Homes MSP Real Estate Blog

Sunday's Site - White Bear Lake, Home of the World's Original Ice Fishing Contest

NOTE: see the bottom of Sunday's Site posts for homes for sale in the area

I have talked before about how Minnesotans love their lakes, and just because frozen winter landscapes only reflect eery memories of summers on the beach doesn't mean we don't love our lakes in the winter as well. Lakes play an important role in Minnesota's sense of place. 

As I was showing homes in White Bear Lake yesterday we were re-directed away from the lake and saw signs pointing the way to 'FISHING CONTEST'.  Little did I realize at the time the significance of this event, which was part of this last weekend of the St. Paul Winter Carnival...the nation's largest and oldest winter festival.

I learned that White Bear Lake's ice fishing contest began in 1947 as the 'World's Original Ice Fishing Contest' and was featured in LIFE magazine in 1948. I searched for LIFE's aerial photo of the event featuring 2,196 fishermen to no avail. Evidently the event ended due to warm weather in the 1980's and this is the first year it is back as part of the Winter Carnival. 

 
When I stopped by at the end of the afternoon most of the fishermen had already cleared out, but they were still announcing some of the prize winners. There were over 2,000 anglers there over the course of yesterday's event, and more than $100,000 in prizes were awarded including a Grand Prize Dodge 4 x 4 Truck...the first place winner in 1947 took home a trophy and snowsuit!

There were lots of trucks on the ice and I briefly considered driving out for a closer look, then remembered getting stuck on frozen Lake Minnetonka on the opposite side of the metro years ago...and tow trucks wouldn't come on the ice to rescue us!! My husband went knocking on doors until he found a local resident willing to risk coming out with his truck to pull us out...meanwhile, our young son was patiently waiting in the car with me, quietly eating his gingerbread man.

I admit my only experience ice fishing was also years ago. My most vivid memory was of being in the midst of the echoing sound of cracking ice.  I think we caught some northern pike, also popular in White Bear Lake, where panfish and walleye are also popular catches.

Don't despair if you missed this ice fishing contest, there are plenty more to come in various locations throughout Minnesota in the the next month. Check out My Fishing Pals for Minnesota fishing tournaments throughout the year.

Click here to see homes currently for sale in the area around White Bear Lake, MN. Please be patient while the link searches for the most current listings...click on the map to zoom in until you see icons on the dots, then pass your cursor over them for property information, click for property details. 

Sharlene Hensrud, RE/MAX Results - Email - HomesMSP.com

RELATED POSTS

Sunday's Site - Lake Minnetonka

Sunday's Site - Excelsior on Lake Minnetonka

Sunday's Site - Wayzata on the Bay

Sunday's Site - St. Croix Boat & Packet Co, Stillwater

Declutter and Organize

I stage homes and help people update/remodel before selling .  But I also help people downsize, declutter, organize and pack their possessions.  Basically I do whatever it takes to help a client get their home on the market to sell quickly!

I had a potential Client call today.  They've been in their home for 40 years and want to move to a Senior Cooperative.  He told me they need help.  The said they have "stuff all over"!!.   And they know that the house has to be cleaned out before he sells.  He doesn't know if he's going to hire my services or not and had a lot of questions about the process. 

So that led me to today's column.  I teach classes to people who are trying to move and get rid of some of their possessions.  Most are overwhelmed at the thought of beginning to downsize and declutter.  Here's what I tell them:

Before you start, determine a timetable and stick to it!  Or, you'll never finish....which is probably why I get hired  :)

Begin in the least used areas of your home.

Figure out what percentage you need to reduce.  You may be moving from a 1,500 square foot home to a 750 square foot home.  So a general rule of thumb is that 50% of your furniture/possessions needs to go.  That doesn't mean that you need to take out 50% of every room.  You might keep everything from a Master bedroom and remove everything from a spare bedroom.  Just so when you get done, you have about 50% less!

I always use the "One Year Rule".  If you haven't used it or looked at it for over one year, chances are your don't need it! 

We all receive the donation envelopes for the Lupus Foundation or Disabled Vets that has a bag to donate and a number to call to arrange for pick up.  Everytime you get one, call immediately!  It will force you to go through your house and find something to give away because you know they're coming.

When you start sorting, sort in to four piles:
Keep
Sell
Donate
Throw

I can guarantee that your "keep" pile will be the biggest.  But once you've sorted a room, think about the percentage you have to remove and the "keep" pile will get smaller.

