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Tuesday August 26th, 2008
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Coon Rapids: Residents To Make Port Riverwalk Recommendations
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Residents will be asked on Tuesday, Aug. 26 about their vision for the future redevelopment of the Port Riverwalk area of Coon Rapids Boulevard. The last of a series of public workshops that began in June will be held, hosted by Corridor Housing Initiative (CHI). The new Port Riverwalk study involving CHI and citizens came after Rottlund Homes' approved project for the south side of the boulevard. Full Story: ABC Newspapers
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Sunday August 24th, 2008
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Mortgages: More Documentation Required
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With the fallout in the mortgage market, new requirements and higher costs will be part of equation for home buyers if they need a mortgage. However, with home prices where they are, the opportunity to buy at these lower prices may offset the effort and cost necessary to obtain a mortgage. Full Story: Star Tribune (may require free registration)
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Saturday August 16th, 2008
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Scott County: Will Land Remain Rural Or Become Part Of Suburbia?
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The afternoon began with chicken salad sandwiches with meat from the Farm at Prairie Oaks, and the last farm on the tour included a look at Joe Bowman's Cornish Cross broilers, fluttering about in a pasture. The message to Scott County commissioners and planners: Here is a vision for the county's future--neighbors feeding neighbors. By the end of a long afternoon of climbing in and out of a bus, visiting farm after farm, it was clear how complicated it will be to try to keep farming alive in Scott County as suburbia spreads. At issue is a new long-range plan for the county's future due to be submitted to the Met Council by the end of the year. The most contentious part of that plan, if a public hearing last spring was any guide, is that it envisions the gradual suburbanization of western Scott County, an area that boasts prime farmland. Full Story: Star Tribune (may require free registration)
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Tuesday August 12th, 2008
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Arden Hills: TC Army Ammunition Plant Development To Get New Name
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Before development begins on the 500-acre plot that sits east of 35W and south of County Rd. I, city officials want to give it a new name in hopes of changing the public's perception of the area. Formerly the site of weapons and equipment manufacturing during WWII, the property could house condos, shops, quaint streets, parks and be called, The Ridges at Arden Hills, or Capstone at Rice Creek or Arden Crest. Full Story: St Paul Pioneer Press (may require free registration)
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Tuesday August 5th, 2008
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Minneapolis: 100 Boarded Up Houses May Fall To Wrecking Ball
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After a news conference, a backhoe went to work on 2914 Dupont Ave. N, the first of scores of foreclosed houses in Minneapolis that will be razed with $1.25 million of aid from Hennepin County. The aim is to double the number of demolished and boarded properties to 100 this year and give some people hope to the patch of Minnesota most damaged by foreclosures."We need productive properties on the tax base, not shells," said Mike Opat, a Hennepin County commissioner, at the third news conference held on the block in less than five months. He pushed for the $1.25 million in aid the county is providing. The city is required to pay $875,000 back to the county by the end of 2010 for the average collection rate on demolition assessed against the properties and paid by the current or future owner. Full Story: Star Tribune (may require free registration)
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Friday August 1st, 2008
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Nation: President Signs Mortgage Relief Bill
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Experts called it "one modest, positive step" to help 400,000 homeowners at risk of financial ruin. The measure give some first-time home buyers a better shot at the American dream of owning a home and it may help some stave off financial ruin. But Mark Zandi, chief economist of Moody's Economy.com estimates that there will be 3 million more loan defaults by year's end. Qualified homeowners can seek to have their mortgages canceled and replaced with a 30-year fixed rate, FHA-backed loan and for as much as 90 percent of the home's value. It's up to lenders to decide whether they will participate and which homeowners they will help. Available October 1 though September 2011, the program is designed to benefit borrowers who spend more than 31 percent of their monthly incomes on their mortgages. Full Story: Star Tribune (may require free registration)
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Monday July 28th, 2008
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National: President To Sign Mortgage Relief Bill
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Although it is titled the Mortgage Relief Bill, this bill includes a number of other changes that will impact mortgages. It provides more oversight of Fannie Mae and Freddie Mac, increase the loan limits, reduces the sellers contributions and offers relief to thousands of home owners. Full Story: St Paul Pioneer Press (may require free registration)
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Wednesday July 23rd, 2008
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Blaine: City Council Discusses Proposed Industrial/Office Building In Residential Area
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A light industrial/office building is being proposed for the land on the corner of 93rd Avenue and 35W service road and council members agree a neighborhood meeting is needed. The site plan shows a concept for an 18,000 square-foot office building with parking for 50 vehicles. Community Development Director Bryan Shafer said the vast majority of the property is no longer wetland. "It probably was very marginal wetland and the introduction of development, streets, sewer and water, dried it out. "This is my neighborhood", said Council member Dick Swanson. "When I first heard about this, I was opposed because it's a dramatic change to the neighborhood. It might work, but I want a neighborhood meeting." He added that the city needs light industrial, particularly office buildings. Full Story: Sun Focus
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Friday July 18th, 2008
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Metro: Yes Prices Are Down A Bit But Not Everywhere!
