Prices of new Twin Cities metro homes accelerate

  • Article by: Jim Buchta , Star Tribune
  • Updated: August 12, 2013 - 10:07 AM

Postrecession bargains have evaporated as builders cope with rising materials costs and a shortage of contractors and workers.

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jd55604Aug. 11, 13 6:20 PM

"The average price per square foot for new homes listed through the Multiple Listing Service is at a four-year high, jumping 7 percent from this month last year to $150."......Did wages jump 7% in the past year to keep up with this increase in housing prices or are we re-inflating the housing bubble?

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mgetti1509kAug. 11, 13 6:52 PM

As a real-estate investor, I have to disagree with this article. The market is currently artificially inflated, and I am waiting for the micro bubble to happen. Banks are still holding on to countless numbers of foreclosures back from 2008. Also, there is no lack of contractor work.... From what I have been told, that these builders want people working for McDonald's wages...

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supervon2Aug. 11, 13 7:23 PM

They didn't mention all the new fees that communities and the State has imposed on construction. Remember Dayton said "The Rich will Pay". To the DFL that means anybody who wants to live in a house and not on a light-rail line.

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donm251Aug. 11, 13 7:23 PM

As housing recovers, apartment building will eventually tank and rents will nose dive.

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simplyhotAug. 11, 13 7:41 PM

It seems to me that people have a hard time understanding markets, whether it be real estate or stocks. When you are part of a multiple buy offer or you are paying 20% more for dirt than last year, you have missed the proverbial boat and you have joined the 90% that will make the 10% wealthier.

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corngo4rAug. 11, 13 7:44 PM

Now we now realtors are not scientist, engineers, teachers......25K of 310K is not 14%.

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rshacklefordAug. 11, 13 7:47 PM

(article quote): "That’s especially true in the suburbs closest to the Twin Cities because a growing number of new-home buyers are willing to forgo big, multi-acre tracts in exurban communities in favor of ones that are closer to the Twin Cities." ---- Contrast this weekly rah-rah-realtor article with the article titled "Report: Rising poverty in suburbs is both red and blue" by David Peterson. Peterson's article will bring you back to reality.

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donm251Aug. 11, 13 7:47 PM

I'd rather pay my mortgage (home ownership) than help pay someone else's mortage (renting).

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biffpoloAug. 11, 13 8:03 PM

More greed on top of greed...same thing that cause the last crash. More democrat sheeple, doing what the liberal media and government want is spending without purpose. See the realtors pump up the prices, to inflate their commission and the loan officers pump it up, and then look the other way just to get the deal done, so that they can close the sleezy deal. Pile them up, then the economy crashes and the democrats bail out the billionaires...again.

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i812b4Aug. 11, 13 8:11 PM

"Builders face the same issue when it comes to developable land, which is in short supply within the seven-county metro area." *************** There is a bunch of developable land just 30 minutes away across the river from Stillwater; it will be a quicker drive when the new bridge is built.

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