AQUATERRA Real Estate Blog

Home Values: How the Media Gets Wrong and What You Should Know

2008-11-03T09:57:02Z

Most real estate news today is bad, but rising sales volume is great news, and often seen skeptically in the media. While falling average prices is important, it's not nearly as accurate as it seems. Home owners would be well advised to understand the media's coverage of real estate is usually dead wrong in the way it thinks about your specific home's value.

I take issue with most news stories on two points 1)The importance of rising sales volume, and 2)For not pointing out that averaging sale data, reflects the large volume of bank mediated sales, and don't accurately predict values of individual homes.

Point 1) Rising sales volume is one of the most important metrics in our current market. We have a supply side issue (among others). As the number of homes offered for sale declines, supply and demand come back into balance. Minnesota Independant recetly said, in an otherwise good artical, that the number of homes sold is a "meaningless" and "futile" metric. Revealing a widly held, and fundamental, misunderstanding of the market.

Point 2) Value statistics (i.e. "Home Price Decline 38%") take all sales into account, and the increased volume of bank mediated sales artificially lowers these stats. Bank sales occur at all price points, but the majority are below the median price range. Investment buyers are very active in this market, and are behind a lot of the rise in sales volume. A relocation, or move up buyer, with a new baby on the way, may not be able to consider bank sales due to time and condition requirements. Bank sales come with additional risk, long timelines, typically poor condition, and are most common in lower price ranges. Unless you own an "average home" (which doesn't exist) then the average stats are only useful in a general sense, they don't predict specific home values in any way at all.

St. Paul MN | Historic Mansion | Condo For Sale

2008-10-10T09:17:34Z

Historic Armstrong-Quinlan Mansion Virtual Tour

Rare Opportunity! Complete the interior restoration and build out of this important and historic townhome unit. 3 of 4 units have sold; this is the last one left! 2-story unit on the south, or river, side of the building featuring extraordinary views of the Mississippi, 11-ft ceilings, original banister, and over 2000 sq ft. Landscape and grounds are complete.

Completely re-done internally and historically preserved this one of a kind property remains connected to St. Paul’s early history, while enjoying modern heating, cooling, and finishing features.

Built in 1886 by noted St. Paul architect Edward Payson Bassford, the Historic Armstrong-Quinlan house was moved in 2001 from its original site on Cleveland Circle to the edge of Irvine Park overlooking the Mississippi.

Virtual Tour

AquaTerra Partners

Sotheby's Realty

Stone Lake, Wisconsin: Private "Green" Cabin FOR SALE

2008-10-05T13:39:22Z

Find mesmerizing tranquility on “Isle of the Pines” on Little Sissabagama, an exemplary north woods wilderness lake.

Retreat to the breathtaking sustainable home nestled into a natural clearing of trees to preserve views from the lake and capture summer breezes. This thoughtfully crafted home is built from locally sourced wood and designed for energy and water efficiency and limited maintenance. Home is equivalent to LEED silver certification.

Relax on the insulated wrap-around porch, providing 270-degree views of the lake from oversized windows.

The three-bedroom two-bath home offers an exceptionally open floor plan for great lighting and efficient heating and cooling.

Gather around the wood stove or enjoy the master bedroom gas fireplace for crisp fall days. Ceiling fans and an efficient air conditioner keep the home comfortable in the summer.

With only three residences on the small island, you’ll take full advantage of the natural sugar sand beach, transparent water, and idyllic location near popular former lumber towns.

View Virtual Tour View All Photos For Complete Details Visit: AquaTerra Partners or call (952) 230-3117

Red Wing, Minnesota Historic B&B Mansion For Sale

2008-10-05T13:09:59Z

Step into the gilded age.

The Historic Hawley Mansion, built in 1874 and currently operating as the Moondance Inn Bed and Breakfast (www.moondanceinn.com), is now available for purchase.

Located in beautiful Red Wing, Minnesota on the banks of the Mississippi River, this charming inn is just 60 minutes south of Minneapolis and St. Paul. Fully restored and updated, the stately mansion offers five guest bedrooms with en suite baths, game room, equipped commercial kitchen, rich woodwork and high ceilings throughout, grand central fireplace, and living and bedroom furnishings. A sixth bedroom is located in the lower level. The carriage house currently serves as the owner’s private quarters.

Drive along the scenic bluffs of the Mississippi, enjoy expansive Lake Pepin, bicycle the Cannon River Trail, visit local wineries, and stroll the historic neighborhoods of Red Wing. This is a once in a lifetime opportunity to continue a rich tradition. Or create your own!

For Complete Details Visit: View All Photos View Virtual Tour

Duluth Minnesota: Cottage | Bed and Breakfast | Vacation Home FOR SALE

2008-10-04T15:56:41Z

Hillside Guest Cottage Duluth, MN

Enjoy Victorian detail with modern amenities! Built new in 2002, this hillside cottage perched above Lake Superior makes an ideal vacation home or guest house. You’ll fall in love with this home’s Scandinavian style, romantic views and historic setting.

