the greatest potential to improve your impact on the environment and save yourself some money.  The Living Green Expo has several energy-related workshops, exhibits, and attractions which revolve around making good choices, using less energy, and shifting away from nonrenewable sources.

The Living Green Expo is a family-friendly event offering products and educational resources to inspire people to lead healthier, more sustainable lives, to improve the environment, and elevate our quality of life. The Living Green Expo is a collaboration of government agencies, non-profit groups and businesses seeking to promote sustainability-oriented products and behaviors in Minnesota. The Prevention and Assistance Division of the Minnesota Pollution Control Agency (MPCA) is the main coordinator of this collaborative effort. Key staff are drawn from a myriad of environmentally oriented businesses, non-profit groups, government agencies, and associations.

It is not the color of the home of which we’re speaking, however.  Earth-friendly homes and construction practices are being sought by environmentally conscious consumers across the U.S.  No, we’re not talking about people living in cob, straw, or sod houses either, though there are people who choose to live in these types of abodes.  We are talking about homes when have been built with renewable building materials and with peak energy efficiency in mind.  This is called “green building.”

Green building is the practice of increasing the efficiency of an edifice throughout the entire construction cycle.  That means when creating a structure in this manner, human health and the environment will be taken into account through the dwelling’s design, the site its foundation will be laid upon, and construction.  The completed building’s future operation and maintenance will also be taken into account.  Probably most importantly, a green building is conservative when it comes to water and energy consumption.

Buildings have a profound effect on the environment, which is why green building practices are so important to reduce those impacts. The environmental impact of creating a building and the maintenance of an inefficient structure is often underestimated.  At the same time, the perceived costs of building green are overestimated. A recent survey by the World Business Council for Sustainable Development finds that green costs are overestimated by 300%,

Effective green building can lead to a variety of benefits for the homeowner.  Because of the increase in productivity and use of less energy and water, the cost of running and maintaining a green home can be quite significantly less than their inefficient counterparts.  Because of a green home’s carefully planned materials and design, these homes have greatly improved indoor air quality, which can have health benefits for its occupants.  This may be particularly important for adults or children alike who may have respiratory afflictions, such asthma or allergies.  Finally, a green home after construction continues to temper its impact on the earth.  Some examples might be by lessening storm water runoff and reducing the heat island effect.

The creation of a green home brings together a vast array of carefully and systematically applied environmentally friendly practices and techniques, with attention paid to the home’s consumption and pollution emissions throughout its full life cycle.  Construction materials usually considered to be green include renewable plant resources like lumber from forests certified to be sustainably managed, dimension stone, recycled stone, recycled metal, bamboo, and other non-toxic, reusable, renewable, or recyclable products.    Some green home builders go so far as to use only such sustainable or recycled materials which were also made locally.  Salvaged windows, doors, mantels, hardware, stone flooring, and other materials reclaimed from older buildings which are going to be demolished are popular as well.

Green homes are oriented on their properties to take advantage of sunlight, with many windows and skylights to reduce the need for lights during the day.  Of course, they use energy efficient windows.  These are made with low-e glass which reflect infrared light, use multiple panes with spacers to keep them in place, and contain non-toxic gases within for better insulation.

Green homes are also built in a manner which tends to take advantage of outdoor wind currents and sunlight in order to minimize the energy loads within.  Convection currents and prevailing breezes can passively cool the house in the summertime.  Thermal materials collect and store heat during the day and release the warmth at night.

This brings us to the subject of insulation within a green home.  Well-insulated windows, doors, ceilings, and walls help to reduce energy loss.  This in turn reduces energy usage and the costs associated with it.

These design features don’t cost much money, while at the same time they significantly reduce the energy needed to make and keep the home comfortable. As you can see, green building is rooted in the philosophy of using that which is available already and naturally.  Green building also focuses on designing a home which is in accord with its surroundings.

Green building does go at least one step past reducing its impact through design and maintenance.  That comes with the more advanced green practice of generating renewable energy.  This could be through solar power, wind power, hydro power, or biomass.  The ability to generate power is the most expensive feature to add to a green home.

