Living Green Expo THIS WEEKEND!

The Strib had an article on Saturday that talked about Going Green when buying an existing home or building a new one. It reminded me of the Living Green Expo which is this Saturday and Sunday (May 5th & 6th ) at the Minnesota State Fair Grounds. It is an excellent opportunity for anyone interested in the environment to get out and learn about what can all do to help Mother Earth live a long and happy life...and ourselves as well!

Here's how the organizer's describe the event:

The Living Green Expo is a free, annual event that provides information and products to help Minnesotans improve the environmental and social impacts of their day-to-day living. The Expo features over 200 exhibitors of products, services, and information, along with over 60 workshops on a variety of sustainability and green living topics. Expo attractions include music, art, food, demonstrations, and activities for youth and children.

Admission is FREE! Hope to see some of you there!

Mineeapolis is the 5th Cleanest City IN THE WORLD!

After Forbes Magazine named Kevin McHale of the Minnesota Timberwolves the "Best GM in all of Sports" they didn't exactly raise the bar on their own credibility.

But that was then and this is now! I recently saw THIS ITEM on MNspeak .

Here's an excerpt:

Minneapolis is the largest city in Minnesota and is clearly a twin city with St. Paul. It is the state's media, business and cultural center. It makes heavy use of bike lanes but also has a well functioning light rail and bus system.


Rejoice Minneapolitans - We are Neat on a Global Scale!

(Well at least compared other cities!)

2007 Minneapolis/St. Paul Home Tour

The Minneapolis St.Paul Home Tour is celebrating its 20th anniversary this year. The home tour will be held on:
Saturday April 28th - 10:00 a.m. - 5:00 p.m and
Sunday April 29th - 1:00 p.m. - 5:00 p.m.

For more information on the home tour you can go to www.mpshometour.com.

A couple of gorgeous mansions are on the tour this year.

The Van Dusen mansion on 19th and Lasalle Av. S. will be on tour. Owner Christine Viken has just completed renovations of the Great Room and it will be added to her B&B portfolio. She is also entertaining a "name that room" contest. The winner of the contest will get a free night in the room. There will be entry cards at the mansion.

The Eastcliff mansion in St. Paul will also be on the tour this year. It is the home of the President of the University of Minnesota Robert Bruininks.

Weekly Market Activity Report

Following a holiday weekend recess, new listing activity in the Twin Cities housing market bounced back dramatically with exactly 2,700 new residential units placed on the market for the week ending April 14. This is a 20.2 percent increase over the same time in 2006. Buyer activity, however, did not see a parallel rise following the holiday. Just under 1,000 homes received purchase agreements (pending sales), a 21.3 percent decrease from this time last year.

While important market conditions have improved for home buyers during the last two years—including a dramatic increase in choice and affordability—buyers remain on the sidelines for now. This pause is exacerbated by recent shifts in the mortgage industry towards tighter lending standards following the subprime market fallout. For now, the uncertainty surrounding this shift is prolonging the post-boom correction in the regional real estate market.

Airport Noise Lawsuit Settled!

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Bloomington Mediation Group Proposes Settlement to Airport Noise Suit
April 1, 2007
Richfield, MN

	The basic penard model is available in five sizes and 4 colors. Sokitt-Tumi International
	The Extreme Edition penard model with optional Wi-Fi upgrade and custom name engraving. Sokitt-Tumi International

In a surprise move, Bloomington Legal Arbitration & Mediation Group (BLAM), announced a solution to the legal battle between the Metropolitan Airports Commission (MAC), and the Cities of Minneapolis, Richfield and Bloomington over continued sound mitigation of residential homes and businesses.

At a news conference held March 31, the group announced a replacement program for the unfinished Part 150 Noise Reduction Program that MAC abruptly terminated in 2004. The announcement, made at the Embassy Suites West, was to show off a reduced-cost alternative to upgrading personal homes, school and businesses to a tolerable noise level.

The BLAM proposal would supply every person living within the 60 DNL (Day/Night Level) or noisier areas, a “Personal Environmental Noise Reduction Device,” or penard (pronounced peh-NARD). Similar in function to industrial hearing protection headsets, the devices could eliminate up to 20 decibels of ambient or background noise “when used in conjunction with other relief efforts,” stated BLAM spokesperson, Patricia Bell.

While insulating homes in the 60 DNL is estimated to cost $37,000 each, the penard will cost the MAC approximately $3.50 each for the basic, all-plastic model. Based on latest noise contour maps (flex-line 2004), up to 34,700 adults and children might qualify for one of several basic models at no personal cost. Sokitt-Tumi International, the Bloomington-based tool company, expects to manufacture the penards at their plants in Minnesota and China.