Built with great attention to detail, this cottage-style home features a striking vaulted ceiling and open, central staircase. Brazilian maple and cherry hardwoods, Italian marble, and in-floor heat are just a few of the luxurious touches awaiting you.

Located in the quaint neighborhood of “Little Italy”, this home has 2500 finished square feet and sits on an oversized lot with bird’s eye views of Duluth Harbor. Three bedrooms in the main portion of the cottage, a gas fireplace, gourmet kitchen, inglenook hideaway, and large whirlpool tub all greet you after touring Duluth’s many offerings.

Retreat to your private garden-level suite after hiking, antiquing, skiing, sailing or just enjoying the striking beauty of Minnesota’s North Shore.

Offered at $375,000.

View All Photos

View Virtual Tour

For Complete Details Vist

AquaTerra Partners Real Estate

Indian Springs Plantation, Wisconsin Hardwood Forest - FOR SALE

2008-10-04T15:13:12Z

Located in the “Driftless Area” of Southeast Wisconsin, this 300 acre plantation of walnut, oak, chestnut, hickory and pine trees is spread across a spectacular valley. Actively managed as a deciduous hardwood forest and walnut plantation for the past 42 years by a dedicated professional, the opportunity to provide the future stewardship of this important property is now available.

A recently completed timber cruise has estimated the current and projected timber harvest for the next 5 – 10 years. Currently the property has more than 9600 board feet of veneer quality walnut trees ready for harvest. In addition there is more than 70,000 board feet of red and white oak for harvest and additional oak, maple, hickory and elm that could be included in the harvest over the next 3 – 5 years. Unique to the property is a mature stand of pine that is suitable for construction of a log home.

Located on the upper plain of the property is a 55 acre parcel that was reforested in 1979 exclusively with walnut trees. These trees which will begin to mature at more than 10% a year and yield a harvest in 12 – 15 years. The careful pruning, planting, and culling of the forested and plantation areas have added significant value to the property.

Under all is the land, and the current property owner has found enjoyment and satisfaction in the commitment to this parcel. The level of joy found in the hours of work, discovery, hunting, fishing, hiking or just relaxing on these 300 acres of woods, fields and streams is immeasurable. In addition to the forest and plantation management the owner has conserved, preserved and enhanced the property. More than 35 years ago, 100,000 + trees were planted on the property, he has developed and maintained a 1/3 acre pond, established more than 5 miles of roads and trails on the property and taught his children and grandchildren the lessons of land stewardship. You will find a quality deer heard on the property and the place where two trout streams merge to form a critical habitat formed from some of the many natural springs on the property.

Indian folklore says that we do not inherent the land, but maintain it for future generations. No where is that more evident then here at Indian Springs. The owner has established and maintained a 28 acre prairie and inventoried and reestablished native forest and savanna wildflowers and shrubs.

Together with The American Chestnut Foundation, he has begun an experimental project to reestablish American Chestnut Trees in the forest, and an agreement is in place currently to manage more than 21 acres for CRP.

Blending seamlessly into the landscape is a cabin built by the owners in 1973. Based on the “prairie style” architecture of Frank Lloyd Wright, it is constructed as a bridge over a small ravine. Spring brings with it the sound of rushing water under your feet. At the entrance to the property is an oversized 1870’s built dairy barn. Well maintained over the years, it is perfectly suited for horses and as a storage facility.

Ownership of this important parcel requires a passion for the land and all it represents. Through the cooperation and enthusiasm of the family, the pride of ownership has enhanced this valuable and natural resource that we call Indian Springs. “One generation plants the trees; the next one enjoys the shade”

For more information on this impressive property contact

AquaTerra Partners

View All Photos

View Virtual Tour

(612) 230-3117

Grand Rapids, MN Luxury|Home on Lake Pokegama|24965 Great Sunset Rd

2008-09-28T15:10:52Z

Once in a lifetime done a home home like this come along. Grand Rapids, MN on Lake Pokegama. 24965 Great Sunset Rd. Ultimate Luxury in the Great Northwoods.

Experience Europe’s finest in the midst of Minnesota’s ten thousand lakes. This magnificent 7000 square foot estate home enjoys ten acres of beautifully landscaped yard and wilderness overlooking Lake Pokegama, in central Minnesota. High ceilings and oversized windows throughout permit spectacular views, with most rooms facing the lake.

Live like nobility in this stately residence with an impressive two-story foyer, exquisite living room with tray-ceilings and hand-carved limestone fireplace, a formal dining room, gourmet kitchen, and a one-of-a-kind informal dining space in a hand-painted turret, all with views of the lake.