Once you're done, you will feel great about donating things to those who need them.  You can have an Estate Sale too.  I've written before about Ebenezer Hearts and Hands Estate Sales.  They're a non-profit and are great people to work with.  http://www.fairviewebenezer.org/Programs_and_Services/c_115998.asp

It's also a great time to have a garage sale or give items to family/friends.

All in all, when you're done you will feel great and your home will sell faster.

Jeri Pischke, Tender Heart Transitions - Email - Website

Condo Styles

Unlike a townhouse, where you own a slice of property from the ground to the sky, when you buy a condominium you are buying a piece of air space in a building and a share in the common areas. It is essentially like an apartment that you own. In fact, many condo buildings started out as apartments and were later converted to condominiums.

 
With the market changes in the last few years it is not uncommon to find the reverse happening now, as properties originally intended to be condominiums are now rental properties...and may later be converted to condominiums.

Condominiums are found in both old and new buildings, converted warehouses, few or many stories. Amenities vary from very extensive including a pool and health club to nothing...sizes from a few hundred square feet to thousands of square feet. Just like other property styles, condos can be found to fit all price ranges and life styles.

Our Twin Cities MLS divides condo styles into three categories: low rise (2-3 stories), high rise (4+ stories) and manor styles.

Many people think of lofts as a separate condo style, but it really refers to the open way the space is finished rather than to the building itself. Loft style apartments can be found both in old converted warehouses and newly constructed buildings. If you are looking specifically for converted warehouses your best way to search is by date built...look for older buildings.

Low rise and high rise condo buildings are pretty easy to identify...they usually look like apartment buildings. One thing to be aware of is properties that started out as apartment buildings and were later converted to condos often do not have as much sound insulation as properties that were originally built as condos. If sound insulation is important to you be sure to ask about it, and listen specifically in the unit and hallways.

Manor style condos often feel like a cross between condos and townhomes because of their more intimate size and configuration, having more of a townhouse look than an apartment look. They are usually grouped with four units sharing a single entrance, with 2 units on the main floor and 2 on the upper level. Attached garages are usually accessed by a hallway off the shared entryway.

Don't confuse condo style, which refers to architectural style, with the condominium form of ownership and property management. Check related posts below for more information on fees, restrictions, and other items related to the condominium form of ownership.

Sharlene Hensrud, RE/MAX Results - Email - Minneapolis Condo Realtor

RELATED POSTS

• Condo vs Townhome vs House
• No Dogs Allowed...about CIC association restrictions
• About dogs and townhomes...
• Detached townhomes...isn't that a house?
• Townhouse Styles, Part One - Detached and Quad/4 Corners
• Townhouse Styles, Part 2 - Side by Side

Fed meeting this week

The Federal Reserve had their two day meeting this week.  No one really expected interest rates to change, but everyone was waiting for the post-meeting statement.

A quick summary of the meeting is that the Fed is not going to change the benchmark short term interest rates, indicating that they will keep short term rates low for an extended period of time.  That's the good news.

The second part and more important is that they didn't comment or change their status on the mortgage backed securities purchase program.  Right now the Fed is scheduled to finish purchasing mortgage backed securities the end of the first quarter of 2010.  This program has kept interest rates artificially low for the last few months.  With this program ending, we are expecting interest rates to increase slowly.  How much will depend on how the mortgage market reacts to inflationary news and credit auctions that the Treasury Department is holding, along with other economic news.

Wednesday there was a five year note auction that was bid very well and also news that December New Home Sales were down 7.6%.  Both of those were reports that the mortgage market liked, however the Fed meeting statement hurt the mortgage market and we saw mortgage prices drop.  If prices drop, interest rates increase.   Some lenders increased rates Wednesday afternoon and I am expecting that rates will be up slightly on Thursday.

As we get closer to the end of March, we will probably see rates higher than they are now - no one knows exactly how high.  If you are thinking about buying and are concerned about rates - now is the time to find a new home!   Plus the first time and move- up homebuyer stimulus ends with purchase agreements written on April 30th!

Leslie Vanderwerf, Advisors Mortgage - Email - Website

Wednesdays Unplugged - Broccoli Carrot Salad

NOTE: I spend my Wednesdays Unplugged from appointments. It's my day to stay home, enjoy cooking and welcome our kids and grandkids for dinner in the evening. We end our meal with quotes from the Norwegian 'Quote Cup' passed on to me from my grandmother. I share a quote and a recipe here each week, and sometimes some photos of family fun. I love trying new recipes...and love getting recipes you would like to share!

