What's 'In' and 'Out' In The Kitchen: 10 Trends To Watch

Kitchens are going dark, LED lighting is gaining steam, and trash is getting more attention–all are trends in kitchen designs this year, according to the National Kitchen & Bath Association, which surveyed 100 designers at the end of 2010 to reveal the hottest kitchen trends.

The following is a list of what’s cooking in kitchen trends for 2011, based on NKBA survey results of which kitchen designs are increasing in demand and which are losing favor.



Courtesy of KraftMaid Cabinetry


1. Cabinetry

Gaining steam: Maple cabinetry

Losing steam: Cherry cabinetry (Cherry dominated kitchens in early 2010 but was overtaken by maple cabinetry this year)




2. Kitchen finishes

Gaining steam: Dark natural finishes; light natural and colored painted finishes also remained fairly common, inching up slightly in use.

Losing steam: Medium natural, glazed, and white painted finishes are on the decline and the use of distressed finishes has dropped significantly in the last year.

Photo credit: Miro Dvorscak

3. Color

Gaining steam: Grays, beiges, and bones

Losing steam: Brown tones, whites, and off-whites



O’Neil Cabinets shaker style;

Photo credit: Courtesy of O’Neil Cabinets



4. Design styles

Gaining steam: Shaker style, which is characterized by its simplicity, un-ornamented yet functional, finely crafted style. (Shaker overtook contemporary style this year as the No. 2 most popular kitchen design style). Traditional style remains the most popular kitchen design, although it has dropped slightly in popularity compared to last year.

Losing steam: Contemporary style



Kitchen from Huntwood Cabinets features

 an island with built-in wine cubbies; Photo credit: Alan Bisson



5. Cabinetry upgrades

Gaining steam: Unchilled wine storage (yet undercounter wine refrigerators are losing favor)

Losing steam: Tall pantries, lazy Susans, appliance garages, and pull-out racks are declining slightly in popularity.

DuPont Corian solid surface in Sorrel; Photo Credit: TC Studios

6. Countertops

Gaining steam: Solid surfaces, a low-maintenance countertop surface, has grown in popularity, but granite and quartz continue to hold dominance. Other countertops surfaces increasing in niche use include butcher block and marble.

Losing steam: Laminate






Liebherr’s 2060 series



7. Refrigerators

Gaining steam: French door and side-by-side refrigerators

Losing steam: Freezer-top refrigerators and freezer-bottom models



Thermador’s Masterpiece Series 36-inch

 Silver-Mirrored Induction Cooktop; Photo credit: Thermador



8. Cooktops



Gaining steam: Induction cooktops are closing the gap on gas and electric models; double wall ovens are increasing in use.



Losing steam: Gas cooktops are still popular but their use is falling slightly in favor of induction and electric cooktops. Single wall ovens and warming drawers are also on the decline.

Photo credit: Kichler Lighting

9. Lighting

Gaining steam: LED energy-efficient lighting options

Losing steam: Incandescent lighting and CFLs (compact fluorescent lights)




Photo credit: Rev-A-Shelf, LLC

10. Trash



Gaining steam: More designers are taking into account trash considerations in kitchen designs, with trash or recycling pull-outs, garbage disposals, and trash compactors on the rise.

Losing steam: Not considering where the trash goes in the kitchen.

By Melissa Dittmann Tracey, REALTOR® Magazine

March 14, 2011





Gotta Go to the Auto Show

Need something to do this weekend?  The 38th Annual Twin Cities Auto Show is coming to the Minneapolis Convention Center starting Saturday, March 12.  Featuring an estimated $15,000,000 in new vehicles, and filled with amazing new displays; this is the 7th largest Auto Show in the nation. GMADA is pleased to present vehicles from almost every manufacturer in the world!

NEW Ultimate Garage by AutoMotorPlex

Features three unique, fully decorated garage themes: The Racing, Exotic and Contemporary car spaces. Each space is designed, styled and features products relating to the individual themes.

NEW Green Room by Star Tribune

The car industry has never been more Green, with an ever increasing inventory of hybrids, electric, Flex fuel and clean diesels. The Show's main floor has Green vehicles throughout. But the Star Tribune Green Room will highlight these innovative vehicles. As a special feature it will also include the University of Minnesota's award winning Solar Powered car along with these vehicles:

• Audi A3 TDI

• Cadillac Escalade Hybrid

• Lincoln MK2 Hybrid

• Mercedes Benz ML Blue Tec

• Porsche Cayenne Hybrid • Ford Fusion Hybrid

• Toyota Prius Hybrid

• Toyota Camry Hybrid

• Toyota Highlander Hybrid

NEW Luxury Lane

A million dollars worth of vehicles in one room. The best and most luxurious vehicles that the new car industry has to offer. This is truly the room where you can find your license to dream. See luxury vehicles from:

• Audi

• Bentley

• Cadillac

• Hyundai

• Lincoln

• Maserati

• Mercedes

• Porsche

• VW

Whether you're in the market for a new car or just like to dream, bring the family on down to the Auto Show.