The owner’s suite, clad in hand-painted wall paper and gold-leaf, takes advantage of a second turret with stunning vistas of Pokegama, and includes an ample dressing area and sumptuous bathroom with a two-headed shower and tub. Slip out the double doors to enjoy morning coffee on a wrought-iron deck that connects the owner’s suite to the other living spaces on the main level.

An impressive banister leads you upstairs to three additional bedrooms, two full baths, and a cozy family entertainment room with a gas fireplace.

The walk-out basement combines Northwoods charm with the sophistication of a fine European club. A two-sided gas fireplace serves the bar, billiards room and informal living space.

A second fully-equipped kitchen makes it easy to entertain on the lower-level, which enjoys a walk-out rustic stone patio. The Nordic sauna is reminiscent of the local heritage.

View All Photos

Virtual Tour

Complete Details

AquaTerra Partners

Sotheby's International Realty

Minneapolis, MN

(952) 230-3117

Grand Rapids, MN Palatial Luxury Lakefront Home

2008-09-26T13:12:46Z

22638 Henderson Rd. Grand Rapids (Cohasset), MN on Lake Pokegema

Enter the elegant tree-lined drive that leads to this palatial home on Lake Pokegama, in the heart of Minnesota’s lake country near Grand Rapids. This exquisite lakefront home enjoys 6.9 acres and 300 feet of prime, sandy shoreline on one of Minnesota’s finest recreational lakes. Lake Pokegama, or “Spider” Lake in the native Ojibwa language, boasts 6,600 acres of clear sky-blue waters.

This privileged estate is reminiscent of a European palace with floors of Italian porcelain, crystal lighting from Germany, sculpted crown moldings, magnificent columns, and regal heights. Yet it has all the modern comforts including high-end appliances, in-floor heating, and whole-house music and security systems. This 6000 plus square foot home with three bedrooms, five fireplaces and six baths has been thoughtfully designed to be energy-efficient.

You’ll be welcomed through a handcrafted front door to discover an elegant foyer with 20 foot ceilings, curved staircase, mahogany handrail and a stunning crystal chandelier from Germany. Step into the living room which enjoys a breathtaking view of Lake Pokegama and fireplace with custom stone mantle, just one of five that warm the home. The adjoining gourmet kitchen also enjoys a view of lake, and extends to an outdoor covered cooking deck, perfect for alfresco dining. A spacious dining room, mahogany-paneled library and game room also grace the first floor.

Take a lift in the elevator paneled in fine cherry wood. The master bedroom suite overlooking the lake includes another custom fireplace, two separate bathrooms, two large dressing areas, and private exercise area. The second and third bedrooms, each with en suite baths, overlook the lake and the tree-lined entrance. Even the utility room is elegant, with high-end washer and dryer, kitchenette, television, and folding area.

The grounds are beautifully landscaped with natural river rock from Arkansas. The estate includes eight garages with the appearance of fine carriage houses, all with in-floor heating, and additional living space above five of the garages.

View All Photos View Virtual Tour

Brought to you by

AquaTerra Partners

(952) 230-3117

Chetek, WI; Land Opportunity; 260 Acres

2008-09-24T21:09:48Z

Discover 260 acres of unparalleled Wisconsin landscape on the banks of spring-fed Lake Chetek, 2 hours east of Minneapolis/St. Paul and 7 hours north of Chicago. This is Norway Trail, named after the 20-acre Norway Pine plantation that serves as a breathtaking entrance to the property. Once a farm, the privileged acreage is available for development or private enjoyment.

Norway Trail has been platted for over 80 exceptional home sites. Nine of the home sites have frontage on Lake Chetek. Eight more have frontage on Moose Ear Creek, upstream and source for Lake Chetek. The Wisconsin Department of Natural Resources has approved the creation of ponds or reservoirs in the natural folds of the existing terrain, providing potential for more waterfront home sites.

Ponder the moving waters of Lake Chetek and Moose Ear Creek, ideal for canoeing through the wilderness. Look for the abundant wildlife that frequents the property – bald eagles, deer, wild turkeys and otters. There is currently a grass airstrip on the gently sloping field and a local aerodrome is just 5 miles away.

Build, develop or enjoy, this will remain a magnificent piece of Wisconsin territory.

For complete details visit AquaTerra Real Estate

Virtual Tour View All Photos

Lindstrom, Minnesota|Land for Sale|Own Your Own Peninsula!

2008-09-12T13:57:47Z

Build a dream estate or development on an entire peninsula, with 5000 feet of shoreline on North Center Lake, located 50 minutes from either downtown. Sloping terrain provides wonderful lake views. Property has been in same family for 150 years.