QUOTE OF THE WEEK

"Never tell anyone that something can't be done. God may have waited centuries for someone ignorant enough of the impossible to do that very thing." ~ J.R. Holmes

After 16 days of above average temperatures we are now into below average temperatures. Preciptation is way below average...no wonder I have been feeling a snow deficit!

RECIPE OF THE WEEK

This week's recipe seems more like a summer one...maybe it was those warm days we have been having that made me crave it last week. It's good any time of the year. This recipe makes a big bowl.

BROCCOLI CARROT SALAD

• 2 cups mayonnaise
• 1 cup sugar
• 2 teaspoons vinegar
• 2 (12 oz) bags broccoli wokkly
• 3/4 cup chopped red onion
• 1 cup sunflower seeds
• 12 oz package bacon, cooked, cooled and crumbled
• 10 oz bag matchstix carrots

Mix mayonnaise, sugar and vinegar, set aside. Mix together broccoli, onion, sunflower seeds, bacon and carrots. Pour dressing over mixture (may not need it all), mix, cool and serve.

 Sharlene Hensrud, RE/MAX Results - Email - HomesMSP.com

RELATED POSTS

• Wednesdays Unplugged - Broccoli & Grape Salad
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A Missing Jumper Wire At The Water Meter

One of the most common electrical defects that I find while doing Truth-In-Sale of Housing Evalutions in Minneapolis is a missing jumper wire at the water meter.  This is a required repair item, and I often find the repair done improperly, so I'm writing this blog to help anyone that has to fix this item.

To start, here is the wording that TISH Evaluators are supposed to follow, which comes directly from the Minneapolis TISH Evaluator Guidelines (2008):

A)      There must always be a jumper wire installed around the water meter. Bonding jumpers shall be of copper or other corrosion-resistant material, have approved clamping devices and be of the correct wire gauge for the service installed. If this jumper wire is not present or is not properly connected on either side of the water meter, (or only the street side, when the water pipes are Pex or similar materials) or is not installed with approved materials, mark as RRE. Be specific on what work is needed.

A jumper wire is used to electrically bond the water distribution pipes throughout the house.  The purpose of bonding the water distribution piping in the home is to make sure they can't accidentally become energized.  If an ungrounded (aka - hot) conductor came in contact with a properly bonded water pipe, the current would have such a good path back to the main panel that it would overload the circuit breaker and the breaker would quickly trip.  In other words, it protects against electric shocks.

A much more important reason that Minneapolis requires a jumper wire at the water meter is that it was once acceptable for the electric service to use the water distribution piping in the house as a grounding conductor.  I couldn't find any great diagrams that showed this type of installation, so I made my own crude diagram.  Don't make fun of my drawing - I know I'm no artist or architect!

 

And here's a photo of what this looks like.

 
 

The problem with this installation is that if the water piping gets disconnected, the electric panel is no longer grounded to the water piping.  That's why this installation is no longer acceptable.  Many old homes in Minneapolis are still wired this way, so it's especially important for the jumper wire to be present at these houses.   

If there is any other break in the water distribution pipes (ie - plastic water piping, plastic water filter, water softener, etc), there needs to be a jumper installed.  For a blog specifically talking about this topic, check out Seattle Home Inspector Charles Buell's blog on jumper wires.  

The photos below show what a proper jumper wire should look like.   While some TISH evaluators require the bonding clamps to be placed on the outsides of the shutoff valves (vs right next to the meter), I don't.  This might be the preferred method, but that's all - it's not a requirement.  As always, click the photos for a larger version.

 

 

For more information on common Truth In Sale of Housing defects, click on any of the links below.

• Smoke Detectors
• CO Alarms
• Vacuum Breakers (backflow preventers)
• Toilet Ballcocks
• Floor Drains

Reuben Saltzman, Structure Tech Home Inspections - Email - Truth in Housing Evaluator

    

 

10 Reasons to Choose St. Louis Park

As I was at an open house in St. Louis Park yesterdayI found myself talking about the wonderful community of St. Louis Park and why 95% of residents feel welcomed in the community, rate quality of life as good or excellent and would recommend it to others.

 
After selling two homes in "The Park" in the last couple weeks I remembered a list of 10 Reasons to Choose St. Louis Park compiled a few years ago by the city itself and decided to share it. Not on the list is the fact that it is where the film-making Coen brothers and politician Al Franken grew up. St. Louis Park is a pretty amazing city bordering the west side of Minneapolis.

