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<br />. <br /> <br />. <br /> <br />. <br /> <br />CBM 1000 (5/87) <br /> <br />MARKET AREA DESCRIPTION <br /> <br />The subj ect property is located in Ramsey, Minnesota which is <br />northwest of Minneapolis on U. s. Highway 10 and state Highway 47, <br />approximately 40 minutes from downtown (45 minutes from downtown st. <br />Paul). <br /> <br />Most homes in Ramsey are three-bedroom ramblers and split-levels and <br />are located on one-acre lots. There are also a number of 1-10 acre <br />hobby farms and a new exclusive community along the Rum River. <br /> <br />The price range for single family homes is $50,000 to $170,000, with <br />the greatest selection from $60,000 to $80,000. <br /> <br />The community is served by the Anoka school district, and the city <br />administers 20 parks with tennis courts, ball fields, hockey and <br />pleasure skating rinks, and a public horse arena. <br /> <br />Mercy Medical Center is nearby, and major shopping is available at <br />Northtown. <br /> <br />FINANCING AVAILABILITY <br /> <br />Today's prospective home buyer can select from among a wide variety <br />of financing options. Government and conventional loans are <br />available with interest rates ranging from 9.5% to 10.5%. <br /> <br />During the past year homes sold in MLS district 760 were financed <br />using the following types of leans: <br /> <br />Conventional.. 20% <br />FHA. . . . . . . . . . . 30% <br />VA............ 20% <br /> <br />Assumption......... 30% <br />Contract for Deed.. 0% <br />Other. . . . . . . . . . . . . . 0% <br /> <br />IIil <br />:. . - 411 <br />