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Earth Ocean Sky Redux

Peg, what a compliment to you that the seller could confide in you as his friend that he was under water financially (that's often not easy to talk about) and then acknowledge your expertise as a realtor and hire you to sell the home for him. I'd say that's a good day, especially if the friendship stays intact after such adversity for the seller.

Hold 1460 Skyline for me. I'll be out in a couple of hours!

John Pepple

"The seller owed more to the bank than he was able to secure for his home."

Ugh. I'm glad we paid off our mortgage fast.

Peg

I really cannot talk in any detail about my friend's sale - confidentiality and all that. Suffice it to say that the short sales happen for a wide variety of reasons. Sometimes it's because an unwitting seller purchased his house roughly 5-7 years ago at the height of the market, and now it's worth 15-30% (or more) less than that time. If you're not very well heeled, tough to cover that.

Sometimes someone purchased their home long ago - but used the rise in value to pay for college, new cars, lots of house improvements, etc. - and the value today won't cover that home equity loan. Some used their home for business loans.

Whatever the reason, this whole housing disaster is one more reason why living below your means is not such a bad idea. Of course, often the great fortunes are made by those who do take on great risk, so.... You pays your money, you takes your chances!

Peg

Oh - and EOS, this adorable charmer is actually on Ridgeview Drive. Fly on over to Minneapolis and I will take you to see it! $399,000 - sounds like an incredible bargain, eh?

Earth Ocean Sky Redux

$399,000? I'd get a toilet here in Bedford for that, and in Greenwich, where I'm trying to move to, only the flush handle!! I need to rethink my entire life!! :-)

Peg

Actually, just around the corner from this home, there are houses in the multi-million dollar range. A gigantic lake (Lake Minnetonka) has many communities surrounding it. Originally, quite a number of homes were little cabins that people used to "get away" from the Big City. Over the last several decades, however, most of the tiny cabins have been supplanted with the 5,000 to 15,000 sq. ft. mansions with magnificent lakeshore. Still - the quaint neighborhoods by the lakeshore offers charmers like this one with most affordable price tags! COME and check it out :)

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