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Minnesota Association of Realtors CEO Christopher Galler suggests that market observers consider that in January 2001 the median house price in the Twin Cities was just $162,000. Prices soared until they peaked at $239,000 in 2006 and the current median price of $205,000 is still considerably higher than prices 7 years ago. Re/Max's Greg Cecchetttini offers of few beams of sunlight for sellers as well as buyers, claiming that some local towns are actually enjoying a bit of a boom. For instance Bayport, on the St. Croix is sailing along just fine, with home prices up $20.5%. Average prices in posh North Oaks are reportedly up 32.3% and nearby Arden Hills can boast a 24.1% boost with a prime factor being Arden Hills' proximity to both downtowns. Not all realtors agree with such a rosy picture noting that condition of the home and the old rule of 'location, location, location' still matters in home prices. Full Story: Kare11
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Monday July 14th, 2008
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Nation: Homes Sales To Vary In Narrow Range, Then Rise In Second Half
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The latest forecast by the National Association of Realtors is for modest near-term movement with a recovery in sales seen during the second half of the year. The Pending Home Sales Index, a forward-looking indicator based on contract signed in May, fell 4.7 percent and remains 14 percent below May 2007. NAR's chief economist Lawrence Yun, said some pullback after a sharp increase in the previous month was expected. "the overall decline in signings suggests we are not out of the woods by any means. The housing stimulus bill that is still in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy." Yn said that location has never mattered more than in the current market. "Some markets have seen a doubling in sales from a year ago while others are seeing signings cut in half. Price conditions vary, even within a locality, depending upon a neighborhood's exposure to subprime loans." NAR President Richard F. Gaylord, said the current market offers immediate benefits and long-term value for buyers. "Home buyers are getting a great deal right now." Existing-home sales are expected to grow from an annual pace of 5.01 million in the second quarter to 5.75 million in the fourth quarter. For all of 2008, existing-home sales should total 5.31 million and then increase 5.0 percent next year to 5.58 million. Full Story: National Association Of Realtors
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Thursday July 10th, 2008
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Hopkins: City Plans To Seize Land To Build Luxury Condos
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Officials are moving ahead with eminent domain proceedings to purchase downtown land, after landowners say the city isn't offering them enough. Lawyers representing the owners of the property on Mainstreet, between 5th and 6th Avenues say their clients have asked for two years to be left alone or be fairly compensated. "They've offered us $5.5 million and we originally had a purchase agreement for $6.7 million" said Timothy Welch, of Leonard, Street and Deinard which represents Rixmann Properties, co-owners of the 45-unit Hopkins Park Plaza building. cities typically view eminent domain as a last resort because legal battles can delay development. City officials said they moved forward because the 2006 purchase agreement had mushroomed out of control and recent talks with owners weren't fruitful. Full Story: Star Tribune (may require free registration)
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Saturday July 5th, 2008
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Nation: 30-Year Rates Post First Decline In 5 Weeks
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30-Year mortgages posted a decline this past week as signals from the Federal Reserve eased worries about imminent rate increases. Freddie Mac, reported Thursday July 3rd, that 40-year fixed-rate mortgages averaged 6.35 percent, down from 6.45 percent the last week in June, which had been the highest level since last September. The decline pushed the rate to its lowest level in three weeks but it remained above 6 percent, where it has been since the last week in May. Rates on 15-year fixed-rate mortgages dropped to 5.92 percent, down from 6.04 percent the last week in June. Full Story: Star Tribune (may require free registration)
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Wednesday July 2nd, 2008
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Coon Rapids: City Wants Residents' Ideas For Port Riverwalk
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House? Shops? Parks? The city of Coon Rapids wants participation of residents in the process of envisioning new development on the Port Riverwalk site along Coon Rapids Boulevard. Working with the Corridor Housing Initiative, participants will have an opportunity to consider different possibilities and determine whether their ideas are financially viable. The site, between Egret Boulevard and Avocet Street, previously had been approved to hold 300 townhouse units as well as senior housing. That plan was scrapped at the end of last year when the market faltered. Plans for the 32 acres are fairly open, said community development specialist Matt Brown, but he said it's been pretty clear that residents would like to see a mix of uses for the site, ranging from parks to commercial. Full Story: Star Tribune (may require free registration)
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Friday June 27th, 2008
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Nation: May Existing-Home Sales Show Modest Gain
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Existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of Realtors. Existing-home sales, including single-family, townhomes, condos and co-ops, increased 2.0 percent. NAR President Richard F. Gaylord of Long Beach, CA said buyers are seeing value in the current market. "Homebuyers are starting to get off the fence and into the market, drawn by drops in prices in many areas and armed with greater access to affordable mortgages." "Today's buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth." NAR chief economist Lawrence Yun, "The large supply of homes on the market clearly favors buyers and it should take several months to draw the inventory down," "Stabilization in prices can only occur with buyers returning to the market, so we are encouraged by rising sales, particularly in distressed markets." Although conditions remain mixed around the country, unpublished data shows a number of areas are experiencing much higher sales activity than May a year ago, including Sacramento, San Fernando Valley and Monterey County CA, Sarasota Florida and Battle Creek Michigan. Full Story: National Association Of Realtors
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Tuesday June 24th, 2008
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Metro: Latest Must Have Feature? A Short Commute
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With $4-a-gallon gas prices, real estate agents see potential buyers thinking about their commute. When Mindy Myhre moved back to the Twin cities from Denver, she thought about a house in the suburbs with a big yard and attached garage. All that changed when she started thinking about time on the road and the cost of filling her gas tank! It's an issue that a growing number of buyers and sellers are paying attention to as they consider where to live. Agents say that bodes well for city neighborhoods and communities that have easy access to public transportation, bike lanes and other commuter-friendly amenities. Full Story: Star Tribune (may require free registration)
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Friday June 20th, 2008
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Nation: Boomers Buy Now, Retire Later!
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A buyer's market and favorable tax laws are motivating more baby boomers to buy now and retire later. Where are the hot spots? Near Water and Mountains. Minneapolis CPA Ronald Kelner's retirement is about 15 years away but he and his wife are renting out their future retirement home near Palm Springs. The Kelners are reaping the tax benefits and getting a step up on their peers that will flood the market in years to come. While most second-home purchases are for use now, the National Association of Realtors' survey shows that those born between 1946 and 1964 are more active buyers than any other group, owning 57 percent of all vacation homes and 58 percent of rental properties. the second-home market got a boost when tax laws changed in 1997, allowing owners to sell and get a $500,000 exemption from capital gains (for couples), as long as they lived in the property for two of the five years before the sale. Full Story: Star Tribune (may require free registration)
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Tuesday June 17th, 2008
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Minneapolis: Another Tower Sprouting Up?
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It's been seven years since downtown has had a new office tower and in recent months it's become more likely that the next one built will be for Target Corporation. Target is already downtown's largest office tenant, occupying about 2.8 million square feet of space. That doesn't include its store or Target Commercial Interiors, both of which occupy prime spots on the Nicollet Mall. Target has said it has no plans to add more office space downtown, but the clock is ticking on the 800,000 square feet it leases at 33 S. 6th st and adjoining City Center. It would take about four years to complete a new tower so if Target did decide to move, it probably would need to choose a site next year. There are currently about a half-dozen sites where a tower could be built and the developers that control those sites are aware of Target's timeline. Full Story: Star Tribune (may require free registration)
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Thursday June 12th, 2008
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Metro: Market Continues Road To Recovery
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The Saint Paul Area Association of Realtors reports that there were 4,418 more pending home sales during the month of May compared to 4.208 in April. However, that is a decline of 7.59 percent from the pending sales of May 2007. At the end of May, there were 33,229 active single-family residential listings in the 13-county metro and at the same time one year ago, there were 35,236 active listings. The 'months-supply of inventory' peaked in December of 07 at 14 and is a measure of the number of months it would take to sell the supply of inventory at the current pace of sales. "This is a sign that the housing market in the Twin Cities continues to recover even with the challenging economic factors of high oil prices and instability in the markets," said Greg Bauman, president of SPAAR. "the market continues to perform as expected and we will see continued stabilization for the 2nd half of 2008 and into the beginning of next year." Full Story: St Paul Pioneer Press (may require free registration)
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Monday June 9th, 2008