Virtual Tour - Photo Album

Address:	31315 Olinda Trl
City:	Lindstrom
State:	MN
Zipcode:	55045
Listing Price:	$5,000,000
Property Type:	Land
Zoning:	Agric
Status:	Active
County:	Chisago

Tax Amount:	$6,260
Tax Year:	2008
Utilities:	Telephone, Electric
Latitude:	45.3988909091
Longitude:	-92.8361454545

Items included in price (1):

Survey, Easements, Abstract, Soil Test Available, Topographic Map

For More Information Please Contact

AquaTerra Partners

(612) 230-3117

St. Louis Park, Minnesota: Mid Century Modern|Alcoa Home FOR SALE

2008-09-12T09:08:45Z

A Mid-century contemporary marvel for modern living. Designed by Charles M. Goodman and constructed in 1958 as a project for the Alcoa Aluminum Company to showcase the wonders of Aluminum. Built with post & beam construction and combines decorative and structural aluminum with beautiful woods such as oak, redwood and cypress.

8000 Westwood Hills Drive

St. Louis Park, MN 55426

Virtual Tour Photo Album

Priced at $399,000

Much of the original detail and design elements remain including the deep purple exterior panels and bright blue window panels. Walls of floor to ceiling glass are used on each end of the home. A California Style is featured by the use of an open courtyard between the home and car park.

The home is set on a fantastic double lot, and has three bedrooms, three baths and a full basement featuring two egress windows and ready for finishing. The outstanding open floor plan and vaulted ceilings are unique to this property.

Facts and Features:

3600 Square Feet

3 bedroom and 3 bathrooms

2 fireplaces

Hardwood Floors

Open Floor Plan

Mid-Century Modern Style (A-Frame)

Built Origionally by Alcoa Aluminum and Charles M. Goodman

Doubble Lot in Wonderful Neighborhood

Currently in "Short Sale" status with lender, this is a once in a life time opportunity to own a Mid-Century Modern collectors item home, and to be able to purchaes it for a bargain!

For more information, or for a personal tour contact:

AquaTerra Partners

(612) 230-3117

Minneapolis, MN Neighborhood Appreciation Rates Vary Widely

2008-09-03T16:12:01Z

Just a quick "flash in the pan" for everyone interested in local real estate values. We always here about the wholesale decline of home values, when in fact that's simply not the case. In reality Buyers are able to be far more discriminating and while that leads to declining vales in some areas, other areas are in fact rising.

Average stats in no way reflect the actual value of your home. To find out the value of your home, contact me for a free Market Analysis based on comparable sales in your price range, neighborhood, and property type.

Minneapolis, MN Neighborhood Average Sale Prices

*** These statistics should NOT be used as a basis for valuation of specific properties. Value estimates need to be based on data specific to the property type and recent sales of similar properties. For a free market analysis on your home, please feel free to contact me at the number above.

	2006	2007	Percent Change
Camden	$161,352	$131,290	- 18.6%
Downtown	$310,891	$323,644	+ 4.1%
Longfellow	$220,072	$222,404	+ 1.1%
Nokomis	$239,843	$235,852	- 1.7%
North	$152,372	$101,864	- 33.1%
Northeast	$214,645	$198,184	- 7.7%
Phillips	$208,259	$166,916	- 19.9%
Powderhorn	$182,561	$169,911	- 6.9%
Southwest	$351,385	$370,175	+ 5.3%
University	$259,903	$263,083	+ 1.2%
Uptown	$401,119	$387,612	- 3.4%
Edina	$504,582	$495,121	-1.9%
Richfield	$223,362	$216,297	-3.2%
*St. Louis Park*	$253,196	$254,309	+ 0.4%
*East Bloomington*	$233,641	$215,543	-7.7%
*West Bloomington*	$272,799	$271,751	- 0.4%
*Eden Prairie*	$365,209	$409,579	+ 12.1

Data courtesy of MAAR collected from the RMLS database.

Hudson, Wisconsin: 235 Woodview Tr.

2008-09-02T16:19:30Z

Serenity Refined

A perfect balance of nature and design, this exclusive residence has been carefully crafted to address every detail. A designer's own residence, you will find quality elements throughout. Executed with only the finest materials, the home features a new kitchen, new baths, and upgraded fixtures and hardware rarely available in a private retreat like this. Hardwood floors, a spacious deck, a custom finished garage, large cedar closet and child's play room or exercise room are some of the details you will find that complete this home.

Soak in the peacefulness of the St. Croix River Valley and enjoy the canopy of trees and the wildlife of the neighborhood. On a quiet lane and a short drive from Hudson, Wisconsin you will be part of an exclusive neighborhood coveted by many. From the moment you arrive, the courtyard fountain will set the tone for a lifetime of beautiful experiences to share with family and friends. Enjoy the serenity of this extraordinary home.

Classic Tyrol Beauty | Home For Sale | Tyrol Hills Golden Valley Minnesota

2008-08-22T09:21:15Z

Classic Brick Cape located in the lush and rolling neighborhood of North Tyrol Hills.

This timeless residence has been beautifully updated and appointed for the present. The current owner has meticulously restored and enhanced the details of this home.

Rich with character and charm this moderatly priced home is a Tyrol Hills classic with it's history, privacy, wooded lot, and extensive gardens.