1. Small town feel, big city amenities

Location. Location. Location. Nestled between Minneapolis and the Western suburbs, its location is a perfect blend of urban and suburban...with easy access to both. Spend less time commuting and more personal time with friends and family.

2. Safe, welcoming neighbors

With 35 active neighborhood associations, 98% of residents have an overall feeling of safety.

3. Great place to raise a family

Home of the pioneering Children First initiative, three times designated as one of the 100 Best Communities for Young People, mixed ages with 51% of residents in the 25-40 age bracket.

4. Quality choices in education

All public schools have earned the National Blue Ribbon School of Excellence Award, plus Spanish immersion options and nearly a dozen private and parochial school options.

5. Lifelong learning

Opportunities for all ages, including strong early childhood education and nationally recognized senior program

6. Leader in environmental policies and practices

City plants more than 2,000 trees per year and home of the Westwood Hills Nature Center, a 150-acre natural area featuring marsh, woods nad restored prairie

7. Technological leaders

First community in the nation to offer citywide solar-powered, wireless internet service...unfortunately, it didn't work but the attempt was made!

8. Thriving business community

Nationally recognized Excelsior & Grand model in mixed-use developments, including the first Trader Joe's in the Twin Cities

9. Thriving arts community

City-supported Friends of the Arts organization nurtures creativity

10. Healthy city

More than 50 parks and 24 miles of recreational trails, which extend both into the city and out to the western suburbs; Methodist Hospital has been named a top U.S. hospital

 
Every year I work with buyers specifically looking to buy in this first-ring suburb largely developed after World War II. Its easy access to the city and big selection of modest size homes make it a preferred location for many first-time homebuyers. Come discover for yourself why people love living in St. Louis Park!

Sharlene Hensrud, RE/MAX Results - Email - St. Louis Park Realtor

RELATED POSTS

• Sunday's Site - Thanh Do, St. Louis Park
• Sunday's Site - The West End, St. Louis Park
• Sunday's Site - St. Louis Park's Excelsior & Grand, Wolfe Park
• Sunday's Site - Highway 100: Lilac Way
• City grants for home buyers...it can pay to live and work in the 'Park'
• Sunday's Site - yum! Kitchen and Bakery, St. Louis Park
• Walkability...what is your location's walk score?
• Sunday's Site - Sweet Corn and More, St. Louis Park
• Sunday's Site - Bikeways & St. Louis Park

Sunday's Site - Como Park Marjorie McNeely Conservatory, St. Paul

NOTE: see the bottom of Sunday's Site posts for homes for sale in the area

I love living in Minnesota because I love the four seasons, winter included. I love the snow and crystal clear skies with striking low sun angles of winter. These have been missing this weekend which marks the beginning of the annual St. Paul Winter Carnival, celebrating winter in the northland. With grey skies, rain and ice it feels like our winter is having an identity crisis...but true to Minnesota form, I have no doubt the weather will be changing again soon!

If you would rather be someplace warm, with verdant greenery instead of frozen landscapes, you may enjoy a visit to the Marjorie McNeely Conservatory in St. Paul's Como Park. It occupies a full acre under glass with six indoor gardens, including tropical gardens and seasonal flower shows.  This happens to be the weekend of the Winter Carnival Orchid Show at the conservatory, with the Winter Flower Show opening next weekend. When I stopped yesterday afternoon the gardens were filled both with beautiful orchids and people enjoying the warm temperatures, flowers and plants. 

The Marjorie McNeely Conservatory, more commonly known by its former name, Como Park Conservatory, opened in 1915 and is open 365 days a year. Admission is free to both the Conservatory and adjoining zoo, but guests are invited to make a voluntary contribution of $2 for adults and $1 for children to help care for the plants and animals. They have nearly 2 million visitors each year.

Click here to see homes currently for sale in the area around Como Park Zoo and Conservatory in St. Paul, MN. Please be patient while the link searches for the most current listings...click on the map to zoom in until you see icons on the dots, then pass your cursor over them for property information, click for property details. 

Sharlene Hensrud, RE/MAX Results - Email - HomesMSP.com

RELATED POSTS

• Sunday's Site - Minnesota Zoo, Apple Valley
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Bath Colors

Last week I wrote about a pumpkin colored bath I needed to stage.  While I wouldn't have picked it for staging purposes, it was there and I didn't have a choice.  So, I staged the master bedroom with the same color scheme and it turned out really well!