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National: Pending Home Sales Index Improves In April
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Another hint that the real estate market may be at the bottom is the Pending Home Sales Index released today by the National Association Of Realtors, which showed April's pending sales were up 6.3% over the preceding six months. Full Story: National Association Of Realtors
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Friday June 6th, 2008
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St. Cloud: Home Prices Appear To Be Stabilizing
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Where the two-county St. Cloud area saw declines in housing prices in the last half of 2007, it saw an increase in the first quarter of 2008, according to a recent report data from Federal Home Loan Mortgage Corp and Fannie Mae. Prices increased 1.19 percent in the first quarter of this year after negative percents in the third and fourth quarter of last year. The report by the Office of Federal Housing Enterprise Oversight, shows that St. Cloud will likely see stable home value for at least the next two quarters. Full Story: St Cloud Times
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Monday June 2nd, 2008
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Minneapolis: Ramada Site Project Gains Traction
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Ryan Companies has signed on to help Alatus Management with the development of a mixed-use project at Hennepin and Hawthorne and 10th and 11th Streets downtown. The addition of Ryan privides another developer that has experience in a variety of downtown projects, Target Corp., the Chambers Hotel, the Westin and the W Minneapolis Foshay that is scheduled to open next month. Exact elements of the Ramada project still are being determined. Full Story: Star Tribune (may require free registration)
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Friday May 30th, 2008
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Vadnais Heights: Council Oks Townhouses Instead Of Senior Condos
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The western half of the planned Arcade Estates apartments and condos for seniors, will instead become townhouses open to all age ranges. At last week's City Council meeting, developer Pat Goff's request to build 14 six-unit townhouses on his 8.5-acre site was approved. That's instead of the two three-story, 48-unit senior condos that were originally approved in 2005 on the west side of Arcade Street, just south of City Hall. According to Goff, the townhouses will be about 1,000 square feet with two bedrooms and a single-vehicle attached garage. Market value will be between $140,000 and $150,000. Full Story: Press Pubs
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Tuesday May 27th, 2008
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Nation: Permanent Loan Limit Increase Good For Homeownership
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Making the temporary loan limit increases authorized by the Economic Stimulus Act of 2008 permanent, will give families in high-cost areas equal access to fair and affordable loans, according to the NAR. "Congress created Fannie Mae and Freddie Mac to provide liquidity and stability to the mortgage markets. Making the limits permanent will significantly boost buyer, lender and investor confidence and will bring more families in high-cost areas back to the marketplace," said Realtor Vince Malta, Chair of NAR's Public Policy Committee. Research has found that home prices have the biggest impact on foreclosures and that strengthening and stabilizing prices would reduce foreclosures. NAR estimates that adopting permanent limits of 125 percent of the local median homes sales price, up to $729,000 will allow more than 500,000 homeowners to refinance to lower rate loans every year. Additionally this would generate over $35 billion in increased economic activity, strengthen home prices by 2 to 3 percent increase home sales by up to 250,000 and save homeowners up to $600 per month. Full Story: National Association Of Realtors
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Friday May 23rd, 2008
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Nation: NAR Predicts Prices Will Pick Up In Second Half Of '08
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Homes sales throughout most of the country are poised for improvement and the recovery will vary by market, says Lawrence Yun, chief economist for the National Association of Realtors. Middle-America cities that performed evenly over the past few years like Cincinnati, Milwaukee and Kansas City, Mo., are likely to experience home price gains in the 20-30 percent range over the next five years. Markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during the same period. Yun blamed most of the softening of the market over the last year on the "subprime mess," where consumers with blemished credit records got loans they couldn't afford when the interest rates reset to higher levels. "In fact, if you look at where prices fell the most, it's the market were subprime loans were prevalent," Yun said. Yun urged Congress and White House to enact NAR-supported legislation to modernize FHA programs, reform regulation of government Fannie Mae and Freddie Mac, give a first-time buyer tax credit and make temporary increases to the conforming loan limits. Full Story: National Association Of Realtors
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Monday May 19th, 2008
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National: Another Opinion That The Market Is Stabilizing
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Here is another opinion that the market is stabilizing. According to this article it isn't going to improve anytime soon, but it is reaching the bottom which it has to do before it can move up.Full Story: Wall Street Journal Online
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Monday May 12th, 2008
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Twin Cities: MAAR Reports Indications of Price Stabilization
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A Minneapolis Area Association of Realtors press release gives some indication that prices may be stabilizing. If so, this could be the bottom of the market and one of the very best times to buy. Press Release: Minneapolis Area Association of Realtors
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Friday May 9th, 2008
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Twin Cities: April's Home Sales Stats Offered Some Measure Of Comfort
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Here's the good news: the huge inventory of homes for sale in the Twin Cities appears to be stabilizing. The total number (which excludes new construction) grew just 1.5 percent last month, its smallest year-over-year increase in at least three years, as more sellers pulled back. New listings fell by double digits for the second month in a row, the steepest declines in many years. Plus, the pace at which pending and closed sales have been declining from last year, slowed in April and have even picked up in recent months. With 32,368 homes on the market, there is still a 10.2 month supply of homes, double the 5-month supply that's considered a balanced market. Hope springs eternal among agents. "Buyers are coming back into the market because they can see the boom and opportunity is now," says Greg Bauman, president of the St. Paul Area Association of Realtors. Kevin Knudsen president of the Minneapolis Area Association, called the drop in seller activity "A sign of hope for market recovery." Full Story: St Paul Pioneer Press (may require free registration)
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Thursday May 8th, 2008
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North Shore: Residential Property Values Could Jump With Great Lakes Clean-Up
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A new study by researchers with the Brookings Institute claims Great Lakes cities stand to gain billions in economic benefits through lake restoration. The study says the city of Duluth alone would see property values skyrocket by 200-300-million dollars if the Great Lakes region's water quality was restored. A recent follow-up to a study released in 2007 estimates that it will cost 20-billion dollars to restore the Lakes, but the region would reap benefits valued at ten times that amount. The two larges cities on the Lakes, Chicago and Detroit, would see property values soar by up to seven-billion dollars.Full Story: Northland News
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Monday May 5th, 2008
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St. Louis Park: New Senior Development Proposed For West 36th Street
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More senior housing could be coming to St. Louis Park, on the southeast corner of Wooddale and West 36th Street. The currently vacant site, first envisioned a denser, taller project with perhaps 240 units, said Arnie Gregory of Greco Real Estate Development. But the current, scaled back version of the project, would stand about five stories, just slightly shorter than the nearby Hoigaard Village building. Full Story: MN Sun
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Thursday May 1st, 2008
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Afton News: Neighbors Oppose 'Pine Tree' Radio Tower
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Even if it does look like a pine tree, neighbors don't want to be next to a public-safety transmitter Washington County wants to put on a 1.6 acre plot in their neighborhood. Residents Frank and Susan Sando asked Washington County commissioners to tour the spot where the sheriff's office wants to construct a tower. "Nine other property owners turned it down and now we've got it in our back yard," Frank Sando said. Last month, the sheriff's office, which had previously proposed a 190-foot tower at a different Afton site, submitted plans to build a shorter tower designed to look like a pine tree. The tower is one of 14 planned for the regional digital radio system. Washington County will spend $12 million on the system to dedicate a single frequency to police, fire and medical personnel. The County Board voted this week to extend the deadline for environmental review. Full Story: St Paul Pioneer Press (may require free registration)
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Monday April 28th, 2008
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Blaine: New City Manager Sees Bright Future
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Crookston native Clark Arneson was stunned to learn that in one of Minnesota's fastest-growing communities, you can still hunt deer and ride snowmobiles! After working 20 years in Bloomington, Arneson comes to the Anoka County suburb that seems to have it all: established commodities in the National Sports Center and TPC golf course, open land, close proximity to the cities and an airport that's undergoing a $35 million refurbishing. Once considered the future home of the new Vikings stadium and the $1.6 billion Northern Lights complex, Blaine is moving in a new direction. Full Story: Star Tribune (may require free registration)
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Thursday April 24th, 2008
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Stillwater: More Building Permits Issued So Far Than In All Of 2007
