Your Real Estate Update from Kricket & Mike

June 2009

Greetings!

Thank you for taking a look at our June newsletter. We hope that you have found the prior publications interesting and even useful.

We seem to get many questions asking about foreclosure information. Specifically, we receive inquiries regarding matters related to "lender mediated" sales. So this month's newsletter provides background information and local statistics regarding that very 1550 Zarthan front photo

topic.

What is a lender mediated sale? There are two categories of lender mediated sales: 1) short sales; and 2) foreclosures. Short sales happen when a home owner owes more on their mortgage than what their house is worth. The lender agrees to forgive the amount the seller is "short" to sell the home. That is why these are called "short sales." Foreclosures, on the other hand, occur when the lender repossesses a home due to a default of the mortgage.

How many recent lender mediated sales have there been in this market?
The number of lender mediated home sales in the first quarter was up 153% over Q1-2008. However, our inventory of lender mediated home sales is on the decline. Comparing inventory levels from January 2009 to April 2009 there are 5% fewer lender mediated homes for sale.

Which cities have been the most and least affected?

Currently, Brooklyn Center is the most affected city with 68% of the homes for sale considered to be lender mediated sales. On the other end of the spectrum, Edina has been the least affected with just over 5% being considered lender mediated sales. That translates to 28 homes in Edina and 201 in Brooklyn Center.

Which price categories are the most and least affected?

Sixty eight percent of homes priced under $120,000 are lender mediated sales. While roughly 9% of homes priced between $500,000 and $1,000,000 are in the same category.

If you want detailed information about the breakout of lender mediated sales click on the link in our "current market information" section. We will post the 2nd quarter report in our next newsletter.

As always, we are happy to talk more specifically about your real estate needs. Call or email anytime.

Best,

Kricket & Mike Opheim
KricketandMike.com Inc

Summer Grilling; Webber Style

Webber Barbeques, company web site

There is nothing better in the summer than a good BBQ in your backyard. If you are like many people it may have been a few months since you last stoked up the old grill. Webber has some nice tips for the perfect backyard barbeque.

Eight Essentials For Better Grilling:

Current Market Information
Weekly statistics from Minneapolis Association of Realtors

Weekly Update:

2008 Real Estate Activity Report:

Foreclosure Report Q-1 2009:

Now Available...

2918 Ewing Avenue South, Minneapolis

This spectacular Mediterranean is located in the highly desirable Cedar Lake neighborhood of Sunset Gables. It has been exceptionally cared for and has striking architectural finishes. It is a four bedroom, two bath home. It is selling for $599,000

Now Available...

1550 Zarthan Avenue South, St. Louis Park

Fantastic David Bernard town home built in 2002 with many upgrades including hardwood floors, granite counters and stainless appliances. Serene park-like setting but minutes to downtown Minneapolis. Selling for $279,900

Mortgage Minute

News from Rita Welton, Burnet Home Loans

Attention Jumbo Buyers...

PHH Home Loans has a great jumbo product currently available,

(loans over $417,000)

                6.5%       30 year fixed rate (minimum down payment is 20%)
                -0-           origination fee
                -0-           discount points

Please call to assess your specific needs

Rita Welton

952-844-6850 - office direct

952-334-4794 - mobile

This statement of current rates is not an offer to enter into an agreement for a loan at a specified interest rate or number of discount points or both. (In Minnesota: an offer to enter into such an agreement may only be made pursuant to Minnesota statutes section 47.206.) Current interest rates and discount points are subject to change at any time without notice to you.

Kricket's Social Korner

Restaurant Suggestions

I said I would "cross the river" this month and talk about at least one great restaurant in St. Paul. Well, I just had the most amazing wine tasting dinner at a Minneapolis restaurant so I'm staying on the west side. To satisfy your St. Paul interest I do have a nice tip. Brasa quietly opened their doors last weekend at the former Italian Pie Shoppe location on Grand Avenue. See our February newsletter for more information about this fine restaurant.

This month I'll focus on Brasa's older and more elegant sibling Restaurant Alma. The owner and chef, Alex Roberts has been nominated multiple times for the prestigious James Beard Award. Alma is hidden in plain site along University Avenue SE just west of 35W. They are in a handsome old building with 20 foot ceilings with exposed beams, the original brick walls and cement floors. The atmosphere is relaxed but the food is five star.

The chef-driven menu changes seasonally; every 6-8 weeks. They offer a tasting menu where you pick 3 or four items from a list of 12 savory and 5 pastry items. They offer a la carte pricing as well. They specialize in their prix fixe dinners and I highly recommend you go that way. The food honors American cuisine and is sourced from many local farms and ranches. Everything is original, unique and absolutely delicious. For example our tasting dinner started with a cold sweet pea and rosemary soup topped with smoked salmon. Alex paired the soup with a refreshing Rose from Oregon. We finished our savory courses with a melt in your mouth roasted pork with asparagas, bacon and a rubarb compote. It was thoughtfully paired with a Dog Point Pinot Noir.

For you wine enthusiasts the wine list is a comprehensive list including California, Oregon, Spain, Australia and of course French and Italian varieties too. If you want suggestions for a wine pairing with your tasting course you will find your server, sommelier or even Alex himself to be quite helpful.

If you have a special night planned or just want a great dinner coupled with a lovely dining experience; check out Restarant Alma.