Available at extra cost are several upscale penards including the 100% recycled “Green,” the virgin-vinyl/titanium “Extreme Edition” and the all-white “Head Connect” with faux iPod connectivity. A completely different style, the "Bling," by Fallix Inc., designed to look like a stand-alone bluetooth earpiece, is also being considered. Although prices have not been set for the optional upgrades, they are expected to be popular among certain demographic groups.

Minneapolis Mayor RT Rybak tries on the red Green model of the penard. Southside News

As aircraft roared overhead, BLAM members encouraged attendees to try on their favorite model from among the dozens arranged on mannequin heads at a display booth. Hesitant at first, Minneapolis Mayor RT Rybak® was smoothly doubtful about the proposal. While noting that the devices fit neatly into his "Green Skies" initiative, he was reluctant to drop the suit. "Look, I've made a commitment to the legal team. Pulling out now would mean certain defeat later," the Mayor said.

Still, the Mayor seemed to enjoy his penard. Choosing an electric green Extreme Edition to match his contacts, the Mayor was all grins as he walked around tapping people on the shoulder and shouting, “Can you hear me now?”

The three cities are suing the Metropolitan Airports Commission (MAC) over the commission's alleged failure to complete the noise insulation program. In 1996, the MAC committed to full noise insulation at no cost for residents whose homes were significantly impacted by noise from the Minneapolis-St. Paul International Airport. However, in November 2004, MAC decided that they would no longer provide noise insulation to residents, even though they continue to collect a dedicated $4.50 fee per passenger to do so.

Penards will be available in infant, toddler, teen, and XL and XXL adult ear sizes. Each would come in several fashion colors.

Bloomington Legal and Mediation Group (BLAM) was founded in 1999 as a non-partisan group of Metro Area lawyers and legal assistants dedicated to "working together for the common good of all residents."

- Excerpted from the Southside News

Wanna Beat the Credit Bureaus?

A very interesting report in today's Strib about some unsavory Internet based businesses that provide quick fixes for consumer credit woes. (Check it out HERE.)

While the practice they outlined, basically allowing people with poor credit to piggyback on the cards/good credit history of other users, is not illegal (yet) it does show the depths some people are willing to go to "beat the system." But can you blame them?

Count me among those who feel the credit system in this country is seriously flawed at best and borderline class warfare at worst.

Think about it - people who have worse credit due to less income or high debt to income ratios are required to pay more for credit. Meanwhile, those who are comfortable get the best rates and pay a lot less.

I'm all for rewarding people who have maintained excellent credit, but at some point there has to be some leveling of the playing field here. People with excellent payment history but not enough credit lines are also penalized with higher rates. So are those who are self-employed or work as freelancers.

As the Fed seeks tighter restrictions on lending it seems to me that people who need credit the most will be the least likely to get it.

Weekly Market Activity Report

New listings for the week ending April 7 held flat with the week previous despite the onset of the normally bustling spring selling season. Compared to one year previous, this is an 18.5 percent decline. We can point to the holiday weekend for at least part of this drop-off, which didn't put its annual stutter step into the spring market until April 16 last year. But it does appear that buyer activity remains in a post-boom correctional pause, with newly signed purchase agreements (pending sales) rising only slightly from a week ago. There were exactly 1,000 new sales for the week ending April 7, down 16.0 percent from the same time last year.

This week's edition of the MAAR Weekly Market Activity Report features an updated Housing Supply Outlook for April 2007 of 7.7. This means that it will take the current inventory of homes 7.7 months to sell through, with a 5-month supply considered indicative of a balanced market between buyers and sellers. Previously owned homes have a current supply of 7.2 months while new construction has 10.9 months of supply.

To Rent or To Own - The Debate Rages On

Of course as a Realtor I believe owning is better than renting but there was an article with some counterpoints from Saturday's Strib.

Here's an excerpt:

Angie Flitter, 57, downsized seven years ago when she traded her four-bedroom home in the suburbs for a cozy house in south Minneapolis after her kids got out of college.

Now she's starting to think about doing it again, and this time one of the issues is whether to buy or rent.

"Even though it's a small house, there's a lot of upkeep, and I'm getting kind of tired of it," she said. "If you pay rent, you don't have to worry about utilities and taxes, but you also don't have any equity."

She said she'll probably keep working as an accountant until she's at least 65, and she's not in a big hurry to move. "I think it's economically smarter to own if you can," she said, but at this point, "I'm unsure about what I want to do."

There are financial and lifestyle issues on both sides of that decision -- for Flitter and the increasing number of baby boomers who want to simplify their lives as they reach or near retirement.

