Recent content from Jim Buchta
Short-lived mortgage rate dip fueled Twin Cities home-buying spike in October
Pending sales were up double digits for the first time this year.
A rental reckoning is coming to Twin Cities housing
After a brief lull in renting this fall, apartment construction is going to plummet, causing more competition and higher rents.
Office vacancies along 494 strip stabilize for first time since pandemic
The Bloomington "strip" along I-494 is the second-largest and second-emptiest office sector in the metro. But that might be changing.
Why now might be the best time to shop for a Minnesota lake home
For buyers weary of competition, fall and winter are the best, and often cheapest, days to shop for lakeshore property.
Office-to-housing conversions could revive Twin Cities downtowns, but at what cost?
Minneapolis and St. Paul leaders are pegging such conversion projects as the key to downtown revitalization, but it's easier said than done.
Three Twin Cities area homes with lake views but not lake prices, starting at $165K
Lakeshore property in Minnesota is typically expensive and can be an hours-long drive. But compromising for a view of the water instead of private shoreline provides more affordable and suburban options.
One solution for downtown Minneapolis' vacant offices: Affordable 'co-living' housing
Researchers at Pew Charitable Trusts teamed with planning firm Gensler to explore how converting empty office buildings into "single-room occupancy" rental units could solve downtown areas' lack of affordable housing and struggling commercial real estate.
Twin Cities area home prices rising far less than in rest of U.S.
Home prices are still on the rise but are far below the national average. That's relieving some pressure for rate-weary buyers but isn't as celebrated among sellers looking for equity.
Three homes from famed Lutsen Lodge architect Edwin Lundie are for sale in Minnesota
There are only about 85 Lundie-designed homes still in existence, and one of his largest remaining residential designs, a 9,300-square-foot house in a Twin Cities suburb, is on the market for $4.95 million.
Downtown Minneapolis still grappling with office vacancies, plummeting values
Even as companies look for new space and bring employees back in person, it's not enough to offset space vacated in the wake of the pandemic. But some brokers and boosters are optimistic despite the ongoing challenges.
No longer 'locked in'? More Minnesotans swap low mortgage rates for move-up homes.
As life changes, and rates decline a bit, these homeowners are fueling sales of more expensive move-up homes.
What the Fed's rate cut means for Minnesota home buyers and sellers
With the Federal Reserve cutting interest rates a half point on Wednesday, will better mortgage rates follow and make the Twin Cities market more affordable?
Twin Cities housing market loses momentum ahead of Fed interest rate decision
House listings and sales were down during August, but prices posted a modest gain.
What's going to get employees back to the office? A golf simulator alone won't cut it.
Expert Megan Mackinson says employers need to listen more to the needs of employees.
This $68M Lake Minnetonka mansion will become Minnesota's most expensive house — if it sells
Last month, there was a nearly 16% increase in pending sales of $1 million-plus houses across the metro, the biggest annual increase in any price range, according to data from the Minneapolis Area Realtors.
After years, balance of power in Twin Cities housing market tips toward buyers
More listings and fewer sales are giving a bit of control back to house hunters after more than a decade of sellers being in command.
How real estate agents get paid changes Saturday
Here's what that means for Minnesota home buyers and sellers.
Normandale Lakes owner owes $65M in second tower foreclosure at marquee office park
It's the second office tower in the Twin Cities complex that has faced foreclosure this year.
As renters gobble up new Twin Cities apartments, developers aren't keeping pace
Demand for rentals is at a high not seen in decades, which is likely to push rents higher with fewer new constructions in the pipeline.
North Loop Green could be model for declining downtowns
With its combination of apartments, offices and retail, the project a dozen years in the making connects a vibrant North Loop with the struggling Central Business District via the complicated Warehouse District.
More listings — and slightly higher prices — for Twin Cities home buyers this summer
A midyear real estate report shows it's still a seller's market, but that's changing.
One sector of Twin Cities commercial real estate that's not sputtering: Industrial
The segment, which includes warehouses and distribution centers, has seen a decline in construction and rapidly rising rents despite high demand.
Apartment construction in the Twin Cities ground to a halt during June
Home building increased at a double-digit pace despite higher mortgage rates.
Some home buyers are beating high interest rates with 1980s-style assumable mortgages
"It was like winning the lottery," said a Twin Cities buyer who assumed a 2.25% mortgage rate that saves her $700 a month
Homebuyers gained a slight edge in May, but the Twin Cities remains a seller's market
There's still pent-up demand across much of the metro, so prices posted another healthy increase.