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Despite a housing slump, the city issued 18 single-family home building permits and has eight pending for homes in the Millbrook development in the NW corner of the city. In 2007, the city issued 22 single-family permits. Home-building can be seen along the newly built streets in the development and new neighbors are ready to move in. Nine home have been sold since February said Elisa Eesley, a new home consultant at Millbrook. Homes in the Landmark series, which are priced at the $300,000 to $400,000 range will have three spec homes built this summer. Homes in the American Heartland series, priced in the upper $400,000s to upper $500,000s will also have homes coming online in June through October. Townhomes in the development are in the $180,000 to $210,000 range. Says Eesley, "Our pricing is right, it's affordable for what you get". Full Story: Stillwater Gazette
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Tuesday April 22nd, 2008
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Nation: 30-Year Rates Unchanged at 5.88 Percent, But Others Drop
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Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.88 percent this past week, where they have been for the past three weeks. The 30-year rate has remained below the 6 percent level for five straight weeks. But other rates showed declines, which analysts attributed to rising hopes that the Federal Reserve, responding to weak economic data, will move at the end of this month to cut interest rates again. Frank Nothaft, Freddie Mac's chief economist said these and other statistics suggesting the economy may be in a recession are prompting investors to expect a further rate cut when officials meet at the end of this month. Rates on 15-year fixed-rate mortgages, dipped to 5.40 percent, down from 5.42 last week. Five-year ARMS dropped slightly to 5.48 percent. A year ago rates on 30-year mortgages stood at 6.17 percent and 15-year averaged 5.89 percent. Rates do not include points. Full Story: Star Tribune (may require free registration)
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Friday April 18th, 2008
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Roseville: $600,000 Facelift Approved For Skating Center
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The John Rose Oval Skating Center improvements will include repaving its outdoor warm-up track, installing state-of-the art technology behind its scoreboard and building an outdoor gas fire pit to warm skaters. The money for the center, which attracts more than 250,00 visits each year, was part of the bonding bill signed last week at the Capitol. And that's on top of a major overhaul of the rink that's scheduled to begin this summer. "We're thrilled," said Roseville Parks and Recreation Director Lonnie Brokke. "This is a center near and dear to the hearts of thousands of Minnesotans and to people around the country." Full Story: Star Tribune (may require free registration)
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Tuesday April 15th, 2008
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Minneapolis: Completion Of Zenith Condos Set For November
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Sherman Associates' Zenith Condominiums project was preparing earlier this month for a topping off ceremony at its site across the street from the Guthrie and the new Gold Meld Park in the historic Mills District. The nine-story tower's first phase features views of the Mississippi River and the Stone Arch Bridge. Developer George Sherman say 60 percent of the 65 condo units have been sold. "This location is once in a lifetime, the views and amenities are unsurpassed in the Twin Cities." Zenith shares its riverfront block with Aloft Hotel, a new life style concept also being developed by Sherman Associates. Full Story: Minnesota Real Estate Journal(may require free registration)
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Wednesday April 9th, 2008
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Metro: Development And Defiance On Metro's Final Frontier
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Julie Zignego is one of thousands of landowners caught in a growth boom along I94 from 494 to Hudson, wondering whether she should sell her land to developers. The rural suburbs thought they would never be as congested as 'another Woodbury', but by 2030, Washington county is expected to have 165,000 new residents--which is like three Woodburys! while most farmland in the area sells for about $9,000 an acre, farmland near the freeway is now worth 10 times that. Zignego's neighbor sold his 121 acre farm to a developer for $8 million that he had bought five years ago for $250,000. The growth is spreading millions of dollars unevenly, creating jealousy and anger. It is turning sleepy towns into battlegrounds for developers and preservationists. Neighbors are pitted against neighbors, builders against farmers and towns against their oldest residents, who's way of life was set in the 1800's. Full Story: St Paul Pioneer Press (may require free registration)
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Monday April 7th, 2008
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Metro Area: Surplus Sales Boost Housing Market
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What Buyers are finding is a lot of choices and lots of room for negotiation! Plus, interest rates are still low so what has changed? Falling homes prices, and several houses on the market for every buyer, not the other way around. Stricter mortgage standards mean that lenders are verifying borrowing power. A year ago, no downpayment? No Problem! Today? Not so simple! MN Mortgage Association President Tom Bendel said 100 percent financing has all but disappeared. He advises borrowers with good credit seeking a conventional loan to come to the table with a 5 percent down payment. borrowers with credit scords below 700 may need a down payment in two figures. Where even poor credit could get you a house a year ago, buyers may need an FHA loan, with loan limits having been increased through the end of the year in the Metro to $365,000 (with the rest of the state at a $271,000 limit). A year ago, buyers could make an offer that sellers couldn't refuse. Today? Buyers take their time and offer 10 percent less but they need to count on their financials being thoroughly checked out. Buyers in today's market can afford to be conservative and buy smart. Full Story: Star Tribune (may require free registration)
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Thursday April 3rd, 2008
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Lake Elmo: Council Approves Study Of Old Village Plan
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Lake Elmo's traditional downtown could be three, five or eight times bigger under scenarios approved by the City Council on Tuesday. At a standing-room-only meeting, the council supported studying the impact of adding 600, 1,000, and 1,600 new homes and apartments to the downtown which now has 194 homes. The vote was 4-1 favoring the growth targets with Steve DeLapp opposing.. Opponents argued that adding 1,600 new units would destroy the small-town charm of the area but those in the majority said it was useful to gather information about the costs and benefits of a wide range of options. The review ill take more than six months to complete and is expected to cost about $242,000, which officials say will be charged to developers. Full Story: St Paul Pioneer Press (may require free registration)
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Monday March 31st, 2008
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St. Louis Park: $82 Million Hoigaard Village Nears Completion
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Motorists on Hwy. 100 lost a landmark when the Hoigaard's smokestack was toppled and the outdoor-furniture and sports retailed moved to nearby Miracle Mile. But now a larger landmark is transforming the entire neighborhood, covering four blocks along West 36th Street overpass. The first building is the just completed Harmony Vista with 74 units of contemporary, loft-style condos. The project is about 25 percent sold. The Adagio, a four-story coop residential building is scheduled for construction in the fall. Leasing has also started on the centerpiece of Hoigaard Village, the Camerata. It features 220 units of high-end apartments with a fireside lounge, movie theater, fitness center,boardroom and pool area. Michael Pagh, president of the developer Great Lakes Management is also optimistic they will break ground this spring on the 22-unit Medley Row Townhouses. "It's a phenomenal location and we know it will go very well." Full Story: Star Tribune (may require free registration)
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Tuesday March 25th, 2008
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St. Louis Park: $82 Million Hoigaard Village Nears Completion
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Motorists on Hwy. 100 lost a landmark when the Hoigaard's smokestack was toppled and the outdoor-furniture and sports retailed moved to nearby Miracle Mile. But now a larger landmark is transforming the entire neighborhood, covering four blocks along West 36th Street overpass. The first building is the just completed Harmony Vista with 74 units of contemporary, loft-style condos. The project is about 25 percent sold. The Adagio, a four-story coop residential building is scheduled for construction in the fall. Leasing has also started on the centerpiece of Hoigaard Village, the Camerata. It features 220 units of high-end apartments with a fireside lounge, movie theater, fitness center,boardroom and pool area. Michael Pagh, president of the developer Great Lakes Management is also optimistic they will break ground this spring on the 22-unit Medley Row Townhouses. "It's a phenomenal location and we know it will go very well." Full Story: Star Tribune (may require free registration)
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Monday March 24th, 2008
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Minneapolis: Developers Preaching Patience With Condo Projects
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Tom Lohmann of Pinehurst Properties has big plans for his condo project in SW Minneapolis at 3500 50th st W. Lohmann has been pitching the site as the future home of The Bancroft Condominiums, a high-end project just a few blocks from Edina. Bancroft LLC paid $3.5 million for the 1.6-acre site in December 2005. Lohmann isn't expecting to get much traction until next year at the earliest. " We don't want to make the mistake of going ahead with a project in a market that's just limping along...We're just biding time and hoping for a resurgence in the market." Lohmann has sold 8 of the planned 52 units and deposits have been refunded to some buyers who couldn't wait for an uncertain delivery date. Unit prices at The Bancroft with pricing at $510 per square foot range from $583,000 to more than $2 million for a penthouse. Downtown projects, the Nicollet and the Penfield are still on the drawing board until the market tides turn. Full Story: Star Tribune (may require free registration)
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Friday March 21st, 2008
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Eagan: Will Voters Pay $10.5 million For Carriage Hills Golf Course?
