Forbes recently released an article highlighting the spending habits of the ultra-rich, showing how many are holding back in the current market and minding their pennies, so to speak. Here are the Top 10 trends of the wealthy: Rich are Spending Less and Shopping Smarter Not Optimistic about the Economy, but They are Happy Family is [...]
One of the benefits for those who build distinctive luxury homes is the financial ability to include fantastic designs into their home. Some relatively easy accessories to add are unique lighting features that set a home apart from the normal metal fixtures available in today’s market.
- Bi-Plane Fighter Pendant Light from Elk Lighting
Take for instance the above light from Elk Lighting. Their novelty lighting fixtures range from airplanes, sports, space ships, and of course my husband’s favorite, the hockey rink with nets and scoreboard included. Elk Lighting is based out of Pennsylvania and has been in business since 1983. They offer a huge variety of lighting fixtures that pay attention to design and value, striving to provide anything but ordinary. If you get a chance, look through their website at the variety of lighting option available for your project.
While most of us that live in the Twin Cities know that the first place we think of to find high end goods is Edina’s Galleria, the Mall of America, or MOA to us locals, is revamping its style to include some luxury brands previously only reserved for the West side. For those of us that now cringe to travel to the Galleria because traffic is just so dog gone annoying, we can now take a detour to the shops at MOA.
The “South Wing” of the mall is getting a face lift to draw in high-end brands, including porcelain tile and crystal chandeliers, all to a luxury price of $5 Million. Current tenants include Burberry, Hugo Boss, Betsey Johnson, Nordstrom, with more to come in the upcoming months. The true test of keeping these brands here will be sale driven, as rent in MOA is pretty high. Only time will tell if true Lux can survive in Bloomington, the shopping ugly step child of beloved Edina.
Real estate agents in the Twin Cities metro area are pretty lucky. We have Realtor associations that produce outstanding market statistics, which other cities across the nation lack. One bit of data that is extremely important to us agents, and our seller clients, is the number of days that a home is actively for sale before a buyer produces an acceptable offer – otherwise knows as DOM, “Days on the Market”.
When these numbers are compiled, they are usually presented in generalities. We might have a number that is averaged out for a certain county, city, or neighborhood, but usually the detailed numbers per zip code are over looked. All price points are usually included, so the statistics can be skewed depending on how many high-end, or low-end homes are included. For instance, the current DOM for the Twin Cities market is 118, so an agent that comes into a luxury listing appointment using this generic stat in their CMA (Comparative Market Analysis) could be doing the seller a disservice.
Instead, the agent should be taking into account the area the seller lives in, and presenting those statistics. As an example, in Excelsior, where homes are much more expensive, the average days on the market is around 79. Wayzata is 144. Around Long Lake, it’s up to 173. The difference is staggering for luxury homes, especially if there is a lake nearby, or if the number of homes available to purchase is less. My main point is that when dealing with upper bracket real estate, sellers should be making sure they get the most accurate and detailed market statistics available for their home. And the only way to do this is choose an agent who specializes in the luxury home market.
Ever want to know what an expensive home will cost you in the Twin Cities? Well if you are looking for a historic home and you have a couple of million dollars to spare, here are three great choices scattered across the Metro area.
Built in the 1860′s, this Italianate Farmhouse in Saint Paul boasts 4000 square feet, four bedrooms, and two acres of land/gardens – all for $2.5 Million. Listed with Coldwell Banker Burnet.
The Cedarhurst Mansion in Cottage Grove will only cost you $2.5 Million, but you’ll get a historic home built in 1911, 10 acres of land, and over 12,000 square feet. Listed with Edina Realty.
For a simple $2.4 Million, you can own the Lovness Estate in Stillwater, designed by Frank Lloyd Wright and built by the home owners in 1957. Sitting on 20 acres, the home has two bedrooms, a separate cottage, and comes with original plans to build three more small cottages, all designed by Mr. Wright himself. Listed with Sky Sotheby’s Realty.
