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Minneapolis City Council Issues Stupid Moratorium

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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Winter Snow 2014

Minnesota Winter Snow 2014Yes, we get snow here in Minnesota.

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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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Required Sprinkler Systems in Minnesota Homes

Proposed Residential Indoor Sprinkler System Mandate

If you plan on building a new luxury home in the near future, you might have an extra expense to contend with if Governor Dayton gets his way.

Currently the Minnesota Department of Labor and Industry (DLI) is processing an update to Minnesota’s Building Code. Minnesota’s code is based upon the International Residential Code (IRC), which it amends to reflect local climate and building practices. The DLI’s ongoing process to update the code has featured an intense debate over the inclusion of a fire sprinkler system mandate in Minnesota’s code update. Since 2011, state lawmakers have passed two bills that would have prevented Minnesota from mandating home sprinkler systems. Both times Governor Mark Dayton has vetoed the bills.

In late October the draft building code was released with a home indoor sprinkler system mandate for all newly built homes 4,500 sq ft (including unfinished living space) and above. Notice it includes “unfinished living space”. That means your unfinished basement square footage is included in the numbers. While it is my opinion that it actually might be a good idea to install sprinkler systems in expensive luxury homes, it is NOT a good idea for the government to mandate it. The choice should be left up to the consumer because it’s their pocket book paying for the extra expense.

Don’t get too comfortable if you see a new home in your future under 4,500 square feet. Tom Brace, executive director of the Minnesota State Fire Chiefs Association, has said in a recent article that his ultimate goal is to mandate sprinkler systems in ALL new residential homes.

If you would like to learn more about the push to prevent the mandate, check out the website sponsored by the Twin Cities Builders Association.

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Sunset on Lake Minnetonka

Sunset on Lake Minnetonka

The other night I was fortunate to take a three hour boat ride around Lake Minnetonka. It was the perfect crisp autumn night and the sunset didn’t disappoint –  blues then to reds.

Late Sunset on Lake Minnetonka

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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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Summer Beauty in Minneapolis

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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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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