"Cheaper Than a Car"*

Metro Homes Under $40k

According to a quick search on MLS this morning, there are exactly 463 residential properties in Minneapolis and the West 'burbs for sale for under $40k.

To be sure, the majority are in rough condition, in tougher neighborhoods; the ones that aren't, are typically condo's.

Small condo's.

But still.

When even a crummy studio apartment fetches something like $500 in the Twin Cities, a monthly house payment of $200-$300 (PITI on a $40k property, assuming $1k down and 4.5% interest) sure seems compelling!

*Thanks to City Lakes' Budd Batterson for that line (he has an upcoming Robbinsdale condo that is -- cheaper than a car, that is). And yes, at $40k it would be a very nice car.

Christmas Eve Sales

Stocking Stuffer

Where: 48xx Portland Ave. South, in South Minneapolis

When: went pending today (Christmas Eve)

What: 5 BR/3 Bath stucco bungalow with over 2,200 square feet

How (much): asking price - $209,900

Who: listed by Roman Dziuba, Minnesota Realty

Every year, clients contemplating listing their homes around Holiday time ask about the wisdom of going ahead now vs. waiting till the market accelerates a bit (typically, early February).

My stock answer is that, in a big, metropolitan area like the Twin Cities (13 counties; total population 2.5 million), homes sell every day of the year -- including Christmas Eve!

I never actually bothered to check that statement; rather, I always simply assumed that it was true.

Well, it is.

I just ran a metro-wide MLS search for homes that went "Pending" today, and found 14 such transactions (including the home pictured above).

Happy Holidays!