Housing Market on the Mend

The headline of today's Star Tribune is "Housing permits hit the roof in Minnesota".  The article details positive signs in the housing market, including a 107% increase in building permits issued from last year, home sales up 17% from last year and a vacancy rate less than 2%.  While the industry is far from returning to "normal", the recovery is happening.  Otto Associates has experienced this trend as well and are foreseeing this continued growth in 2013.

The full article can be found here:

Property owner's horror story...moral of the story: A survey is cheap insurance.

Sunday's Star Tribune ran an article about a homeowner who bought a home that wasn't on his property.
"Despite the land changing hands several times, no surveys were done that could have detected the error.  Seven years later, nobody knows how to fix the situation."
"Experts agree that if either Freddie Mac or Barone had paid for a survey, the problem would have been discovered before their deal went through."
Read the full story here:

Flood Insurance Makes News Again

Sunday's Star Tribune included a story on lenders requiring flood insurance and what homeowners need to know.  An excerpt:

Some property owners said it never occurred to them that their bank could be wrong. In Wyoming, a few miles from Lindstrom, Matthew Dick didn't suspect his house could be above the flood plain until an engineer recently visited the property. He is now spending $700 to reverse his high-risk designation and get out of the $1,400-a-year policy his lender forced on him.
You can read the whole story here:
Otto Associates is experienced in preparing flood elevation certificates and assisting homeowners with filling out FEMA forms and LOMA (Letter of Map Amendment) forms.