Save Money With Your Edible Garden

An edible garden featuring vegetables and herbs can save you a bundle if you keep it simple and raise plants that offer high yields.

Whether you’re trying to pinch pennies on your grocery bill or just hungering to eat healthier, having your own edible garden is the answer. The beauty of tending a backyard vegetable patch is that you can pick and choose what to grow, allowing you to customize a mix that suits your family’s palate—and gives you the greatest return on investment.

How much can you save?
A backyard edible garden will trim costs from your grocery bill while providing you and your family with the freshest produce possible. According to Bruce Butterfield, research director for the National Gardening Association, a well-maintained garden can produce a half-pound of fresh vegetables for every square foot of garden space. At average market prices, that means a garden returns about $1 per square foot.

Studies conducted by W. Atlee Burpee Co., a mail-order seed company, are even more optimistic. According to Burpee, the average cost-to-benefit ratio of home-grown produce for those who have established gardens is better than 1 to 25. That means every $1 spent on seeds and supplies yields at least $25 worth of vegetables.

Even first-time gardeners will benefit. George Ball, owner of Burpee Co., says that a $10 investment in seeds for tomatoes, beans, bell peppers, lettuce, peas, and carrots, plus $80 for soil, fertilizer, and the cost of building several raised beds, can yield more than $250 worth of veggies and herbs—a substantial portion of the approximately $3,465 the average U.S. family spends on a year’s worth of groceries.

For families that save the harvest, either by freezing, canning, or drying, the cost-benefit ratio climbs even higher. Martha Garway, who tends a 10x10 plot in a Providence, R.I., community garden, freezes much of her summer produce, such as okra, tomatoes, and peppers.

That summer harvest, which costs her $20 for the plot plus the cost of seeds (and she tends to save her own), enables her to “buy only meat and fish through winter—no vegetables,” she says.

Top plants for great returns
For the average gardener in most regions of the country, here are some of the most cost-effective vegetables to grow, and an estimate of what you’ll save over store-bought produce. These figures reflect veggies harvested for fresh eating only; if you freeze or can produce to consume beyond the harvest season, your savings will multiply.

Slicing tomato
Seedling cost: $2.00/plant
Yield: 10-15 pounds tomatoes/plant
Savings: $15-$23/plant

Bell pepper
Seedling cost: $2.00/plant
Yield: 6-8 peppers/plant
Savings: $9-$12/plant

Cucumber
Seed cost: $2.95/packet of 240 seeds
Yield: 10-15 pounds of cucumbers per plant
Savings: $5-$7.50/plant

Bush green beans
Seed cost: $2.95/packet of seeds
Yield: 2.5-3 pounds/5-foot row
Savings: $3.75-$4.50/row

Pole green beans
Seed cost: $2.95/packet of seeds
Yield: 4-5 pounds/5-foot row
Savings: $6-$7.50/row

Leaf lettuce
Seed cost: $2.00/packet of mixed lettuces
Yield: 16 oz. of salad every 3-5 days after leaves mature
Savings: $4 per week

A few vining vegetables, like squash or Malabar spinach, produce abundant yields for the price of a packet of seeds ($2.95). Winter squash types in particular are easy to cure and store, lasting well into spring and offering savings of up to $10-$15 per vine.

Herbs
Herbs offer amazing return. For $1.50, you can buy a 3-inch pot of parsley, chives, oregano, mint, or basil and harvest leaves all season long. With the perennial herbs, like oregano and mint, the harvest continues for years with little maintenance action required. Compare that to “fresh” herbs you’ll get at the grocery for $3 for a 3-ounce packet.

What not to grow
Some vegetables aren’t cost-effective in an edible garden. For instance, you could spend $20 for organic seed potatoes that will yield 15 pounds of spuds from a 20-foot row planting. Compare that with the average price of white potatoes in the supermarket at $1 per pound. Then again, you can’t find Russian Banana fingerlings or Purple Viking potatoes at the grocer, so if you want a specialty spud, grow your own.

Other veggies that don’t pay to grow are ones that are finicky, like celery or asparagus. Both are labor intensive. Onions are relatively cheap to purchase, and it can be difficult to get a large yield of good-size bulbs without a massive garden.