Check out this luxury mansion in the Hamptons that has been dubbed “The Sand Castle” and boasts over 31,000 square feet!
Hope everyone has a happy 4th! Hopefully I can catch some great photos this year.
Fireworks over Downtown Minneapolis, Copyright 2009 Jennifer Kirby
We all love color. Just some of us trend towards specific hues over others. For instance, I’m a blue gal, but red catches my eye too. I just painted one of my bathrooms a grayish blue, giving it seashell accessories, but my bedroom has red bedding and linens, with large floral accents. But many of us like to stay trendy, and seeing as trends are constantly changing, what is going on in the world of color today?
- Turquoise and Blue- Forget bold and neon blues, a touch of gray is coming into the tone, with more relaxing shades taking center stage. I am seeing a soft turquoise color in custom window treatments and in furniture upholstery, not to mention accessories.
- Embroidery- looks like embroidered pillows and linens are a new trend, adding a touch of lux to solid colored bedding and furniture, some having beading as well.
- Shine – to add an extra touch of sparkle, some fabrics have a sheen to them or metallic highlights
- Browns – while I am not a big fan of brown, the chocolate browns are still hanging around, some with a touch of copper.
- Grays – we’re talking pale gray colors on walls and furniture which give a calming effect. This let’s you add bright colored accessories for a dramatic look.
What ever the trends are, don’t let it hinder you from picking the colors you love. It’s your home, so enjoy the trends that fit your lifestyle!
Lake Minnetonka has its share of expensive luxury homes that are currently for sale, most of them being in the multi-million dollar range, and it always comes as no surprise that the most expensive home in the Twin Cities is located on the lake. Currently the top honor goes to a listing with Coldwell Banker Burnet in Orono that is priced at $11.5 Million.
1655 Bohns Point Road, Orono
Located on the prestigious Bohns Point, the home features sweeping views of Lake Minnetonka on 3 acres of lakeshore. With over 9000 square feet, including a 1 bedroom/1 bath carriage house, the home has 7 total garage stalls. Make sure you can pay the taxes. They come in at a staggering $75,000 per year!
If you forgot about the Minneapolis-St. Paul-Lake Minnetonka Luxury Home Tour, aka the Twin Cities, then you have one more weekend to get off the couch and out of the house to view some major architectural homes for sale. Half of the homes surround Lake Minnetonka, and the rest are mostly in Edina, Prior Lake, Credit River Township, so there should be no excuse that the homes are too spread out.
If you have been on the tour in the past few years, you might have already visited a few of the homes as they are repeats, but hey, sometimes it’s fun to keep dreaming. I have always like the home in Credit River Township, so it might be interesting to see it again, but I know I just have to visit the home on Palmer Pointe in Minnetrista.
Tickets cost $20 at Caribou Coffee, or $25 at the luxury homes, but if you only want to see one or two of them, you can always just go the $5 route for each single home. Let me know which homes you liked the best!
I was reading today about a Luxury Mansion in Florida being listed for sale at a staggering price of $75 Million. Problem is, the house is not entirely finished. In fact, it doesn’t go much past the studded walls. The unfinished 90,000 square foot home includes a roller rink in the basement, home theater, bolling alley…oh, the list goes on. Needless to say, but selling an “as-is” home is pretty difficult. Buyers have a hard time envisioning the final product, and many will discount the home even more.
The article got me wondering if there were any new construction homes listed in the Twin Cities MLS database that were priced above a million dollars and being sold “as-is”. I was able to find one on Long Lake with 5200 square feet of unfinished space that is for sale for $1.1 Million. It originally started out at $2.2 Million, but with the market crash, and the simple fact that it is not finished, I am not surprised it hasn’t sold yet. Once a potential buyer also looks at the $18,000 yearly property taxes, they might think twice about buying the home. Oh, and did I forget to mention that the home is now lender owned?
