The Minneapolis Real Estate Blog: May 2007

This weeks showcase Historic Home in St Paul is 275 Summit Ave.

Common to many lots on Summit Avenue, another home stood on this spot from 1880-1895. It was consumed by fire in 1895 during the winter and torn down, making way for the current home to be built on the lot in 1901. Built by Charles Schuneman at a cost of $18,000 and designed by C.H. Johnston, the home is built of limestone and sits on a wonderful corner lot. Johnston is known for having designed over 30 homes on the avenue and probably holds the record for most homes built at the turn of the century.

The home is is known to some as "Medieval" in style, as its design does not fit into most conventional nineteenth century architectural textbooks. It has many Gothic attributes like the arch seen in the side window and the capitals seen on the porch columns. The inside is absolute beautiful with some of the best perserved wood work I have seen. At one time it was divided up into apartments, but now serves as a private residence. Known as the Summit Manor Reception House, the owner hosts weddings, meetings, receptions, and more. To learn more about what the home offers to the public visit its website where you can also find some photos of the interior design as well.

St Paul Real Estate

The Mississippi River is the most famous river in the United States. You might think the river looks the same everywhere, but the Upper Mississippi (above St Louis) is very different from the Lower Mississippi (below St Louis). What you might ask is the major difference? Well, starting just below St. Anthony Falls in Minneapolis, the lock and dam system begins and continues until you reach St Louis.

There are also areas of high bluffs that flank each side, which have been carved away over the centuries, and offer fantastic views, too. If you want to live on one of these bluffs, be prepared to shell out anywhere from $80,000-200,000 just for the lot.

The locks and dams have created a series of pools between each other, with the dams being placed at a shallow spot on the main channel in order to raise the low water level to nine feet or more. Contrary to some rumors, the dams were not built to control floods. Actually, when the water is extremely high, all dam gates must be pulled completely out of the water!

What we now have is one main channel for navigation and a system of backwaters in which you will find some great fishing opportunities. Any time of day you will be able to see barges traveling up and down with their goods, and maybe even catch one in a lock. Since the river can vary in depth, a system has been created to show barge captains and boaters where they should travel. Red floats will always be on the east side of the river, while green floats are on the west. Sometimes, where the main channel is close to shore, a diamond marker will be located on the shore for visual navigation. Stay between these floats unless you are very familiar with the pool you are in.

What makes the river fun is the ability to visit small river towns. Most have a marina where you can dock for a short while, get gas, and explore. There are also many spots available to lay anchor and enjoy the day on a beach or sand bar. Overnight camping is allowed in most places and is a popular past time during holidays.

Whatever you do, be sure to have a great time, whether it be fishing, boating, camping, or exploring. Just remember to enjoy the beautiful landscape nature has given us and be safe at the same time. The river has many hidden dangers so be prepared with life jackets and a first aid kit. On the mighty Mississippi, you might learn just how mighty it really is!

Oh, and pick up after yourself. One reason the River is so beautiful is because those of us that live here take very good care of it!

How Photos of Your Home can Kill the Deal

Your Realtor knows how to market a home (hopefully), but they may not know how to properly take photos. Have you looked at the photos of your home currently on the web? You might want to if you want your home to sell.

Too many times I look through the MLS at photos of homes and wonder what the agent was thinking. MLS photos are like looking into the soul of your home. If they are out of focus, out of season (snow photos in the middle of summer), tilted, etc, buyers surfing the web will most likely pass your home by and not even look at what else your home has to offer. You want the buyer to see as much as your home as possible, and if the photo shows a small room, then the buyer is going to think it is small, even when it isn't.

Take a look at these living room photos. The room is small to begin with and I had to press myself to the wall just to get the first photo. The results make the room look even smaller.

Now, take a look at the second picture. It was taken with a wide angle lens attachment to my camera. It not only makes the room feel larger by getting more into the frame, but you can now see that furniture actually fits in the room!

Interior photos are not the only place where it can be difficult to get the shot you want. Exterior photos are just important since usually the first photo a potential buyer sees is a photo of the front of your home.

I was out and about in St Paul the other day and thought the James Hill house would be a good example of what I am talking about. The home is huge, sits close to the street, and is surrounded by a cast iron fence, so getting the home in a shot is quite difficult. Here are the photos with just my camera, and then again once I add the wide angle lens attachment.

 So when interviewing an agent to list your home, ask them what kind of camera they use, if they have a wide angle lens, or additional flashes to highlight important features. Also make sure you inspect the photos put into MLS. Don't let the photos be of poor quality. Your agent might be marketing your home well, but if the photos don't draw in Internet buyers, then everything else just doesn't matter.

If you have nothing to do the next couple of weekends and are looking to view some local luxury home builders, then plan on attending the 7th Annual Luxury Home Tour. Available for your viewing pleasure are 22 spectacular, one-of-a-kind homes in the Twin Cities area.