This same house has a very nice family room in the lower level:

Adjoining that room is a bathroom that has an emerald green vanity and floor.  It was decorated with a matching green rug and shower curtain.  Since this color is a little dated, I did not want to draw attention to it.  So I pulled out all of the current towels etc and replaced them with brown and tan accessories.  

The new accessories really diffused the green color and updated the entire room.

So when you can't change a color, you can decorate around it making the house flow.  And if you have a dated color, take the focus away from it with a neutral color.  It works and the house will be ready to sell!

Jeri Pischke, Tender Heart Transitions - Email - Website
 
 

How do recent federal changes affect buyers and sellers?

Whether you are buying a home or selling a home recent federal changes may affect your real estate process...including the FHA changes Leslie talked about yesterday that are coming in the next few months and new FHA condo guidelines taking effect the end of this month.

If you are a buyer with a lower credit score planning to finance all your closing costs this means your window of opportunity is NOW. In the next few months down payment requirements will go up for credit scores under 580 and the percentage of allowable financed closing costs will go down.

Short sales also have new rules coming which will hopefully make it easier to both purchase and sell a short sale property...think days instead of months for bank approval!

Changes related to financing and closing cost estimates have already taken effect and essentially mean the end of the quick close. This usually means you need at least 30 days to close, although with the right lender a quicker close may still be possible. It also means that once buyers get their lender's Good Faith Estimate (GFE) of costs and cash needed to close after signing a Purchase Agreement it cannot change significantly...meaning no big surprises at closing. BUT this makes it more important than ever that your lender's GFE is accurate...if it isn't, closing could be delayed.

FHA Mortgage Changes

FHA financing is the last remaining option for buyers with minimum cash down payment of 3.5%. It is currently used in nearly 1/3 of all new loans, so these changes will have an impact both on a large number of buyers and those selling to them.

• Upfront mortgage insurance fees will be raised from 1.75% of mortgage amount to 2.25% ($750 on $150,000 mortgage)
• Borrowers with a credit score below 580 will need at least a 10% down payment instead of the standard 3.5% minimum
• Allowable seller contribution to buyer closing costs will be limited to 3% of sale price, down from current maximum 6%
• Spot approvals will no longer be available for condos, meaning FHA financing cannot be used for a condo unless the whole association complex is FHA approved
• FHA loan limits vary by state and county, Twin Cities metro 2010 limit is $365,000 for a single family home

Good Faith Estimates and Closings (RESPA)

New changes to RESPA (Real Estate Settlement Practices Act) are aimed at providing greater transparency to buyers and sellers. It involves new standard regulation forms for mortgage terms and closings intended to make it easier for consumers to compare choices and provide assurances that there will not be significant changes between estimated and actual expenses and funds needed to close.

• Actual Good Faith Estimates (GFE) of mortgage loan terms and closing costs are not issued by the lender until after receiving a signed Purchase Agreement, but once issued only limited changes are allowed so there are no big surprises at closing
• Lenders must provide borrowers with a loan origination charge which includes all fees associated with initiating the loan; this charge cannot change from the quote
• Fees quoted for title and closing costs cannot change by more than 10%
• Fees such as homeowner's insurance, which borrowers shop for themselves, can change by any amount

If settlement charges fall outside defined standards of the GFE, lenders must produce a new Good Faith Estimate, which may delay closing. Any changed circumstances, such as a change in purchase price, may also delay closing because of a potential 3-day waiting period requirement. Have everything ready in advance to avoid closing delays.

Short Sales

Short sales have been frustrating for both buyers and sellers because of slow response time from banks holding the mortgage(s). Under new rules taking effect this spring, mortgage companies will have 10 days to approve or disapprove a request for a short sale and must fully release the borrower from the debt when the transaction is completed. This applies only to banks subject to federal bank oversight, such as Bank of America, JP Morgan Chase and Wells Fargo so smaller, local banks are not required to comply.

There is skepticism as to whether this new time line is actually going to happen but it will be wonderful if it does! Shortening response time from weeks and months to days will have an enormous effect on the sale of short sale properties, which often have very long market time and have become increasingly difficult to sell.

Sharlene Hensrud, RE/MAX Results - Email - HomesMSP.com

RELATED POSTS

• FHA changes
• How fast can I close my loan?
• 2010 Homebuyer Tax Credit