From the category archives:

Minneapolis

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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The National Association has just released some statistics about how green home features are affecting buyers decisions when purchasing a home. While commuting costs are a big concern for younger buyers, energy heating and cooling costs are the number one concern as buyers get older. Even though the data paints a broad stroke over the entire nation, it is safe to say that commuting and energy costs rank high in Minnesota, too. Local builders are taking building “green” into account, some becoming GreenStar certified.

green-home-features-infographic-2015-03-17

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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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Thinking of selling your high end home? Want something different that sets your home apart from others on the market and really grabs a buyer’s attention?

Check out the new video released by Jennifer Kirby, Broker/Owner of Kirby Fine Homes, that features one of her luxury listings in Minneapolis. It not only blows the ho-hum virtual tours of still shots used by most agents out of the water, it tells a story about the home and creates an emotional reaction from buyers that could just make them say “This is the ONE!”.

Want your high-end luxury or historic home to be featured next? Give Jennifer a call for a professional marketing consultation and analysis.

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On Friday, March 7, 2014, the Minneapolis City Council voted 13-0 to immediately enact a moratorium on residential redevelopment in the Armatage, Fulton, Kenny, Linden Hills, and Lynnhurst neighborhoods. This action was brought by newly elected Ward 13 Councilmember Linea Palmisano, and will last for ONE YEAR!

MPLS Moratorium

Highlighted Neighborhoods of Minneapolis Moratorium

This means if you are looking for new construction in these neighborhoods, you can’t build. If you want to sell your home to a developer as a tear down, you can’t because the developer won’t buy it. If you were thinking of adding on an addition to your home, you can’t do it unless the total above ground square footage is less than 1500. Oh, and if you are having a hardship, you have to appeal to the City Council and prove your hardship…if it isn’t good enough for the council, than you will be denied!

Is this stupid??? Ummm, YES!

The official council motion reads:

Motion by Palmisano to introduce an ordinance amending Title 21 of the Minneapolis Code of Ordinances relating to Interim Ordinances, for first reading and referral to the Zoning & Planning Committee (adding a new Chapter 590 providing for a moratorium on the demolition, new construction, or establishment of single and two-family residential dwellings in the R1, R1A, R2, and R2B zoning districts in neighborhoods of Linden Hills, Fulton, Armatage, Kenny, and Lynnhurst, and authorizing the department of Community Planning and Economic Development to conduct a study to inform future development of the area and to propose such amendments to the city’s official controls and other regulatory devices)

The full text of the ordinance can be found here.

Due to the invocation of the city’s Zoning Code Chapter 529, the council was able to make this ordinance effective immediately upon passage.

According to the Minneapolis Association of Realtors, “neither the housing industry nor the public was invited to engage with the city on any issues of concern leading up to this moratorium vote. We are very disappointed that the City moved to put a yearlong ban on housing in these critical Minneapolis neighborhoods.  The disregard for constituents, both current and future, saddens and dismays all of us in the housing community. This moratorium will be incredibly damaging the overall housing market, and especially to the property rights of Armatage, Fulton, Kenny, Linden Hills, and Lynnhurst residents”.

A public hearing will be held on Thursday, March 20, 2014 by the City’s Zoning and Planning Committee at 9:30 am. That committee is chaired by Lisa Bender (Ward 10) with Vice-Chair Andrew Johnson (Ward 12).

I strongly suggest that the public attend this public hearing to voice your concern and thoughts on how this will affect the housing industry in these neighborhoods.

 

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1712 Mount Curve Avenue, Minneapolis, MN

Built in 1906, this stunning home was designed for Lawrence Donaldson, who with his brother William, founded the Donaldson Department Store in Minneapolis. The architectural firm of Kees and Colburn was commissioned to design the family’s residence, known for a number of major works in Minneapolis including the Grain Exchange Building, Donaldson’s Office Building, and the Charles H. Harrington Mansion. They later designed the Loring Theater, the Ford Centre, and The Lowry, to name a few.

Constructed mainly of brick, the home is exquisitely detailed with a mixture of several design styles, the most prevalent being Arts & Crafts and Beaux Arts. Subtle design elements throughout the home, linked to Mr. Donaldson’s Scottish heritage, feature the thistle. Probably the most identifiable symbol of all things Scottish, the flower can be found on the facade of the house, the entry columns, above the entry door, on the chimneys, in the living room Tiffany window, and more!

Completed sometime in 1907, additional modifications to the home began in 1908 by expanding the north side – a dining room and a second floor bedroom were enlarged, a sleeping porch was added, and the screened-in porch became an enclosed sun room. The Donaldson’s also hired well known designer John Bradstreet to create a Japanese inspired Sun Parlor, as well as design the Reception Room/Study off the main foyer. In 1916, the carriage house was completed with four large carriage stalls, a second floor apartment, a number of work rooms, and a connecting tunnel.

