As I look through the Minneapolis MLS listings in 302 MLS code in Downtown Minneapolis, I’m starting to feel like the nice inventory is really drying up, at least at realistic pricing. One thing listing agents in Downtown Minneapolis need to think about before listing a Minneapolis condo for sale is that it will need to appraise for the sales price. If the buyer is not a cash buyer for a loft in Minneapolis, good luck on this transaction actually closing. It won’t happen! We all want to get the best price possible for our buyers in this market and I understand that selling agents are doing the same for their sellers interest. But why put a Minneapolis condo on the market if its a transaction that has no possible way of closing? Let me know and it will save me a lot of time showing properties in Downtown Minneapolis.
I’m intrigued to see how the auction at Skyscape condos in Minneapolis plays out in the coming weeks. The opening prices are fantastic and I expect a lot of inventory to disappear at Skyscape with the starting bids being at nearly 50% off the original pricing. The penthouse unit on the market is sweet, my favorite floor plan for an amazing deal (at least at the starting bid!). Now this is a project and a deal where the appraisal will be no issue for the Minneapolis urban condo buyer!
730 lofts in Minneapolis is one of the amazing Minneapolis loft projects that the city has seen in the last few years. Blending a combination of steel, concrete and glass along with the bright orange color of the stucco has made this Minneapolis loft project stand out from the rest. The loft building has many different loft floor plans to choose from but only 4 loft units are currently remaining for sale. The developer has leased to own up to 20 loft units in the building as well. These units may be coming back on the market over the next few years as one will have to decide or not to purchase the unit once the lease to own term has expired.
The 730 loft building has many amenities that owners and renters enjoy such as heated underground parking, 24 hour security, pool tables, exercise room, party room and roof top observation deck.
If this Minneapolis loft project sounds like a loft building you might want to consider when looking to buy a Minneapolis loft or condo, please call me at 612.877.1676 or email me ben@cityoflofts.com.
If the thought of spring cleaning your Minneapolis condo doesn’t bring a smile to your face, you’re not alone. To help you (and me) get going now, I’ve come up with this short list of the 6 essential, in my opinion, spring cleaning chores:
1.Store winter clothes: It’s time to pack away your winter clothes. Coats, sweaters, and your heavy winter clothing need to be inspected, cleaned if needed and packed away. Don’t skip the step of cleaning, or, when you get your clothes out of storage next fall, you might find that they’ve been damaged beyond repair by insects or set in stains. Where should you store your clothes? Somewhere clean, cool, dark and dry.
2.Wash window treatments: Spring is the perfect time to inspect and clean the window treatments in your Minneapolis condo or loft. Clean window treatments brighten any room. Wash blinds, launder curtains that are machine washable and send drapes to the dry cleaners. While you’re at it, dust the window casing, wash window sills, and clean any window hardware. You’ll be surprised at the huge amount of dirt and grime that a thorough window cleaning removes.
3.Clean carpets and upholstery: Deep clean fabrics that have absorbed a winter’s worth of dust and germs. Shampoo your carpets; clean cloth furniture. Open windows to speed the drying process, which can take a day or more.
4.Wash woodwork, walls, baseboards and cabinets: Even if your Minneapolis home’s walls don’t look like they need cleaning, they do. Just enough dust clings to vertical surfaces to warrant a seasonal bath. Using a sponge and hand dishwashing detergent, wash the surface in sections to make sure you don’t miss a spot.
5.Clean light and ceiling fixtures: To clean your light fixtures, remove the light bulb and fixture if possible. Wash glass fixtures in soap and water. If the fixture cannot be removed from the ceiling, use a damp cloth to wipe it off. Dry the fixtures. Wipe the light bulbs with a rag. The easiest way to clean your ceiling fans is to use a vacuum with a soft nozzle attachment.
6.Check your coils: Caked on dust can cause your refrigerator to overheat, so take the time to clean the condenser coil. It’s usually found behind the toe grille. Clean it with a long-handled bottle brush and a vacuum cleaner with an attachment hose. If the condenser coil is on the back of your refrigerator, carefully pull the fridge out several feet and vacuum thoroughly.
Put on your favorite music and start your spring cleaning. It’ll be done before you know it. Then you can relax and enjoy your sparkling clean Minneapolis condo.
Spring is also a great time to shop for a new Minneapolis real estate. Contact me at 612.877.1676 or email me at ben@cityoflofts.com for further real estate discussion.