Sold: Blue Cross and Blue Shield headquarters in Eagan
The insurer will continue leasing the pair of office buildings.
Urban office flight? Some firms leave suburbs for downtown Mpls.
While these moves are barely making a dent in the millions of square feet of vacant office space downtown in the hybrid work era, these companies are, in at least a small way, helping repopulate the skyways, parking garages and restaurants that have eked their way through the pandemic.
Lender retakes control of Capella Tower in downtown Minneapolis
Shorenstein Properties had attempted to sell the office building but failed to find a buyer willing to pay the desired price.
Days at office aren't fueling downtown Minneapolis' recovery. Nights out are.
Cellphone activity data shows a pandemic comeback is happening in fits and starts — and mostly at night — as entertainment draws crowds formerly issuing from work.
As apartment construction stalls and vacancies fall, Twin Cities rents are likely to rise
Nearly 20,000 new apartments have been built in the Twin Cities area over the past two years, but construction is quickly tapering.
Luxury apartment tower on Nicollet Mall in Minneapolis fetched many bids, sold at value
Washington-based Weidner Apartment Homes bought 4Marq Apartments, near the Nic on 5th Apartments the company bought last year.
'If they need to move, they're going to': Twin Cities buyers not waiting for lower mortgage rates
Mortgage interest rates, which have inflated house payments and chipped away at buying power, average around 7.09% for a 30-year fixed-rate mortgage, but home sales are still on the rise.
While homebuilding is up in the Twin Cities, apartment construction is way behind
At a time when there's already a shortage of housing in many parts of the metro, apartment developers have received only enough permits to build 115 apartments and other multifamily units, 55% fewer than last year.
What commission changes mean for Minnesota homebuyers, sellers and agents
The National Association of Realtors' settlement, reached in March, is most likely to affect those looking to purchase a home.
Friends split a mortgage, share a home to beat high housing costs
A growing number of nonmarried people are sharing the high cost of homeownership.
Event will celebrate 20 years of Home of the Month contest and offer peek at top residential projects
An upcoming event will offer a peek inside top residential designs and a chance to ask architects and homeowners questions.
Interest rate angst hasn't stopped Twin Cities area home buyers
Despite mortgage interest rates remaining high, the spring market is rife with listings and purchases.
As much of commercial real estate in Twin Cities struggles, med-tech flourishes
While office buildings from the suburbs to downtown Minneapolis struggle for survival, construction on more buildings in the life sciences sector is increasing, adding hundreds of thousands of square feet of labs, production space and research facilities to the Twin Cities.
Homeownership could cost you under $100,000 if you consider a manufactured home
Formerly called mobile homes, these types of dwellings could be a good bet for prospective buyers struggling with record home prices and rising rents.
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Edina Realty opens first Florida office to capitalize on Minnesotans who head south for winter
The brokerage has 75 locations throughout Minnesota and Wisconsin,
Minnesota real estate mogul Ralph Burnet dies at 78
Burnet's companies, including Coldwell Banker Burnet, helped change the way people buy and sell houses across the nation.
Twin Cities sees surprise influx of home listings as agent commission uncertainty looms
There are more sellers, but there are also more buyers, so competition is stiff and houses are selling quickly.
What does the national settlement on home commissions mean for the Twin Cities?
The National Association of Realtors settlement changes how commissions work, shocking the industry.
Apartment developers swarm Twin Cities suburbs as low housing inventory, high mortgages persist
With more than one-third of all new units hitting the southwest suburbs, that area could be one of few soft spots for rentals in 2024.
Middle-income buyers struggle to find a house in their budget in most Twin Cities suburbs
A Star Tribune analysis shows how much income a buyer would need to afford the median priced home in each city.
Inside the most expensive city in the metro: Wayzata
The most expensive city in the metro on the Star Tribune's Hot Housing Index sold for $394 per square foot last year.
These areas have the most, least expensive starter homes in the Twin Cities
Finding an entry-level home for $300,000 or less in the metro could lead you anywhere from an inner-ring suburb to an exurb to the city itself.
Move-up buyers with disposable income fueled the hottest Twin Cities housing markets
The index analyzed nearly 35,000 home sales and showed that many of the most popular neighborhoods catered to those looking for more space despite higher mortgage rates.
Where does your city rank in the Star Tribune Hot Housing Index?