Try growing shallots instead, a gourmet-style onion family member that produces green tops you can harvest like chives and mild flavored bulbs that cost up to $4 a pound at the store.

How big an edible garden?
The median size of an edible garden is about 100 sq. ft., according to the National Gardening Association. For a family of four, a growing space of 200 sq. ft. should keep the family in veggies all summer long. Plan to spend 4 hours a week tending your garden, with 8-12 hours for preparing the planting area in spring, shopping for seeds and seedlings, and sowing crops.

By: Julie Martens
Published: February 2, 2010

Julie Martens is a writer with 21 years’ experience in the field of gardening. Her bylines appear in magazines such as Nature’s Garden, Country Gardens, and Garden Ideas & Outdoor Living. She recently moved into a renovated 1915 home and is busily working on a new garden.

Weekend Happenings: Minneapolis Home & Garden Show

Whether you're a homeowner or a "wanna be", you won't want to miss this weekend's Minneapolis Home & Garden Show located at the Minneapolis Convention Center.  The event starts today, March 2nd, and runs through Sunday, March 6th.

This huge community event brings the latest in Home, Gardening, Remodeling and Home Decor.  The show will display stunning gardens, local celebrities and more! Guests have the opportunity to meet 1,000+ experts and experience thousands of the hottest new products and services.

This year's all new lineup includes appearances by Taniya Nayak of HGTV's Designed to Sell and Andrew Downward of HGTV's Divine Design. Local celebrities will compete in a Celebrity Cooking Contest throughout the show.  There will be several presentations by members of the Minnesota State Horticultural Society on topics ranging from composting and sustainable gardening to container gardening and patios. Step inside the unique Idea Home, completely built by energy panels and learn the latest trends for energy efficiency for your home. As you tour the home you will see innovative landscaping, design, home furnishing, kitchen appliances and more!

There is so much to see and do at this fun, family friendly show.  Stop on by and let us know what you think.

Weekly Market Update

Good afternoon! I hope you’re enjoying a reprieve from the snow and cold we’ve been having! I have to remind myself we are still in the season of winter and spring doesn’t officially start until March 20th! And then spring doesn’t really come until sometime in April – or May!!! Lower expectations and experience less disappointment!

Here’s what’s been happening in our next of the woods this past week:

The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.

For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.

A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week's 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for the future!

As always – please feel free to call or email us if you have any questions or concerns!

Best regards,
Eric & Sharla

Recasting Your Mortgage: Refinancing's Forgotten Sibling

Want to lower your monthly mortgage payment, but refinancing not in the cards? Here’s an option banks don’t advertise: recasting.

Recasting, also known as re-amortization, is the little-known alternative to lower your mortgage payments. It doesn’t change your interest rate or the term of your loan, but it will reduce the amount you pay each month. The catch? You need a wad of cash—at least $5,000—you’re comfortable parting with to reduce your principal.

Compare recasting with familiar options

• Refinancing. You lower your monthly payments, but you often pay hefty fees and go through a credit check.
• Paying off part of the principal with a lump sum. You can do this easily, but you’re only shortening the length of the mortgage; the monthly payments remain the same.
• Recasting. You reduce your monthly payments by paying a lump sum against your principal, but you skip the credit check and pay virtually no fees.

5 reasons to recast

• You’re self-employed or have poor credit, making refinancing a tough proposition.
• You recently refinanced your mortgage and don’t want to go through the cost and hassle again.
• You received an inheritance and believe you’re better off putting it toward your mortgage rather than investing it.
• You foresee trouble down the road—say, a downturn in your industry—and want to lower your monthly mortgage payments now to prepare for that.
• You usually invest spare cash in the stock market, but the outlook is so bleak you might as well reduce your mortgage. This is especially true if you also have a high mortgage and can’t refinance.

Because the fees are so small, you don’t have to figure out a breakeven point as you do with a refinance. However, if you have less than $5,000 in cash, it will be difficult to get your lender to agree to it, and it will make only a minimal difference anyway.

When recasting doesn’t pay

• If you pay a high rate and have good credit, a refinance may be worth the cost, especially if you have a legitimate need for a cash-out refi.
• If you have a lump sum and a mortgage at a low rate, you’re better off investing your money. The S&P 500 appreciated by about 15% in 2010. We know there’s no guarantee with the stock market, but that was certainly a better bet last year than paying down a 6% mortgage.
• If banks loosen up and grant new mortgages to riskier prospects. That makes a refinance a possibility if you have weak credit.

How recasting works
If your bank agrees to a recasting, you:

• Pay a lump sum toward your mortgage, typically $5,000 or more.
• Ask your lender to amortize the remaining balance and change your monthly payments, as opposed to just reducing the principal.
• Pay the lender a one-time fee in the neighborhood of $250.