For most people, lifestyle is the first consideration, said Gordon Jensen, a Brooklyn Park lawyer who is chairman of the real estate section of the Minnesota Bar Association.

Are they avid gardeners who wouldn't be happy confined to growing potted petunias on a condo balcony? When the kitchen faucet leaks, do they want to solve the problem with a call to the landlord? Do they have pets that wouldn't be welcome in a townhouse or rental apartment?

A FEW THINGS TO THINK ABOUT:

Upkeep Even with a condo, interior maintenance is the owner’s job; with a rental, you can call the landlord if a pipe leaks.

Gardening Is there space to do that if you rent?

Pets They might not be welcome in a rental. Could you bear to find them a new home?

Flexibility Can you travel without worrying about what’s happening at home?

Money Do you want to preserve assets for a spouse if one of you must go on Medical Assistance to stay in a nursing home?

Taxes Have you thought about tax issues, such as deductible mortgage interest on a home you own?

Home equity Can be tapped for a reverse mortgage or home equity loan.

More Here.

Market Updates for 100 Twin Cities Communities!

Here is a tremendous new resource from the Minnesota Association of Realtors.

Click the links below for great updated market info!

	updated April 9, 2007
	Albertville Andover Annandale Anoka Apple Valley Arden Hills Becker Belle Plaine Big Lake Blaine Bloomington (2 pages) Brooklyn Center Brooklyn Park Buffalo Burnsville Cannon Falls Champlin Chanhassen Chaska Chisago Circle Pines Clear Lake Columbia Heights Coon Rapids Cottage Grove Crystal Delano Eagan East Bethel Eden Prairie Edina Elko Elk River Faribault Farmington Forest Lake Fridley Golden Valley Ham Lake Hastings Hopkins Hugo Inver Grove Heights Lake Elmo Lake Minnetonka Area (3 pages) Lakeville Lindstrom Lino Lakes Little Canada Lonsdale Mahtomedi Maple Grove Maplewood Medina Mendota Heights Minneapolis (3 pages) Minnetonka Monticello Montrose New Brighton New Hope New Prague North Branch Northfield North Saint Paul Norwood-Young America Oakdale Oak Grove Otsego Plymouth Princeton Prior Lake Ramsey Red Wing Richfield Robbinsdale Rogers Rosemount Roseville Saint Anthony Saint Francis Saint Louis Park Saint Michael Saint Paul (3 pages) Saint Paul Park Savage Shakopee Shoreview South Haven Stillwater Vadnais Heights Victoria Waconia Watertown West Saint Paul White Bear Lake Woodbury Wyoming Zimmerman Zumbrota

Lenders willing to help struggling homeowners

From MSNBC:

NEW YORK - As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They’d rather modify your loan than foreclose.

EMC Mortgage Corp., which has a $78 billion loan portfolio that includes subprime loans made to homeowners with weak credit, this week launched a 50-person team it calls “the Mod Squad.” Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment. In an industry that often rewards workers for getting off the phone quickly, the team is preparing to speak to just three people a day.

“You can’t just run this like a call center; it needs to be run like a counseling center,” said John Vella, president and CEO of EMC. Right now, $2.14 billion in mortgages, 2.74 percent of EMC’s portfolio, is in default, up from 1.93 percent a year ago.

Lenders have long modified loans for homeowners facing job loss, illness, divorce or a death in the family. But with many borrowers across the country struggling to keep up with mortgage payments, mortgage companies increasingly are prodding anyone who’s having trouble making payments for any reason to give them a call.

Critics say lenders made loans to borrowers who weren’t creditworthy with terms that would be impossible for them to meet. Whether the current wave of workouts will merely postpone foreclosures — and delay bad loans hitting lenders’ books — is an open question.

Regulators will be watching to see how many are successful, said Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School of Business.

The scant public information on modifications makes evaluation tricky, said Thomas Lawler. The former chief economist at Fannie Mae now runs his own consulting business, Lawler Economic & Housing Consulting, in Vienna, Va.

Loose lending standards followed by lax modifications can merely delay a problem, Lawler said. He pointed to the raft of modifications done in the manufactured housing business in the mid 1990’s, when easy credit led to a wave of defaults and reposessions.

“If people had known what the servicers were doing, red flags would have been raised; but by the time people knew what was going on, it was too late,” he said.

Advocates say that half the people in foreclosure never talk to their banker before losing their house, and many could rework their loans if they only got help.

“It’s tragic,” said Colleen Hernandez, president of the nonprofit Home Ownership Preservation Foundation. “We have the capacity to help a whole lot more people.”

