Near North

Two Limited Time Home Assistance Programs in Minneapolis

There are two new assistance programs available in Minneapolis for home buyers and home owners, but act fast because they are limited in availability and funds.

First, Neighborhood Housing Services of Minneapolis is offering home buyers in North Minneapolis a $5,000 forgivable loan towards the down payment of a home if a purchase agreement is signed by May 31 and the sale is closed by August 15. If the new owner lives in the home for 5 years, the interest-free loan will be forgiven. There are no income restrictions for qualifying. Loan funds for this program are limited to $100,000, so when it's gone, it's gone!

Second, homeowners and buyers in foreclosure-impacted neighborhoods of Minneapolis can apply to the City’s Rehab Support Program. It has a fund of $750,000 with which to finance to complete improvements, potentially increasing the home’s market value. The pilot program offers loans of up to $20,000 at zero-percent interest. Funding the City received from the Minnesota Housing Finance Agency will be matched dollar for dollar by the homeowner from any other source they choose. Approximately 50 loans will be available through this program. The program is available to qualified homeowners and buyers in neighborhoods where 10 percent of the housing stock is in foreclosure. Eligible neighborhoods are: Shingle Creek, Lind-Bohanon, Webber-Camden, Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison and Near North on the city’s Northside and Central and Bryant neighborhoods on the Southside. Check out the City of Minneapolis website to view further restrictions.

If you're a home owner or home buyer that fits these qualifications in Minneapolis, it could be worth looking into these programs.

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Minneapolis Real Estate Market Analysis March 2009

According to the Minneapolis Area Association of Realtors' Market Update for 100 Twin Cities Communities, the number of new listings in Minneapolis posted in March 2009 decreased compared to 2008's statistics.   There were 963 new listings within Minneapolis, while there were 990 in 2008, a decrease of just -2.7%. The University community saw a big increase in new listings while most other communities saw their new listings fall.  Here is an inventory of March 2009 new listings in Minneapolis by community:
NEIGHBORHOOD NEW LISTINGS CHANGE
Camden 133 - 7.0%
Downtown Minneapolis 142 + 13.6%
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New Home Buyer Programs

A new round of home buyer programs have started or will be starting soon in the Twin Cities.

First, the Minneapolis Advantage program will help at least 200 people buy of foreclosed or vacant houses in targeted areas of the city. It offers as much as $10,000 in forgivable loans toward a down payment, closing costs or repairs for vacant or foreclosed single-family houses or duplexes.
Applicants who earn less than 80 percent of area median income ($64,720 for a four-person family) are eligible if they buy a foreclosed house or one vacant more than 30 days in these neighborhoods: Bryant, Sheridan, Lind-Bohanon, Venture Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips or Beltrami.

People earning less than 120 percent of area median income ($97,080 for four people) are eligible for help with purchases of such houses in the above neighborhoods plus the Corcoran, Bottineau, Regina and Victory neighborhoods. Some neighborhoods are adding to the city's incentives.
Please visit the Minneapolis Advantage program website to learn more.

Next, there are two new programs to buy homes in Saint Paul that will begin soon.

The first is the federal Take Credit program. Take Credit has a fund of $8 million worth of tax credits for qualified first-time homebuyers who purchase homes in St. Paul. It is meant to help up to 130 first-time homebuyers who meet certain limits on income and the price of the home being purchased. (I think this program applied to homes in Minneapolis, too, but the specific details for the city weren't provided - it is the Pioneer Press, after-all).

The second program is specifically for St. Paul though, and that is what is being dubbed as the...

Minneapolis Real Estate Market Analysis February 2009

According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, the number of February 2009 new listings in Minneapolis dropped compared to 2008’s figures.   There were 764 new listings in the city, while in 2008 there were 952, a decrease of -19.7%. The Longfellow and University communities of Minneapolis saw slight increases in new listings, while the rest of the communities saw their new listings decrease.  Here is an inventory of February 2009 new listings in Minneapolis by community and the percentage of change from 2008.

Camden 98 (-27.9%)
Downtown Minneapolis 97 (-26.5%)
Longfellow 43 (+4.9%)
Nokomis 94 (-8.7%)
North 115 80 (-30.4%)
Northeast 55 (-15.4%)
Phillips 17 (-65.3%)
Powderhorn 51 (-30.1%)
Southwest 117 (-3.3%)
University Area 14 (+7.7%)
Uptown-Lakes 97 (-4.0%)


For the year to date, there have been 1,583 homes listed for sale in Minneapolis, down -18.1% from the 1,934 homes listed during the same time period of 2008. Cumulatively for the year, all communities in Minneapolis have experienced decreases in new listings.

Closed sales within Minneapolis during February were down a little compared to 2008, but weren’t that far off considering recent real estate market performance.  There were 296 properties sold in the month of February, down -5.1% from the 312 properties sold in February last year and just a little below the 303 properties sold this January. Lots of homes sold in Camden, Northeast, Phillips, and Powderhorn communities, while sales are way down in both Uptown and Downtown. Here are the closed home sales that occurred within Minneapolis during February, broken down by community and compared to 2008:

Camden 53 (+55.9%)
Downtown Minneapolis 31 (-54.4%)
Longfellow 10 (-28.6%)
Nokomis 34 (-29.2%)
North 53...