With mortgage rates higher than in previous years, move-up buyers drove sales in the Twin Cities in 2023.
Lutsen Lodge was 'phenomenal legacy' of a top Minnesota architect
The more than 100-year-old resort was a touchstone on Lake Superior for many before fire destroyed it.
Hennepin County property tax collections are lowest in decades
When large commercial properties fail to pay their taxes, ordinary residents have to make up the difference to fund city, school and park services.
Ryan Cos. buying bulk of 263-acre former Thomson Reuters campus in Eagan
The builder and developer hasn't released details on its plans for the 179-acre parcel.
Twin Cities home sales down 18% last year, lowest in 20 years
New-build home sales were up but did not make up for the low inventory of previously sold homes.
How financing issues are stalling Twin Cities area apartment boom
Like office loans, apartment debt is short term, requiring borrowers to refinance or modify their debt every few years.
Twin Cities area home builders had a lackluster 2023
A steep and steady decline in apartment permits led the downswing this year.
Fed-fueled mortgage rates decline could break up Twin Cities real estate log jam
After the Federal Reserve Bank hinted at rate cuts in 2024, real estate experts think mortgage rates could follow suit and open up the housing market after a tight year.
A 24-hour Nicollet Mall? It's one idea to revamp downtown Minneapolis
A Minneapolis Foundation report offered several strategies for how to revitalize the traditional business district after the pandemic.
IDS Center owners negotiate loan extension amid tenuous downtown Mpls. office market
The agreement gives Florida-based Accesso more time to line up permanent financing several months after missing a balloon payment on the $151.7 million loan.
Survey finds widespread U.S. support for higher density to bring down housing costs
A recent Pew survey found that nearly nine in 10 said they would back efforts to expedite permitting processes, while about half support policies that allow builders to construct smaller lots and homes closer together.
Minneapolis Fed survey predicts tough times ahead for commercial and residential developers
The outlook is worst for homebuilders in the Fed's six-state region, who are concerned that new work may soon run out.
A bump in Twin Cities home building reflects buyers' appetite
Despite a late-season increase in home building, residential construction in the Twin Cities has been the slowest in at least five years.
Why townhomes are the star of Twin Cities area housing market
Townhouses account for upwards of a quarter to a third of all new housing for some Twin Cities area builders.
Can't buy a house because you don't have a down payment? Help is on the way.
Freddie Mac recently launched DPA One, a website that connects buyers with dozens of down payment assistance programs in 48 states.
With expiring leases and scarce financing, angst grows for Twin Cities office building owners
Though office workers are steadily returning to their desks, there's growing unease across the metro about what will happen when billions of dollars in loans soon come due.
Twin Cities home sales continue to dwindle, and prices continue to rise
Mortgage rates are ticking down and the decline in newly listed houses is shrinking, though.
Apartment vacancy rate falls in downtown Minneapolis, rises in suburbs
The suburbs, especially those along the west edge of the metro, have seen a surge in construction, while construction in the urban core has slowed.
U.S. Bank recommits to downtown Minneapolis amid record office vacancies
The Minneapolis-based bank signed another long-term lease for its headquarters in its namesake tower along Nicollet Mall and will move hundreds of workers downtown after vacating leased space in Richfield.
One reason home buyers shouldn't give up hope this fall
New data suggests the overall housing market churn is slowing in the Twin Cities and across Minnesota.
Twin Cities area office vacancies rising even as employees return to in-person work
The metro market is like a game of musical chairs, with companies downsizing space while upgrading amenities.
Mortgage rates hit 23-year high, but that's not stopping Twin Cities homebuilding
Twin Cities builders had their best September in nearly two decades.
West Coast investor on apartment buying spree in Minneapolis
Higher mortgage rates are stifling commercial real estate values, and sales, but Weidner Apartment Homes is investing heavily in Minneapolis.
German company plans new office building in Bloomington amid vacancies
New office development in the Twin Cities has been virtually nonexistent, as the average vacancy rate in many suburbs hovers near all-time highs.
Can't afford higher mortgage rate but outgrowing current home? Try these house projects
Many homeowners are now reinventing their homes rather than trading up to a different one and a much higher mortgage rate.
Twin Cities housing stock sinks on higher rates, but prices keep climbing
Home sales for August were down 12% year-over-year.
Two from Twin Cities, both 23, die in St. Louis County crash; driver hospitalized
The crash happened early Saturday on a curve on Hwy. 8, about 45 miles west of Duluth near Floodwood.
