Minneapolis - St. Paul Real Estate Information

Nov 06

HPDL Minneapolis Real Estate Market in Review, 2008 Y-T-D

 

 

Minneapolis Real Estate Market Update

As you know, the Minneapolis real estate market for 2007 was in flux.  America, as a whole, was experiencing what felt like a recession, even if it didn’t fit the technical definition of the term.  The fundamentals of the economy may or may not have been strong, but the housing market began to slow down. 

What you may not know, however, is that the housing market in the Hale Page Diamond Lake (HPDL) Minneapolis neighborhood experienced a comeback of sorts in 2008, after taking the expected hit in 2007.  Of course, it is November of 2008, so we don’t have data for the full year, but here’s what we know for the first three quarters of 2008. 

The average price of a home sold in the HPDL area rose from $274,000 in January, 2008, to $286,000 in September.  That’s an increase of 4%.  In addition, the average days on market (DOM) decreased from 102 days in January to 94 days in September.  Finally, the percentage of list price to sales price stayed roughly the same throughout the year at 93%.  In other words, on average, people received ninety-three person of what they originally wanted for their homes.

Oct 09

Relaxing in Minneapolis

Chaotic Minneapolis Life

This is Minna again, and I’m here to talk about the economy.  No, actually, I’m not.  I know, the economy is dire, and I know that the government has given beaucoup bucks to try to jump-start it, and I know that the sky is falling down, but I would rather not focus on that right now.

I am also not going to talk about the debate, though I hope you watched it.  We need to make an informed choice come November 4th

Instead, I would like to discuss how in this chaotic world of us we can find some respite.  It’s not irresponsible to take a break from the news-it’s imperative.  There is only so much a brain can process before declaring, “Enough!  I need chocolate!” 

Inner Respite

In times like this, we need our friends and mutually-supportive networks.  However, we need more than that-at least I do.  I have recently started taking tai chi classes, and more often than not my shoulders are in knots from the tensions of the world.  After an hour and a half class each Saturday afternoon, I find a moment of peace that, however fleeting, soothes my soul.  I notice that this moment lasts a bit longer each week.  I am hopeful that in a year or so, it might last a whole hour.

Tai chi is not the only way to take care of your inner-self.  There is church, meditation, yoga, or simply a little nap in the afternoon.

Minneapolis Recreation

Now that your soul is rested, you need to look after your body as well.  Minneapolis is bursting with lakes, parks, creeks, and trails.  Now that the weather is dipping a bit, it’s the perfect time to go pick some apples and make cider.  Make sure to get some sun every day (using sunscreen, of course, if you’re going to be outside for an appreciable amount of time) and inhale the crisp air as you walk. 

When times are tough, as they most definitely are right now, you need to do the little things to maintain a semblance of sanity.

Oct 07

Pep Up My Minneapolis Home!

Minneapolis House Curb Appeal

This is Minna, blogging about renovations for your Minneapolis home.  If you are trying to sell your house, you’ve no doubt been told to renovate on the inside.  Redo the kitchen, paint the walls, put in new carpeting-these are all mantras of the eager-to-sell set.  These are good ideas that will add value to your house.  They also will increase the attractiveness of your home, thus in turn engaging more potential buyers.

What many sellers forget, however, is that you need to get the potential buyers in the door first.  Too many sellers neglect to spruce the outside of their houses which means many potential buyers aren’t even stepping into the house to see the awesome interior renovations.

Outdoor Sprucing for Your Minneapolis Home

I can hear you thinking (no, really, I can), “I’ve already updated the bathroom and the kitchen and the floors and the walls; I don’t have the time or the money or the will to tackle the outside of my house, too!”  I understand where you are coming from, especially if you’ve already done the inside renovations, but hear me out.  You don’t have to sink a lot of time or money into perking up the exterior of your house so you can catch the prospective buyers’ eyes.  Add a few potted plants around the walk up, for instance.  A little splash of color can go a long way.  You don’t have to re-roof the house or rip up the driveway and install a new one.  You can easily add a fresh coat of paint with minimal time and money.

Your Minneapolis House At Its Best

I know that selling a house is a long, tedious process, and the last thing you want is to think about how else to renovate.  If you follow the few tips I give above, though, then you’ll at least be comforted by the increased number of potential sellers walking through your newly-painted door.

Sep 16

House Abbreviations

Real Estate Abbreviations

When advertising houses for sale, there are plenty of standard abbreviations and some not so standard abbreviations. Then there are those that even other Realtors can’t figure out. In this blog entry, we’ll look at some actual MLS entries. Some abbreviations look just like those cryptic singles ads. I can just see the next house ad:

SF, looking for s.o. that is willing to put time into new rel., must have steady income to qualify. Close to lake for long walks on the beach. Pic for pic.

