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Luxury

What to do Before Buying a Luxury Home in the Twin Cities, Part 1

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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A New Home off Lake of the Isles – OFF MARKET

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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State of the Luxury Home Market – Twin Cities

State of the Twin Cities Luxury Home Market

I thought it would be interesting to compare the current Spring real estate market for luxury homes in the Twin Cities to the last couple of years, and see if things have improved at all. The news is constantly stating that the Minnesota real estate market is roaring back to life, what with our shortage of inventory and less buyer fear, but can the same be said about the luxury market?

Days on the Market

Back in 2010, the rug was pulled out from under the luxury real estate market and it seemed to take forever for a home to sell. The average Days on the Market, what we real estate agents call DOM, was 212 – meaning that is took on average 212 days for a luxury home to sell.

Days on the Market 2010 Twin Cities Luxury Homes Days on the Market 2010

Now, look at March 2012 and the numbers get better. The average number of days drops to 170!

Day on Market Luxury Homes Twin Cities Spring 2012 Days on the Market 2012

For April 2013, the number drops to 148!

Luxury Home Days on the Market 2013 Twin Cities Days on the Market 2013

Inventory

Inventory is often one of the deciding factors on how a real estate market will perform. Too much inventory and few buyers makes for a terrible market. In 2010, sellers were scared and wanted to get out of their expensive homes. Buyers however were very worried and became hesitant if not completely shut off from buying a new home. No other inventory in the Twin Cities felt this more than the luxury home market, starting at about 685 homes for sale in Spring 2010 and roaring to 925 in the Fall.

Minneapolis St Paul Luxury Home Market Inventory 2010 Inventory 2010

Spring 2011 started off with 653 homes on the market and increased to around 836 by September, however when Spring 2012 hit, less homes were being offered for sale – coming in at around 620.

Twin Cities Luxury Home Inventory Spring 2012 Inventory 2012

Once Fall 2012 came around, only 708  homes were for sale. That’s a 15.3% decrease from 2011!  Of course now that Spring 2013 is here, I know the market inventory is low simply by trying to find homes my clients might like. We can’t find any! That’s because there are only currently about 430 luxury homes on the market. When compared to 2010, we quickly see that the Twin Cities Spring luxury inventory has decreased by 37%!

Twin Cities Luxury Real Estate Inventory Spring2013 Inventory 2013

Average Price

Starting in late 2009, the luxury home market started to be affected by the economy, and prices started a slow decline over the next year. By August 2010, average prices began a rapid decline making 2011 a terrible year to sell an upper bracket home in the Twin Cities. Homes that once held a value well over $1 Million, were now selling for $700-800K. Foreclosures and short sales became more prevalent, as home owners found themselves underwater and unable to afford their castles.

Twin Cities Luxury Home Average Price 2010 Average Price 2010

By Spring 2012, home values were at their lowest, only bringing in an average of around $675,000, but every cloud has a silver lining. Over the last year, the average price of a luxury home has been steadily increasing, and we are now back at 2009 pricing.

Twin Cities Luxury Homes Average Price 2013

What Does It All Mean?

Wow, what a difference a few years make! While the numbers look to tell a great story, it is still a cautious time. Home owners are not listing as many homes, thus giving buyers less choices. This helps prop up the market with homes selling quicker, but buyers are still afraid of paying too much for a home. Most of the buyers I encounter refuse to pay list price, and they also want to see the price of similar homes that have sold in the area in order to justify their offers.

The most interesting information in the report, in my opinion, is not the average price number, but the graph direction in general. Looking at 2010, the graph line is going down. But take a look at what has been happening since May 2012. The graph direction is going up, as if it is trying to claw its way out of the abyss. Let’s pray it keeps going up!

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Three Meadows Luxury Home For Sale in Mendota Heights

Mendota Heights Luxury Home for Sale

614 Hidden Creek Trail, Mendota Heights, MN

 

It is hard to believe a home of this stature can be so close to Minneapolis and St. Paul, major Interstates, and the MSP International Airport, but feel like it resides outside the Metro area. The home owners combined two lots into one to create a 5+ acre nature retreat that is amazingly quiet, secluded, and pristine…not to mention frequented by deer, ducks, turkeys, many varieties of birds, and more! Christened as “Three Meadows” for the meadows stretching on and behind the property, a favorite part of the owner’s day is walking along a nature trail that winds through the trees and land for a “good mile”.