The gourmet kitchen features granite countertops, new stainless steel appliances, glass front cabinets and window seat with a view of Strawberry pond. The kitchen is a perfect place to gather and enjoy the company of friends and family. The front to rear living room is large and expansive with sweeping views of the front lawn and dramatic views of the pond and local wildlife to the rear. Stoke the fireplace and settle in, this room is exceptional.

Step on to the enclosed porch and enjoy those moon lit nights and soft breezes or a Sunday morning with the newspaper. Retreat to the upper level suite of two large bedrooms and updated bath. Perched above the trees and away form the main rooms below, you can relax and let your guests enjoy the rest of the house. The walk out level features a family room with wood burning fireplace, wet bar and wine cellar and guest suite.

This home is elegant and refined, updated and comfortable. Come and enjoy your very own urban oasis.

4508 Sunset Ridge

Tyrol Hills, Golden Valley, MN

3 bedrooms, 3 bathrooms, 3200+ finished square feet

SKY Sotheby's International Realty

AQUATERRA Partners

(952) 230-31117

Tyrol Hills Real Estate Prices in 2008

2008-08-21T08:17:18Z

It's been a wild ride as of late, as home values rise in some areas and fall in many more, short sales and foreclosure complicate deals, financing challenges are everywhere and everyone is taking a careful look at their pocket book as the general economic news sours. But what's it all mean for YOU? Well, if you are a Tyrol Hills homeowner you are in luck!

Tyrol has always been in demand and today is no different. Tyrol averages about 2.54 sales per month, with 18 single family homes on the market; there are just 7 homes for each buyer in Tyrol. By comparison the Twin Cities Metro Area there are 8.7 homes per buyer. Having fewer homes for buyers to choose from (lower supply) improves conditions for sellers, and makes for a stronger market.

Tyrol home sellers aren't all in the sale boat. Home values in Tyrol Hills range from around $200,000 to well over $1 million. Sales volume is highest in the lowest price ranges, as buyers looking for "opportunities" flock to this area, looking for re-hab, tear down properties. At the higher price points, the Tyrol market is still better than average, but it is slow. There were 4 homes over $1 million in the past two years, and there are 3 currently for sale. In the $500,000-800,000 range there have been 24 sales, while there are 6 on the market. In the hottest price range from $200,000-$400,000 there were 16 sales and 4 are available.

Tyrol remains strong, but as in any area, selling a home today is all about competition. Knowing the other homes, inside and out, that are available, and those that have sold define the market. As long as there are more homes available than there are buyers, those that sell are those that offer the most value.

For more information, or if you have questions about buying or selling in today's market, feel free to contact us anytime.

Ben Kolkman - (952) 230-3157

AQUA TERRA PARTNERS

SKY Sotheby's International Real Estate

Golden Valley Minnesota: Tyrol Hills Neighborhood

2008-08-21T02:04:29Z

Though it's located a mere ten minutes west of downtown Minneapolis, the prestigious neighborhood of Tyrol Hills looks like it could have been carved out from the alpine Austro-Italian region from which it gets its name. Hills, winding streets, wide lawns, ponds and old-growth trees characterize this Golden Valley community, as do turn-of-the-century homes and established family homes built during the post-WW II boom years.

Tyrol Hills is situated west of Theodore Wirth Parkway and France Avenue, east of Highway 100, north of St Louis Park, and south of Highway 55. Interstate 394 runs through the community, dividing it into North and South Tyrol Hills. Lots here range from a quarter to half an acre in size, and home prices start at around $350,000 and go all the way up to more than $1.5 Million.

Numerous parks and pockets of green are scattered throughout the community, including the 9-acre North Tyrol Park, the 6-acre Natchez Park and the 2.9-acre South Tyrol Park. Then there's Tyrol Hills' next-door neighbor, Theodore Wirth Park, which sprawls over 759 acres. Within the park are two golf courses, Wirth Lake, Birch Pond, Bassett's Creek, the Eloise Butler Wildflower Garden and Bird Sanctuary, JD Rivers' Children's Garden, and the Quaking Bog. The park provides opportunities for year-round fun, from swimming, picnicking and off-road biking to cross-country skiing and sledding in the winter.

Tyrol Hills is also known for its high-performing public and private schools. Public schools here, administered by the Hopkins Schools District (District 270), are Meadowbrook Elementary, North Junior High and Hopkins Senior High. The last was included in Newsweek's 2007 list of the top high schools in the country. Among the notable private schools in the area are Benilde-St. Margaret's High School and Breck School.

Tyrol Hills' proactive neighborhood associations, such as the South Tyrol Hills Neighborhood Association, further enhance the quality of life in the community. The excellent municipal services provided by the City of Golden Valley are also a key reason behind the wide-ranging appeal of real estate in this community.

