From the category archives:
"Standing Glass Fish", Frank Gehry, 1986
One of my favorite places to visit in Minneapolis is the Minneapolis Sculpture Garden located just off downtown by Loring Park. I always visit the big fish in the conservatory as he is just really cool to look at. For this image I used HRD photography to catch the full range of light.
Minneapolis Luxury Homes for Sale
So you’ve decided that your next home will be in Minneapolis and now you have to find somewhere to live. Minneapolis is a pretty big city, so where do you begin? While the task might seem daunting, luxury homes in Minneapolis are quite easy to find as most of them are located in the Chain of Lakes region southwest of downtown, as seen in the listing snapshot showing current luxury homes for sale in Minneapolis.
Probably the most important decision to make is how much you want to spend on your new home as it will determine on which lake you can afford to buy and of course how close to one of the lakes you can live. The most expensive and prominent area of the Chain of Lakes is around Lake of the Isles and just northeast of this area – calledLowry Hill. Some of the premier mansions were built in this area by prominent architects and are in wonderful condition. Others are in need of repair and updating so you will want to take that into consideration as well, but no matter what condition they are in, prices for these homes can range from $2 Million- $7 Million.
Surrounding Lake Calhoun and Lake Harrietare old historic and luxury homes nestled along beautiful landscaped streets that are a little more affordable when compared to Lake of the Isles – by affordable, prices start at $800,000 and go up to $2 Million. No homes sit directly on the lakeshore, but are located starting a block away. One of the biggest draws to the area are the trails surrounding the lakes, which accommodate cyclists, joggers, walkers, and rollerbladers.
Now that you have thought about the price tag of your new Minneapolis luxury home, it’s time to drive around the area and see which lake you like the best. While all three are close together, each lake along the Chain of Lakes as its own atmosphere. Lake Calhoun has a younger vibe, with families and young entrepreneurs, not to mention the close proximity to Uptown which features shops, restaurants, and a local bar scene. Lake of the Isles has a more upscale feel with the more expensive homes, featuring neighborhoods that twist and turn along winding streets and a hilly landscape. The southern most lake, Lake Harriet, is more structured with cottage style homes and gardens, not to mention a fantastic park on the northern shore. Residents can enjoy concerts at the bandstand, ride the trolley, or enjoy swimming or boating on the lake.
Purchasing a luxury home in Minneapolis is a big decision, but one that can easily be helped by talking to a real estate agent. Many times I find that the home is what buyer’s fall in love with, not necessarily the lake it sits near. If you are ready to start shopping, you can begin your real estate search here, or give me a call – I’d love to help!
A few months ago I reported that financing for the upper bracket home market in Minneapolis and St. Paul was having some difficulties. Banks were being very cautious for million dollar loan requests, and the new norm for down payment was at least 30%. The word of the day was “documentation”, and banks required a ton of it. Now it looks like banks might be easing up on luxury home buyers…well, maybe just a little bit.
According to Lisa Wells of Residential Mortgage Group, the luxury real estate market is getting a little easier to finance, but still remains cautious. She says, “Loan amounts for 1 million or less are pretty decent for interest rates and the underwriting process, but buyers still need 2 years of solid income and at least a 700 credit score rating.” It appears that a down payment of 20% is also OK, but if you want a better interest rate, than banks would like to see at least 25% down.
If you require a loan amount of over $ 1 Million, things will be a little bit different. Now two appraisals are required by the bank, with the lower of the two used for the loan. The borrower must have at least 12 months of payments in the bank in a liquid reserve and ideally more, and of course a high credit score. Ms. Wells says she has found that final loan approval in the million dollar plus market, even if the buyer meets all the requirements and guidelines, “is still left to the discretion of the Underwriter, and that she should have a very, very strong borrower with 35%-40% down. The thought out there is the upper bracket market still might have some downward pressure, and therefore, anything with loan amounts of $1.5 Million or more is just hard”.
Home owners looking to sell this year should realize that there is a real obstacle with million dollar home financing, as buyers must be able to come up with the dough. Price is not always the reason for why your luxury home hasn’t sold – it could be the lack of qualified buyers. With the tougher rules in place for loan approval, sellers should require that all buyers be pre-approved. In this way, Twin Cities home owners can have a little bit of comfort that a financial capable borrower is knocking on their door.
Minnehaha Falls in Minneapolis
Many people don’t know that there is lage waterfall in Minneapolis. In the winter, it freezed completely and is a wonder to behold. At the time I shot this photo, there was still a little bit of flow left….by now, it is completely frozen.
Some of you might be wondering where I have been the past month. While I hate to be away from the blog so much, it happens sometimes that other parts of the business take me away from writing. I have to say that the reason this time is a good one, as I have just done something I have been dreaming of doing ever since I entered real estate – opening my own real estate brokerage.
The company is small to start out with, but that’s the way I like it. Too many real estate brokerages spend tons of money of what I call “Go Big, Go Large”. Their money goes to expensive offices that no one visits, nor any agents actually work from. Overhead eats them up, and their agents suffer. The old way of running a real estate company is dying. I plan on being a part of the new way.
My boutique firm sells real estate in the Twin Cities, including Minneapolis, Saint Paul, Lake Minnetonka, and the surrounding Metro areas/counties. While we cater to all price ranges, special emphasis is given to luxury properties, historic homes, and waterfront/lakefront real estate. By keeping the firm small, we will be able to better serve our client’s needs with personal attention. Clients will not be lost in a shuffle of a big box firm where no one knows their name. While our goal is to be the best, it is not to be the biggest. Think “Jerry McGuire” if you will.
Being as I have just opened Kirby Fine Homes, it will take time to get everything in place. This year a new website will be developed for the brokerage, and knowing me, an Internet presence will quickly be established. I am very excited about this new venture, and can’t wait to see what 2011 brings for the local real estate market!
“Kirby Fine Homes – Opening Doors to the Most Exceptional Homes in the Twin Cities”
Lake Harriet in Early Fall
This week I was out and about Minneapolis taking some photos of the city in early fall. One great fact about living in Minneapolis is there are lakes everywhere for the public to enjoy, and Lake Harriet is always full of people taking advantage of the views – fisherman, joggers, walkers, people with dogs, bikers, and yes, even photographers.
Luxury Grand Hotel
Looks like the Grand Hotel in downtown Minneapolis has sold for $33 million to Pebblebrook Hotel Trust. According to Business Wire, the new owner plans on investing $4.5 million into building renovations. The building will continue as a top luxury hotel for Minneapolis.
The building was originally opened in 1915 as the Minneapolis Athletic Club, built by Bertrand and Chamberlin. Its short stature of 12 stories can be attributed to a 1920’s height restriction.
Hope everyone has a happy 4th! Hopefully I can catch some great photos this year.
Fireworks over Downtown Minneapolis, Copyright 2009 Jennifer Kirby
