Upside of a Downturn

Most of the financial news lately has been bad. The dollar is the weakest it's ever been; a barrel of oil costs $100; some housing markets are frozen stiff; ratings agencies are being investigated; lenders and securities firms are writing off billions in mortgage-related losses.

If you're one of a million or so homeowners going through foreclosure, we feel for you. If you're one of the thousands losing your job because of the real estate downturn, we feel for you. And if this thing tips our economy into a recession, we're all in for a pity party.

But it's the holiday season, which means a time to reflect on the good things in life and what we're all thankful for -- whether we asked for these things or not. There are some upsides to this dumpy market, such as:

1. The downturn has put a fire under real estate brokers to set their property listings free. Many new partnerships between brokers and Internet companies have formed this year. Brokers want free exposure online for properties that are now harder to sell.

2. The industry is getting leaner. Many agents have left or will leave the business; lots of mortgage brokers are gone. The speculators and hobby house flippers have waved goodbye. This means those who are left are more serious and skilled than in past years when all an agent had to do was put a sign in the yard.

3. Homes are homes again -- as in places to live -- and not considered quick-flip investments or ATM machines.

4. It's fun to be a buyer again. Sorry sellers, but nothing is more appealing to a buyer than a "price reduced" sign. People who were shut out before in some overheated markets may be able to afford homes now since they won't have to outbid 40 other offers.

5. If you're an investor who's in this for the long haul, now's your chance to grab some cheap investments.

6. Slower markets afford some time to rethink business models and experiment with new methods. Lots of agents have taken to blogging in their spare time, which has raised the level of community among these early adopters and innovators.

Happy holidays from all of us at The Singhal Team

Minneapolis: Calhoun Square Pre-Development Under Way

Discussions have begun with architects, potential retailers, residents, city staff and elected officials about the future of the shopping center at the corner of Hennepin and Lake. the 145,000-square-foot building has been awaiting a face lift for years and new owner BlackRock, a New York-based investment firm with more than $1 trillion in assets--plans to make it happen. Planners have begun the search for 'magnet' tenants whose presence might attract other businesses. Aaron Rubenstein, chairman of the Calhoun Area Residents Action Group said planners have been receptive of neighborhood concerns and ideas.

Blaine: City Wary Of Using Eminent Domain For Sports Complex

Developer John Donnelly said that his plan for a $150 million sports and entertainment complex won't be able to attract investors without removing five light-industrial properties next to the site. Donnelly described the project as an asset to "Blaine's identity as an amateur athletics center for the Midwest." Plans include a hotel, water park, fitness center, restaurants, a lake and public square, not to mention indoor surfing and skydiving! Donnelly's group is a spin-off of a previous developer that proposed a smaller version of the complex in 2005. The current project represents 30 developable acres on a larger site that encompasses 63 acres.

St. Paul: Urban Cabins

When it seems like most Minnesotans are sprinting toward their lakeside cabins for the weekend, some trek to St. Paul for weekends at their 'urban cabins'. "We are so not cabin people. We can't even keep up with the yard we own," said Bonnie McGoon, of Rochester. McGoon and her husband, a cardiologist from Rochester bought their restored Lowry Building condo last year. Weekend warriors from as far away as California have purchased 22 of the building's 124 occupied units. Hailing from rural areas or sleepy towns, they head to St. Paul craving culture, coffee shops, hockey games and museums. "I wouldn't call it an emerging demographic, but it's an interesting piece of the market puzzle," said Bud Kleppe, a downtown agent.