It is commonly known that a high number of MN foreclosures relevant to the number of total Minneapolis listings on the market equals a rise in crime and vandalism so why is this, and is it happening to Minneapolis surrounding cities like St Louis Park and Edina real estate.
Well Edina and St Louis Park have always been very clean cities. Low crime rates, high grades. This could possibly change in the future if we continue to see an influx of Edina and St Louis park foreclosed homes hitting the market. Although these cities have recently seen foreclosed homes decline recently are we instore for another waived of them to hit the MN MLS? Are these cities influx of foreclosures going to have an impact on the real estate in a negative way.
Minneapolis Foreclosure rates means that there will be more vacant houses, which could lead to more vandalism. As soon as these cheap foreclosures are sold at auctions, investors typically buy them. Investors are buying these foreclosures up to either flip and sell them or rent them out to tenants. What we are noticing in these cities with high foreclosure rates are that investors are buying up the excess inventory and then renting them out to tenants who would not otherwise live in that particular area. We are going from a community of owner-occupied homes to tenant-occupied homes. We would then assume that this will only negatively effect our Minneapolis neighborhoods as renters typically do not treat the homes as owner’s would.
Hopefully we can this is a short lived trend in the St Loius Park, Edina and Minneapolis areas. We need to get housing inventory moving and out of the way. Prices have to start recovering and we need to push investors out of the local marketplace. Houses in the Minneapolis and surrounding areas that are for sale need to decrease and we as consumers, need to focus on maintaining our community.
St Loius Park, and Edina neighborhoods are still some of the greatest cities to live in around the Twin Cities area