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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (97094)	4/21/2001 1:17:17 PM
From: Andrew G.	Respond to of 436258

Skeeter & CobaltBlue: You two will quickly see the answer in today's news from Minneapolis: For complete story with cases read: startribune.com Excerpt: "So the big story this spring seems to be the rising demand for -- and falling affordability of -- starter house. During March the number of new listings that came on the market was up almost a third from February, but the median sale price of homes in the Twin Cities metro area last month went up $7,150 to $164,900, according to the Minneapolis Area Association of Realtors. The increase in the median sale price -- half sold for more, half sold for less -- indicates that the low end of the price range is moving up. So far this year, the number of new listings on the market was up 11.6 percent, while the number of sales closed rose 10 percent from last year. Just a couple of years ago it wasn't difficult to find a good, solid house in a decent Twin Cities neighborhood for about $100,000. But steady and strong demand for those houses is making them harder to find. In the Phillips neighborhood in Minneapolis, for example, the average sale price rose 51 percent from 1999 to 2000, to $83,073, according to recent data from the Minneapolis Area Association of Realtors. In St. Paul's Homecroft/West 7th neighborhood, the average sale price increased 34.1 percent to $114,000 during the same period." Observations 'just my opinion, but I wouldn't want to be living in those 2 mentioned neighborhoods for any price. From talking to local brokers there has been no let up in appreciating home values except for the $million to mult-million level. Want to make a quick tax free $45k ? Buy a $300K home today and sell it in one year for at least $345k and jump to another $300k home. Better yet, stay in it and sell it in 4 years for $456k and jump to another $300k home. For those who try "save up" to buy anything but a starter home ($180-250k), the chances are zilch unless you are a high wage earner or come from money. Alternatively you could live in outlying farm country and commute 2-4hours/day to work.