Rarely Available Eden Prairie Townhome on Bent Creek Golf Course

2008-06-26T09:43:04Z

If you're looking for a quiet spacious town house in Eden Prairie this can't be beat. We just listed this wonderful unit in Village Greens. Right on Bent Creek Golf Course.

Many years have passed since a unit like this one has been available. Smaller units in the same development sell more often, but this 2 bed, 4 bath, 3 level unit with 2050 finished sq. ft. is very uncommon.

It's finished in beautiful hardwood, neutral attractive tones, and has a wealth of storage. The road dead ends here so, you'll enjoy the peace and quiet. You'll look out over the course, from either the deck, or main level patio.

And it's a great value. Priced well below the average price in this development.

This once in a blue moon opportunity to own such a spacious unit in the Village Greens won't come around often. If you'd like to see this unit for yourself please feel free to contact me.

14391 Bedford Drive , Eden Prairie, MN 55346


Status:	Active	List Price:		$227,000

Total Bed/Bath: 2/ 4 Garage: 1 Year Built: 1984

Directions:
Baker Road to Valley View, West to Golfview to Bedford


MLS Area:	392 - Eden Prairie
Secondary Area:	387 - Minnetonka
Style:	(TH) Side x Side
Const Status:	Previously Owned
Foundation Size:	700
AbvGrdFinSqFt:	1,400
BelGrdFinSqFt:	650
Total Fin SqFt:	2,050
Acres:	0
Lot Size:	Common


TAX INFORMATION
Property ID:	1011622230107
Tax Year:	2008
Tax Amt:	$2,313
Assess Bal:	$
Tax w/assess:	$2,313
Assess Pend:	Unknown
Homestead:	Yes

MLS#: 3563233

Views of Bent Tree Golf Course! Peace and quite of this pvt. setting.

MLS#: 3563233

2 story living room with wood buring fireplace.

MLS#: 3563233

Open spaces, with 2 stroy living room and loft area, with golf course views.

MLS#: 3563233

Large kitchen with eat in area looks over the court yard entry.

MLS#: 3563233

Large Master Suite with walk in closet and pvt. full bath.

MLS#: 3563233

Lower Level Family Room alk out to golf course. Additional Storage too!

MLS#: 3563233

Enjoy the view from the loft. A perfect study area or office.

MLS#: 3563233

St. Paul, Minnesota: Condo Market Improving

2008-06-23T16:20:27Z

I've been looking at the condo market in this area of St. Paul. In all honesty I was quite surprised to find that in fact there is VERY GOOD a market for $500-700k condos with 2000 fin. sq. ft.

The area in green shown below is what these numbers are based on. As you'll see it includes portions Ramsey Hill, Crocus Hill, Downtown, and Upper Landing these are all home to higher end condo's, new and old. Specifically excluded are parts of Summit Avenue, Highland, Mac/Groveland which have high end condos, but are not in "downtown" and are not comps in my opinion. I think this area represents a far more realistic picture of the market is for the Armstrong Quinlan Mansion, than if the numbers were based upon an MLS district or two.

The condo market in St. Paul was hit early by the turn in the real estate market. Suffering the same trends as most other markets, a surge in sales, followed by over supply, and correction, St. Paul condos went through this "life cycle" of this correction earlier and more intensely than other parts of the market.

As shown in the chart below, sales spiked in ‘03 and '04 and began to drop in '05. Sales volume is closer to historical norms now. Inventory is still high, but sales are on track to match last year, showing stable buying activity.

For all price ranges, there are 86 units sold or pending in this area since 1/1/08. There are 182 for sale, making for just over 12 months worth of inventory, see chart below.

What's interesting and good news for St. Paul is the growth in the market at $500k and above. Until 2004 there was effectively no market for condos above $500k in this area. Sales started in 2004 and have continued since. While the total volume of units selling has decreased a lot, the number of units selling over $500k has been strong, 5 sold in 2004, 9 sold in 2005, 16 sold in 2006, and 10 in 2007. So far there have been 8 sales already, and there are 10 currently for sale.

The most encouraging information however, is that of the condos selling, those over $500k are selling better that those under. For the last 2 years these units accounted for 6-7% of sales. So far in '08 these units account for 9.3% of sales, and are just 5.5% of the available inventory, see table below.

Here's the opportunity in the market place...The Armstrong Quinlan Mansion, a historic property, winner of many awards and recognitions for preservation. There are 4 units in the mansion, one sold, one finnished for sale model unit, and two unfinnished shells.

The units at the Armstrong Quinlan Mansion are just over 2000 sq. ft. Based on past area sales condos of this size consistently, reliably sell in the $600k range. The averages in fact point to an overall smaller unit selling in this price range, and vary in their dollar per sq. ft. price from $257/sq. on the low end to $387/sq. on the high end.

The opportunity at the Armstrong Quinlan Mansion is for a builder buyer to purchase as a package the 3 units, currently listed at $1.35m combined, and then resell them after finishing for $2m. Or, some combination of the units, or buy one, and finnish it to live in, and pocktet of equity.