• When : June 8-10, 15-17, 22-24 Noon-6pm
• Where : Blaine, Champlin, Gem Lake, Greenfield, Eden Prairie, Edina, Lake Elmo, Mahtomedi, Medina, Minneapolis, Minnetonka, Minnetrista, Prior Lake, Wayzata
• Cost : Purchase Passport Tickets in advance for $20, or $25 at the homes. Each Passport allows one-time admittance into all the homes, or, you can pay $5 per home if you only plan on attending a couple showings.

What to Bring : Wear socks and easily removable shoes, as you cannot wear shoes or go barefoot in the homes.

No Photos allowed and children under 5 get in for free!

This week I am host of the Carnival of Luxury and articles submitted mostly centered on Luxury Living. So in honor of Living the Life of Luxury, this issue's awards come in the form of precious gems and minerals.

The Pearl : By far one of the most simple of all gems that nature creates, the pearl is elegant when strung together in a simple strand. Luxury, in the same, does not have to be overly done to be beautiful. Mark Cutler of Mark Cutler Design shows us how simple design can make just as bold of a statement as a highly embellished one.

The Diamond: To put it simple enough, diamonds are brilliant, stand out, and sparkle like the stars. So why not travel the world and look for some festivals that stand out too. JourneyPod breaks down some great locations to enjoy a little sparkle and add some excitement to our lives.

Gold : For centuries the money standard for the entire world. And if you want to partake in this type of luxury, you will need a lot of it! Renthusiast.org shows us into the new world of luxury private jets.

The Sapphire: By far my favorite, the sapphire has been a gem associated with royalty. Take a look at some beautiful eggs to fill your luxury collectibles, if you can afford them. The Silicon Valley Blogger shows us the world of Russian crafted eggs, including the infamous Faberge eggs, at the Digerati Life.

Entries for the next Carnival of Luxury are being accepted at BlogCarnival. As this is only the second issue, we are looking to spread the word and get some great submissions for the next Carnival, currently being hosted every two weeks. Don't forget our categories:

• Luxury Living
• Luxury Homes
• Luxury Travel
• Luxury Trends
• Luxury Toys
• World of Luxury

And if you can't fit yours into one of these categories, suggest one!

This weeks showcase Historic Home is 344 Summit Avenue.

In 1886 a large stone house was built on this site and had a beautiful corner tower. However, when the property was sold to Watson Davidson in 1914, the home was torn down to make way for what currently stands here today.

In its place, the Davidsons built in the Beaux Arts style, a Tudor manor house. What is known about the home is Thomas Holyoke designed it at a cost of $40,000. Holyoke had been a draftsman for the famous Cass Gilbert and was urged to learn the style on his own. The home has about 20,000 square feet, four floors, and a beautiful facade. It has been occupied by the School of the Associated Arts since 1961 and is now called the College of Visual Arts. It took me a few minutes to get the photo due to so many students coming and going.

Beaux Arts comes from the architectural school of the French, the Ecole des Beaux Arts. The style is much "easier" to build in Europe as they have the countryside and means to produce the hard, stone structures, but here in America, the construction material can be very expensive and if not done right, can look like a gaudy castle. In this case, Holyoke was able to include elements that keep with the tradition, but tweaked it to fit the American lifestyle. It still has basic details of a Tudor manor house with the multi-pane windows, window hoods, the grand entrance arch, and the typical Tudor chimneys. But looking on the design, you can see it is quite simple and not overdone, fitting very nicely on the Avenue along with the other Victorians and Romanesque homes.

I'm often asked by clients, after they see all the tech gadgets I use, what piece of electronic technology I feel is the most valuable. Most think it is the cell phone. Yes, that's very important because without it, how could my husband call to find out what is for dinner?

But in all honestly, with information readily available to anyone who wants it, I find the biggest weapon I possess is a paper shredder. That's right, not a computer, Blackberry, or laptop, but a plain old paper shredder...and one that turns it into confetti.

Identity theft is a real concern. Everyday I receive at least one solicitation from a credit card company or other firm that wants me to sign up with their service. I have excellent credit and I want to keep it. As soon as we get the mail, we make a recycle pile and a shred pile. If it has even my name on it, it goes in the shredder.

But I also take it one step further. I treat my clients personal information the same as my own. Once a client's transaction is closed, I transfer everything over to a CD. Then I do the most important thing and shred all their documents. I know many agents don't realize that they could be affecting their clients security by throwing important real estate documents in the trash. I would hate to be the cause of a trusted friends identity being stolen.

So remember, if in doubt, shred it! And don't forget to request your real estate agent to do the same. It only takes a few minutes to eliminate the possibility of a dumpster diver finding it, but is keeps a lifetime of yourself secret from prying eyes.

Best Place to get a Haircut or Enjoy a Massage south of Minneapolis

When you move to a new location one of the hardest services to find is a place to get a good haircut. Or, in the case of us women, a place to get highlights, color, and more. I got lucky when I first moved to Minneapolis. Needing a cut very badly and also a highlight (my roots were showing terribly), desperation took hold and I went to a place around the corner.

That place turned out to be a Godsend...Cole's Salon.

As soon as you walk in, you know this is a well run establishment. Computers run the show and the receptionists know who you are it seems before you walk through the door. While prices might be a little higher than a small shop, I think what you get is worth it. Customer service is great in every aspect and that is the number one thing that I look for in any business.