As soon as you step into this one of a kind home, you will instantly see the quality in craftsmanship. With over 13,000 heated square feet, no detail was overlooked in its design. Built over a period of 18 months, the home was crafted by Mihm Custom Homes and finished in 2005. The three level layout has 6 bedrooms, 7 baths, 2 half baths, a main floor laundry, and another small laundry in the lower level.

Luxury Home Theater 614 Hidden Creek Trail Mendota Heights
To view additional photos, documents, floorplans, please visit the property website at www.614HiddenCreekTrail.com

[idx-listing mlsnumber=”4337196″]

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Cressview Estates in Credit River Township

 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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Upper Bracket Homes for Sale in Minneapolis

If you are searching for a lovely home in Minneapolis to purchase in 2013, I am pretty sure you will be able to find something that fits your budget. Prices of high end homes range greatly depending on location and style. Homes on Lowry Hill fetch more than those along Lake Harriet, and sometimes the style of a home is just as much a factor.

Take a look at the newest homes to hit the market in Minneapolis.

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Mansions fit for a Kid…or a Dog

These are the homes we dream of owning, or at the least the homes our kids dream of playing in. I had a childhood friend who had an architect for a father. He built her a real house, sized down to fit us kids, and it was larger than the little mansion pictured above built by the Little Cottage Company. It was so much fun to play in, my favorite part being the grocery store with real cash registers. I will always remember that house, as it gave way to imagination and dreaming. Today, with the blessing of technology and easier building techniques, playhouses can be enjoyed by many more people/kids. Of course, building a playhouse mansion will set you back around $10,000-30,000, you can pick up less luxurious ones for$1000-2000. Boys don’t have to be left out for a playhouse – build them an awesome firehouse or old fashioned red school house.

Now, if you don’t have kids, don’t feel left out. Your pets can have their own puppy mansion too. Check out some of the custom built doghouses from La Petite Maison.

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Fall Home Tours Abound in the Twin Cities

You may not be in the market for a new home, but that doesn’t mean you can’t enjoy looking at other people’s homes and possibly finding your “dream” home. Of course your dream home will most likely be out of your price range, but hey, that’s why it’s called a dream home!

  • Fall Parade of Homes – while I personally feel there should only be one Parade Tour each year, instead of two, for the next couple of weekends you can peruse through the model homes of local builders. The Tour runs from September 8th-30th and is open Thursday-Sunday from Noon-6pm. The last weekend also features the Remodelers Showcase which is open Friday 1-7pm and Sat-Sun from Noon-6pm.
  • Homes by Architects Tour – The AIA Minnesota is putting on its 5th Architects Home Tour featuring 16 new and remodeled homes located throughout the Twin Cities, greater Minnesota and western Wisconsin, all designed by registered architect members of the American Institute of Architects Minnesota. Some of these homes are not in the Metro, so if you want to see a specific home, expect a drive and plan your day accordingly. The tour runs September 22-23,  10am-5pm.
  • Summit Hill Association House Tour – if you love historic homes, than don’t miss this tour in St. Paul. It always has amazing homes featured that you just don’t get to see very often and is only on for one day, September 9th, Noon-6pm.

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Most Recent High-end Homes for Sale in Saint Paul

For a real estate agent, seeing what is new on the market each day can be quite exciting. You just never know what is going up for sale! Here is a list of the most recent homes above $500,000 to hit the St. Paul market.

If you are looking in the St. Paul area for a home, or thinking of selling your current residence, please contact me.

[idx-listings city=”St. Paul” minprice=”500000″ propertytypes=”773″ orderby=”DateAdded” orderdir=”DESC” count=”10″ showlargerphotos=”true”]

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Pillsbury Mansion Back on the Market

In case you missed it, the Pillsbury Mansion “Southways” was quietly put back on the market in October 2011 for $24 Million, a far cry from its previous listing price a few years back of $54 Million. Located at 1400 Bracketts Point Road in Orono the home sits on some of the best real estate on Lake Minnetonka.

[idx-listings city=”Orono” minprice=”20000000″ propertytypes=”773″ orderby=”DateAdded” orderdir=”DESC” count=”5″ showlargerphotos=”true”]

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