For more information contact me! - Ben Kolkman (612) 599-4161

Remodeling Changes the Real Estate Market: Tear Downs, Historic Homes, and the Evolution of Values

2008-06-23T15:32:09Z

I live in an area of Southwest Minneapolis called Linden Hills. Loved for its history and it's quaint small town feel, Linden Hills is also just 15-20 minutes from Downtown. People love this neighborhood, and as a result, the property values are pretty high. The homes are old, some go back to the 1890s, and nearly all have had some remodeling done to them. Since the early 1990s the number of whole house renovations and teardown to new construction projects has increased dramatically.

Linden Hills is not alone as neighborhoods across the country are in the same boat. Homes built in the early part of the 1900's were built with craftsmanship unparallel today, and the wood used lasted longer, it was older and denser. But these old homes have reached the end of their physical lifespan, the materials are breaking down. The homes were not designed the way we live today either. Newer homes of the "post-war" period were built with more mass production techniques, and new materials. They were built fast and cheep to accommodate a rapidly growing population and embraced the new suburban ideals. Vacant lots in the city were filled in with these post war homes. Today's historic urban neighborhood is mostly made up of three types of home:

•1) Historic Homes; Victorian, American Foursquare, Tudor, Colonial

•2) Post War Homes; Rambler, Split-Levels

•3) "Modern Homes"; Whole House Remodeled or New Construction

When the number of Modern Homes gets to be more than the occasional exception, and more of a common occurrence, the real estate market turns on its head. Buyers determine value by balancing Price with Size & Condition. Once the remodeled homes outnumber the non-remodeled, the Size and Condition buyers are finding becomes far better than what we find in the non-remodeled homes. Prices for non-remodeled homes begins to plateau, as buyers begin to expect the features and amenities of the remodeled homes.

In the Twin Cities some of the communities most affected by this trend are:

•· Most of Edina

•· Most of Golden Valley

•· Morningside and Eastern St. Louis Park

•· Southwest Minneapolis

•· Uptown Minneapolis

•· Macalester/Groveland in St. Paul

•· Crocus and Summit Hill in St. Paul

Many historic urban communities are experiencing this change. Lots of remodeling and teardown activity signal a healthy real estate market in the local area, lots of demand for, and investment in, housing. The housing in our historic urban neighborhoods is changing, and therefore the real estate market is changed as well.

Be sure you're checking in regularly with your local Realtor.

Minneapolis, Minnesota: Local Brokers Going out of Business

2008-06-23T15:18:32Z

There are plenty of brokers closing their doors these days. Both large and small, brokers have been hit hard by the slowdown in the market. By some estimates as many as 50% or Realtors will leave the business by the end of the year. There were only a few less deals done last year, a small decline, but the total dollar volume of these deals dropped by a lot more. Fewer agents, fewer deals, and still fewer dollars.

When the business changes, goes out of business or is just struggling anything can happen. Don't get hung out to dry, when your broker goes under, or chooses to rearrange the business model. There are horror stories a plenty (insert AR post) of agents who've been through difficult time. Buyers and sellers I'm sure would have similar stories. But it's not always that bad.

I recent left my former broker. I loved it there (I won't name names as the business is still in practice). This broker was fair, local, independent, and had been for 30 years. But things change, and the time came to move on. I'm happy to say I feel "home" again with SKY|Sotheby's.

As I was looking around, I heard horror stories of brokers who'd closed the doors, and under bankruptcy protection, didn't pay out commissions. Others just close a few locations, and move agents to a new local, cramping office, increasing commute times, and crating new office dynamics. Then there are the new business models, decreasing services, outsourcing, reduced support staff, increased expenses, all in the name of "efficiency".

In a market of conglomeration, closing doors, and combining resources, what's the independent agent to do? How do you know when your brokers in trouble and what should you do to prepare?

What are consumers to do? How do you know it your agent is thriving, or just barely surviving? The number of deals they do is nothing. If rising expense kill profit fast when business is based on volume.

I find the only thing real I can trust is the atmosphere around me. People will sell spin all day long, but it always sounds fishy. My current office is genuine, comfortable, and friendly. The atmosphere is great, I really feel happy to be around the other agents and staff at SKY. By the way, we are also profitable, at a pretty tough time to be so.

I think it's true what they say, "money can't buy you happiness" - but it sure makes it easier!

Minneapolis, Minneapolis: Local Brokers Going Out of Business

2008-06-23T15:14:02Z

There are plenty of brokers closing their doors these days. Both large and small, brokers have been hit hard by the slowdown in the market. By some estimates as many as 50% or Realtors will leave the business by the end of the year. There were only XXX fewer deals done last year, an XXX% decline, but the total dollar volume dropped by XXX%. Fewer agents, fewer deals, and still fewer dollars.

In a market of conglomeration, closing doors, and combining resources, what's the independent agent to do? How do you know when your brokers in trouble and what should you do to prepare?