Minneapolis Real Estate Market Analysis January 2009

It’s this first real estate market analysis for Minneapolis in 2009!  The number of January 2009 new listings in Minneapolis has declined compared to 2008, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  But they’ve increased compared to last month!  There were 820 new listings, while in January 2008, there were 982, a decrease of -16.5%. Downtown Minneapolis saw an increase in new listings, while the rest of the communities saw decreases in new listings.  Here is an inventory of January 2009 new listings in Minneapolis by community and the percentage of change that has occurred compared to January 2008.

Camden 107 (-24.6%)
Downtown Minneapolis 149 (+12.9%)
Longfellow 46 (-14.8%)
Nokomis 90 (-4.3%)
North 81 (-48.7%)
Northeast 64 (-16.9%)
Phillips 26 (-7.1%)
Powderhorn 70 (-16.7%)
Southwest 76 (-12.6%)
University Area 19 (-32.1%)
Uptown-Lakes 91 (-6.2%)

Closed sales within Minneapolis during January jumped compared to 2008.  There were 303 properties sold last month, a +13.5% more than the 267 houses sold in January 2008. Lots of homes in Camden, North, and Powderhorn communities still, and there were also increases in closed sales in Northeast and Phillips. Here are the closed home sales that occurred within Minneapolis during January, broken down by community and compared to 2008:

Camden 71 (+108.8%)
Downtown Minneapolis 21 (-58.0%)
Longfellow 16 (-0.0%)
Nokomis 31 (-8.8%)
North 51 (+54.5%)
Northeast 26 (+73.3%)
Phillips 9 (+125.0%)
Powderhorn 25 (+31.6%)
Southwest 25 (-28.6%)
University Area 3 (-0.0%)
Uptown-Lakes 20 (-16.7%)

The average prices of homes sold in Minneapolis have continued to fall.  Last month, the average price of a home sold within Minneapolis...

Minneapolis Near North Community Highlights

The Near North Community can be found on the north and west side of Minneapolis. It is bordered to the south by Bassett’s creek, to the west by Penn Avenue, to the north by Lowry Avenue North, and to the east by I-94, Lyndale Avenue North and the Mississippi River.  Contained within it are six smaller neighborhoods.

Hawthorne - The Hawthorne neighborhood is in the northeast corner of the Near North community in Minneapolis. The neighborhood is bounded by the Mississippi River on the east and Emerson Avenue on the west; Broadway Avenue is the southern extent and Lowry Avenue is the neighborhood’s northern boundary.  The Hawthorne neighborhood is named after the American writer Nathaniel Hawthorne, born in 1804. The Hawthorne neighborhood is also the home of Farview Park, the oldest park of Minneapolis, the Nellie Stone Johnson School, and the Orvin Olson Park near the Mississippi River. Home to nearly 6,000 residents, Hawthorne is nearly twice the size of most other Minneapolis neighborhoods. Hawthorne is mostly residential, with many single-family houses. There are some multi-family dwellings available. 

Jordan – West of Hawthorne is where one can find the Jordan neighborhood.  Jordan is bound on the north by Lowry Avenue North, on the east by Emerson Avenue North, on the south and west by West Broadway Avenue. It gets its name from a neighborhood junior high school, which was built in 1922 and named after Minneapolis Public Schools Superintendent Emeritus Charles Morison Jordan.

Jordan is mainly a residential neighborhood. Home prices in the Jordan area are well below the Minneapolis median price for single and multi family homes.  Jordan homes are about evenly divided between rental and owner occupied housing. With a population of nearly 10,000, Jordan is one of the city's largest...

Minneapolis Real Estate Market Analysis: December 2008

It’s that last real estate market analysis for Minneapolis for the year of December 2008!  Let’s get to it! The number of new listings in Minneapolis has declined compared to 2007 again during the month of December, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  There were 555 new listings last month, while in December 2007, there were 567 new listings, a decrease of just -2.1%. The Northeast, Powderhorn, and University Area communities saw increases in new listings while the rest of the Minneapolis areas saw decreases in new listings.  Here is an inventory of December 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to December 2007 (Previous Barker & Hedges article about November 2008 Minneapolis Real Estate Market Activity.)

Camden 102 (+ 4.1%)
Downtown Minneapolis 58 (-1.7%)
Longfellow 27 (-15.6%)
Nokomis 55 (-6.8%)
North 88 (-24.1%)
Northeast 44 (+18.9%)
Phillips 14 (-0.0%)
Powderhorn 54 (+35.0%)
Southwest 51 (+4.1%)
University Area 12 (+50.0%)
Uptown-Lakes 52 (-7.1%)

Minneapolis’ posted new listing for the whole of 2008 end well behind 2007’s statistics.  From January through December of 2008, there were 11,047 new listings, compared to the 12,633 homes put on the market throughout the year of 2007, a decrease of about -12.6%. The greatest declines in new listings happened in the Uptown-Lakes, Downtown, and Nokomis communities.  The North, Phillips, and Powderhorn communities saw increases in posted new listings for homes over the year.  Here is a demonstration of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:

Camden 1,626...

