Homes MSP Real Estate Blog

Unique Florida Condo Partnership Opportunity

Every once in awhile something comes along that is truly unique and a great opportunity for the right person. This is one such opportunity I just had to pass along. It is a great chance for someone looking for a quality Florida condo to get in at the bottom of the market and have the benefits of full ownership at a fraction of the cost.

Friends of mine are looking for a partner to share ownership in a beautiful new 2-bedroom condo they own in the gated community of Bonita Village in Bonita Springs, Florida. They have another Florida condo for their own use, so the partner could use this condo as much as they want for their own personal use and the unit could be rented when when not using it to offset costs. Partnership arrangements are negotiable, could even be little to no money down with payments to offset monthly cash outflow.

Our friends said that if they had heard of an opportunity like this when they bought their personal condo years ago they would have jumped at the chance. If you would like to learn more, click here for more information, including a Bonita Village brochure, site plans, floor plans, photos, and ownership opportunity details.

Sharlene Hensrud, RE/MAX Results - Email - Website

Sunday's Site - Walker Art Center & Minneapolis Sculpture Garden

Last weekend was the summer solistice, and the Walker Art Center collaborated with 89.3 The Current to take advantage of the daylight with an outdoor concert. As you can see from the photo below, 'Rock the Garden' was a great success!

The people-less spot you see in the foreground is this summer's Walker Artist-Designed Mini Golf course. If you want to go and play a round, it is open Wednesday-Sunday 10 to 8 through September 7th.

The celebration was billed as the biggest birthday party of the season, part of the ongoing celebration of the 20th anniversary of the Minneapolis Sculpture Garden. The garden is a wonderful creative and restful respite in the heart of the bustle of the city, a unique collaboration between the Walker and the Minneapolis Park and Recreation Board. It holds a special place in our hearts, both as a place to wander and take family photos and also as the site of our son and daughter-in-law's wedding. On 'Rock the Garden' night it was a place set apart from the concert crowds.

This coveted location close to downtown and Lake of the Isles is the site of some of the most elegant homes in Minneapolis, as well as numerous condos. Click here to see properties currently for sale in the area. (Please be patient while the link searches for the most current listings...pass your cursor over the dots on the map for property information.)   

Sharlene Hensrud, RE/MAX Results - Email - Website

Wall Color

Every house has it's good points, and color can bring them out.  Painting is one of the least expensive ways to Stage Your Home.  It's not always necessary, but it can make a home look better than the competition.

Before you put your house on the market, consider paiting the interior.  When you Stage, each room should have a simple color scheme, and most importantly, the whole house should be cohesive.  Someone strolling from room to room, shouldn't be startled by any of the colors.

If wall and carpet colors are intense or change from room to room, your house will seem smaller than it really is. 

If your walls are in bad shape or the paint is unappealing, repainting is a must.  If the wall color is okay, make sure to remove any marks from the walls.

Most paint companies now offer test samples.  What a great way to test out the new color for your walls!  Purchase a few samples and test them on the wall.  I like to paint some in the middle of the wall and then next to any moldings or woodwork.  Then pick a paint that looks best with the lighting in the room.

At www.betterhomesandgardens.com  you can actually go "color a room" on line......kind of fun!  And, for a small fee, you can go out to www.behr.com, download  a picture of your own room and test the color before you paint!

Jeri Pischke & Cindy Thomes, Tender Heart Transitions - Email - Website

How much did that house sell for?

Have you ever driven by a house with a 'SOLD' sign and wondered what it sold for?

I get calls with that question, but I usually can't answer it while the 'SOLD' sign is still up. The negotiated sale price is confidential until a property closes and the sale is final.

I also get calls when the 'SOLD' rider is taken off the 'For Sale' sign. People wonder if the property is back on the market. While that is a possibility, it usually means that the property is either ready to close or has just closed. Realtors usually take down our own 'SOLD' riders right before closing, but the big sign and post are removed by a sign company after closing so there is a short period of time right around closing where the sign is still up but the 'SOLD' sign is gone.

After closing the sale price becomes public information. It will be recorded in the tax records, but may take several months for it to appear there.

You can find it quicker in the MLS 'SOLDS' search on my website. On the left side of my home page at www.HomesMSP.com, under the header 'Twin Cities Market', is a bullet link labeled Search the MLS for sold properties. Click 'Additional Search Criteria' on the left side of the search page to enter a property address. It will pull up not only the most recent sale but previous sales as well.