It’s easy to create the standard abbreviations found in typical real estate ads. Just drop all the vowels and call it good. Let’s give it a try:

Great location close to lake with 3 bedrooms, 2 bathrooms, fantastic master suite.
Becomes
Grt lctn cls to lk, w/ 3br, 2bth, fntstc mstr ste.

Uncommon Abbreviations

Most of the common abbreviations are easy to figure out. Let’s take a look at some harder ones. Here are some actual Public Remarks from the MLS along with my translation of what it actually means:

Sample MLS Abbreviations #1

ENJOY YOUR PRIVATE VIEWS OF MINNEHAHA CRK FROM YOUR LIV RM! INCREDIBLE OPPORTUNITY.BEAUTIFUL HWFS,FP,MAC IMPROVED.NEW: UPPER LVL INSULATION & CARPET,KIT FLRS & PAINT.UPDATED 4 SEAS PORCH.FAM RM CALLED FINISHED-CARPET,PAINTED BLK,FIN’D CEILING.VERIFY MSMTS

Here’s your opportunity to sandbag every spring when the snow melts because the creek is so close and will spill over each year. Beautiful hardwood floors, beautiful fireplace, beautiful MAC improvements. New upper level insulation (lower level has old insulation), new carpet and kitchen floors, and paint. Updated 4 season porch. Family room is included in the finished square footage, even though the ceiling is just open rafters that have been painted black. Verify measurements.

Sample MLS Abbreviations #2

Low-Traffic Street. Benches/Paths w/New (Old-Style) Street Lights. EZ to Show/QUICK CLOSE/NO R&R’s/Newer Roof/Boiler/Mechs - Much Copper-100 amp C/B’s - Att Gar+Off-St Park. HS TAX = $2,137 /// $$$$$ Reduced July 07 + 1-Year Warranty w/full price offer

Street is low traffic and has benches and walking paths with new street lights. Easy to set up appointment. No city required repairs / replacements, newer roof, boiler, and water heater, most of the plumbing is copper, some of it may still be galvanized, electrical has been upgraded to 100A circuit breaker box.

Sample MLS Abbreviations #3

FRESH PAINT AND POTTERY BARN LOOK. FEATURES INCLUDE COVE CEILINGS, BRICK FIREPLACE, BUILT-IN BOOK CASES, FORMAL D.R., SS APPL. IN KITCHEN, FIRST FLOOR F.R. WITH F.P., DEN, 3/4 BATH UP, NICE LANDSCAPING,WIHT PATIO, HOME HAS BEEN MAC, LOC. IS DEAL.

Contemporary colors, formal dining room, stainless steel appliances in the kitchen, first floor family room with fire place, separate den, ¾ bathroom upstairs, nice landscaping with patio … location is ideal.

Sample MLS Abbreviations #4

Upscale n’hood steps from Diamond Lk. Walk/bike trails, fun in the water. Kitchen updated w/cherry/granite/stainless. 2 fp, formal Living/dining, hdwd, main flr BR & full bath, hot tub, private mstr bath, fenced yd, 2 car garage. Convenient location.

Upscale neighborhood, close to Diamond Lake. Walking and biking trails. Unexpected fun in the water because the timer on the sprinkler system is broken. Cherry cabinets with granite counters and stainless steel appliances. This home has 2 fireplaces, a formal living room and a formal dining room. Hardwood floors. Main floor bedroom and full bath. Private master bath. Fenced yard.

Sample MLS Abbreviations #5

WOW! Such attention to detail - your buyer will certainly appreciate all that has been done to this home! From the hand made breadboard to the thoughtful wiring to the efficiency measures implemented, this home is for the prudent home buyer!

I’m not even sure what thoughtful wiring means.

 

When in doubt, use your imagination as to what each one means. Or just adding some vowels back in.

Sep 16

Minneapolis Real Estat -or- Minneapolis Real Estate

South Minneapolis Real Estat, er, Real ESTATE Blog

What is South Minneapolis Real Estat Blog? Just yesterday, I discovered that I had mistyped the title of the page. My page was specializing in Real Estat, which is a subsection of Real Estate. I’m sure not many people would be searching for Real Estat, but I certainly was catering to those people very well.
Anyway, I changed the title to Real Estate, which should more accurately portray what this blog is about!

Sep 11

Advertising Words Translation Matrix


House Advertising Words

You know how some real estate agents have a knack for describing homes in glorious and grand ways? Well, sometimes the words are a slight exaggeration of the actual home. In our industry, we call that puffery. Here’s a list of some common terms used in advertising and what they really mean.  If you come across some that are not on the list, please drop us a note. We’ll add it.

