Posts tagged as:

minneapolis

Minnesota DNR Makes Lake Finding Easy

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.

0 comments

Upcoming Art Festivals in Minneapolis

If you are a lover of art and looking for something to do next weekend, then make sure to check out three great art festivals happening in Minneapolis.

  • In downtown Minneapolis, the Loring Park Art Festival is on August 6 & 7th featuring over 140 artists. When your done, feel free to stroll across to the Minneapolis Sculpture Garden or visit the Walker Art Center.
  • The 20th annual Powerhorn Art Fair is also August 6 & 7th with over 180 artists showing their talent.
  • Not too far away is the Uptown Art Fair near Lake Calhoun. This was is much larger, with over 350 artists, and runs August 5-7th. Many of my clients love this fair having art pieces hanging in their homes purchased from local artists.

Getting to all three, if you can make it that long, doesn’t have to be difficult. Metro Transit is offering a free weekend ArtPass on LRT and bus lines, so you can park and ride all day long!

 

1 comment

Most Expensive Condos for Sale in the Twin Cities 2011

They may not exist in vast numbers, but currently there are 51 condominium units available city wide priced over $1 Million. Here is the top five countdown for most expensive luxury condominiums in the Twin Cities area:

  1.  Phoenix on the River in Minneapolis – trying to live up to its luxury billing, the most expensive unit for sale in the Twin Cities could be yours for a mere $4 Million. It is located across the river and has fantastic penthouse views of downtown. With 3 bedrooms/5 bathrooms and over 6200 square feet this condo unit is under construction so right now it is only a dream.
  2. The Harrington House in Wayzata– this three bedroom/three bath unit has over 4400 square feet, with amazing views of Lake Minnetonka. A few years ago these units were topping $5 Million,  but this unit is listed for great price of $3.9 Million.
  3. Washburn Lofts in Minneapolis – $3.5 Million: Built in 2004, this 2 bedroom/3 bath condo unit has 4200 finished square feet and takes up the entire penthouse level. The night time views of the Minneapolis skyline are nothing but stunning, featuring 270 degree views of Minneapolis and the Mississippi River. Did I mention that is comes with its own terrace?
  4. Phoenix on the River– did I forget to mention that this development holds not only the number one spot but number four as well? This under construction unit has 4 bedrooms/4 baths and over 5800 square feet, but is a little cheaper at $3.5 Million
  5. The Manhattan House in St. Paul – oohhhh, this one is really pretty, not to mention the fantastic views! Located in downtown, this two level penthouse has 2 bedrooms/4 baths, and over 5000 square feet and is probably my favorite of the five. It will cost you just under $3 Million, but hey, that’s pocket change, right?

View More Information about these Luxury Condo Units:

[idx-listings linkid=”161245″ count=”5″ showlargerphotos=”true”]

 

0 comments

Twin Cities in the Eyes of the Census

The New York Times has a great interactive map which gives insight into population growth and decline, housing trends, and ethnic/racial concentrations.  Real estate agents are not allowed to comment on neighborhood/city demographics, so this interactive tool will answer many of the questions you might have. You are even able to zoom into Twin Cities neighborhoods to get a  more detailed look on what is going on in your neck of the woods.

0 comments

The Big Fish in Minneapolis

Minneapolis Sculpture Garden Conservatory Fish

"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.

0 comments

How to Buy a Luxury Home in Minneapolis

Minneapolis Chain of Lakes Luxury Real Estate Listings

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!

0 comments

Only in Minnesota…

A month ago I took the family out for a cold day of Minnesota ice hockey- the US Pond Hockey Championships 2011. They are held annually on Lake Nokomis. It was about 10 degrees that day, but us Minnesotans know that is the best conditions to play pond hockey, especially if the sun it out. I know what you are thinking…we must be crazy!

 

Minnesota Hockey US Pond Championships

You have to be careful when watching the games, as a puck can come flying at you any moment. A task even more difficult when looking through a camera lens!

Minnesota Pond Hockey Minneapolis

0 comments

Do Your Homework when Building a New Construction Home

In light of recent experiences I have encountered with local Twin Cities home builders, I make it a point to tell buyers that they should thouroghly research any builder they might contract to build their new home. Some builders are barely keeping their business above water, and others are slowly sinking, but if you spoke with these builders, most likely they would tell you they are doing” a lot” of business. Don’t believe them. Here are some tips to consider when building a new home:

  • Ask the builder how long they have been in business under the current company name.If it is a short period of time, ask them if they, or anyone involved with company, has been a builder/contractor under a different name. Believe it or not, there are some fairly sizable builders in the Twin Cities who have declared bankruptcy, gotten in trouble with the state, etc, and closed their doors, only to open up under a brand new entity name. Of course, they don’t disclose this to potential buyers.
  • Ask the builder if their company name is the same as their legal corporation name. Sometimes builders “Do Business As” (DBA) a different name. You can research both names with the Minnesota Secretary of State and find out if they are in good standing.
  • Ask for the Builder’s License Number. They should be able to give it to you on the spot. If they don’t, consider this a red flag. Once you have the number, research the builder with the Department of Labor and make sure their license number corresponds with what you were given. Believe it or not, some builders have been using another builders license number to pull permits, illegally of course.
  • Find out who owns the company. Go to the Judicial website and see if there are any active judgments against the owner and/or the company. Pending cases brought against the builder by clients or trade professions could be a red flag.
  • Ask for References. Don’t just get the good, but also ask to speak with someone who was not happy to see how the builder resolved the issue. It could give you a clue on how the builder professionally handles complaints.
  • Don’t just take the builder’s word for it. I can’t tell you how many times I have been lied to by a builder as an agent, and it just makes me more mad when I meet buyers who were lied to as well. If you have contracted with a builder, make sure all permits are pulled for the work being done. Once again, some builders are doing work without a permit, and when the city finds out, and the project shuts down, the buyer is the one left in limbo. Don’t be afraid to call the city and ask them if proper permits were pulled.
  • Find out who holds the escrow money. I don’t like the escrow money being held by the builder. If a builder cannot finance the permit on his own, then I question their financial standing. I have run into buyers who have had problems with builders and had to cancel the contract, only to find out the builder has spent the escrow money and doesn’t have the funds to pay the buyers back. It just turns into an awful mess. See if the money can be held by a title company.
  • Don’t go with a builder just because they have a great lot. The worst thing you can do is fall in love with a lot that is owned by a builder that you are not excited about. Trust me, it is the kiss of death! I know two buyers currently (not my clients) who went with a builder because of the lot and the homes are falling apart. They were warned about the builder, but they said they would take their chances because they were so blinded by the lot.
  • Don’t be afraid to ask questions. Ask everything you can think of, and don’t hold back even on the things that seem minor. 

