All About Prior Lake

Prior Lake is a growing suburb with a small town feel about 25 miles from Minneapolis. It is home to 45 parks including 22 neighborhood parks with assorted amenities, several natural resource parks for outdoor enjoyment and community parks with first-rate athletic facilities and other amenities. Mystic Lake Casino, located within the Shakopee Mdewakanton Sioux Community (SMSC) Indian reservation, is also in Prior Lake.

Quick Stats:

• Population (2006): 22,674
• Median Household Income: $75,363
• Owner Occupied: 87.4%
• Average family Size: 3.1
• Student/Teacher Ratio in Schools: 25:1

Learn more from the City of Prior Lake web site or visit the Buyers Real Estate Group site for more information on communities throughout the Twin Cities.

FHA Secure

Thanks to Laura Turrittin for sending us her economic update about recent foreclosure prevention initiatives that are helping families keep their homes.

On August 31, President Bush announced several new steps to help American families keep their homes, including a new foreclosure avoidance initiative called FHASecure. Administered by HUD's Federal Housing Administration (FHA), this mortgage insurance program is geared toward borrowers who have good credit, but who may not have made all of their payments on time because of resetting interest rates. For the first time, FHA is able to offer many of these homeowners an affordable option to refinance their existing mortgage so they can make their payments and keep their homes. (Learn more from HUD)

Submitted by Susan Hofflander

All About Anoka

Anoka is about 18 miles from Minneapolis and 25 miles from St Paul. It is located in one of the fastest growing counties in Minnesota. Anoka is also the Halloween Capital of the World. Halloween events run for the last two weeks of October ending on Sunday October 28.

Population: 18,000
Median Household Income: $42,659
Median Age: 33.9 years
Population of families: 60.7%

For more information, visit the City of Anoka web site, Wikipedia, or the Buyers Real Estate Group MN Communities page..

New 35W Bridge

Designs of the proposed Interstate 35W replacement have been released by the Minnesota Department of Transportation. The primary theme is “Arches, Water, Reflection." According to MnDOT, it includes a "signature bridge, lighting and landscaping that seeks to paint an archway over the Mississippi River while respecting the area's surroundings, history and the architecture of nearby bridges and buildings."

The design will not only improve traffic but will become a part of the new landscape. (Learn more)

All About Bloomington

Bloomington is adjacent to both St Paul and Minneapolis. It is home to the famous Mall of America and contains almost nine thousand acres of parks and open space.

Quick Stats:
Population: 85,832
Housing Units: 37,693
Median Household Income (1999) $54,628
Owner Occupied: 70%

For more information visit the Bloomington CityWeb site, Wikipedia or the Buyers Real Estate Group MN Communities page.

3 Tips for the First Time Homebuyer

1. Check out programs for first-time buyers. They often have much lower down payment requirements and they are offered by various states and local governments. You may also be able to access up to $10,000 from your 401(k) or Roth IRA without penalty
   
2. Don’t fall in love with one home until the papers are signed. You don’t want to be placing bids based on emotion and even if things do go your way, the deal may not go through.
   
3. Have a home inspector go through the home with you. An expert will be able to unveil hidden surprises that can save you literally thousands and thousands of dollars. They can find things such as lead-paint, asbestos insulation and mold – just to name a few.