Calls to her group have picked up markedly. Its 24-hour hotline, (888) 995-4673, is getting 300 calls a day, from 75 daily in the first quarter of 2006.

Weekly Market Activity Report

Here's the latest from MAAR:

Activity in the Twin Cities housing market is gradually increasing as we enter the spring season. Total inventory, new listings and newly signed purchase agreements (pending sales) are all on an upward trend. However, activity remains down compared to 2005 and 2006, and pending sales, in specific, remain a concern. For the week ending March 31, there were just over 2,600 new listings, down 4 percent from the same time last year. Pending sales were 19 percent behind for the same year-over-year comparison.

This week's edition of the MAAR Weekly Market Activity Report features a brand new metric: Percent of Original List Price Received at Sale. The March 2007 figure is 95.6 percent, down from the figure of 97.8 percent posted in March 2006. The number is created by comparing the final sales price of closed sales to their original list prices. This does not account for list prices from any previous listing contracts, but remains a valuable tool in gauging the supply-demand dynamics of our market.

BOO! Beware the Monster House!

The Strib has an article today about some new ordinances being considered for SW Minneapolis regarding the "growing" problem of "Monster Houses."

I can definitely see the neighborhoods concerns over preserving the historical charm of our city.

I can't understand why people would want to ruin the character of their homes just to Super Size them. Why not just move into a larger home or build on a suitable lot?

In the long run I think people are finding these extremely modified homes are much harder to sell than they think they will be. Many buyers bristle at homes where there are modern updates that don't match the period of the original home. There are exceptions to this of course but Sellers and Home Owners should know that bigger is not always better!

Whole Foods in Downtown Minneapolis?

I usually don't get too excited over the possibility of a new grocery store opening but I can see why my associate Fritz Kroll is so enthusiastic over this news in the Strib:

Downtown condo plan goes retail

The developer shifted gears in a saturated downtown condo market. The new plan has Whole Foods and possibly a Best Buy.

"This would just be dynamite," said Fritz Kroll, North Loop livability chairman and a sales agent for an Edina Realty office that's in a renovated 1800s hotel down the street from the project.

"It says that there's enough housing already on the market and that there's already enough housing here to support some substantial retail growth."

On Wednesday night, Seattle-based developer Don Milliken of the Milliken Develoment Group presented preliminary plans for the 165,000-square-foot project to members of the North Loop Neighborhood Association. Plans include a 71,000-square-foot Whole Foods store on the first floor and high-end retail space on the second floor that could include a Best Buy store. Whole Foods and the prospective Best Buy store would represent 70 percent of the space. There will also be underground parking, windows into Whole Foods along Hennepin Avenue and public spaces that weren't part of the condo plan.

That's right, Kid "Dyn-A-Mite" Kroll! Seriously, this is just what is needed in that area. Plus it gives some competition to the newly opened Lunds across the river. All the new condos are great. The restaurants are fabulous. But amenities like grocery and useful retail will really cement that area in as truly livable for years to come. That's the real news here. The stuff about the waning condo market is so 2006.

Personally I am more than a little excited about the new Super Target opening in Richfield. I wouldn't necessarily want to be next door but having the big box shop just a short drive away (diaper run!) is comforting. Plus, the organic produce in the grocery part of the store is actually very strong.

Now if we could just get a Whole Foods somewhere along the Hiawatha Light Rail Line...

Off the Road, Again...

The Strib ran this story today that no doubt will impact all of us:

157 road projects announced

The long-awaited untangling of the Crosstown/35W junction and the shutdown of Hwy. 36 in North St. Paul for seven months of reconstruction are among 157 projects announced Thursday by the Minnesota Department of Transportation.

The $1.5 billion summer road construction program includes 36 projects in the metro, and another 121 statewide, MnDOT said in a news release.

Other metro projects include the continuation of the I-694/I-35E "Unweave the Weave" reconstruction project in Vadnais Heights and Little Canada and a new alignment for Hwy. 212 from Hennepin County Road 4 to County Road 17 in Chanhassen.

Projects beginning in greater Minnesota include replacing the Highway 169 bridge in Le Sueur, expanding Highway 10 from two to four lanes in Staples and rebuilding Highway 68 in downtown Marshall.

The scale of this year's construction program is similar to last year's, which included 170 projects with an overall cost of $1.5 billion.

MN-DOT greated this NIFTY MAP so we can better plan our summer get-aways.

Road construction - like weather forecasts and Packer fans, are a "necessary evil" I guess. But that doesn't mean we have to like 'em!

Happy Trails!