These are just a few things to think about. “Google” the builder, too, and see what pops up. For instance, a  recent article in the Star Tribune highlights how some local builders have lost their license recently or been fined in the past few months.

0 comments

New Plans for High Income Earners in Minnesota

Our Lovely Governor’s Plan

In case you haven’t heard, our new democratic governor has unveiled his budget proposal for Minnesota.  The Governor’s proposal focuses largely on liberal, revenue-raising measures that unfairly target one group of people – those he considers RICH. 

  • His plan calls for creating a fourth tier income tax bracket at 10.95% (why  not just make it 11?) for joint filers earning over $150,000 and head-of-household filers earning $130,000. (By the way, when did spouses making $150K become rich?)
  •  He also wants to create a “temporary” income surtax of 3% on filers earning more than $500,000 annually. Of course we all know that any tax that is touted as being only “temporary” always becomes a permanent tax.
  • And probably the most ridiculous is imposing a statewide property tax on homes valued over $1 million. 

It shouldn’t be any surprise to my readers that I oppose all three of these proposals. I am not rich, but I aspire to be some day through hard work. Why then should I, or anyone else who has worked hard to be successful, be punished for earning more? I constantly hear about how one class deserves more than the other, and frankly I don’t get the whole “spread the wealth” thing. I grew up lower middle class, and through hard work, my father raised us up some. He never asked for a handout, and he raised me to believe that the only one looking out for myself is me. I could never ask someone that is wealthy to give me a piece of their pie just because I don’t have any – I prefer to make my own.

So when I hear Dayton say he wants to tax the rich more because “they can afford it”, I get a little mad. At 11%, Minnesota will be one of the states with the highest tax bracket. I see luxury home property taxes all the time, and trust me, they aren’t cheap. So also increasing the property taxes on million dollar homes just pushes the knife in further for high income wage earners. With the plethora of million dollar homes available in the Twin Cities, especially around Lake Minnetonka, I can help but think that these proposals will keep the wealthy from moving to Minnesota, therefore making it harder for local home owners to sell.

I guess we will just have to wait and see what happens. The Minnesota Association of Realtors “opposes the imposition of a statewide property tax for several reasons.  First, property taxes should remain a source of local government revenues and should not be expanded at a state level.  Second, expanding the residential property tax to the state poses an opportunity for future expansion to other, lower-valued properties.  Finally, it is the wrong time to add additional burdens to an already ailing housing market”.

0 comments

2010 Year End Twin Cities Market Report

The 2010 Twin Cities Real Estate Report was recently released by the Minneapolis Association of Realtors and has some fantastic data on what has been happening over the past years in the surrounding 13 county area. While this is a general overview of all real estate activity for 2010 and not a specific breakdown of the luxury home market, it provides some important insight on areas that do cater to the upper bracket real estate market.

New Listings

New listings have been decreasing over the past five years, which is really no surprise to anyone. What is interesting is that 2009 and 2010 are relatively the same for homes put on the market. I like the fact the report breaks down the top/bottom five markets for new listings. For the luxury home market, Victoria is number four for most new homes listed, and has seen a 13% increase in home prices over the last year.

2010 New Listings Real Estate Market Report

New Listing Data 2010

Closed Sales

For Closed Sales in 2010, the number one area for sold homes was Victoria, with Lake Minnetonka in fifth place. Victoria’s new home construction was probably a good reason for the top ranking for nearly 30% of its 2010 closed sales were due to new construction. Lake Minnetonka on the other hand saw almost 30% of its closed inventory as foreclosure or distressed properties. The desirable area coupled with lower home prices helped the Lake Minnetonka market have a better overall year than other Twin Cities areas.

 
2010 Twin Cities Real Estate Solds

Closed Sales Data 2010

Days on the Market

 One of the most important pieces of date to relay to home owners is the number of days it might take to sell their home. Known to agents as DOM, the Days on the Market helps us understand exactly what a local real estate market is doing. As you can see, when the market tanked in 2008, DOM increased dramatically. Since then, homes have been slowly seeing that time frame decline – a good thing for the overall market. Areas of Minneapolis found themselves having the shortest days to sell, most likely due to the shear volume of foreclosures in those areas. The “North” area of Minneapolis alone had 60% of its sold volume in 2010 as distressed/foreclosed properties.

Days on the Market for Twin Cities Home Sales 2010

2010 Days on the Market

If you would like to learn how your local real estate market performed in 2010, please feel free to send me an email!

0 comments

← Previous Entries

Next Entries →