From the category archives:

Living in Minnesota

Below is snippet of my feature in the Star Tribune.

Jennifer Kirby, luxury real estate agent

If you think it’s tough to find a buyer for grandma’s silver and the family china, imagine trying to unload an expensive old house with a butler’s pantry and a foyer too fancy for muddy boots and dirty dogs.

For five years, Mark Perrin has been trying to sell one of the most beautiful houses in Minneapolis, a 10,000-square-foot mansion on Mount Curve Avenue. It is now priced at $3.1 million, half his original asking price and below what he paid for it.

“It boggles my mind,” Perrin said. “You get to the point where it just gets silly.”

More homes changed hands in the Twin Cities this year than ever before, and transactions of $1 million and more also set records. But at that exclusive level — the homes most people can only dream about — something is changing: Houses that couldn’t be replicated today are sitting unsold as well-to-do buyers seek technology over turrets and perfection over patina….

…Jennifer Kirby, the agent who has the Perrin listing, said that selling a house in Minneapolis can be challenging because there’s a perception that when you factor in property taxes and lot sizes, you get a better value in the suburbs. Of the 22 houses that have sold for more than $3 million in the Twin Cities so far this year, 19 have been on Lake Minnetonka.

 “Even rich people care about their money,” Kirby said. “There are plenty of people who have the money, but we’re competing with Lake Minnetonka.”

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It’s amazing to look at the photo I took just last August and see how far stadium construction has come in such a short time. The photos were taken from the same spot. It’s also unbelievable how brave these constructions workers are, especially the ones who walk along the top beams. Gives me the shivers just thinking about it!

New Vikings Stadium under construction 2014

 August 2014

New Vikings Stadium 2015

 April 2015

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Luxury home Kenwood Parkway MinneapolisLooking to buy a luxury home in Minneapolis, St. Paul, Lake Minnetonka, or the Twin Cities metro area?  Here are more ideas on what to do before your next home purchase:

  • Look beyond your Target Price – You might be looking for a home in the $5 million range, but if you are looking in an area other than where you currently live, you need to find an experienced luxury agent to help you understand market value. Find out what $1 Million, 3 Million, or even $10 million will get you.
  • Don’t Get Sticker Shock – Prime locations command prime dollars. Expect to pay higher than normal prices for waterfront properties, mountain views, and prestigious areas.
  • Communication is Key – real estate agents cannot read your mind, no matter how good they are. It is extremely important to be honest about your goals and your finances in order to have a great experience. Most luxury agents understand the need for confidentiality and will be more than happy to work with you.
  • Put Trust in Your Agent – Realtors are professionals, so trust that your agent understands what you want (again, communicate) and you’ll be viewing homes that meet your needs. If at anytime you feel uncomfortable, do not feel guilty for seeking out a new agent.
  • Don’t be Confidential about your Assets – Be prepared to show your ability to purchase, no matter who you are. You might be well known where you live, but your new city banker won’t. Have your bankers talk to each other to verify there are funds available to close and to also source the origination of those funds. The seller might also ask for a letter of verification from your lender for their peace of mind.
  • Don’t forget Future Resale Value – It might not be your top priority, but someday you will probably want to sell the home you are purchasing. Check the appreciation rate for the neighborhood and take it into consideration when buying.
  • Think about your Offer – Price is usually the first item a seller looks at when an offer is written on their home, but an offer can also consist of contingencies about inspections, finances, closing dates etc. Remember to make your offer based on of all terms and the condition of the home. If need be, have your Realtor write up an explanation of your offer terms to include with the contract. Sometimes explaining your situation or reason to the seller will give you a “human factor” and most times get your offer accepted.
  • Don’t get Emotional about the Seller’s Personal Property – if there is something you like in their home and would like to ask for it, do not write it in the contract. Instead, draw up a separate agreement and ask nicely for the item(s). If they say no, let it go. Too many deals fall through because of household appliances or a chandelier. If they promise something is in included, get it in writing!
  • Get to know the Paper Work – Ask your agent for copies of all documents and disclosures and review them before you make an offer. Mark any areas where you have questions. Every state is different regarding the types of disclosures you need, and what you are use to in one state, most likely will differ in another. For example, in Florida, there is a “Termite” Disclosure which also covers mold, wood rot, and powder post beetles, but if you want to buy in Minnesota, they have no such disclosure.