Weekly Market Activity Report

Here's the latest from MAAR:

The Twin Cities housing market remains on the course it set upon following the end of the boom expansion in early 2005. While buyer and seller activity is on its annual upswing as we enter the busy spring market, the picture looks different when compared to one year ago. New listings for the week ending March 24 were 0.5 percent above the same time last year, while newly signed purchase agreements (pending sales) were 15 percent behind for the same time comparison. With home prices holding steady and interest rates staying historically low, important improvements are being made in home affordability that will aid the market down the line.

This week's edition of the MAAR Weekly Market Activity Report features an updated Supply-Demand Ratio (SDR) figure for April 2007 of 6.81. This means that there will be approximately 6.81 homes on the market for every buyer in the month of April. This is a 29 percent increase over the April 2006 figure. The SDR should continue to rise throughout 2007 as the busy spring and summer seasons bring more homes on the market.

Spring Selling Season Tips

You have seen them, popping up everywhere, especially on a sunny Sunday afternoon?

Tulips?

No, not quite yet...Open House Signs.

It's no secret that Spring is the most popular time to sell your home in Minnesota and this year will certainly be no different. It makes sense, most of homes really start looking their best after the snow has melted and the grass has begun to turn green. However, Spring can also be a rather wet season as well (April Showers anyone?!). That said, here's a short list of tips to make sure your home is looking it's best if it is on the market this spring.

1. "Thank you for removing your shoes!"

-Asking EVERYONE who enters your home and in particular those coming for a showing to remove their shoes is an absolute must. Agents expect and respect this rule and most Buyers learn that it goes with the territory. A small sign at the front door usually does the trick.

2. Keep it Simple

Try not to add to the clutter of your home with extra plants. A simple vase on the table is usually a simple and tasteful way to add spring to your home. Less is more.

3. Just Say No to Plug in Air Fresheners and Potpourris!

This is a pet peeve. A good smelling home is a good thing. But too much of a good thing is BAD. I discourage my clients from burning incense, plug in air fresheners, and other aromatic smells because Buyers tend to become suspicious and wonder what you are trying to "cover up."

4. Water Water Everywhere...Except the Basement!

MANY people struggle every spring with water coming into their basements. 90% of the time this problem can be solved by landscaping. If this happens to you simply make sure (first and foremost) that you accurately disclose this to all potential buyers and you address the problem by regrading the landscaping around your home. At least you will show all buyers you are being proactive and they will appreciate your honesty.

5. Clean. Clean. Clean.

Clean houses sell. Period. I recommend either hiring a professional cleaner before you go on the market or rolling up your sleeves and cleaning your home as if your pickiest relatives were coming over for Thanksgiving. And then have a friend or your Agent come over and give you a second opinion. Usually they can spot the "fuzzy" bathroom vent or the dust bunnies under the fridge that you might have missed.

I hope you found these tips useful. Happy Spring!

First Time Buyer's Guide for Minnesota Real Estate

The Minnesota Association of Realtors published this online Guide for First Time Buyers interested in learning how the real estate process works.

There's some good info there. Also...

Here's a quick look at the steps you'll take when buying your first home with Me:

1. Go to one of my Free Home Seminars to get valuable home buying tips, information on the current housing market and financial advice.

2. Figure out how much home you can afford. You can do this by using my Finance Center Tools.

3. Conduct a preliminary search with Edina Realty's Property Finder. You may even want to save some of your searches and schedule home showings online.

4. Apply Online for a free pre-approval. Or contact a Mortgage Consultant and get your mortgage pre-approved. I have several that I can recommend to you.

5. Contact Me to look for a house that meets your needs. I can set up Auto-Searches so you will be e-mailed listings that meet your criteria as soon as they come on the market.

6. Once you find a home that you want to make an offer on, you'll sign a purchase agreement and give the seller earnest money to seal the deal. If your offer is accepted (sometimes with contingencies), determine a date you wish to close.

7. Have your new home inspected to ensure there's nothing seriously wrong with the property and get homeowner’s insurance to protect yourself against any unforeseen calamity. You may also want to check for mold in the home...learn more from the MN Dept. of Health.

8. Notify your mortgage consultant that you've found a property so they can begin the appraisal and title process. And, lock in your interest rate. Your mortgage consultant will send you a new good faith estimate which shows your monthly mortgage payment as well as your estimated cash needed for closing. Edina Realty Title will notify you of the time and date you close on your home and the items you'll need to bring to closing.

9. Notify your phone company, utilities (don't forget water and sewer), moving company, post office, newspaper and magazines, friends and family (see our moving checklist) and change your mailing address. Use our Home Connections service to help make connections to your new home.

10. Pack and move!