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At a referendum in November, Eagan voters will decide whether the golf course land should be preserved as green space or developed. The golf course has been the subject of a lengthy court case filed in 2004 by developer Wensmann Realty which wants to build houses. In a unanimous vote Tuesday night, the Eagan City Council approved a contingent settlement that will allow voters to choose. If residents vote to maintain the land as open space, the city will pay $10 million for the 120-acre site plus about $250,000 in fees and expenses. Before the November election, the city will start the review process on a Wensmann proposal that includes a mix of 450-480 single family homes, row houses and senior housing. The plan also includes 30 acres of green space throughout the deveilment. Full Story: Star Tribune (may require free registration)
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Wednesday March 19th, 2008
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St. Paul: Farmers' Market Flats Gets New Contractor
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Frerichs construction of Vadnais Heights, one of the original bidders, will spend the next several weeks helping Brian Sweeney put together another construction proposal for the condo/indoor farmers' market development. Frerichs enters the scene after a financial dispute between Sweeney and Flannery Construction. Once scheduled to open late this spring, the condo portion is now scheduled for completion in spring of next year. "It's a challenging project," said Frerichs President Marv Kotek. "We're going to see if we can get it to work." Among other projects, Frerichs has been involved in the Tilsner Building, Bloomington Old Town Hall and Great Northern Historic Riverside Lofts. Full Story: St Paul Pioneer Press (may require free registration)
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Monday March 17th, 2008
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Anoka: Rum River Condos Ready To Change Skyline
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Luxury living by the river is the concept behind The Historic Rum River District condo project, currently being sold in downtown Anoka. A mix of urban condo style living and retail is planned in hopes of bringing people to the historic downtown to live. It's a popular concept in larger cities, but "This is a community defining project," said Bob Kirchner, community development director for the city of Anoka. Partnering with Rottlund Homes, has resulted in nearly a 50-50 split of infrastructure and development costs for the city. Currently 18 of the 26 55-plus condos have been sold, with prices ranging from $160,000 to $300,000. Lofts facing the river will sell from $149,000-$269,000 for top floor and river views. Full Story: ABC Newspapers
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Friday March 14th, 2008
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Maplewood: Council Looks To Prevent Building On 400 Acres
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With time running out on a moratorium on development in the south leg of Maplewood, city officials are looking for ways to block developers from moving in. The moratorium, which protected more than 400 acres of land south of Carver Avenue, is expiring with no option for a time extension. The city's new plan is being written and that means the area in question is still regulated by previous zoning and land use maps. Until the new plan is approved, developers can submit applications based on the current plan. However, the city can deny applications in the future if they don't meet the vision of the new plan. "A developer who comes into the city and hasn't done their homework enough to see that we're actually looking at this area with a microscope would do so at their peril," said City Attorney, Alan Kantrud. Part of the land is in the Mississippi River Critical Area and another in the Shoreland Overlay District, both governed by the DNR. Full Story: St Paul Pioneer Press (may require free registration)
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Tuesday March 11th, 2008
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NAR Campaign Relates Long-Term Investment Value Of Real Estate
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Beginning this year, the National Association of Realtors is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. The new advertising campaign will provide current, relevant housing data to help prospective buyers make informed decisions. Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year and home values double nearly every 10 years. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite positive research reports, some potential buyers are being kept on the sidelines as they react to national media reports about the market. "Nobody buys a home in the national real estate market," said NAR President Dick Gaylord. "All real estate markets are local and buyers and sellers who are thinking about making a move should consult with a Realtor in their local market." According to NAR's most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent in 2008, hold steady in 2008 and rise 3.1 percent in 2009. Full Story: National Association of Realtors
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Friday March 7th, 2008
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New Brighton: City Seeks 'Plan B' For Northwest Quadrant
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The project is about $12 million in the red and New Brighton is concerned about the future of 100 acres of land at the NW corner of Interstates 35W and 694. The plan is to turn old industrial sites into offices, hundreds of new homes, stores and parks. So far, $85 million has been spent on the project but spiraling environmental costs and and the recent pullout of a major housing developer have raised concerns among some officials. Newly elected Council Member David Phillips wrote a resolution in January recommending a task force to study the situation but Council Member Mary Burg thinks the focus should be on attracting developers instead of analyzing finances. Mayor Steve Larson declined to voice his opinion on the task force. Cleanup of contaminated areas has already cost the city millions and questions remain as to the land being safe for building homes. Full Story: St Paul Pioneer Press (may require free registration)
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Wednesday March 5th, 2008
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Lilydale: Plan For Bluff Housing Hits Snag
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The city of Lilydale continues to have an uphill climb with its plan to build multifamily housing on a sliver of Mississippi River Bluff land. Citing concerns about steep slopes and water runoff, the Met Council concluded that the city's zoning change from open space to multifamily residential does not conform to the Mississippi River Corridor Critical Area program, which is meant to safeguard the river and its environment. The agency's findings will be sent to the DNR, which must review the zoning change because the city lies within the critical area. The DNR will have the final say over whether the plan moves ahead. Full Story: St Paul Pioneer Press (may require free registration)
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Monday March 3rd, 2008
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Rosemount: Dakota County Board OKs Purchase of 816 Acres For Park
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This will be a major step toward filling a 'missing link' in a planned 4,000-acre conservation area south of Rosemount, with a new regional park and public hunting grounds. County Commissioners approved a $14.8 million option to buy the 816-acre Butler Trust in Empire Township, which has been in their sights for nearly three decades. The lands belong to the estate of Janine Butler, including her two sons and eight grandchildren. Located just west of the U of M's Umore Park, the southern half of the Butler Trust would become part of a MN DNR hunting ground and wildlife area. The northern 456 acres would become a new public park. With nearly $10 million in funding secured, the $14.8 million purchase is still contingent on an additional $5.1 million from the Legislature and the Met Council by this fall. Full Story: St Paul Pioneer Press (may require free registration)
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Friday February 29th, 2008
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Minneapolis: Residents' Concerns May Alter Calhoun Square Redevelopment Plan
