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Minneapolis, MN Real Estate News

By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
For those interest here are a number of dates that you may want to RSVP and put in your calander:   Do It Green! January 2008 Workshop Series Schedule * To RSVP for any workshop, please send your name, email and date of workshop you would like to attend to info@doitgreen.org or call 612-345-7973. All workshops are $5 per person. You may pay by check or cash the day of or online through PayPal *January 2008: Sustainable Food Resolution WorkshopsHow can your diet make a positive impact on the health of our planet and on all of us who live here? Pay attention to the "Big Three" of sustainable food considerations and join us for our education workshops this month. Each of these workshops will feature an interactive component, designed to empower your New Year's Resolution to eat more sustai...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Well, since it is the end of 2007, I guess I must sit down and look at the luxury market statistics for the year and let you know how things went.$1 -2 Million : Throughout the Twin Cities and surrounding suburbs, 395 homes were sold in this price range. While many homes sold, it took on average 190 days to get them new owners, with the average price being around $1.4 Million.$2-3 Million : No big surprise here but once you hit $2 Million, the number of homes for sale decreases dramatically. Only 49 homes sold this year, but surprisingly they only took about 15 days longer to sell than those price below $2 Million. $3-5 Million : Most of the homes that get mega-expensive tend to be located near water. The 15 homes that sold in this price bracket are no exception. Eight of these homes we...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
I am an avid reader. Currently I am reading three books, one about Mao, one about going good to great, and the last about walking in the woods. Sprinkle in the magazines I subscribe to and I have reading material strategically placed around the home, for what ever mood I am in. Needless to say that Barnes and Noble is one of my current homes away from home (but also because my kids love going there).So when I spied this month's cover of Minnesota Monthly, I couldn't resist snatching it up for a good read. The featured article is titled, "Who Makes What...Does your paycheck measure up?" Of course, being ever the inquiring mind, I just had to look and see what people make because, face it, asking about someones income is still taboo and not good etiquette. Here are some interesting wages:...
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By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
Greeting to both those that do and do not work within the Real Estate industry.I believe that both Real Estate and non-Real Estate professionals are coming across some great sites that are providing some great "GREEN" or Eco-Friendly information.  And so I am looking for a few suggestions from both of you.My web address is www.djBreck.com and on this site I have a page or tab that is labeled Green Links.  And I would love to get your input on some sites that you feel would be the top 3 or 5 sites that you think would be helpful to any visitors that I may have.I have already posted a few of my favorites, but I can't tell you how much I would appreciate your input.As always, please let me know if there is anything that I can do for you, and I thank you ahead of time for your help in makin...
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By DJ Breckheimer - SW Mpls Specialist
(Re/Max Advantage Plus)
Well, it seams that every one wants to talk about the NEW YEAR: Resolutions, Goals, Changes, New Years Past Present and Future, Philosophy and more.  Simply incredible.Well, my goal is to keep my New Years talk simple.I admit that I certainly am making and setting goals and re-assessing what is important to me for the coming year, and some of those goals revolve around issues that many of us would consider GREEN.So here is my question to you: I just received one of my many GREEN emails, and it had a very simple little lists of things that we can do be a bit more "GREEN".  And I had to ask myself: "No only which of these will I do this coming year, BUT which of these am I already doing?"And so I ask you, which of these are ALREADY a part of your daily life?Mine: Numbers 1 (I love recharg...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Here are some new photos takes during the snow storms we had over the Christmas holiday. As you can see, I like Black & White photos, but I mingled in some colored shots here and there. The birds were kind enough to allow me to stand right next to the feeder and take action shots of them. After a while, my feet started to get numb and I had to go inside. Note to photographers: the cold makes your camera battery run down really fast so make sure to bring a spare.
