Archive | February, 2011

Minnesota real estate sales up.

The good news is house sales in Minnesota showed an increase last month. The bad news – prices are continuing downward.

Tha average sales price of a home in MN fell 5.1 percent to just under 131k. A year ago that figure was 138k.

The Cities had almost an 11% increase in sales.

A lot of the sales were from Banks unloading foreclosed properties and short sales. It’s a painful process for many to see their homes continue to drop in value- but I think we have to go through it in order to get the market back to equilibrium.

The one good effect is that the overall housing inventory is falling substantially as these distressd properties are being snatched up. That is necesary to bring a balance back between supply and demand.

Did Metro Commercial real estate demand bottom out in 2010?

Twin Cities commercial real estate market likely bottomed out during 2010, according to NorthMarq Real Estate Services’ annual Compass report issued Monday.

The report estimates there was 15.8 percent combined vacancy for all types of commercial office, industrial and retail properties at the end of 2010, down 0.5 percent from where it was at the end of 2009. It’s a big difference from 2008 to 2009, when overall vacancy jumped 3 percent.

Despite the results, NorthMarq reports that “fundamentals are still very weak across the office, industrial and retail leasing markets. Recent economic indicators such as the unemployment rate have not been overly encouraging, setting the stage for a slow rebound in 2011.”

The Twin Cities office market improved in the second half of 2010 for landlords, resulting in “modest, but encouraging” positive absorption of 202,000 square feet. Absorption is a change in the amount of total leased space from one point in time to another.

The vacancy rate for the office market was unchanged in the second half of the year at 19.9 percent, with four of the seven sub-markets in the Twin Cities maintaining vacancy rates over 20 percent.

Read the entire article at Minneapolis / St. Paul Business Journal.

Read more: NorthMarq: Metro real estate demand bottoms out |

Buffalo Wild Wings 4thQuarter – Hotter than expected

Buffalo Wild Wings Inc. reported a strong fourth quarter, with earnings that beat Wall Street estimates.
Net earnings for the quarter jumped 22 percent to $10.2 million, or 55 cents per diluted share, from $8.3 million, or 46 cents per diluted share. Analysts surveyed by Thomson Reuters had expected earnings of 52 cents per share on sales of $163 million.

Real Estate values continue decline in Twin Cities

Home values dropped $22,800 to $166.300 in the Twin Cities metro for the last quarter of 2010 compared to the previous year, according to Zillow.com.
That 12 %t decline is the highest for the area since  Zillow began keeping statistics in 1996.

Zillow reports the value of all homes, instead of sales.

Thus the Minnesota Association of Realtors report only showed a 1.9% decline in sales for Dec., 2010.

State lottery hits jackpot with Vikes deal

State lottery hits jackpot with Vikes deal

Minnesota Vikings-themed scratch-off lottery tickets have generated more than $12 million in total sales since being introduced last summer, becoming one of the most successful games in recent history for the Minnesota Lottery.
The Vikings game, which launched just before the team reported to training camp in August, were sold for $10 per ticket at lottery retailers throughout the state and at the Metrodome. The game featured a top prize of $200,000, and a second-chance drawing to win a

VIP season ticket package for four. Lottery players also could earn points to redeem for Vikings merchandise.

“Sales of our Vikings Scratch ticket have been nothing short of outstanding,” Minnesota Lottery Marketing Director John Mellein said in a statement.

Read more: State lottery hits jackpot with Vikes deal | Minneapolis / St. Paul Business Journal


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