Of course, you can also contact me and I will be happy to help answer any of your real estate questions, including the sale price of closed properties.

Sharlene Hensrud, RE/MAX Results - Email - Website

Buying a Condo with FHA/VA Financing

With all of the recent changes in financing, condos are no longer eligible for 100% conventional financing. My experience has been that conventional financing requires a 10% down payment in our current Twin Cities market.

For buyers who don't have cash available for a down payment, federal FHA and VA home loan programs can be good alternatives.

FHA financing requires 3% down, which can be offset by funds from the Nehemiah Program.

VA financing with 0% down and no mortgage insurance may be an option if you are a military veteran. Click here to see if you are eligible and for frequently asked questions, answered by the US Department of Veterans Affairs.

Talk to your loan officer to determine the best financing scenario for your situation. If you decide to use FHA or VA financing and are purchasing a condo, be aware that not all condominium projects are approved for FHA and VA financing.

The MLS listing should state whether or not a complex is approved for FHA/VA financing, but don't depend on 100% accuracy. If you find a complex you really like, investigate further.  Check with your lender, or click here to search for FHA/VA-approved condominium projects by location, name, or status at the US Department of Housing and Urban Development.

If you find the complex you like is not currently approved, you could apply for 'spot' loan approval of a unit if you are using FHA financing (click here for 'spot' loan financing requirements).  Unfortunatley, properties using VA financing are NOT eligible for 'spot' financing...the entire complex must be approved.

Check with your lender to determine your options when you have found a condo you would like to purchase.

Sharlene Hensrud, RE/MAX Results - Email - Website

Wednesdays Unplugged - Turkey Burgers

It's Wednesday...I'm unplugged and cooking again, enjoying the first full week of summer!

QUOTE OF THE WEEK

"A perfect summer day is when the sun is shining, the breeze is blowing, the birds are singing, and the lawn mower is broken." ~ James Dent

Last week I decided to celebrate 'almost summer' by grilling burgers, but wanted something a little different. I was planning to concoct my own version of turkey burgers but the day flew by and I ended up using a recipe almost straight from the summer edition of Lunds and Byerly's real food magazine.

My husband assembled the burgers while the rest of us gave encouragement...we doubled the recipe below. 

RECIPE OF THE WEEK

CHEESE-STUFFED TURKEY & BACON BURGERS

adapted from recipe by Bruce Aidells in 'real food', summer 2008

• 4 ounces bacon, diced
• 1 1/4 pound ground turkey
• 1 tsp salt
• 1 tsp pepper
• 2 Tbsp barbecue sauce
• 1 1/2 cups freshly shredded sharp cheddar cheese
• 1/2 cup finely chopped green onion
• 1 Tbsp Dijon mustard

Chop bacon in food processor and combine with turkey, salt, pepper and barbecue sauce. Form into 8 equal patties, each about 1/2 inch thick.

Combine cheese, green onion and mustard. Place equal amounts in the centers of each of 4 patties, place remaining patties over cheese and crimp edges to seal.

Grill about 4 minutes on each side.

Serve on toasted buns with lettuce, tomatoes, onion and barbecue mayonnaise:

• 1/2 cup mayonnaise
• 1 Tbsp sweet pickle relish
• 2 tsp Dijon mustard
• 2 Tbsp barbecue sauce

Sharlene Hensrud, RE/MAX Results - Email - Website

How much radon does your home have?

Every home should be tested for Radon, and if you haven't had your home tested, I recommend having it done.  Radon is a gas formed by the breakdown of uranium and radium, both of which are found in high levels in Minnesota.  Radon gas is the number one cause of lung cancer among non-smokers, and is the second leading cause of cancer in America.  Every home is susceptible to radon, and I can tell you from experience that there are a large number of homes in Minnesota with high radon levels.  Somewhere between 1/3 to 1/2 of the homes that I test for radon have high levels.