I think it's true what they say, "money can't buy you happiness" - but it sure makes it easier!

Remodeled Home Tour Shaping Up To Be Better Than Ever!

2008-06-20T16:33:17Z

The Remodeled Home Tour is a charity event designed to showcase building & remodeling trends in historic urban neighborhoods of South and Southwest Minneapolis.

So far this years tour has homes from some of the areas top firms such as Vujovich, Castle Building and Remodeling, Otogawa Anschel, White Crane, CASE, and more.

This years benificiary is Rebuilding Together Twin Cities. An affiliate of the national Rebuilding Together organization, Rebuilding Together Twin Cities has been preserving and revitalizing homes and communities since 1997.

In the Twin Cities alone they have renovated 113 homes, serving 67 elderly persons, 58 persons with disabilities and 50 families with a total of 131 children. Their programs provide opportunities for community involvement and support for an average of 400 volunteers annually.

The tour is designed to showcase high quality remodeled homes throughout South and Southwest Minneapolis. The contractors who worked on these homes are able to promote their businesses and meet with tour guests. The most appropriate homes are:

Older homes remodeled to meet the needs of modern lifestyles
Green remodeling techniques and features
Neighborhood appropriate new construction

SKY SOTHEBY'S INTERNATIONAL REALTY'S WAYZATA OFFICE MOVES INTO UPGRADED LOCATION

2008-06-20T15:20:19Z

WAYZATA, Minn. - June 18, 2008 - Effective Monday, June 23, SKY Sotheby's International Realty will move into the company's new office, at 130 Lake Street West, to better accommodate and serve its customers and agents.

Following a 10-month search for a location, the firm selected the downtown Wayzata workplace near Lake Minnetonka, a more fitting office space for their client base and sales associates. The firm's Minnesota headquarters will remain at 4388 France Avenue South in Edna.

"Convenience for our clients and agents was an important factor in our decision, but it was also essential to select space that appropriately reflects our success," said Jacob Smith, Sales Manager, SKY Sotheby's International Realty. "The new space accomplishes all of these factors."

Since SKY Sotheby's International Realty's 2006 entrance into the Minnesota market, the company has been committed to bringing the Minneapolis/St. Paul area unprecedented platinum-level service, marketing expertise and individual attention.

"We remain committed to our objectives and plan to grow our agent base, who will be strategically located throughout the Twin Cities and northern Wisconsin, to a total of 300, delivering sales in excess of $2 billion annually," said Chad Roffers, President of SKY Sotheby's International Realty. "We followed a comparable growth strategy in our Florida operation and the market dynamics in the Twin Cities present a similar opportunity."

Currently, SKY Sotheby's International Realty has 25 top-tier sales associates with extensive experience in the Minnesota market and is actively adding high-quality team members. With availability for 10 additional agents in the third quarter of 2008, SKY Sotheby's International Realty welcomes those agents who embrace the company's competitive difference. The company's full-time agents focus intently on their customers and are committed to handling every transaction as if it were their own.

About SKY Sotheby's International Realty

As Minnesota's leading luxury real estate brokerage and exclusive Sotheby's affiliate, SKY Sotheby's International Realty represents the area's most distinctive properties and people. Combining the impeccable customer service of a boutique firm with the global resources and 260-year-old reputation of the Sotheby's brand, the company offers a unique and highly personalized approach to the luxury real estate market. Since its formation in 2006, the employee-owned company has enjoyed unprecedented momentum and unusual success driven by a strong focus on the customer. Connecting qualified buyers and sellers from around the world, SKY Sotheby's International Realty has Florida offices in Sarasota, Lakewood Ranch, Longboat Key and Osprey, as well as Minnesota, and is part of the Sotheby's global network of 9,000 affiliates in more associates in more than 470 offices in the U.S. and 29 other countries and territories. Experience the SKY Sotheby's difference at www.skysothebysrealty.com.

About Sotheby's International Realty Affiliates, Inc.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty^® network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Cendant Corporation (NYSE: CD), the world's leading real estate brokerage franchisor, entered into a long-term strategic alliance with Sotheby's Holdings, Inc. (NYSE: BID; LSE: STBA). The agreement provided for the licensing of the Sotheby's International Realty^® name and the development of a full franchise system by Sotheby's International Realty Affiliates, Inc., a Cendant subsidiary. The agreement also included the acquisition of the company-owned real estate brokerage offices by NRT Incorporated, a Cendant subsidiary that owns and operates those offices today as Sotheby's International Realty, Inc. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby's auction house. For more information, visit www.sothebysrealty.com.

SKY SOTHEBY'S INTERNATIONAL REALTY'S WAYZATA OFFICE MOVES INTO UPGRADED LOCATION

2008-06-20T13:46:38Z

About SKY Sotheby's International Realty

About Sotheby's International Realty Affiliates, Inc.