Have you heard of the first-time homebuyer’s tax credit extension? Last month, President Obama signed the extension to help first-time homebuyers (who didn’t get their sales in by November 30th) buy a loft or condo that meets their needs. What about those who already own Minneapolis condos, are doing well and want a larger Minneapolis condo?
To those who already own a Minneapolis loft or condo, Merry Christmas! The Workers, Homeownership and Business Assistance Act of 2009 didn’t just come with an extension; it came with improvements. Those in governmental positions of authority reasoned that if someone wanted to get a bigger Minneapolis urban home, they should get some kind of help too, thus further helping the overall real estate market.
If you own a Minneapolis urban home, you can now receive up to $6,500 in tax credits for buying one of the Minneapolis homes for sale. The actual wording is “$6,500 or 10%.” Here are a few of the important points you need to know:
•Income Qualifications – Your modified adjusted gross income (MAGI) as a single taxpayer must be less than $125,000 ($225,000 if you file jointly). Partial credit may be received by those with a MAGI of less than $145,000 (single) and $245,000 (jointly).
•Home Ownership Qualifications – You must have lived in the home you own for five consecutive years out of the past eight to qualify. You do not, however, have to currently own the home you’re using to qualify. The key terms are “five consecutive years” and “in the past eight years.” If you lived in your home for five years straight, but sold it two years ago, you are still eligible for the tax credit. If you’re filing jointly with a spouse, both you and the spouse have to qualify.
•Cost Qualifications – The cost of the home doesn’t have to be more than the home you already own, but it does have to cost less than $800,000. As a side note, the government has put a definitive cap on the housing costs. If the home you’re looking at is a solid, non-negotiable $801,000, it isn’t eligible for the credit.
•Purchase Date – The final date for the purchases to be secured is April 30, 2010. The actual closing date must be finalized before June 30, 2010.
Most couples move into a home thinking they will “eventually” get a bigger urban home once they have a family. Then the family comes along, the house is full and they can’t buy a larger home due to financial issues. The tax credit is a perfect opportunity for families to find Minneapolis urban homes that fit their expansion needs. Take a chance and look around; your dream urban home may be only a city block and $6,500 away!
If you’re looking to expand and take advantage of the tax credit, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Even, perhaps especially, in an economic downturn, people are trying to make a living in the real estate market. “Flipping” condos used to be a great way to make a little cash, but not now. Many are now looking at long-term cash prospects, such as renting property, and Minneapolis foreclosures seem to be a good start. But are they? Let’s take a look.
Finding a good rental property isn’t easy. It’s not like shopping; you can’t go into a real estate store and grab the first condo off the rack that looks good on you. It’s a process of investigating, gaining knowledge and being realistic. This is especially true when looking at Minneapolis foreclosures.
Homeowners who suffered foreclosure were unable to pay the mortgage. We all know that.What people usually don’t think about is that the homeowners were probably also unable to pay for upkeep. This means that you, as the buyer, have a larger possibility of buying a money pit rather than a moneymaker. Keep this in mind as you look over a few tips for finding good rental property:
Location – Since you’re looking at foreclosed properties rather than properties that are already set up for renting, you can’t check established rental records. However, you can ask your real estate agent for a list of areas with less people moving out and more moving in. As well, look at areas with surrounding retail development. New shopping malls, theatres and restaurants will bring in more people to an area.
Addition and subtraction – It’s time to do the math. Ask your real estate agent for what the going rental rates are in the area you’re looking at. You’ll need to find out if the rent you can charge will take care of expenses as well as bring you profit. Figure the yearly income you can expect to make and then subtract mortgage payments and operating expenses. If your math produces a negative balance, don’t buy the property.
Taxes – Once you pay expenses, your income is taxable. Now, while you can depreciate rental property, you can’t depreciate the land it’s on. Talk to a real estate agent or accountant to decide whether it’s worth it or not.
If you follow these three tips and remember to pay attention to the amount of repair needed, you might just find some fantastic deals on Minneapolis foreclosures. Take a little time to make sure renting is for you, and then get started.
If you’re looking for potential rental property, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
If you have some Minneapolis real estate to sell or you just want to raise the property value, keeping hip to the market trends is paramount. Kitchens are one of the biggest selling points of any residential property. Energy efficient and cost effective are the catchwords of the day, and recycled is the way to go. Here are a few of the newest eco-friendly kitchen products that can find you buyers and up your property value.