Minneapolis Real Estate Market Analysis: November 2008

The number of new listings in Minneapolis has declined compared to last year again during the month of November, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  There were 634 new listings, while in November 2007, there were 711 new listings.  That adds up to a decrease of -10.8%. During November, several communities did experience increases in new listings.  The Nokomis and Uptown-Lakes communities saw decreases in new listings.  Here is an inventory of November 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to November 2007 (Previous Barker & Hedges article about October 2008 Minneapolis Real Estate Market Activity.)

Camden 107 (+11.5%)
Downtown Minneapolis 88 (-9.3%)
Longfellow 38 (+5.6%)
Nokomis 50 (-40.5%)
North 77 (-26.7%)
Northeast 55 (+12.2%)
Phillips 20 (+17.6%)
Powderhorn 48 (-4.0%)
Southwest 67 (-5.6%)
University Area 15 (+200.0%)
Uptown-Lakes 65 (-34.3%)

Minneapolis’ posted new listing for the 2008 year-to-date is still well behind last year’s figures.  From January through November of 2008, there were 10,492 new listings, compared to the 12,066 homes put on the market throughout the same time period of 2007, a decrease of about -10.8%. The greatest declines in new listings for the year-to-date have happened in the Uptown-Lakes, Downtown, and Nokomis communities.  The North, Phillips, and Powderhorn communities have seen increases in posted new listings for homes over last year.  Here is a demonstration of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:

Camden 1,524 (-1.7%)
Downtown Minneapolis 1,293 (-25.5%)
Longfellow 587 (-8.1%)
Nokomis 1,143 (-25.8%)
North 1,299 (+3.4%)...

Minneapolis Real Estate Market Analysis: October 2008

The number of new listings in Minneapolis once against declined during the month of October compared to last year, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  There were 877 new listings, whereas in October 2007, there were 1,012 new listings.  That adds up to a drop of -13.3%. During October, the University and Downtown communities experienced the greatest decrease in new listings.  Conversely, the Camden, Phillips, and Powderhorn communities saw increases in new listings.  Here is an inventory of October 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to October 2007 (Previous Barker & Hedges article about September 2008 Minneapolis Real Estate Market Activity.)

Camden 151 (+11.9%)
Downtown Minneapolis 85 (-40.6%)
Longfellow 42 (-28.8%)
Nokomis 121 (-11.0%)
North 98 (-14.0%)
Northeast 73 (-6.4%)
Phillips 24 (+14.3%)
Powderhorn 76 (+16.9%)
Southwest 108 (-7.7%)
University Area 7 (-68.2%)
Uptown-Lakes 96 (-20.0%)

Minneapolis’ posted new listing for the 2008 year-to-date is behind about the same as it was last month.  From January through October of 2008, there were 9,859 new listings, compared to the 11,355 homes put on the market throughout the same time period of 2007, a change of about -13.3%. The greatest decreases in new listings for the year-to-date have happened in the Uptown-Lakes, Downtown, and Nokomis communities.  The North, Phillips, and Powderhorn communities have seen increases in listings over last year.  Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:

Camden 1,414 (-2.8%)
Downtown Minneapolis 1,227 (-25.1%)
Longfellow 548 (-9.1%)
Nokomis 1,094 (-24.9%)
North...

Minneapolis Real Estate Market Analysis: September 2008

The number of new listings in Minneapolis decreased during the month of September compared to last year’s statistics, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  In that month, there were 892 new listings. In September 2007, there were 1,021 new listings, which adds up to a drop of -20.3%. During September, the Nokomis, Downtown, Uptown-Lakes, and Northeast communities experienced the greatest decrease in new listings during September.  On the other hand, the Longfellow community saw a 42.5% increase in new listings.  Here is an inventory of September 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to September 2007 (Previous Barker & Hedges article about August 2008 Minneapolis Real Estate Market Activity.)

Camden 115 (-10.2%)
Downtown Minneapolis 122 (-20.3%)
Longfellow 57 (+42.5%)
Nokomis 82 (-35.4%)
North 104 (-1.9%)
Northeast 64 (-21.0%)
Phillips 21 (-12.5%)
Powderhorn 73 (+4.3%)
Southwest 123 (-12.8%)
University Area 17 (-5.6%)
Uptown-Calhoun Lakes 107 (-20.1%)

Minneapolis’ posted new listing for the 2008 year-to-date slipped is now -13.1% behind last year’s figures.  From January through September of 2008, there were 8,978 new listings, compared to the 10,021 homes put on the market throughout the same time period of 2007. The greatest decreases in new listings for the year-to-date have happened in the Uptown-Lakes and Downtown areas.  The Phillips, North, and Powderhorn communities each have about 10% more listings than last year.  Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:

Camden 1,256 (-4.2%)
Downtown Minneapolis 1,141 (-23.8%)
Longfellow 504 (-7.2%)
Nokomis 1,026...