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Luxury

What to do Before Buying a Luxury Home in the Twin Cities? Part 2

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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Networking with Nation Wide Luxury Agents

Traveling to Denver to attend a luxury real estate conference is a highlight of my year. It’s a good way to market my listings to agents from across the country and meet people to send clients to when they move out of the Twin Cities.

Leaders in Luxury is an invite only event for the top luxury real estate agents in the nation, and I had the privilege of being invited again this year.

Leaders in Luxury Real Estate

The chandelier shown above is located in the Ritz Carlton – Denver and was created by glass artist Dale Chihuly. It is an amazing work of art!

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Be Honest with Your Agent When Selling Your Home

Monarch Butterfly on Joe Pye weed

When it comes to selling your home,  honesty is always the best policy, especially when speaking with your agent.

Each time I meet with home owners to discuss their property, I let them know up front that I offer complete honesty, adding that I don’t “sugar coat things”. I’m blatantly honest to the point that I have had a few home owners get mad at me for “insulting” their home. (Some home owners don’t want to face the facts that the home needs a MAJOR cleaning.)

Of course I asked them if they would rather have an agent lie to them to get a listing, or have an agent tell them what they most likely don’t want to hear and help them get the home sold.  I have yet to have someone tell me to lie.

But the main point of this story is that after I state my commitment of honesty to them,  I notify them that I expect the same level of honesty from them in return.  Remember, anything you tell your agent is confidential. So don’t be afraid to tell them a divorce is on the way, or that you just received a notice of foreclosure.

What ever you do, DON’T hide facts that can affect the listing.

I once had a home listed that I was heavily marketing, and putting a ton of time and money into getting it sold.. It wasn’t fun getting a call one day from a buyer’s agent asking how long my clients had been in foreclosure. This was news to me. I had specifically asked the sellers if they were in foreclosure and had been told no. I had also looked into public records, and there was no foreclosure notice posted. Of course the day it became public was the day this agent had seen it, and thus called me because he had an interested client.

When I asked the home owners why they hadn’t told me, they said it was private information and that they were embarrassed to tell me. Unfortunately, their failure at being honest cost us months on the market. Now we had to regroup and talk short sale. Time was running out, and a short sale takes time. Luckily, they had a bank that was on top of things, and we were able to get a short sale approved.  Unfortunately, their lack of honesty caused unnecessary stress and loss of time for all involved.

I could go on and on with examples of how past clients have been less than honest with me, and each one has had it affect them negatively – either through more time on the market, less money earned on the sale of their home, or no sale at all. Don’t let this be you! Be HONEST with your agent because they’re there to help get your home sold, no matter what the circumstances.

 

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1712 Mount Curve Avenue, Minneapolis, MN

Unique Marketing Tool Used to Sell Luxury Homes

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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Skyline Builders CEO buys Dellwood Mansion

18 Doral, Dellwood

It took some time, just over two years, but the gorgeous luxury mansion in Dellwood at 18 Doral Road has final sold. Owned by Dwight Opperman (listed by Forbes as one of the 400 richest Americans),the home was first placed on the market in August 2011 for $12 Million. That price was halved in the Spring of 2013, and then dropped further to $3.5 Million six months later. It was finally sold for $3 Million in January 2014.

The new owner is CEO of Skyline Builders Inc, Roland Stinski.  The sale includes the main house, plus four additional lots in the neighborhood.

[idx-listings linkid=”380876″ showlargerphotos=”true”]

 

 

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New Multi-Million Dollar Lake Minnetonka Listing Hits the Market

Joining the ranks of Southways (the highest priced luxury home on Lake Minnetonka at $24 Million), the historic home owned by Irwin Jacobs hit the market for $22 Million last week.

The original home was built in 1939 for Charles Bell, son of the founder of General Mills. Named Tanager Hill, the home has been added on to over the years and sits on a hill overlooking Lake Minnetonka. It boasts 32 acres, almost 13,000-square-foot main house, a 3,500-square-foot guesthouse, a pool house, two caretaker houses, a barn and a guard house.

Sadly, there is talk in the media of this property being divided off into small home sites, and while some say there is no way the main house would be torn down, recent history on the shores of Lake Minnetonka prove otherwise. The historic Northrup House on Ferndale is slated for demolition, as is the Modernist Era home next door, two homes with such architectural significance that local residents never thought new owners would tear them down to build even bigger homes.

Will Tanager Hill sit on the market as long as Southways has? Possibly. Will anyone really spend that kind of money on a property in Minnesota, even if it can be split into smaller lots? Highly unlikely.

[idx-listing mlsnumber=”4440967″ showpricehistory=”true” showlocation=”true”]

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New Mortgage Rules Could Affect the Purchase of Your Luxury Home

Looking to purchase a new luxury home this year in the Twin Cities? Most likely, you will be using what’s called a Jumbo Loan to help finance the purchase.

What you need to know is that the rules have changed, thanks to the Consumer Financial Protection Bureau. Effective January 10, 2014, the rules for the jumbo-mortgage market are changing. According to the Wall Street Journal’s Market Watch, here are five changes to expect in 2014:

  • Fewer types of Jumbo Loans – interest only loans and those with balloon payments will be hard to find, and will most likely result in a higher down payment requirement.
  • Lower Down Payments – the good news is that many banks are dropping the 20% down requirement on large loans, some down to 10-15%. But this might mean private mortgage insurance will come back, an added expense for borrowers.
  • New Rules for “non-qualified” loans – Loans that meet the new “qualified” requirements must have no higher than a 43% debt to income ratio. For banks wishing to offer jumbo loans above this mark, they will most likely require higher down payments, and proof of large cash reserves.
  • Banks will Push for ARMs – rates on 30 year fixed-rate Jumbo Loans will increase over time, thus causing some banks to promote ARMs (adjustable rate mortgages), allowing them to make more money on higher interest rates once a borrower’s rates reset
  • Rate Changes – new rules created by Dodd-Frank will cause investors to pay more for loans sold to them, passing this cost down to borrowers utilizing Jumbo Loans

 

The video below is a quick snapshot about how the new Mortgage rules will affect the real estate industry this year.

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Most Expensive Homes in St. Paul

Most Expensive Homes in the St. Paul Area

It’s always fun to see what the Most Expensive Homes For Sale look like, where they are located, and what price they are asking, so I thought I would update my readers and let them take a peak at these amazing homes, this time in St. Paul. Most are historic homes with some amazing architectural features that just can’t be replicated today.

View the rest of these luxury homes below:

[idx-listings linkid=”371989″ count=”10″ showlargerphotos=”true”]

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Last Week for the Parade of Homes

Parade of Homes Fall 2013

Dream Home by Nor-Son, Inc in Chanhassen

If you have been wanting to get out of the house to see some really beautiful homes, then don’t waste anymore time. This is the final week of the Fall 2013 Parade of Homes, which runs until Sunday, September 29th. The Remodeler Showcase is also this week, running Friday through Sunday.

I stopped by one of the Dream Homes last week in Chanhassen, and it is definitely one I would recommend viewing. The interior design and decor might be more Northern Minnesota, but it was nice to see something different in the Twin Cities. The home owner obviously hunts, what with all the stuffed animals in the lower level, but they fit nicely with the theme of the home. Luxury radiates from the master suite, and the kitchen is stunning. My favorite space by far is the outdoor screened in patio. I could sit out there all night (and so could my husband) and enjoy the wood burning fire, sipping on some wine. Check it out…I’m sure you’ll love it too!

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1712 Mount Curve Ave

Historic Donaldson Mansion on Lowry Hill is For Sale

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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