Some homes are at higher risk for radon than others.  Radon enters in to a home through any openings in a basement to the earth, such as cracks in the floor or walls, sump baskets, openings in the top of block walls, etc.  Homes that have uncovered crawl spaces would be especially susceptible to radon gas, but even obvious factors cannot be used to make a determination - every home really does need to be tested.  I've been doing radon testing for over 11 years now, and I've come to know that radon is a very random thing; two houses built right next to each other, with identical construction, could have completely different radon levels.  I have next to no radon in my own home, but my neighbor had a very high level in his basement - our houses were both built in the 40's, and are of almost identical construction. 

If a high radon level is found in a home, it is best to contact a mitigation company to correct the higher levels.  The most common way of reducing radon in a home is to install a sub-slab pump, which relieves the soil gas pressure below the home.  My neighbor had this type of system installed in his home, and now has a very low level of radon.  Mitigation systems typically cost about $1500, but there can be a wide range in prices.  The photo below shows the pipe going in to the basement, and the fan that pulls gases out from beneath the slab.  This is a very unusual system because most are almost completely hidden from view, but I love this photo because it clearly shows how the system works.

Starting this year, homes built in Minnesota will need to be built with a passive radon mitigation system.  That means a pipe that runs from the basement to the attic will need to be installed when the home is built.  A fan can be easily added later if high radon levels are found in the home.  Just knowing that Minnesota has incorporated mitigation systems in to new home construction should be enough to tell you that this is a serious issue.

I hear many objections to radon testing - some are valid, but most are not.  Here they are:

I don't have a basement.  You're right!  You probably don't have radon.  There is no guarantee... but I have yet to do a radon test above grade and find any significant levels of radon.

I have a new home.  It doesn't matter.  I've found extremely high levels of radon in new construction homes - the radon doesn't care how old your home is.

I don't / won't spend any time in my basement.  What about the next person that buys your home?  A high radon level in a home is a potential liability.   If you're buying a home, it's important to have it tested - ignoring the health affects, just think about the next owners.  Picture this: you buy a home and don't have it tested for radon, sell the home a year later, and the buyers have the home tested.  They find a high radon level, and rightfully ask you to pay for a mitigation system.  You might kick yourself for not testing the home when you bought it.

I already have a mitigation system.  You're right. You probably don't have any radon if you already have a mitigation system.  I've never found high radon levels in a home with a mitigation system.

This whole radon thing is a conspiracy.  Sure... and cigarettes don't cause cancer.  Don't leave your tinfoil hat at home ;-)

It's too expensive to test.  Do-it-yourself test kits are available at home improvement stores, and even places like Target or Sears for somewhere between $10 and $25.  These kits are just as accurate as the professional tests that I do, but they are not practical for a real estate transaction.  For a real estate transaction, you need an unbiased third party to do the test, and you need fast results.

This has been a cursory overview of why it's important to test for radon.  You can learn more about radon testing in Minnesota at my web site, or at the Minnesota Department of Health web site.  As always, you can also email me with any questions.

Contingent Offers

Most offers to purchase a property include some contingencies...conditions which must be met before the purchase agreement becomes totally binding or the agreement is cancelled and the earnest money is returned to the buyer. Common contingencies include a private home inspection, financing, review of condo or townhouse association documents, well or septic inspections.

When someone talks about making a contingent offer, however, they are usually talking about making an offer contingent upon the sale of their current home. This kind of contingency can prevent you as a buyer from ending up with two mortgages, but you are more likely to pay a higher price to offset the negative aspects of a contingency...and you could also lose the property to another buyer.

Details of a contingent offer in Minnesota

1. The contingency addendum gives the address of the contingent property, states that it is currently or will immediately be listed for sale and includes the name of the listing broker
2. The addendum includes the date by which the contingent property must be sold or the purchase agreement will be cancelled and the earnest money returned to the buyer
3. The seller can continue to offer the property for sale and negotiate with other buyers
4. If the seller comes to an agreement on an offer from another buyer, the seller submits a 'Request for Removal of Contingency' to the contingent buyer
5. The contingent buyer then has the amount of time specified in the addendum (usually 48-72 hours) to remove the contingency

Removing the contingency

1. The contingency is automatically removed by delivering a copy of a valid, fully signed purchase agreement for the sale of the buyer's property that is not contingent upon anything other than financing and has a closing date not later than the closing date in the contingent purchase agreement; this means that contingencies for inspection and review of condo association documents must have already been satisfied
2. It used to be that the buyer could also automatically remove the contingency by providing 'written proof' that the buyer can purchase without the sale of the property; this provision was removed from the contingency addendum in 2007
3. Buyer & seller can agree to amend the purchase agreement to remove the contingency with different terms than specified in #1 above; it could also involve re-negotiating other terms of the agreement

Both buyers and sellers should be thoughtful and cautious about contingent offers. During the strong sellers' market a few years ago they were rare because properties were selling so quickly that buyers were confident they could sell before closing on their next home. In our current buyers' market sellers are concerned about whether contingent buyers will be able to make a timely sale of their contingent property and negotiation may even include pricing of the contingent property.

