Monday, July 19, 2010

White Bear Lake, MN Year End Real Estate Market Statistics MidYear 2010

Just about everyone who grew up in the Twin Cities north and east metro is familiar with the White Bear Lake community. Whether your memories are of passing the iconic gigantic snow white bear statue at Polar Chev, swimming at Bellaire beach or setting sail across White Bear Lake, everyone seems to know something about the community. But few know the legends that surround the lake and that Manitou Island is at the center of it all. The legend has been documented by several writers but the most notable was Mark Twain who wrote of the Indian warrior who killed the great monster of a polar bear to save himself and his lover in his book, “Life of the Mississippi”.

Legends aside, today the
White Bear Lake community is a vibrant area that is continually growing while preserving its rich heritage. There is no doubt that the shores of White Bear Lake are the most well known as one of the largest lakes in the north metro as it spreads from Ramsey County into Washington County. But there are two other lakes in the City of White Bear Lake: Birch Lake and Goose Lake as well as Bald Eagle Lake in White Bear Township. This town is the home of the White Bear Lake School District #624 and Century College while encompassing 11 square miles of land. Real estate opportunities include both historic homes and recently constructed residences. First time buyers, executive home buyers, retiring downsizers and luxury lakeshore buyers have a wide variety of options if the choose to call White Bear Lake home.

Mid Year 2010 Average Sales Price of all homes sold in White Bear Lake:

· All Homes $ 207,697
· Single Family Homes $ 216,994
· Townhomes/Condos $ 166,640

Mid Year Average Cumulative Days on Market in White Bear Lake:

· All Homes 132
· Single Family Homes 121
· Townhomes/Condos 184

Mid Year 2010 White Bear Lake residential real estate statistics for single family homes:

Under $200,000~ 45 Active Listings, 21 Pending Listings, 60 Sold Listings, 102 CDOM

$200,000-300,000~50 Active Listings, 5 Pending Listings, 35 Sold Listings, 113 CDOM (Lakeshore Subgroup 1 Active, 1 Pending, 2 Sold, 88 CDOM)

$300,000-$400,000 ~ 8 Active Listings, 1 Pending Listings, 6 Sold Listings, 167 CDOM (Lakeshore Subgroup 1 Active, 0 Pending, 1 Sold, 205 CDOM)

$400,000-$500,000 ~ 7 Active Listings, 0 Pending Listings, 1 Sold Listings, 856 CDOM (Lakeshore Subgroup 5 Active, 1 Pending, 1 Sold, 856 CDOM)

$500,000-$1,000,000~ 9 Active Listings, 0 Pending Listings, 3 Sold Listings, 183 CDOM (Lakeshore Subgroup 7 Active, 0 Pending, 2 Sold, 257 CDOM)

$1,000,000 and Up ~ 6 Active Listings, 0 Pending Listings, 1 Sold Listings, 357 CDOM (Lakeshore Subgroup 6 Active, 0 Pending, 1 Sold, 357 CDOM)

Mid Year 2010 White Bear Lake residential real estate statistics for townhomes and condos:

Under $200,000 ~ 44 Active Listings, 2 Pending Listings, 18 Sold Listings, 161 CDOM

$200,000-300,000 ~ 11 Active Listings, 0 Pending Listings, 3 Sold Listings, 245 CDOM

$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 2 Sold Listings, 205 CDOM

$400,000-$500,000 ~ 1 Active Listings, 0 Pending Listings, 1 Sold Listings, 156 CDOM

$500,000-$1,000,000~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings

$1,000,000 and Up ~ 1 Active Listings, 0 Pending Listings, 0 Sold Listings

Lakeshore available in the White Bear Lake area
20 Active Listings

White Bear Lake lakeshore price range: $244,900-$3,200,000

5 Homes on Birch Lake
4 Homes on Bald Eagle Lake
11 Homes on White Bear Lake

For additional information on any current White Bear Lake real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 6/30/10.

Copyright 2010 Teri Eckholm 

Monday, July 5, 2010

Can the Purchase Agreement be Cancelled? Understanding Risk of Loss

Minnesota’s summer storm season has started. The first big severe weather outbreak of the season walloped Minnesota just a couple of weeks ago...more is in the forecast as we head into the heat of July. Hail will pummel roofs. Wind will tear off siding and snap trees like toothpicks. Lighting will zap houses causing a variety of damage. And tornados could literally move homes off foundations.

From the time we are very young, Minnesotans are taught how extremely important it is to be weather alert during the summer.

Unfortunately, Mother Nature doesn’t care if a homeowner just accepted an offer from a buyer after having their home on the market for weeks on end. No doubt some of the homes damaged in yesterday’s storms will affect homebuyers and sellers with a contract in place.

Picture the following scenario: After months of scouring Anoka County for the perfect place to call home, you wrote an offer on a home in Lino Lakes that was accepted and is scheduled to close in 45 days.

A few weeks prior to the closing, severe storms with straight-line winds blow through Lino Lakes, Centerville and Hugo. Concerned, you drive up to your dream home and see that the picturesque oak trees that gave the home character have been uprooted. Worse yet, one of the huge trees crashed onto the house severely damaging the roof and eaves. You are devastated as this was no longer the home you pictured in your dreams. What happens now?

Risk of Loss is one of those “boiler plate” clauses on page four of the purchase agreement used most often in the State of Minnesota. Being preprinted, some agents and/or their clients will gloss over this clause but it is very important to understand, as is every other line in the document you sign to buy a home.

The highlighted section starting at line 150, clearly states that the risk of loss due to any reason whether an act of God or the acts of vandals will be the responsibility of the seller from the time the purchase agreement is signed until the date of closing. That means if there is a fire or accident the seller is required to bring the home into the condition that it was in at the time the contract was written and signed.

So if that temperamental decade-old dishwasher goes out, the seller is required to repair or replace it. If a deliveryman backs over the mailbox at the end of the driveway, it is the seller who must repair the post and replace with a new box. And if hail leaves dents in the aluminum siding, the seller must make the repair.

Final walkthroughs are essential to ascertain the condition of the home prior to signing the closing documents. But what happens to those irreplaceable picturesque trees that have fallen on the roof? Three weeks prior to a closing, there could be plenty of time for the seller to call their insurance company and have the home repaired. But is it the same house? And more importantly does the buyer still have to buy the home? In a word, no.

The clause goes on to say that in the case where there is substantial damage to the home or property, it is the buyer’s option to cancel or continue with the purchase agreement. In the fallen tree scenario outlined above, which was a real situation that occurred a few summers ago, the landscaping was significantly changed in the eyes of the buyers as the trees could not be replaced. The damage to the home caused an insurance claim that would now be reflected in a
CLUE insurance report that could affect the ability to insure the home. The buyers opted to cancel the contract as was their option in the clause with all earnest money refunded.

Risk of loss comes into play quite often when buying and selling a home. In most cases the repairs are made quickly to both the buyer’s and seller’s satisfaction and the contract will close on time. But when the property sustains significant damage, the buyer has the option of continuing to closing or walking away from the deal. Boilerplate or not, Risk of Loss is an important clause to understand when buying or selling a home.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2010 Teri Eckholm