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The new owner hoped to start work in April, but concerns about whether there is adequate public space set aside have been raised by area residents. Objections also were raised to plans that could lead to more large tenants at the mall. The retail center's managers say they're surprised at the delay because they had expected the commission to adopt recommendations by the city to approve the project. Calhoun Square and other property at Lake and Hennepin was bought in August for $47.3 million by a New York investment company, BlackRock. Plans include demolishing some small buildings and extending the mall near 31st Street. Other changes would permit construction of 108 housing units. The Calhoun Residents Action Group has been monitoring the proposed redevelopment. Full Story: Star Tribune (may require free registration)
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Wednesday February 27th, 2008
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Minneapolis: 92 Luxury Condos Will Adjoin New Ivy Hotel
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It took eight years to finish the job, but Mpls developer Jeff Laux has finally cut the ribbon on his redevelopment of the historic Ivy Tower and its surrounding block. The $100 million project's Ivy, occupies a new 19-story tower at 11th St. and 2nd Avenue. An adjoining 26-story tower will include 92 luxury condominiums. The third component is the restored 10-story Ivy office building which will house the Porter & Frye restaurant and Ivy Spa. The most expensive hotel suite, will set customers back $3,000 a night. Says Paul Wischermann of Wischermann Partners, which advised the developers and is managing the hotel, "The things people love to do on Broadway in New York, they can do here. It's an art metropolis and its a safe place to walk and have fun." It's an impressive milestone for developer Laux. "I grew up in north Minneapolis and never spent a day in college in my life. Guys like me weren't supposed to be able to do things like this!"Full Story: Finance and Commerce
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Monday February 25th, 2008
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St. Cloud: Cold Spring Granite Co. Considers Downtown Development
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In 1919, Cold Spring Granite (then called Rockville Granite), first considered moving to Cold Spring. The owners raised about $200,000 which is almost $5 million in today's dollars to buy a quarry, construct buildings and acquire equipment. Now, almost 90 years later, the company is lookng at similar cost to redevelop the land that first helped the company prosper. Company leaders are looking for financial asistance to redevelop the old site into a downtown that captures the spirit of how small towns were historically built. A concept plan for the 30-acre site between MN Hwy 23 and the Sauk River calls for a mix of commercial and 180 residential units, including lofts and townhomes, tree-lined streets and a boardwalk. The vision is a long-term one, possibly taking 15 years to build.Full Story: St Cloud Times
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Thursday February 21st, 2008
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Edina: No Economic Slowdown Evident At Galeria
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New tenants at the Galeria mall inclued Minnesota's lone Crate and Barrel ,BCBG Max Azria clothing boutique and two more yet-to-be named stores and a Westin Hotel. Andrea Christenson, vice president at real estate firm Colliers Turley Martin Tucker, called the aditions a big deal and believes shoppers with higher discretionary incomes will flock to the mall for luxury brands. Another major addition scheduled for completion this fall is an 18-story Westin Hotel & Residences with 225 rooms topped with 82 luxury condos. Full Story: St Paul Pioneer Press (may require free registration)
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Monday February 18th, 2008
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Nation: Structured Sales Provide Alternative To 1031 Exchanges
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(A 1031 exchange is a way of deferring capital gains tax on investment property by 'exchanging' it for another investment property with the exchange going through the hands of a qualified intermediary and not your own hands). If that lake cabin doesn't qualify as an investment property under the IRS regulations or if your gains on an apartment building are more than your new property is worth, or if you don't want your money in real estate again, what can you do? "Structured sales are not for everyone but it's a tremendous strategy for people with highly appreciated properties" says Niel Friedman of Investment Property Exchange Services Inc. Patterned after structured settlements that are common in liability law, both are ways to break a large lump-sum payment into an annuity or installment payments over several years or a lifetime. The option has been around for a few years but it is just being introduced into the local market. Friedman says that a classic situation for a structured sale is one in which someone may have owned a lake property for 20 years but it doesn't qualify as an investment property under the 1031 exchange rules. The couple might sell the cabin and create annuities for themselves and their children. The result is to earn a return, spread out the tax burden and lock in payments to their children. Full Story: Minnesota Real Estate Journal(may require free registration)
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Wednesday February 13th, 2008
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Metro Area: More Homeowners Favoring Floor-To-Ceiling Glass Walls
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Ann Hengel spent two years looking for the right downtown condo and wanted something modern, walls of windows and a skyline view. It's a look that more Minnesotans are craving and more developers are delivering. " Buyers expect a lot of big windows," said Scott Parkin, of Hoffman Parkin Urban Realty and sales manager at Cobalt, where Hengel recently bought. "50 years ago, you culdn't do it, you'd lose so much heat but todays engineered glass, with double panes and insulating air or gases, makes floor to ceiling windows more practical and desirable." City views aren't the only ones being framed by walls of windows. Reflections at Bloomington Central Station, overlooks the MN Valley National Wildlife Refuge and river, and glass walls were chosen to make the most of its setting. For some, glass is a health choice as well as an aesthetic one, lifting spirits during long winters with lots of natural light. "Privacy is not an issue," said Cindy Shingler, who bought bought at Cobalt last year. "I like it open. If somebody happens to be staring up, so be it." Full Story: Star Tribune (may require free registration)
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Monday February 11th, 2008
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Nation: Five MN Builders Will Build 'Women-Centric' Homes
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In 2003, Linda Reimer read a Forbes article about Lowe's Home Improvement's success in targeting women as customers. It sparked for her the realization that builders need to cater more to female buyers. "We held female focus groups and they tore our home plans apart," said Reimer, president of Design Basics of Omaha. In 2006 Reimer started the Woman-Centric Matters certification training program for builders and five MN companies have since enrolled. The models range from a $229,000 townhouse in rogers to an $857, four-bedroom house in Lakeville. "While these houses don't look radically different, the concept focuses on creating four 'lifestyle zones' aimed at meeting women's needs. Full Story: Star Tribune (may require free registration)
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Friday February 8th, 2008
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Stillwater: Developer Plans On 'Floating Condos' Development
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David Nelson hopes to bring his 350-person development to Stillwater in 2010, but locals shouldn't worry about a changing landscape. Nelson, founder of River Cities, a St. Paul-based company looking to build the world's largest inland passenger ship which is a $94 million residential boat. The boat, yet to be constructed, has been dubbed the Marquette and will be the first residential boat to cruise the U.S. Plans call for 170 condos and a housing community of 350 people who will stop at northern ports in the summer with southern and Gulf Coast ports in the winter. Residents will be able to buy condos ranging from 528-square feet to 924-square feet, costing $299,000 to $499,000. Full Story: Stillwater Gazette
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Wednesday February 6th, 2008
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St. Paul: West Property High-Rise Plan Generating Positive Buzz