I find that most repeat buyers sell first. It puts them in a better negotiating position for their purchase and they know how much they will be netting on the sale of their current home before making a decision on their next one.

Sharlene Hensrud, RE/MAX Results - Email - Website

Sunday's Site - Minneapolis Riverfront, St. Anthony Main

In the early 1800's, the cities of Minneapolis and St. Anthony were built on either side of St. Anthony Falls, the only natural major waterfall on the Upper Mississippi River. The two cities joined together in 1872 to utilize the econmic power of the falls for milling. Mill City Museum chronicles the story of  this industry and how Minneapolis became known as the "Flour Milling Capital of the World" from about 1880 to 1930.

St. Anthony Main, which includes restaurants, movie theaters and shopping, is located along the riverfront on historic Main Street of the former city of St. Anthony, northeast of what is now downtown Minneapolis. It offers great views of the city and considers itself host to the Minneapolis Riverfront District with more than 150 acres of parks, trails, bridges, historic sites and activities.

The Pracna building next to the movie theater in the photo above was built in 1890, and is the home of the oldest restaurant on the oldest street in Minneapolis. I find it fitting to see the crane for The Phoenix condos hovering over the historic buildings, a sign of continuing development along the waterfront...new properties joining the many existing condos on both sides of the river. 

This area is host to various events throughout the year, including the ever popular Stone Arch Festival of the Arts which takes place each year on Father's Day weekend. It includes over 250 juried artist booths, music stages, and food booths. I was delighted to discover PARTnerships this year, a local non-profit organization creating partnerships between people with disabilities and the community. They had wonderful cards displaying their artistic talents...if you are on my birthday list, you may be receiving one during the coming year!

Click here to see homes currently for sale in this area along the side of the river opposite from downtown Minneapolis, sometimes called NeHe (for Northeast Hennepin). (Please be patient while the link searches for the most current listings...pass your cursor over the dots on the map for property information.)   

Sharlene Hensrud, RE/MAX Results - Email - Website

How to Stage a Room in 10 Easy Steps

Here are 10 Simple Steps for Staging a room:

1.  Stand in the Doorway.  This is where buyers stand before they decide to step into a room.  If a buyer won't step in, they won't buy your house.  You need to see what buyers see and make changes that will invite them in to every room of the house. 

2.  Pick a Staging Point.  Ask yourself "How will a buyer use this room?"  If it's a bedroom, the Staging point is usually the bed....living room could be the fireplace.  Then stage the room around this focal point.

3.  Make a plan.  Once you know what your focal point will be, plan what you're going to change and get started.

4.  Clear the clutter.  Deaccessorize the entire room.  Take out all the pictures, mirrors, and accessories.  Get down to the "bones" of the room.

5.  Divide into piles.  Pack, toss, give away and sell.  Some things will go back when you are staging.

6.  Get rid of some furniture.  Less is more to make a room look larger. Often times we simply move furniture to other rooms.

7.  Decide what furniture has to stay.  Keep the basics and get rid of the extras.  A lot of living rooms have a couch, loveseat and 2 chairs.  We often remove either the couch loveseat to make the room look larger.

8.  Arrange the furniture the way you want it.  Stand back again and see if the room makes "space sense" and it's inviting and easy to walk around.  There is no real right or wrong....just keep working with the furniture until the room looks spacious and open.

9.  Rebuild with accessories.  Bring back in some accessories (often from other areas of the house).  Not too many and nothing "personal" like photographs etc.

10.  Fine-tune.  Stand in the doorway again.  Is there anything else you need to do?  Anything else that should be removed?  Are the blinds/shades straight?  Then have a friend come in and look at the rooms again!

Jeri Pischke, Tender Heart Transitions - Email - Website