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Area Realty Update

4/24/2013

14 Comments

 
The local and area real estate markets continue to improve as more buyers are actively looking at property.  The Hawley area had one new listing yesterday and it was a 23 acre tract of land located about 7 miles southeast of town.  This property consists of half open land and half wooded acreage so there are different options where one could build a home.  The property is also set on a small body of water also known as Overson Lake.  The property is listed for $122,000.

Hawley currently has 23 homes on the market and still a fair number of lots available for building on both in the city and in rural locations.  The development of Eglon Hills located just 1.5 miles east of Hawley has only 4 lots remaining as I sold 3 lots to two different buyers over the weekend.  Overall in the Fargo/Moorhead MLS there were 15 new properties on the market and 10 sales.  Most of these sales took place on Moorhead or West Fargo properties.  In the Detroit Lake MLS there were 7 new properties on market and 4 sales.  These sales were all on starter homes and under $138,000.
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Hawley Real Estate and Daily Realty Update

4/18/2013

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The Hawley real estate market had some activity yesterday as one home and two rural lots got accepted offers them.  The home was located in the Westgate subdivision and was listed for $229,900.  The property was built in 1994 and has over 3,000 finished square feet.  The home had been on the market last fall then came back on the market this spring.  Many sellers do this for the fact that moving is just much more enjoyable during a "normal" spring than during the dog days of winter.  This would also explain why there are only 21 homes currently on the market in town.  I would anticipate more property to come available in the next months as last summer we had over 45 homes at the peak of the market.

The two lots that got accepted offers were located out at Eglon Hills subdivision.  The lots were each just under two acres and listed for $29,000 each.  There are 5 remaining lots out at Eglon Hills that overlook the west.  Those lots are have some elevation but the seller would be willing to do some dirt work to level the lots for those that are looking to build a rambler or one story home.

One new property came on the market in Hawley yesterday.  The home is located in Prairie Hills Estates and is listed for $219,500.  This one story property hosts 2 bedrooms, 2 bathrooms and a 2 stall attached garage.  The home was built in 2010 and is in almost new condition.  There is a full unfinished basement as well as almost no specials on the property.  Overall in the Fargo/Moorhead MLS there were 33 new properties on the market and only 10 sales.  In the Detroit Lakes MLS there were 11 new properties listed and only 2 sales.  Look for good weather to bring more sales in the housing markets.
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Carbon Monoxide and Smoke Detector Law in Minnesota

4/17/2013

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Are you following the state law on CO2 and Smoke Detectors???   In 2007 the state of Minnesota required all new construction homes to have CO2 alarms within 10 feet of any sleeping room.  Depending on how far your bedrooms are apart you could potentially have one CO2 detector for two bedrooms.  In my case I actually have three bedrooms that can be serviced by one CO2 detector because all three rooms down the hallway are within the 10 feet of the alarm.  Many homes built just prior to 2007 may not have these alarms and should install them as soon as possible.


In 2008 the Minnesota CO2 law required all existing homes to have CO2 detectors within 10 feet of any sleeping room.  So now no matter how old your home is the state law requires you to have CO2 alarms.  Furthermore, in 2009 the state required all multi-family properties(apartments) to have CO2 alarms installed in them.  For those of you who have investment properties this is important to make sure you are following the state laws and providing this important safety feature.


All residential property must have smoke detectors in the following areas:
1) In every sleeping room.
2) Outside each separate sleeping area in the immediate vicinity of the bedrooms.
3) On each additional story of the dwelling, including basements but not including crawl spaces and uninhabitable attics. In dwellings or dwelling units with split levels, a smoke alarm installed on the upper level shall suffice for the adjacent lower level provided that the lower level is less than one full story below the upper level.

For more information visit:
www.dli.mn.gov/ccld/PDF/bc_websmoke_co_06_07.pdf
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Farmland in Clay and Becker County

4/8/2013

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Farmland values have been strong for over the last 3 years and there have been record sales all over the country as well as in Fargo/Moorhead and the Lakes areas.  Sales have reached as high as $5,550/acre in Becker county and as high as $7,375/acre in Clay county.  The parcels have ranged in size from less than 40 acres all the way up to over 460 acres in our area.

Today I just listed a 50+/- acre parcel just east of Hawley one mile and located at the northeast intersection of Hwy 10 and Hwy 32.  This parcel has approximately 47 tillable acres and frontage along Hwy 32.  The property could also be subdivided for smaller tracts if wanted.  The asking price is $5,700/acre or $285,000.
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Home Insurance 

4/4/2013

15 Comments

 
Home insurance is a cost not many of us like to pay but it is necessary to protect one of our biggest possessions.  Just watch the news and you will see all over the country homes are affected by disaster almost daily.  With that in mind it helps make it not such a big deal to pay our bill once a year or even monthly.  Most home loans allow you to escrow a small amount each month and then pay your bill when it is due.  Escrow means to set aside money in an account which is managed by a 3rd party (usually a bank).  That bank will then pay your insurance bill each year when it is due.  This helps take away the challenge of setting money aside each month.

The cost you insure your home at can either be its "Actual Cash Value" or at its "Replacement Cost Value."  Today I visited with Mike Nordby a close friend who is an agent for his own company Modern Insurance Services.  He works all over the region and explained the importance of understanding the two different ways one could insure their home.  If you insure your home at Actual Cash Value you may end up saving some money monthly but if a disaster happens you will more than likely need to use some cash out of your own pocket to rebuild your home exactly how it was because you will only get the amount of the value of the home.  For example there are many more additional costs that just building your home after it were to say burn down.  The removal of debris is one of the biggest costs and there would more than likely not be enough money left for that if you only insured the property at Actual Cash Value.

Replacement Cost Value is exactly what it reads.  You will get your home rebuilt exactly like it was and you will not have any extra costs out of your pocket besides a deductible of course.  Comparing the two ways to have homeowners insurance may be best illustrated by the following example.  If you had built a home in 1980 and it cost you $80,000 to build that same home would probably cost you over $160,000 today.  If you were insured for cash value you would have a lot of extra costs to rebuild the same home.  Always check with your insurance agent to see what insurance option works best for you.
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More Hawley Housing Activity over Easter Weekend

4/3/2013

15 Comments

 
Over the holiday weekend Hawley experienced some real estate activity as well as at the start of the first week of April.  One property finally got an accepted offer on it after years of being on the market.  The 7 acre rural property was listed for $210,000 and featured 4 bedrooms, 3 bathrooms and a 3 stall attached garage.  One reason it may have taken much longer for this property to sell is because it was only being marketed in the Detroit Lakes MLS.  Being located in Hawley it is a good idea that any property listed for sale be marketed in both the Detroit Lakes MLS as well as the Fargo/Moorhead MLS.

Two new homes came on the market as well I as the one I listed on Sunset Blvd.  The two new properties were on the market last fall and took them off the market for the winter season.  One home is listed for $139,000 and is a slab on grade rambler built in 1999.  The home hosts 3 bedrooms, 3 bathrooms and a 2 stall attached garage.  The other property is being marketed at $139,900 and features 4 bedrooms, 2 bathrooms and a 1 stall attached garage.  The home was built in 1979 but has been competely updated with a new kitchen, siding, shingles and windows.
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    Mike Olson has been in real estate since 2006 and is the Broker for Sky Lodge Properties MN, LLC.

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