As winter marches in, we are all looking forward to warm cozy nights in our homes tucked into the quiet neighborhoods of NOMI…but what’s different this year, you ask? Simple: Several of those settling in for the season are new NOMI residents and we would like to take this opportunity to say welcome! After a successful series of NOMI Home Buyers’ Tours over the summer months, we are beginning to reap the benefits of showing what makes NOrth MInneapolis a great place to call home.
So who is moving to NOMI? Deb Wagner of Sandy Green Realty said that she has “generally been working with young single people, mostly women who want to build equity by purchasing a foreclosure using purchase and rehab financing to end up with a mortgage for under $100,000.”
Amanda Furth, a current Uptown resident who is searching for her new home in NOMI, stated that she “loves the proximity to Downtown and Uptown and was amazed at the quality of homes in North Minneapolis. I am able to get twice the home here compared to anywhere else in the city.” In addition, Furth mentioned, “I was really drawn to the area by the sense of community that I found while taking part on several of the NOMI Home Buyers’ Tours. I have met so many great people that already live in the area!”
The housing market is rapidly changing in NOMI; six months ago foreclosures were sitting on the market for months. According to Clay Lowen of Keller Williams Integrity Realty Lakes, “The great deals are very competitive. I am currently working with one client that offered 133 percent of the asking price. The home went into multiple offers and we upped our offer to 144 percent of the asking price. We are still waiting to see if we have received the property.”
Foreclosed homes are moving a bit faster than a year ago. At times, some of these properties are selling within days of going on the market and selling for more than the asking price. While we are still seeing a large number of investors purchasing in the area, we are encouraged by the growing number of homeowners purchasing in our neighborhoods.
The NOMI Home Buyers’ Tours have taken a short hiatus until spring; we’re still drawing folks into the area for events such as Holiday on 44th, Workhouse Theatre shows, happy hours, and the upcoming Northside Housing Fair so that we may continue to educate, entertain and entice new homeowners to the area. Info at http://glbtnorthsiders.blogspot.com/ or MyNewNeighbor@gmail.com.