Another Realtor Bubble In Slower Twin Cities
The Twin Cities don't recieve much RE coverage, so a slowdown is noteworthy. "After a string of record years, houses are taking longer to sell. And while prices continue to rise, they're doing so at a slower clip."
"In March, about 160 fewer deals closed in the Twin Cities than during the same period a year ago, a 4 percent decline."
The realtor bubble is in full swing. "Nearly 33,000 people are licensed to sell property in Minnesota, an all-time high and up nearly 50 percent since 2000. In the Twin Cities, membership in the Minneapolis and St. Paul area Realtor associations has increased at an even sharper rate."
5 Comments:
Maybe all those newly-minted realtors think they'll be needed to sell the 6500 condos on the drawing board for downtown Minneapolis and over 11,000 planned for the metro area. Of course the resulting glut if these plans come to fruition (I'm guessing less than 1000 total will be built) will mean that they'll practically have to give away some of the less desirable units currently available. Not a lot of commission there
gcg,
The condo thing has taken on a life of its own in several markets. If you ever find a link about Minneapolis condos, please post it.
Ben,
Recent Star-Tribune articles (may need to register)
On condo boom in Minneapolis: http://www.startribune.com/stories/417/5351102.html
Chart showing skyrocketing condo development in 2004 alone:
http://www.startribune.com/stories/1608/5354167.html
The local flipper angle. Don't want this Olson guy to be my pension consultant:
http://www.startribune.com/stories/535/5351132.html
keep up the good work
And from today's Pioneer Press (St. Paul's paper), the other side of the boom--record foreclosure sales: http://www.twincities.com/mld/twincities/11614305.htm
Real estate agents see slight sales dip
http://www.reuters.com/newsArticle.jhtml;jsessionid=RRMHYTBAPPOAQCRBAEOCFEY?type=businessNews&storyID=8429834
Very sunny predictions from NAR.
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