Quote:
Originally Posted by ThirdOfFive
It is not so much what you're buying (or selling) but WHERE you are buying or selling.
Our home in Minnesota gained over $50,000 in value in the space of a few months. We were located in a small town about 50 miles from Minneapolis. When the riots happened in Minneapolis and St. Paul there was an exodus of people from those cities and our little town became a bedroom community for people who worked in Minneapolis but who decided that continuing to live there was not worth the risk. Interestingly enough our house sold for substantially more than the asking price, and in the space of three days. It was our ticket to The Villages, so to speak.
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Most of us Minnesotan's are known for our fish tales....FACT people DID NOT leave Minneapolis and St. Paul in droves because of 3 days of civil unrest (riots if you will). Communities that are 50 miles from the Twin Cities HAVE BEEN bedroom communities for at least 30 years. Yes...more people are living farther out because they cannot afford the high home prices in the Twin City metro area. My townhome in Maple Grove has almost doubled in value since 2008. Lake homes in Northern Minnesota have tripled in the last 3 years and real estate agents are going out of business due to lack of inventory
Morale of the story...this is happening everywhere!