1.EverHot – Made by Water, Inc, the EverHot is an excellent addition to trendy kitchens. No more boiling water, which makes it energy efficient and timesaving, EverHot is an under counter instant hot water heater. It uses less electricity than a 40-watt bulb, but produces up to 60 cups of steaming water an hour.
2.Whirlpool GS5VHAXWA – A refrigerator of amazing proportions, the Whirlpool is considered the most energy efficient of its type. All sleek metal and beautiful lines, this Whirlpool model does everything other fridges do (including providing purified water and making ice) on less than 550 kilowatts a year. Besides being energy efficient, it has the benefit of Whirlpools long history of excellent customer care.
3.Bosch Dishwashers – Energy Star rated and highly rated by Consumer Reports on a regular basis, Bosch dishwashers are the cleaning appliances to have in your Minneapolis condo. Critics rave about how quiet they are, and the company is the only manufacturer that uses EcoSense technology. Push a button and the dishwasher is preprogrammed for optimum time, energy and water efficiency. You can’t get better than that.
When you’re planning to sell or renovate your Minneapolis loft or condo, catch up with the trends, first. Remember – green is the way to go!
If you’re trying to get your real estate ready to sell, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Everybody has a horror story of some kind, when talking about Minneapolis real estate. There are just some things most people don’t think about when searching for property to buy or sell, whether you’re the buyer, the seller or even, yes, the agent.
Exhibit A
Sheryl (name changed to protect the innocent) is exhibit A. Now, she thought she’d bought a nice house at a good price. Everything seemed to be perfect. The one place that Sheryl went wrong was forgetting to do a home inspection on that beautiful piece of Minneapolis real estate.
After a pleasant day of moving in, she went to take a shower. Turning on the faucet, she noticed the water pressure wasn’t what it should be. Ignoring the indications of worse yet to come, she flipped from faucet to shower. Only a few lonely, sad drips came from the showerhead. To compound the issue, she discovered that the washer didn’t have enough pressure to get her clothes clean. Washing dishes was an exercise in futility and if a hose was turned on in the garden the second story toilet wouldn’t flush.
After much ado, many phone calls and two plumbers, Sheryl found that the beautiful tree in the front yard that had sealed the deal had also burst the pipes. She now had to pay to have the tree removed (it couldn’t be saved), as well as the pipe dug up and replaced. In addition, she owed the water company for all the water lost through the break.
The moral: Don’t skimp on the details just because you’re under pressure.
Exhibit B
Bob, a real estate agent (again, name changed), still loves open houses. They’re a big deal for him and he makes plenty of contacts that way. However, even Bob, who has been in the industry for years, forgot to do a last walk through before a certain open house started. Unfortunately, he and the potential buyers found an unpleasant surprise in the upstairs bathroom, deposited thoughtfully by the current owner. In trying to take care of the surprise, he found the toilet was blocked and the bathroom fan didn’t work. Needless to say, the potential buyers didn’t stick around to tour the rest of the house.
The moral: A short walk-through can save a lot of embarrassment.
With any Minneapolis real estate, there’s always the chance that you’ll miss something. A homebuyer’s checklist or home seller’s checklist is a great way to make sure you don’t. If you do, try to take what comes with a grain of salt, a lot of patience and as much of a smile as you can muster.
If you’re trying to find a great Minneapolis loft or condo without the horror, I can help. Call me at 612-877-1676or email me at ben@cityoflofts.com for more information.
Great 02 floor plan, 1 bedroom / 1 bathroom NEVER lived in unit in great Skyscape building - Asking 193k for 875 square feet, 2nd level. Call me for details as this will go fast, 612-877-1676 or email me at ben@cityoflofts.com
Lofts: 47
Checked out the North Loop’s converted Herschel Loft building and came away impressed with various details of this project. Love the nice and high 10 foot plus ceilings and the hardwood floors in many of the units. Each loft home has a view south of the skyline which is great in the evening. The first floor units have 300 feet of patio space while all other floors have a nice spacious modern balcony. The Herschel did it right by incorporating an underground heated garage along with a nice spacious green area in the front of the building. The building is also home to the North Loop dog park and also has plenty off street parking for guests. HOA’s are low but factor in that one pay’s their own cable, gas, and electric. Chief complaint is the workout space is very small and no air movement in the room. Alll in all, very nice spaces for the money in the North Loop where housing isn’t cheap. Let me know, I can help you take a look if interested. Call me at 612.877.1676 or email ben@cityoflofts.com