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
In love, they say, fools rush in.  In the Twin Cities real estate market, right now, investors are rushing in!  It is the dark of winter (literally) here in Minneapolis, MN.  There are 13.44 homes for every one buyer, in the Twin Cities metro area, more than ever before.  It's hard to find buyers looking for a home this time of year, folks are either out of town, hosting guests, or headed to the gym.  But, in the residential rental segment of the market, things are hotter than a yule log.I'm headed out to look at duplexes with a client today.  We were only able to see 5 of the 8 properties we wanted to, the other 3 sold before we could see them.  Many of the properties are back owned, and need some work, but the prices are very attractive.  Too good it seems to pass up.Another colleague...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
NOTE: Views and opinions expressed in this blog are not those of the LHiNC (Linden Hills Neighborhood Council), nor does LHiNC endorse or support the content posted here.  This is the personal blog of Ben Kolkman.  Ben is a Realtor in Minneapolis, Minnesota he is also the Chair of the Linden Hills Housing Committee and an Officer on the LHiNC Board. The Linden Hills Housing Committee met last Tuesday.  It was lively meetings full of new energy and ideas to fill the 2008 calendar.  First off the status of the NRP Phase II Strategy: Affordable Housing Trust Fund was discussed.  Getting this strategy implemented has been a long and difficult process.  It put on "hold" after the Scope of Service had been approved, due to potential short falls in NRP funding.  Discussion about requesting tha...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
The buzz words of 2007 are most likely going to be "bank owned", "foreclosure", and "short sale". As you can imagine, there are thousands on the market right now in the Twin Cities that are trying to compete with each other, and sadly, no one is buying.So imagine how difficult it is going to be to sell a Million dollar home that has gone to the bank. The property is automatically stigmatized by the words "bank owned" and any potential buyer of a high-end home is going to want a nice discount to purchase it.According to the Regional Multiple Listing Service, there are five homes currently for sale,priced above a million dollars, owned by the bank or subject to bank approval.The most expensive is priced just under $3 Million in Edina. The original 1972 home was torn down in 2000 and a hug...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
They say if you don't help save your neighbors house from burning, yours might catch fire too.   Solutions to the "foreclosure crisis" are being floated everywhere you turn, by congress, internet pundits, even the President.  Their "solutions" generally involve government regulation of the market.  Proponents claim that if we don't step in and help out now, we're all going to be hurt eventually through lower home values.  But is that argument accurate?  Do "bargain priced" foreclosures hurt values throughout the neighborhood, or throughout the whole city?Enter the Foreclosures...in an already competitive market; a group of very motivated sellers is growing, sellers in foreclosure.  These may be short sales or bank owned, in either case these sellers are highly motivated to sell.  Their ...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
 Winter in the Twin Cities causes real estate activity to slow down. Compared to July, it really slows down. But it doesn't have to be your worse enemy.If you look at the graph below for the past three winters, 2005-2007, you can see that there is a huge dip around December.red represents New Listings blue represents Pending Sales yellow represents Closed SalesWith so many holidays clustered around each other, people have other things on their mind besides buying a home. Buyers don't have the money to buy because they are shopping for Christmas, and sellers aren't listing their homes because they know market activity slows way down at this time.However, it might be good to remember that as a buyer, your best deal could be made in the winter months. Homes that have been on the market for...
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By Eric Kodner, Wayzata Lakes Realty: Twin Cities, Madeline Island
(Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes)
I tuned into FOX TV's new cop thriller, "K-ville" yesterday evening, and I was delighted to see an old friend, John Carroll Lynch, starring in a lead role (Captain James Embry).  John is a Guthrie Theater alumnus and colleague of mine from the 1990s and we worked together at the old Guthrie when the late Garland Wright was Artistic Director.  I was Music Director at the time I worked with John on Peter Weiss' Marat/Sade at the Guthrie in Minneapolis, Minnesota. You'll see a great many Guthrie alumni on television and in movies.  John appeared in the movie "Fargo", along with former Guthrie acting company members Bruce Bohne and Sally Wingert.  Bruce has also appeared on NBC's Law & Order series.  John Carroll Lynch's wife, actress Brenda Wehle, was also working at the Guthrie at the sam...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
Real estate values in Southwest Minneapolis have traditionally been strong.  Even during the slowest periods, values in Southwest have appreciated and demand has been high.  Unfortunately, condo owners in Southwest may not fair so well this time.There are very specific reasons the real estate markets has slowed.  The number of properties for sales has increased dramatically, over building has occurred, and bad mortgage decisions are coming back to bite.  But the question everyone is asking is not why things are slow, but rather, when it will improve?Southwest condos are like the canary in the mine shaft, they will tell us if the market is picking up speed or still loosing ground come spring.  Like all markets Southwest condos have been hit hard by the slow down.  The two graphs below sh...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
