Located in Eagan along Highway 3 (Robert Street) in very southwest corner, Homestead Village is Manley Homes neighborhood. The development is visible from the highway and tucked back amongst some commercial buildings and trees.

The development mainly consists of upper bracket, arts and crafts style homes. Prices range from 400′s and up.

Brandl Anderson is also located in the neighborhood with single level twinhomes starting in the upper 200′s.

This development has been going on for the past three to four years but has slowed considerably during the past year or two.

On the corner of Highway 3 and Redpine Lane, there is planned light commercial/retail for convenience. But plans fell apart last year once Kowalski’s backed out. They are still looking for a major tenant.

Looking to buy or sell in Homestead Village? Reach out here.

A little while back, I wrote a post about a development in Shakopee called Countryside that is defying the current real estate market in regards to new construction.

The neighborhood mainly consists of single family homes that start around $190,000 and work their way up in price, but typically can get in for under $250,000.

Here is a drive through video of the neighborhood.

New builds starting around $190k with about 8-10 home builders in the neighborhood to choose from, maybe more. You might also be able to bring in your own builder if you want but I should probably check on that because I am not quite sure.

Homes range from single story and split entry homes to two story. A couple of years back these homes would have gone for upper 200′s and lower 300′s.

Builders slapping up homes include:

• Keyland Homes
• Minks Custom Homes
• Fieldstone
• Donnay Homes
• DR Horton
• Pietsch Builders
• and a few more

Why So Cheap?

Apparently the whole development went belly up with the lots a little more than a year ago. The original developer went into foreclosure with about 450+ lots priced anywhere from $120k to $150k.

After going through the foreclosure process and title being cleared, the development now is being resurrected by Shamrock Development… a solid Twin Cities developer that has been around for 20+ years.

Now the lots are cheap which makes it affordable to build a starter home or move up home. Going anywhere from $40k to a little over a $60k, buyers can choose any lot in the subdivision because each builder in the neighborhood has access to ALL the lots.

Neighborhood Perks

When the area is all said and done, there should be about 2 miles of interconnected trails and 3 parks in the Countryside neighborhood when it is all said done. Close proximity to Marschall Road and 169 makes it an easy commute to other southwest metro suburbs and a 25 minute drive to downtown Minneapolis.

If you’re interested in building in Countryside just let me know, I work with builders giving you great representation as a buyer when it comes to building new construction. Contact me here or in the sidebar to get things kicked off.

Know of any other developments around the Twin Cities with the same thing going on? Let everyone know where they are by placing it in the comments below

Exact Dates (according to the website)

• February28th – March 22nd

Looks like the website is not updated from the Fall Showcase to show homes that are available on the Spring Preview. Keep checking back to see if they are or I am sure you will be able to pick up the book at some local gas station coming up soon.

What are Spec Homes

Spec homes are homes built on speculation. A lot of places where fueled by spec home build up (Florida is a good example for investors)  from builders and now have a lot of vacant new construction homes. Most builders around the Twin Cities have put up very little “spec” homes this year and much of 2008.

Some home buyers interested in new construction but don’t want to wait the time for the project to be completed, can walk in and buy a home that is already built with no wait time. The floor plan and interior design choices are already made.

Another way to think of “spec” homes is builders showcasing their inventory to potential customers. If you are looking for a builder, it is kind of hard to judge from a set of blue prints the builders craft. So that is why they put up models and “spec” homes to show their craft.

Where to find Spec Homes

Your guess would be as good as mine. That was an attempt to be funny. With builders taking shots in every direction, not many builders are putting up spec homes anymore. Why??? Because unless a builder has wads of cash sitting around, most just can’t afford to build a new construction house in the hopes of a home buyer coming along. A couple of years ago, sure… builders almost seemed to puking them out they were putting up them up so fast.

A good place to look would be a local real estate agent (see what I did there ) who knows the market inside and out. They are up to date on current new builder inventory because they typically don’t put them on the MLS or advertise for them. They want you to contact them so they can reel you in.

Another place to look would be the Parade of Homes. Get out and visit some homes of some neighborhoods you are interested in. Talk to the sales reps and see what they have available.

Living green or building green can mean a variety of things when it comes to buying a home or living in a home. Some interpret it as reducing your carbon footprint or some just think it as reducing costs. Whatever the reason, I think everybody can bring it to living a better and more sustainable lifestyle. Whe it comes to new construction in the Twin Cities home buyers are demanding more sustainable ways of building and living products to cut down on environmental concerns.

Minnesota has been leading the way states leading the way because it has a strict energy code. The Builders Association of the Twin Cities also has good references to “Green” building as well as Minnesota Greenstar.