As happened to many large properties in the Twin Cities as time moved on, the estate was subdivided into six separate lots in 1959 when it was sold by the Donaldson family. After the passing of many decades and multiple owners, the main house was bought by the current owners in 2000, who later that year acquired the original northwest hillside lot extending down to Kenwood Parkway, and in 2001 the carriage house. With three of the six lots reunited, the land totals just over an acre, or 44,792 square feet, representing one of the largest residential properties in Minneapolis.

Restoration of a Gem

Thankfully the new owners had a vision of restoring the home back to its former splendor. Over the last decade, with love and dedication, some of the highest quality craftsman and artisans were employed to bring the home back to life, while incorporating state of the art technology and modern conveniences for today’s busy lifestyle.

Carriage House

1712 Mount Curve Avenue Minneapolis Carriage House

The 3 level carriage house includes a fully restored and renovated upper level 2 Bedroom, 2 Bath apartment with kitchen, living room, and dining room and just under 1500 finished square feet. If leased, one parking stall is included with the apartment, and is located on the main level in the property’s terrazzo floored 4 car garage. The space would also be perfect as a nanny or in-law suite. The garage main level also features a workshop and tool room. The lower level, which connects to the main residence via a tunnel includes an exercise room, work shop, half bath, and storage rooms.

Currently Listed For Sale at $5,495,000. More information available at property website www.1712MountCurveAvenue.com

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Luxury Home Lake HarrietHere are some good suggestions on what to do before you purchase a home.

  • Look for Lenders that cater to the affluent – A buyer looking as a $4 Million home doesn’t go to Lending Tree for a loan. You need a mortgage company with a history of upper bracket real estate.
  • Shop on the Internet, but don’t look at a home without a Realtor – The Internet is real estate’s most versatile tool and is a great way to browse for luxury homes and narrow down your choices. Look for a real estate agent that specializes in upper bracket homes and be honest with them about your purchasing power.
  • If you call on a listing, talk to the Listing Agent of the property – The best number to call is the agent’s cell phone, or better yet, email them. If you do have to call the office, leave a message for the listing agent. Often buyers who call about a home will only get the floor duty agent, who is always new.
  • Use an Agent that is an expert in the market and works the Luxury listings – Great agents are great agents, but if they don’t work specifically in your target price range in your target location they will not be as valuable a resource an agent who does.
  • Special properties need special agents – Ranches, waterfront, equestrian estates, all require specialized knowledge. Buyers will not know the zoning laws and potential problems associated with specialty properties, but your agent working in that arena will. An agent who does not normally work with Luxury homes could be a liability to you.
  • Know who handles the closing – How homes are bought and sold varies by state, county and region. Attorneys might handle the sale in some states and a title company in others.
  • Get an Estimate on Closing Costs – Closing costs vary by state. You also need to know if property taxes are prorated and if the state levies taxes off the purchase price or mortgage. These can be pricey when buying an expensive home.
  • Ask Questions about the local Luxury Market – Get to know the purchase documents before hand and it will help you make a better offer. Good agents educate you about the market, what is selling or not selling, and guide you through the buying process. Remember, there are no dumb questions!

Look for my next two installments of this series in the upcoming weeks!

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Lake of the Isles in Summer

Downtown Minneapolis from Lake of the Isles, Summer 2013

It’s amazing how many beautiful areas there are in Minneapolis, and in the summer, the Chain of Lakes is one of the hot spots in town. Minnesotans can take a stroll or bike around the three lakes, Lake of the Isles, Lake Calhoun, or Lake Harriet, canoe, paddle board, sail, and more! And all this with the Minneapolis skyline as a backdrop even though it feels like you are NOT in the city.

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2719 Dean Parkway2719 Dean Parkway, Minneapolis

Located one block from Lake of the Isles and over looking Kenilworth Lagoon, 2719 Dean Parkway is unique among properties for sale around the Chain of Lakes. Constructed to ultra high-end specifications by Stonewood Builders in 2012, this home combines spacious open-plan living with stylish comfort and is magnificent for sophisticated entertaining. A huge, attached two-car garage with circle drive is a winter dream, while the front porch and rear deck provide special outdoor options in the warmer months. A heated and cooled workshop is perfect for projects, and the epoxy garage floors makes cleanup a breeze.

Living Room 2719 Dean Parkway

The charming breakfast-nook is wonderful for informal meals, while the formal dining area complements the large, efficient kitchen. An enormous center island offers extra seating and plenty of counter space for cooking up a feast for friends and family. Stainless steel appliances, pull-out pantry, cherry wood cabinets, and coffee station are additional kitchen highlights. And don’t miss the gorgeous American Cherry hardwood floors throughout the main and upper levels!  The living room features floor to ceiling french doors overlooking the lagoon that pour in the natural light, a top of the line gas fireplace, and behind the large wall mirror is a hidden nook for your large flat screen TV. Finishing out the main level is a formal office with coffered wood ceiling and separate kitchen desk.

With 5 bedrooms, 4 bathrooms, 4299 square feet, this home is for sale at $1,315,000. You won’t find a new house with a better location for this price around Lake of the Isles!

For additional information, photos, and floorplans, please visit www.2719DeanParkway.com .

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