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Love the colors at the Kate Spade store in the Galleria. If you get a chance to do some high-end shopping,  visit the amazing shops in Edina.  Think luxury,  luxury, luxury!

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Sunset on Lake Minnetonka

The other night I was fortunate to take a three hour boat ride around Lake Minnetonka. It was the perfect crisp autumn night and the sunset didn’t disappoint –  blues then to reds.

Late Sunset on Lake Minnetonka

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4th of July in Minneapolis

A clever way to decorate for the 4th of July, this home is currently for sale in Minneapolis at www.2719DeanParkway.com

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 Credit River Township Homes for Sale
One of my favorite luxury neighborhoods is located in Credit River Township, just south of the Twin Cities. I came across Cressview Estates years ago when two of the homes were on the Parade of Homes. Since then, even more luxurious homes have been built in the development, with every home having its own unique style. Home sites range from 2.5 – 13 acres, allowing you all the privacy you could desire. The Legends Golf Course is just down the road, as is the Cleary Lake Golf Course.

Cressview Estate Credit River Township homes for sale

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It looks like the lack of rain is taking its toll on Minnesota lakes and rivers.  According to the state climatology office, the last three months near zero precipitation is making most of Minnesota rainfall totals rank at or below the lowest on record. The DNR is also calling for water conservation across the state and is giving examples of how the drought conditions are affecting the State’s water levels:

  • Water conflicts between users and uses are emerging in more places.
  • Nearly one-half of the state is in severe drought or worse; severe drought is considered a one in 10-year event; extreme drought is considered a one in 20-year event.
  • The extent and geographic distribution of the current drought is rivaling the extreme drought event of the late 1980s.
  • Large areas of Minnesota have missed the equivalent of two summertime month’s worth of rain.
  • Soil moisture levels are at or below all-time low values for the end of September.
  • White Bear Lake’s water level has hit its lowest point on record.
  • It is a dire situation going into the 2013 growing season.

For Lake Minnetonka, the current water level is a foot lower than it was a few months ago, and about 18 inches lower than at the beginning of summer, according to the DNR and an article from the Lake Minnetonka Patch. The lowest recorded water level ever recorded for Lake Minnetonka was in 1937, putting it about 6 feet lower than the recent October 2012 measurement.

You might wonder why Lake Minnetonka water levels might matter so much to the Twin Cities. The answer is simple – it is the beginning of the Minnehaha Creek watershed which encompasses “181 square miles that drain into the Minnehaha Creek and ultimately the Mississippi River. The watershed includes Minnehaha Creek, Lake Minnetonka, the Minneapolis Chain of Lakes, and Minnehaha Falls and there are eight major creeks, 129 lakes, and thousands of wetlands” affected by decreasing water levels. Low levels in the watershed mean a low Mississippi River, which can already be seen in areas down to the Gulf of Mexico.

While levels are not at record lows, it is a concern for the upcoming years if we don’t get rain soon. If the winter brings no snow, conditions will only worsen in the spring and make for a very dry 2013. Maybe it’s time to start the rain dance.

 

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Lake Finder for Minnesota Lakes

Have you ever been driving around Minnesota and passed a lake who’s name you don’t know and wonder what it is? Well now the Minnesota DNR has created a phone application to help you out.

The LakeFinder contains data for more than 4,500 lakes and rivers throughout Minnesota and the application allows you to get the information on demand with an internet connection or save it to your device for off-line access. Have thousands of lake surveys, depth maps, and vegetation reports, plus water quality and clarity data literally in the palm of your hand. You can even save them as favorites.

Check it out on the DNR website, or visit your phone’s app store.

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Minnesota Fall in Red Wing

Autumn Reflections near Red Wing

It has been really cold here in Minnesota the last few weeks, and I find myself dreaming of some warmth and color. So I thought I would post a photo I took this past fall of a picturesque scene near Red Wing, MN. No, I did not stage the hunters in the canoe. They actually startled me with their gunshots – they were hiding in the reeds hunting geese. I literally watched them shoot a couple of geese out of the sky, paddle to the birds, and pull them out of the water. As they paddled away, I took this shot. Welcome to Minnesota!

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