The production of a green home is not one-sided towards the environmental, however.  Producers of green homes often seek to achieve an aesthetic harmony between the structure and its surrounding environment.  A sustainable building cannot simply be identified from the curb.  A green home can be nestled in any neighborhood, completely indistinguishable from their less efficient equivalent.

New houses are being built with a higher standard of energy efficiency as building codes increasingly require it. With fuel prices rising, consumers are fast tiring of high energy bills, driving the movement and green home popularity.  Does having a home in harmony with nature interest you?  Perhaps reduced electricity, water, and heating bills sound attractive?  An energy-efficient, environmentally-friendly green home may be just what the doctor ordered.

In the Central Community, one can find the Downtown Minneapolis neighborhood. Much of Minneapolis’ history is nestled in this area. Beginning in 1880, Minneapolis was known as the “Flour Milling Capital of the World.” This is from where Minneapolis’ nickname, “The Mill City,” comes. The Washburn A Mill was at one point the most technologically advanced and the largest in the world. At peak production, it ground enough flour to make 12 million loaves of bread in a day. It received grain via rail lines that stretched into Duluth, the Dakotas and Canada. The flour was exported as well as used domestically. Minneapolis sprouted up around the mills. The city exploded from 13,000 residents in 1870 to nearly 165,000 in 1890.

After about 50 years, however, the boom ended. After World War I the milling industry in Minneapolis began to decline. As the industry moved out of Minneapolis, the old mills fell into disuse and the Washburn A Mill closed in 1965. In 1991 the mill was nearly destroyed by fire. With the help of the Minneapolis Community Development Agency, Minneapolis cleaned up the site and fortified the walls of the mill in the late 1990s. The Minnesota Historical Society has since then developed the Mill City Museum at the site.

The downtown Minneapolis Riverfront District is a unique blend of old and new, with lodging, dining, historical landmarks, and other attractions. The past and present unite along the banks of the Mississippi. One can find the Nicollet Mall Farmer’s Market in downtown Minneapolis every spring, summer, and fall.

Downtown Minneapolis offers a unique feature to its residents in the Skyway system. It is an enclosed pedestrian walkway which connects 69 blocks and nearly every core building in the Downtown area. Minneapolis has the largest continuous system of its kind with over 8 miles of skyways.

In addition to the skyway system, miles of trails along the shores of the Mississippi River offer residents of downtown Minneapolis opportunities for hiking, walking, jogging, in-line skating, and biking. Not only is the neighborhood walkable, but most everything is within walking distance. If you work in area, you can choose to walk or bike, bus, drive, or take the light rail.

Downtown Minneapolis is divided into two sections, Downtown West and Downtown East.

Downtown West neighborhood is the core of downtown Minneapolis. It extends from the Mississippi River to 12^th Street and from Third Avenue North, Washington Avenue North and Hennepin Avenue to Portland Avenue, Fifth Street South and Fifth Avenue South. It is bordered by the North Loop, Nicollet Island/East Bank, Downtown East, Elliot Park, and Loring Park neighborhoods.

Downtown West is the center of the busy downtown districts. This area contains tall office towers, bustling malls and shopping centers, fine dining, and theater, particularly on Hennepin Avenue. Downtown West is home to the Nicollet Mall and to Minnesota Orchestra. This area is home to many of the city’s financial and corporate residents. The Downtown West neighborhood has been attracting an increasing number of young professionals and families. Beautiful and urban, Downtown West offers residents a wealth of entertainment, recreation and shopping options.

Downtown East is a diverse and thriving neighborhood in Minneapolis’ metropolitan district. Its boundaries are the Mississippi River to the north, Interstate 35W to the east, 5th Street South to the south, and Portland Avenue to the west. It is bounded by the Downtown West, Elliot Park, and Cedar-Riverside

Downtown East is a busy urban center with a low percentage of residential housing, though that has been changing. Old developments are being renovated and some new developments are under construction as well. Many of the old mills and factories have been converted into residential or commercial uses. Between 1990 and 2000, the proportion of owner-occupied housing and residential housing overall increased tenfold. The Downtown Minneapolis Neighborhood Association has helped to turn the area into clean, attractive and well maintained neighborhood. Residents tend to be courteous and friendly toward each other and there are regular activities to engage residents.