Another service I love is a section completely devoted to kids, including a play area. The mural on the wall makes it fun for kids.

They offer:

• Pedicures / Manicures
• Waxing
• Haircuts
• Perms / Highlights
• Styling

• facials / peels
• massage
• make-up application

Today I read a great article in Fortune Magazine about the Y generation and what they are all about. I hadn't really given it much thought because being defined by a generation and lumping a bunch of us into a group just seemed a little too Gen-eric. But as I started thinking about how Gen Y is defined, I realized that "Hey, that sounds alot like me." The problem is that I have always been told I was a Generation X baby.

Gen X = born between 1961-1976

Gen Y = born between 1977-1998

I looked at these numbers and realized, "No wonder I am confused". I was born in 1975 so I am a very young Gen X'er, but a very old Gen Y'er...after some research, I found my dilemma is also further defined. Those of us that fall in between are actually the MTV Generation. (even though my dad refused to get cable so I never viewed MTV growing up unless I was at a friends house).

We have been reading from NAR and other avenues about how we, as real estate professionals, need to understand these generations in order to better serve them. From the transactions I have had with Baby Boomers, I understand how generations can differ in beliefs and values. Here is how the new generations are defined:

Gen X:

• don't need someone looking over their shoulder
• don't trust corporations or the government to take care of them
• have no problem leaving a job to find a better one. staying in the same job for 30 years will never happen for them.
• they like to be included in everything. Don't manage them, but mentor them.
• love independence
• use technology

Gen Y :

• like some independence but need structure and help
• have lived with nothing but technology
• prefer to make a job work and try to change it to make it better
• new to corporate world so they must be mentored in order to succeed
• work well in teams and groups
• great at multi-tasking

I see myself in both these groups. I like my independence ( thus being a real estate agent after I escaped the corporate world), am great at multi-tasking, and could not live without technology (ok, yes I could). But another reason I am also a Gen Y'er, is because I believe that I can do anything.

The problem I see with some real estate agents is the need for them to control the transaction completely. They don't understand that the new generation can take care of themselves, with the help of technology of course. Just like the articles I read about or the classes you can take on how to do business with a Gen X-Y person say, I like to do my research on the Internet before I do anything. That includes buying a car, buying furniture, shopping on Ebay, paying bills on line, looking for my own home on sites other than MLS or Realtor.com (including FSBO sites), and taking education courses on-line. My cell phone, camera, and laptop are attached to my third arm.

So when it's time for you to help one of us in the MTV or Y Generation, remember to do these things:

• include them in the transaction completely
• use as much technology as you can
• understand they might know more about a neighborhood than you do upon first contact
• don't be put off if a parent wants to speak with you or look at a home with their adult child
• don't think they can't afford a house. Many have a better understanding of money than you did growing up.
• treat them with respect

If you do all these things and more, we tend to be very loyal and include you in the circle of trust. Being in that circle means you will prosper too...through referrals of friends, family, and co-workers. Good luck and "may the Force be with You".

When it comes time to start the remodeling process for that home you just bought, the biggest obstacle is deciding how to fund it. Not everyone has equity built into their home, which would help offset costs, so here are a couple ways to pay for your next real estate project.

1. Cash-Out Refinance - the best choice if you have the ability to piece together funding from different sources, like cash, family loans, etc. After all is said and done, the first mortgage can be refinanced, thus tapping into the increased equity you created by improving the home and giving the ability to pay off any creditors.
2. Credit Cards and Store Loans - if you have a small enough project that can be financed by a credit card, this might work for you. Some home improvement stores offer cards with up to a $30,000 limit, which are interest free if you pay them up to a certain date. If you know you can pay off the card before this date, then you can save all the interest that has accrued. Remember, only do this if you can pay it off!
3. Home Equity Line of Credit - while these loans usually carry a higher interest rate, they are great for smaller projects. A line of credit has the money available to you, but allows you to draw out the cash as you need it. A Home Equity Loan gives you all the cash at once. Remember though your home must appraise for the amount you borrow.
4. Construction Loans - five years ago, these loans might have been hard to find, but today many more banks offer them for remodeling projects. They are great for large projects and we used one for the last historic home with remodeled. It is only a short, temporary fix for financing because when construction is complete, you will have to refinance both this loan and your first mortgage into one. Remember to ask the lender if they can construct is so the construction loan rolls over into a permanent loan, thus saving from having to pay two sets of closing costs.
5. Hard Money Loans- I would only suggest these if you have dealt with them before, or KNOW you can flip the home in record time. In this market, that might be hard. Hard money loans are from companies that are funded by private investors. Investors pool their money and hand it out with less rules than a bank. You must understand that you will probably pay alot of points up front and a high interest rate. These are not for everyone...you need to make sure your profit in a flip will more than cover the high cost of obtaining this kind of financing.

Any of these will most likely work for you, but remember to check with your financial adviser and loan officer on what will be the best fit for you pocket book. The last thing you want to do is choose the wrong type of financing, then find out you are short on funds to finish the project.