Making sure the building or development is LEED Certified is a good place to start. This certifies that builders and developers adhere to certain building codes that promote energy efficient and environmental design.  Building “green” can also lead to certain tax benefits as well.

What Makes A Home “Green”

There are a lot of qualites that make a home green. Most buildings that are built green, place higher emphasis on healthy living, eco-friendly living and creative design. Although living green might cost more upfront, the money saved over the long-term far out weighs the short-term.

Areas of focus for living sustainable can focus around a few areas from water management, energy efficiency, green house gas emissions, using environmentally friendly materials and more. Commitment to conserve non-renewable energy by using certain products. Look for the Energy Star symbol to see if the product you are buying passes the test.

Using “green” building designs, it doesn’t always mean living out of a shipping container. Although one would think that modern design would provide the most eco-friendly way to live, this is not always the case. You don’t have to take it to the extreme like having vegetation on the roof, use a architect that understands having a green building in which both share the same goals.

Websites that offer green living tips

Here are some websites that offer different ways to live green. There are so many websites out there, but here is just a start.

• Green Living Tips
• Green Living Ideas
• Green Building
• Building Green
• Build it Green
• Tree Hugger
• Green Options

This is just a start, I will update some other ways to “Go Green” and if you have any ideas, just add them in the comments below.

photo credit

Sources of Images: Builders Association of Twin Cities

If you are looking for some great national coverage of new homebuilding check out HousingWire

Building has slowed to a crawl and the Builders Association of the Twin Cities makes it damn near impossible to find any relevant information when it comes to looking for housing statistics on their website, I wonder why???

Basic Types of Twin Cities Real Estate Investors

Flipping houses or ‘turn & burn’ as some have called it obviously picked up a lot of steam with all those television shows the past few years. This process includes buying a distressed home (which is more than likely a bank owned home) that can be brought up to current standards and sold for a profit. Can you still fix and sell for a profit in the Twin Cities metro area? I will be straight honest on this one and leave it open ended to yes and no. Will leave it at that because certain areas are good and others, well not so.

Finding properties can be a struggle when so many real estate investors looking for that needle in the haystack property that will make them rich beyond their wildest dreams. It’s important to have all your ducks in a row so when that property pops up that you can make your offer quick and get it accepted.

Buy & Hold is when you purchase a property in the sole purpose of purchasing a home and renting it out to capture equity. Every investor knows that true wealth comes from your ability to have many properties which opens up the doors to creating revenue streams from income producing properties.

Know the Trends

Doom and gloom is all you hear all over the media, will the end ever appear, not by the way the national media makes it appear. I find it hard for them to know what is exactly going on in this specific neighborhood in one specific area. Isolated pockets of increases and demand are out there. Some areas are outperforming what is truly being stated in the media.

Keep your finger on the pulse of the local Twin Cities real estate community to find the best deals. This allows the real estate investor to know the true value of the property so overpaying is never a factor. Never take a shot in the dark when it comes to property values.

Knowing trends can help assure that an investor gets in on the ground floor of an emerging or re-emerging area. Don’t be late to the party because you have already missed the curve and you might walk into a soon to be deflated area, thus making your real estate investment rendered useless.

True Scenario

Enough talk, show me how? Recently I helped a client get into a great opportunity in St. Louis Park which was purchased using a FHA 203k Streamline loan. The area is hot because of the close proximity to downtown Minneapolis and Uptown, without the high prices of living. The house was in prime condition for a fix and sell because of the price point and area. The house was a REO Bank Owned home in badly need of repairs, but with a little creative thought was surely to be profitable. Total days on market was a whopping six.

The guts of the deal:

• Sold @ $169,000
• Down Payment of 3%
• 203K allocates $17,000 for immediate fixes
• Total investment = $5070 at closing
• A total of $23,000 invested for remodel
• Sold for $279,000
• Carrying Costs $5900
• Seller Costs to sell $16,740
• Profit of $47,360

Umm, I don’t know about you but that is still a nice takeaway. I thought this wasn’t suppose to happen the way the real estate market is right now. Money is made in a down market, this is wear the strong survive and create true wealth for themselves. The deal was successful because of the steps that were followed and making an educated decision.

The best thing about it was this was their first home ever bought. So there you have it, one of many successes that are occurring in a down market.

Fantastic Opportunities

For those that know the variables of making a good real estate decision, has always been a way to create that nest egg or expanding your financial opportunities.

In a note to say that not all real estate deals end up this way and each deal is structured different, but if you think you have what it takes then I invite you to find out how.

An article confirmed by sources on Thisweek Live had stated that the builder indeed had closed it’s doors.

It is unclear as of this point what will happen to the homes that are currently under construction or yet to be completed.

Wensmann Homes based out of Eagan has been building homes for 40 years.