If you need a place to stay when you come shopping for a new home and also want to treat yourself to a full luxury experience, then consider spending a few nights at the Graves 601 Hotel in downtown Minneapolis.Each of the 225 rooms have been filled with the latest technology and are masterfully designed with high fashion trends. Let's just say that "modern luxury" is the term that best describes the hotel. I like the fact that they have 24 hour room service for those late night munchies. They also offer 48 inch plasma TVs in every room, in-room safes, concierge services, spa services, and of course a 100-gram bar of Hermes soap, to name a few. There are also examples of high fashion art throughout the complex. To get an idea of what I am talking about, take their virtual tour.Pricing f...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Yesterday I was able to sit in on a real estate statistic class offered by the Minneapolis Area Association of Realtors. It was a very informative class, even though it was about numbers. But I'll come back to that in a minute.Later in the evening, I was cleaning out some articles I had saved from a few years ago and putting them in the recycle bin. One column that caught my eye was from late 2005 and it concerned whether or not the Twin Cities market was going to burst. Written by a regional director of a national franchise here in Minneapolis, the author states that the Twin Cities will not deflate like markets across the nation. In fact, he stated that 2006 would see an increase in the number of home sales and the dollar volume, as well as an appreciation rate of 4-6%.Now fast forwar...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
As I thought about what a great Thanksgiving my family had, I began thinking about the real estate market this year and all I have been blessed with professionally.  Then I realized we are all lucky to have a housing market, offering a sound financial investment, even in the worst of times!Community engagement holds a huge value to me, and this year I was elected to be an officer on the Linden Hills Neighborhood Council, and serve as the Chair the local Housing Committee, I also joined the National Association of the Remodeling Industry.  I was on the news a couple times for some market analysis, and was even asked to provide "expert testimony" in a trial.  2007 was a good year for my ego!The market hasn't been as flattering for a lot of sellers.  There is an abundance of homes on the m...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
This has got to be one of the most unique and enjoyable events of the winter.  Kites of all shapes, colors and sizes take to the sky above Lake Harriet.  What develops is an explosion of color and excitement, hot chocolate, and cider are passed as neighbors and friends enjoy the show, and partake with their own kites.  Just what the Dr. ordered to break us out of our hibernation.Expect to find professional kite flying and demonstrations; children's ice fishing expo and medallion hunt; ice skating and a marshmallow roast. Alan Wilfahrt has an beautiful video slide show on his website. www.alanwilfahrt.comBe at the Lake Harriet Band Shell from noon to 4 p.m. Saturday, Jan. 12. It is free and is put together by the East Harriet Farmstead Neighborhood Association (EHFNA), Minnesota Kite Soc...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
Light Up LoringYes it's true winters here, and while it hasn't actually snowed yet, some of the season's best events are coming up... time to stop fretting about the impending deep freeze, and to START HAVING FUN!Kick your blues at the "Light Up Loring Park" event this Thursday, Dec. 13.  They will be lighting the big tree at 6:15 and FREE horse drawn carriage rides, refreshments, music and an outdoor bonfire follow.  If you've never been, this is a great way to catch the Holiday Spirit, and to whiteness one on the cities most famous parks at it's best.  Loring Park was dedicated in 1883 as "Central Park" but was renamed in honor of the first Superintendent of Minneapolis' new park system, Charles Loring, in 1890.The Loring Park Neighborhood, well known for it's old brownstone buildings...
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By Ben Kolkman, Real Estate Author & REALTOR, Southwest Minneapolis & Edina Minnesota
I had the privilege of providing an interview to Channel 5, KSTP today.  Glen Barbour contacted my office asking for an opinion on an article he read in Smart Money Magazine.  The story essentially describes the falling housing market as a risky, but potentially good, investment.  In particular it lists the Twin Cities as "overpriced" by 15%.  Glen wanted to know what I thought about that, and if I thought this was the time to be buying, or selling, or if I suggest waiting a little for the market to change.All of us in this business get asked, "when's the best time to get a deal", or "when's the best time to buy".  The answer is simple, buy when you are ready.  Timing the market is hard and rather pointless.  Buyer's I'm working with recently identified 2 homes they really liked.  Both ...
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Today Forbes released a list of the most affordable cities to live well in, and no big surprise to us here, but Minneapolis came in number one. Forget about New York, Chicago, and LA, midwestern cities rank in the top three. Indianapolis and Cincinnati came in second and third. Big cities might have tons of art, culture, and sports, but the bussel becomes a hassle in most cases, not to mention the air pollution. Minneapolis ranked high due to "homes [being] relatively affordable and residents enjoy a high quality of life and access to choice arts, leisure and entertainment offerings". Tons of data and analysis went into determining the top cities. We all know how crazy the real estate market is right now in the Twin Cities and some of us don't like it. But we easily have it better than...
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