The Downtown East neighborhood is home to several parks along the river, some of which have themes around the history of Minneapolis. There are several museums in the area, including the Mill City Museum. The new Guthrie Theater opened here during the summer of 2006. Downtown East is home to the H.H.H. Metrodome, where the Minnesota Twins, Minnesota Vikings, and Minnesota Gophers play home games.

This is a primarily commercial and business district, though there is great housing available. Home options in Downtown Minneapolis tend to be giant single-family houses converted into multi-family dwellings, warehouses transformed into lofts, and condos in brick apartment buildings. In June 2007, the average home sales price for a single family home or condo in the Minneapolis Central, MN was $329,896.

Since the year 2008 began, the average price at which a Downtown Minneapolis home sells is $297,420, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Condos start out at around $50,000 and go up to around $3,500,000. Though there aren’t many single family homes here, they do start as low as $30,000 and climb to over $500,000.

Browse homes in the Central Community/Downtown Neighborhoods of Minneapolis, Minnesota.

Browse homes in other communities of Minneapolis, Minnesota.

The borders of Downtown Saint Paul are made up of University Avenue to the north, Marion Street to the west, Interstate 94 to the east, and the Mississippi River to the south. The river’s presence not only offers beautiful views from offices and condominiums, but also provides a place of recreation with green spaces and trails. With the Capitol just a few blocks, downtown St. Paul is an ideal location for government workers. Additionally, many state offices are located in the area. Industrialized areas of Minneapolis and St. Paul are within short driving distance. Easy access to I-94 connects you quickly with the rest of the Twin Cities.

Downtown St. Paul is home to a number of attractions. The Xcel Energy Center, home of the Minnesota Wild hockey team, is located on Kellogg Boulevard. Glacier Plaza, McNally Smith College of Music, and the Minnesota World Trade Center are also located Downtown. The Science Museum of Minnesota, Minnesota History Museum and the Children’s Museum are all located Downtown. Downtown also boasts the Ordway and the historical Landmark Center. Some of the Twin Cities’ best restaurants are located here, such as the St. Paul Grill, Kincaid’s, and Fhima and Pazzaluna Urban Italian Restaurant. The skyway system makes it easy and convenient to walk instead of drive to your destination, even in the dead of winter!

Downtown St. Paul boasts quite a few popular parks. Biking and running trails along the Mississippi River downtown connect the neighborhood to many other areas of St. Paul and Minneapolis. Mears Park, Kellogg Mall Park, Rice Park and Harriet Island are all popular locations for recreation. Mears Park hosts a Thursday nigh concert series every week during the summer through September. Rice Park hosts St. Paul Winter Carnival events, including an outdoor ice rink. Harriet Island is a popular location for outdoor music and festivals. The Taste of Minnesota is also held each summer on the Island.

There isn’t a lot of real estate in the Downtown section of St. Paul, which is also known as “Lowertown” but it is changing rapidly into a residential neighborhood. There are few single family homes but multi-family dwellings are prevalent within the neighborhood. Listings in Downtown Saint Paul are up slightly from this time last year, but this neighborhood’s housing supply has been more balanced than other neighborhoods. Also unlike many other Twin City neighborhoods, Saint Paul’s Downtown has been having more closed home sales than this time last year. Being close to the core of St. Paul has made Downtown residential real estate a hot commodity lately!

Real estate in downtown St. Paul has been evolving into a more and more residential area over the last several years. Some of the new homes include lofts, condos, and studios in renovated historic buildings and warehouses. There are newer luxury condominiums and apartments available along the river.

Homes downtown are in a variety of price ranges. In 2005, the median sales price of a home, condo, town home, or loft in Downtown Saint Paul was $180,613. Since the year 2008 began, the average price at which a Downtown home sells has risen 20% to $224,716, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Single family homes here start as low as $19,900 and climb to over $500,000.

Browse homes in the Downtown Neighborhood of Saint Paul, Minnesota.

Browse homes in other neighborhoods of St. Paul, Minnesota.