    Adorable – The shutters are worth more than the furnace
    Charming – compared to the one right next door
    Cozy – means that it’s really small
    Fantastic upper level master suite with walkthrough closet- someone stuffed a sink into the far side of the closet which you can reach when you open the closet door. And remember, just because the upper level is “fantastic,” the lower level may be somewhat less than fantastic.
    New paint – it’s amazing how far $5 per gallon paint goes
    New carpet – covering up the scratched hardwood floors
    Must see! – Driving by, one can’t help but see orange and purple!
    Close to Park – SO close that you’ll never find a parking spot
    Pedestal Sink – one of the legs fell off, leaving just one leg left.
    Peaceful backyard– because 36,000 cars drive by the front yard each day.
    Professionally remodeled – the owner and their siblings didn’t do the work, the neighbor’s sister’s husband’s son did.
    Movable center island – the kids ran into it so many times it came loose.
    Quaint - it’s pink!
    Steps to the lake – 2510 to be exact!
    Steps to the creek – be ready to sandbag the front yard each spring.
    On golf course – high insurance for broken windows
    Across the street from golf course – high insurance for broken windows
    Across the freeway from the golf course – fun watching cars dodge golf balls which then bounce off the cars and break your windows. May look like hail damage though. Call the insurance adjuster.
Sep 09

3 Fixer Upper Considerations

Fixer Uppers

I have a client that is looking for a fixer-upper house in Minneapolis. This client wants to purchase a house, fix it up, and then sell it for a profit. I’m going to share some insights on some of the considerations that go into buying a fixer-upper home. 

Location

1. One consideration to keep in mind is location. You want to select a location that has houses that sell in a wide price range. For instance, you want to purchase a home that is well below the average price of other houses in the area. Find a neighborhood that has homes that sell in the $120k price range as well as the $200k price range. That leaves room for the cost of improvements, as well as profit.

Number of Sales

2. A second consideration is the number of sales in the higher price bracket. In the above example, you’ll want to see how many houses sold at about $200k within the past 6 months. If there is only 1 sale in the past 6 months, but there are a bunch of houses currently available, that may indicate a difficult sale. On the other hand, if there are 15 sales around $200k, then the house will have an easier time selling.

Level of Improvements

3. A third consideration is the level and quality of improvements. You want to aim for the middle of that neighborhood’s price range to have access to the most buyers. Don’t overimprove which could put your house into a higher bracket than the average, which then would put the house into a bracket with less buyers.

Aug 28

Spanish Revival Style

Minneapolis Spanish House Styles

It’s Minna again, and this time I am blogging about my absolute favorite style of house–Spanish Mission.  Well, to be more precise, I will be blogging about the Spanish Revival Style as we do not have many Missions in Minnesota.  Spanish Missions are mainly in California, but we do have some impressive Spanish Colonials and Mediterraneans in Minneapolis.

Common Characteristics of Spanish Style Houses

How do you recognize a Spanish-flavored house?  First of all, the red clay roof is a dead giveaway.  Sometimes the roof is blue or another color, but it is most often a distinctive red.  The Spanish Colonial is an ornate house that has the structure of a Colonial with arched doorways and windows, wrought-iron railings on balconies that overlook the Mediter–er, Lake Harriet, and stately columns that may support an arched entryway.

The Mediterranean, on the other hand, is much less ostentatious, but similarly evocative of romance and European je ne sais quois.  A Mediterranean sports the ubiquitous red clay roof and also incorporates wrought-iron railings, but in a more elegant manner.  Both may have a bell tower or a suggestion of a bell tower as well.

Visit Houses Of Minneapolis .com

If you would like to learn more about the Spanish Revival Style, visit www.HousesofMinneapolis.com where there is plenty of information about this style as well as other character styles.  Hope to see you there.

Aug 28

Are You Ready to Buy a Home?

Factors to Consider Before Purchasing a Minneapolis Home

There are many factors in determining where or when you buy your first home, but first ask yourself these questions:

    Do you have a steady source of income (usually a job)?
    Have you been employed on a regular basis for the last 2-3 years?
    Is your current income reliable?
    Do you have a good record of paying your bills on time?
    Do you have few outstanding long-term debts, like car payments?
    Do you have money saved up for a down payment?
    Do you have the ability to pay a mortgage every month, along with taxes, insurance, and utilities?

If you can answer “YES” to these questions, you are probably ready to buy your own home.

Aug 12

Carbon Monoxide Detectors Required

Carbon Monoxide Detector Placement

Did you know that Minnesota Law Stat. 299.51 now requires carbon monoxide detectors within 10 feet of legal bedroom in existing homes? This law was passed last year and required CO detectors in new construction houses last year. But it also put into effect the same requirements for existing houses effective this year.

As of Aug 1, 2008, all existing houses are now required to have CO detectors within 10 feet of legally defined sleeping room, aka bedrooms. This is great as the CO detectors can save lives. But what bothers me is that most hallways in houses I’ve been in don’t have outlets.

These $50 devices can save lives. At my parents’ house, one night it went off. The next day I checked it out and the water heater vent pipe came loose. Apparently the installer only used 1 screw to attach the vent pipe. A couple of years later, the vent pipe came loose and was spilling CO into the house.