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Bridges Of St. Paul's high-rise, condo and retail project is planned for the side of the river where tall buildings are welcome. "this is density- and style-appropriate to downtown and they are engaging in a discussion with the city and the community," said Gregory Page, director of special projects for the Saint Paul riverfront Corporation, which opposed developer Jerry Trooien's Bridges project. Trooien is a visionary who felt that the 'Bridges' had to be grand in scale in order to succeed. The Opus folks of the West site, appear to be market realists who won't go forward unless they have a major tenant lined up. Opus officials said they are actively searching for a large corporate tenant, or several for their office tower. Full Story: St Paul Pioneer Press (may require free registration)
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Friday February 1st, 2008
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Eagan: More Land Bought For Eagan Development
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Nine more Cedar Grove property owners agreed to sell to the city instead of trying to stop the sale in court. The eminent domain case is being used to make way for new retail and housing and the city will pay $5.33 million for the nine parcels of land, depending on appraisals. This week's news brings to 33 the number of owners who have agreeed to sell by early February, on the 65 acres that once housed the Cedarvale shopping center. Six property owners say they'll keep fighting, Jerry Larson is being offered $490,000 for his acre and auto repair shop, but he says it would take about $1 million to relocate. Larson and others were in Dakota County court this week. Full Story: Star Tribune (may require free registration)
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Thursday January 24th, 2008
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St. Paul: $4 Million Set Aside To Revive Six Neighborhoods
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The Housing and Redevelopment Authority approved more than $4 million for strategic purchases of vacant buildings in need of rehab in six areas. The hope is that by focusing on a few blocks and removing blighted properties, or fixing them up so people can move in, other neighbors will be encouraged to improve their houses. The money comes from the Invest St. Paul program, a $25 million initiative to improve four struggling neighborhoods Frogtown, North End, Lower East Side and Dayton's Bluff. The recent $4 million will be used to improve Frogtown, North End, Lower East Side and Dayton's Bluff, Payne-Phalen, North End, Thomas Dale/Summit University, West Seventh and the West Side. Full Story: Star Tribune (may require free registration)
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Monday January 21st, 2008
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Minneapolis: New Homes For Hightest Bidder!
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Home builders hope to have successful sales of about 200 new homes at the Convention Center the weekend of January 26-27. Between 2003 and 2006, new and foreclosed home auctions have seen the largest percentage growth in the industry. In '03, gross sales receipts for auctioned homes were $11.5 billion and in '06, $16 billion. Norman Mitchel International, one of the partners in the event will tack on an 8 percent fee onto the selling price. The auction at the Mpls Convention Center is unique because it features new homes and not foreclosed homes. All bidders must have a cashier's check to get a bidding number. Bringing the homes to the auction block means significant discounts, often ranging from 25-75 percent. Full Story: ABC Newspapers
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Monday January 21st, 2008
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Minneapolis: Growing Numbers Of Outstaters Seek Urban Weekend Getaway Homes
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Dr. Mark Davis of Rochester, is a weekend vacationer at his three-story downtown Minneapolis condo. "I grew up in Dublin and I love being in the city." "My house in Rochester is quite traditional so when I got the place in Minneapolis, I wanted it sleek and contemporary, as a contrast." Dick and Mary Kollen, adventurous empty-nesters, leave their Granite Falls, Frank Lloyd Write-inspired house for a 22nd-floor condo in the Carlyle. The Kollens' Granite Falls house is decorated in French Country style, "When you walk into our place here, it's all glass, so I didn't want traditional stodgy furniture, I wanted a fun, urban feel." Davis and the Kollens are part of a growing number of Minnesotans whose dual dwellings offer the best of both worlds! Full Story: Star Tribune (may require free registration)
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Wednesday January 16th, 2008
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Nation: NAR Expects Stability Then Improvement
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Over the next few months, existing home sales are expected to hold fairly steady, then rise later in the year and continue to improve in 2009. Lawrence Yun, NAR chief economist, said there is a 'pull and tug' exerting itself on the market. "On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline and on the other, consumers continue to wait for additional signs of market stabilization..." Existing homes sales for '07 will probably total 5.66 million, the fifth highest on record, then edge up to 5.70 million this year and 5.91 million in '09. Existing home proces for 2007 are likely to be down 1.9 percent to a median of $217,000 and hold this year and then rise 3.1 percent in 2009 to $224,000. The 30-year fixed-rate mortgage is expected to rise slowly to the 6.3 percent range by the end of this year but an additional cut in the Fed funds rate would lower short-term rates. Full Story: National Association of Realtors
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Monday January 14th, 2008
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St. Paul: County And Developer Agree On $10 Million Riverfront Deal
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Opus Northwest envisions two towers, for offices, hotel, and 100 condos for the 6-acres site of the old West Publishing complex and adjacent county jail. The cost would be at least $200 million and the project could be built in phases or possibly, all at once. Jolly Mangine, county director of property management, said he's optimistic the Opus deal will go through. The county also had negotiated with WinField Corp., a Belgian company that recently bought the Minnesota Thunder soccer team and is planning projects in St. Paul. Full Story: Star Tribune (may require free registration)
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Thursday January 10th, 2008
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Excelsior: City Ponders Development Of Old Lakefront Casino
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Jon Munson of Landshute Group wants to build a commercial building with shops and restaurants on city-owned waterfront property and the proposal has set off a debate. At issue, whether the city should even entertain the idea of selling park land on Lake Minnetonka. The old pavilion, called the Excelsior Casino, stood on the site from 1904 to 1922 and drew people to a dance hall and bowling alley with wide verandas overlooking the lake. As the story goes, the City acquired the property and tore down the building when the previous business owner defaulted on taxes. The site comprises about 180 feet of the 2,780 feet of city-owned lakeshore on the Excelsior waterfront. Full Story: Star Tribune (may require free registration)
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Monday January 7th, 2008
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Minneapolis: Can Bassett Creek Be Redeveloped?
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The soil's poor, the site is in a hole, there's in impound lot there that nobody wants, but the rewards could be great in Basset Creek Valley. Just west of downtown, the location could yield up to 3.2 million square feet of office and 1,450 housing units. However, city officials were finding out just how costly an undertaking the development might be. After issuing a request for proposals, the Mpls Community Planning and Economic Development Department got back only one response , a $222 million plan from Ryan Companies, that would require $68 million in public subsidies, including $24.5 million in it's first phase alone. The first phase of the project is envisioned for between 2009-2013. Full Story: Minnesota Real Estate Journal(may require free registration)
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Monday December 17th, 2007
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30-Year Mortgage Rates Fall To Lowest Point In More Than 2 Years
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Rates fell sharply again last week, dropping to an average of 5.96 percent. That was down from 6.10 percent the previous week and was the lowest rate since September 2005 when they averaged 5.91 percent. Rates on 15-year fixed-rate mortgages, a popular choice for re-fi's, slid to 5.65 percent from 5.73 percent the previous week. The rates do not include add-on fees know as points.
