Minneapolis Breakfast Club Newsletter April 22,2020
Early Birds: We ended up with 28 participants today. What a wonderful way to
stay connected to friends and business associates.
Guests: None today
Honorary Members: Dick Lindskoog, Tom Donnelly, Martin Peyer, Ron Britz, Karen Holtmeier, and Dick Nelson were all in virtual attendance again this week.
President Chuck Shreffler opened the meeting by asking for a moment of silence for longtime member and friend, David Goodwyne, who passed on Monday.
Chuck asked that we spend a few minutes expressing memories of David and there was quite a lot of sharing.
- Dave Mitchell announced he has retired from Berger-Allied. Hope he stays with us as an Honorary member.
- This question is asked at all Zoom meetings, “How many members are wearing pants?”.
- Jim Erickson talked about his involvement with a Hemp farm.
Martin Peyer gave us an update on South Dakota where social distancing is recommended but where the Governor has not mandated a shut down. It sounds lot like Minnesota, except for the mandates from the state.
Jon Peterson gave us an update on what is happening in the residential mortgage market. In some ways things are quite busy with refinancing and purchases, however there are loans being affected by furloughs, layoffs, and loss of income and assets. Small business owners and independent contractors have a difficult time doing anything as underwriters are skeptical about revenue streams as long as the government keeps the economy shut down.
Tony Rubin updated us on the roller coaster stock market. Cash is king! says Tony. Having funds to take advantage of market swings would be a smart play at this time.
Neil Roers says the 2nd round of PPP will start this weekend and they have loan applications ready to go, especially those for independent contractors and businesses that didn’t get approved the first time.
Todd Anderson started us a on a discussion on what is happening with Insurance companies as some carriers are sending out rebate checks and deferring premium payments for some coverages at this point.
Craig Blixrud brought us up to date on social distancing and its effect on showings, listings, buyer behavior, etc. While March 2020 was actually a good month, April will not be as good as we will see the effect of the Stay at home orders on the market. Just ask yourself if you would buy a $500k home without walking through it yourself.
Dave Mitchell started us off and was followed by Karen Holtmeier, Bob Alexander, Robert Sandberg, Jim Christianson, Jim Erickson, Robbie Danko, and Keith Kovacevick. A great exchange today.
You can give feedback on this meeting (and topics for future meetings) to Chuck Shreffler at Chuck@chucklaw.com or 612-872-8000 by voice or text.
April 29 – Virtual Meeting
May 6 – TDB, but probably a virtual meeting