Looking for an affordable condo? Look no further than Reflections which features two identical towers 15 floors high.

The other day I had the opportunity to revisit Reflections Condos located in Bloomington close to the Mall Of America and the one thing I noticed was how affordable it has become. Current pricing is down about 20% from about 18 months ago.

There are currently several units priced under $200k right now featuring 1 bed 1 bath open floor plans with incredible panoramic views of the metro area.

A perfect modern development with floor to ceiling glass windows with views for miles. Reflections offers many state-of-the-art amenities including upgraded appliances, community room, underground heated parking, contemporary lobby, high technology and LEED certified.

What makes Reflections so desirable is the convenience to the light rail with stops right outside the building. Although plans have stalled for the Bloomington Central Station development, the city is highly invested in the area and in a few years it should be developed.

The building is also FHA financing approved.

If you are interested in buying or selling in Reflections, let’s talk it out.

Located between the 500 and 600 blocks of North 1st and 2nd, River Station Condominiums consist of a unique mix of urban lifestyle for everyone. Built in an old rail yard station, this neighborhood is located in the vibrant North Loop neighborhood.

River Station condos features 348 units across twelve buildings with single level flat-style condos and two story town homes. Prices start out in the mid $100′s to $350k range. Floor plans range in size from 700 finished square feet to over 1400 finished.

Like anything else in the Warehouse District, River Station is close to variety of different restaurants and shopping within walking or biking distance. Also located close to major freeways and close to downtown.

Features & Amenities

• Private balconies
• Landscaped courtyards
• Heated underground parking
• Brick and stone exterior
• Twelve four story buildings
• Modern amenities

If you are interested in buying or selling in River Station Condos, let’s talk it out.

Here is the site.

You can track a property through the redemption period and if the homeowner doesn’t cure the default, more than likely it will be listed by the the bank once that period ends so if you have interest, you’ll be the first to know.

You can’t search for the notice of default or NODs, you would have to go to a local legal newspaper for that whether in print or online.

From the Star Tribune:

Turnstone Holding LLC will serve as the receiver for the 92-unit condo building in addition to the 136-room hotel, according to documents filed Monday in Hennepin County Court. The two properties were built in a $88 million project that also included renovating the historic Ivy Tower at 11th Street and 2nd Avenue S.

This project seems like a mess at this point as the article points out only 1/4 of the units have sold out of the 92.

I just checked the MLS and there are currently only 3 active listings but 11 are currently pending. Make sure to do your due diligence or let me know if you are interested in checking any of these out.

Will keep posted once I hear more about the status.

If you have been living in a cave for the past six months, here is the gist of the $8000 first time home buyer housing tax credit which can be used for your conodminium or loft purchase.

First things first, it’s a use it or lose it credit. You have to close on the house before December 1st, 2009 so that pretty much leaves November 30th as the last possible day to close on your condo. That means there is a little more that 80 days (when posted) left for you to get financing, find a condo/loft, write purchase agreement, acceptance, inspection, underwriting and close.

Might seem like 3 months is a long time, but it comes quick.

The Details

Of course the government is going to hammer out some details if they are going to hand of $8000 of Obama money:

• Can be used between January 1st 2009 through December 1st 2009
• Maximum housing tax credit is $8000 or 10% of the homes value
• All owner occupied residences including: single family, condos, lofts, town homes, co-op
• Income limits of $75,000 for single filed tax return or $150,000 filed jointly
• Available to first time home buyers only, but if you haven’t owned a home in the past 3 years you qualify
• $8000 tax credit does not need to be refunded to the government
• No recapture unless you sell the home within 3 years.

I must remind you that I am not a tax professional or play one anywhere else, these are just some guidelines so if you need further advice consult your tax accountant. If you used a box, then I can point you in the right direction for help.

If you want to start your home search in order to use the housing tax credit, then search for Minnepolis Condos & Lofts here or use any one of these methods to contact me.

Challenge IT!

Why not start fresh with a new assessment?

But that takes time and effort, but hindsight is you just might win if you think you have a valid case.

As more and more people look for a way to save money, cut down on the money that you send to the county twice a year on that bloated assessment.

Start Your Appeal

You can check out the Hennepin County website for information on property taxes but since you live in Minneapolis you have to start with the Board of Appeal and Equalization if you disagree with your assessed property tax value.

You have to submit an application to start the process before it goes to the board. Make sure to have a list of comparable sales, there are many websites out there so make sure your information is accurate or just have me throw some comps together.

Remember that just because a house is appraised at market value, doesn’t always mean that it will be the same as assessed value. Property tax assessments are based upon percentages and only the ones behind the curtain at know how they operate.

Below is contact information for the City of Minneapolis Assessor’s Office. Apparently they are still stuck in the pre-email age and only operate by phone/snail mail.

Mailing Address:
City of Lakes Building
309 2nd Ave S Room 100
Minneapolis, MN 55401-2234

Office Hours:
8:00 a.m. – 4:30 p.m. Monday – Friday

Phone (612) 673-2382
Fax (612) 673-3538

Good luck and here’s to lowering your taxes!

In no particular order

619 8th Street SE #110 Minneapolis MN 55414 This unit is located in Mill Trace has 3 bed/2 bath (1420 finished sq ft) and sold for $200,500 about $141 a square foot. This property was a bank owned and listing courtesy of: Coldwell Banker Burnet

560 2nd Street N #410 Minneapolis MN 55401 Unit is located in River Station has 2 bed/2bath (1059 finished sq ft) and sold for $173,000 about $163 per square foot. This property was bank owned and listing courtesy of: Edina Realty

619 8th Street SE #109, Minneapolis, MN 55414 Unit is located in Mill Trace has 2 bed/2 bath (1042 finished sq ft) and sold for $161,500 about $154 per square foot. This property was bank owned and listing courtesy of: Coldwell Banker Burnet

521 S 7th Street #216 Minneapolis MN 55415 Located downtown off the corner of 7th and Portland this condo is 1 bed/1 bath (1051 finished square feet) and sold for $86,000 about $81 per square foot. This property was bank owned and listing courtesy of: Edina Realty

619 8th Street SE #102 Minneapolis MN 55414 Unit is located in Mill Trace has 2 bed/2 bath (111 finished sq ft) and sold for $164,500 about $140 per square foot. This property was bank owned and listing courtesy of: Coldwell Banker Burnet