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Monday December 17th, 2007
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Rosemount: City Gains Control Of Key Parcel
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The Rosemount Port Authority has reached an agreement to purchase a controversial parcel it had sought,to allow the city's plans for a downtown revitalization to move forward. The key half-acre is at the SE corner of South Robert Trail and 146th Street. The city agreed to pay $525,000 to landowners Kurt Walter-Hansen and Patricia Walter and when the purchase is complete, the city will own all the land at the 2.96-acre site needed to begin Phase I of the redevelopment plan. The area will be developed by Stonebridge Development and Acquisition LLC, which is investing $14 million in the project.
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Thursday December 13th, 2007
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Edina: Working To Find Home For Highrise Condos
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Some Edina residents want to keep their suburb suburban and last year that meant a battle over building heights for a 17-story condo tower in the Centennial Lakes development. Now the city is looking at the Cahill Gardents area, between Hwy 100 and Cahill Road in Bloomington. "This could be the next kind of Southdale-Centennial Lakes area," said Dan Cornejo, a St. Paul consultant who is helping to coordinate Edina's new comprehensive plan. Edina's tallest building now is a 19-story tower in the Edinborough complex and the new Westin Hotel and condos next to the Galleria is 18 stories.
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Monday November 5th, 2007
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Stone Mills Farms Plans For More Homes
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The Woodbury Planning Commission will review a proposed addition to the Stone Mill Farms development that would bring 48 new single-family homes. The new addition is planned to be constructed on 8.94 acres near the existing development. Should the planning commission recommend approval of the plat, the Woodbury City Council would hold a public hearing on the development at its November 14 meeting.
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Friday November 2nd, 2007
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135-Acre Development Will Be Anchored By SuperTarget
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After 10 years in the works,the City Council gave the nod to an initial plan for a retail and residential development just north of MN 55 and west of South Robert Trail. Called Argenta Hills, the development would include about 410,000 square feet of retail and 154 housing units, Target and main street-style shops,lush landscaping, and a series of trails that would lead to neighborhoods. The residential area would comprise 109 single-family homes and 45 units of attached town homes.
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Tuesday October 30th, 2007
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Million-Dollar Plus Home Sales Jump 4 Percent
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When it comes to selling a house, price isn't always the issue! "People that own these expensive homes are not affected by the market very much," said Linda Blyth, director of Coldwell Banker Burnet's Previews-Distinctive Homes Division. This is partly due to the fact that upper-bracket buyers often pay cash and aren't concerned with what's happening with interest rates. And in many cases, wealthy buyers don't have to sell before they buy or they're getting a fat relocation package that includes moving expenses and buyout of their previous house. Live isn't all roses tho in the upper-bracket market, currently there's a 23-month supply of listings including one priced at $53.5 million. There are also some signs that sellers are beginning to take a breather. John Shaw of Edina Realty's exceptional homes division, said so far this year there were 921 listings at $1 million or more during the past 10 months compared to 1,021 last year.
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Thursday October 25th, 2007
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Minnetonka: Glen Lake Condo Project At Issue In Council Election
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How the redevelopment of the Glen Lake neighborhood was approved has become the central issue in a key City Council race. James Hiller is challenging 12-year council vet, Al Thomas, largely because he thinks the council ignored public opinion in approving the project of retail, condos and apartments on Excelsior Boulevard west of 494. Glen Lake has long been controversial with many neighbors opposing its luxury lakefront condos.
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Tuesday October 23rd, 2007
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Nation: Improved Mortgage Market Bodes Well For Housing In '08
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Lawrence Yun, National Association of Realtors, senior economist, notes that widening credit availability will help turn around homes sales. "Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch and FHA loans are replacing subprime mortgages." Existing home sales are expected to total 5.78 million in 2007 and then rise to 6.12 next year, down from 1.05 million in '06. "A cutback in housing construction is a positive sign for the market because it will help lower inventory and firm up home prices," Yun said.
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Wednesday October 10th, 2007
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St. Paul: Riverfront Property To Go Back On Market
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Ramsey county has decided to shed its ownership of nearly 3,200 linear feet of prime riverfront and two buildings that sit on it in downtown St. Paul. Commissioners considered proposals from three developers but in the end approved a 6-1 county-devised plan that calls for razing the old jail and part of the West Publishing complex. The county will negotiate with two of the developers, Minnesota-based Opus and Belgium-based Wingfield.
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Wednesday October 10th, 2007
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Deal Will Keep 51,000 Acres From Being Developed
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The state of Minnesota and several conservation groups have joined forces to protect more than 51,000 acres in Itasca and Koochiching Counties from development. The DNR announced the deal last Wednesday which establishes a working forest conservation easement to maintain the nearly 80 square miles of land for public use and timber harvesting. Govenor Tim Pawlenty called it the single largest conservation project in Minnesota in at least a decade. Under the deal, the state and conservation groups will pay Forest Capital Partners $12 million for an easement which prevents the company from subdividing. The company will retain ownership and can harvest timber.
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Monday September 17th, 2007
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St. Paul: New Concerns Raised Over Bridges Development
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Developer Jerry Trooien's proposed $1.5 billion retail, hotel and residential project on the Mississippi across from downtown, is being called into question regarding tax-increment financing. $1.25 million is to be paid back by the property taxes generate by the new development. Trooien has been seeking necessary re zoning for the project since last fall and insists it's a financially viable prospect for both his company and the city.
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Monday September 17th, 2007
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Twin Cities: Luxury Is Still Selling High-Rise Condos!
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Up-and-coming high-style high rises such as the Westin Edina Galleria, the Ivy, The Penfield, and the Phoenix on the River (where average price of a unit is $1 million) have deluxe interior finishes, hotel-style perks and penthouse views. Even in a softer condo market, there are still buyers for many of the seven-figure homes. The Ivy, attached to an elegant hotel, has only a handful of units left fand three of the largest Penfield penthouses have been snapped up. the trend in luxury condo living is driven in part by buyers wanting convenience and proximity to theaters, restaurants and a lively downtown scene, said Peter Brown, project manager for the Penfield.
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Monday September 17th, 2007
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Minneapolis: Warehouse District Project Gets Another Look
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A mixed-use development plan that originally called for 28 and 18-story towers, is being resubmitted for city approval without the taller building and lowering the 18-story tower to 10 stories. In January, the city Council refused to endorse the Pacific, proposed for the Monte Carlo restaurant block because it exceeded the 10-story height limit laid out for the neighborhood. The project drew considerable opposition. The new building, with retail and health club planned for the first five floors, would add condos at a later date in the upper floors.
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