Example: Applying $20,000 to recast the mortgage:

Current Status
Remaining Principal on Mortgage: $200,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,482.36

Status after Recasting
Remaining Principal on Mortgage:  $180,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,259.88

Monthly Reduction:  $143.28
Monthly Reduction X 240 (20 years):  $34,387.20
$34,387.20 - $20,000 (the initial lump sum) = $14,387.20 in total savings

How long will it take?

A recasting is technically simpler than a refinance, but it can take longer because you need the approval of the owner of the loan, which may not be the bank that services it, points out David Coster, chief consumer analyst for Mortgageloan.com. Some banks may take 1 to 2 months to process the request and then 1 to 2 months to implement the new payment. Ask the bank upfront.

Also, banks aren’t obligated to recast and have little incentive, given the low fees they get from the strategy. Still many banks will let you recast your loan as long as you ask—just don’t expect the bank to advertise it the way it might with a refinance.

By: Donna Fuscaldo
Published: February 22, 2011

Donna Fuscaldo has written about personal finance for Dow Jones, the Wall Street Journal, and Fox Business News for more than a decade. As a self-employed professional, her ability to refinance is limited.

Survey: Sellers Fare Better With Agents

Sellers have a better chance at getting their house sold by using a REALTOR® than opting for the do-it-yourself approach, according to a survey of 1,000 home owners by HomeGain.com, an online real estate resource. Nearly 60 percent of home owners who used a REALTOR® to sell their home were successful compared to 39 percent of FSBOs, the survey found.

In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR's 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)

“It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own,” says Louis Cammarosano, general manager at HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”

Among the findings in its For Sale by Owner vs. REALTOR® survey:
• 88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
• 24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.

Your home is one of the largest investments of your life. It makes sense to trust a professional with it.

Winter Weekend of Golf

When you live in Minnesota, your golf season can be pretty short. But this weekend you can work on your putting game with two indoor putting tournaments.

The Skyway Open runs from February 24 until February 25, and has 18 architect-designed holes in Minneapolis' skyways. The scramble golf tournament is open to all, and there're prizes up for grabs for the best golfers. The Skyway Open benefits the Boys and Girls Club.

Pub and Putt on February 26 is a strictly over-21 contest involving 9 pubs and bars in Minneapolis, a miniature golf hole in each, drink specials and an after party. You'll need a team of four and a combined entry fee of $180 to participate, but it's reputed to be a great time, and Pub and Putt raises money for several local charities.

Charts, Graphs, and Numbers, Oh My!

We had a great speaker this morning at our Tuesday Business meeting. It was Mark Allen from the Minneapolis Association of Realtors. He came in with tons of charts, graphs, and numbers and I ate it up. Usually charts, graphs, and numbers are not my thing - but when it involves real estate, I'm all over it!

It was good information and reassuring. There is light at the end of the tunnel - but that light isn't going to really start shining till the end of 2012/2013. That's when the foreclosures and short sales that have flooded the market will be mostly absorbed.

Here's what he said is in store for 2011:

• Seller Activity will be up 3.5%
• Buyer Activity will be up 6.4%
• Prices will climb 3%
• Supply & Demand will trend down
• Interest Rates will trend up
• Housing Affordability will trend down
• New Construction starts will trend up
• We'll see an upward price migration - meaning move-up buyers will re-enter the market

I've got a lot more information I can share with you - but to be kind - I won't. Just give me a call and we can chat over the phone or schedule a meeting if you want more details and some lovely charts and graphs!
Here's what happened in our local market last week:
For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year's tax credit incentive, this is still interesting because it marks the first time we've had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.
Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.
As we work our way through these next three months of apples-to-oranges comparisons to last year, we will be looking back at 2009 and 2008 for further market understanding. This week's 710 Pending Sales compare well to the 714 for the same week in 2009 and 635 in 2008.
How much of this week's reported pendings can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we're certain to find out in a couple of weeks.

8 Tips for Adding Curb Appeal and Value to Your Home

Here are eight ways to help your home put its best face forward.

Homes with high curb appeal command higher prices and take less time to sell. We're not talking about replacing vinyl siding with redwood siding; we're talking about maintenance and beautifying tasks you'd like to live with anyway.

The way your house looks from the street - attractively landscaped and well maintained - can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.

Tip #1: Wash your house's face

Before you scrape any paint or plant more azaleas, ,wash the dirt, mildew and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.

A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.

Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don't forget your garage door, which was once bright white. If you can't spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate - TSP, available at grocery stores, hardware stores, and home improvement centers - dissolved in 1 gallon of water.

You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds - depending on the size of the house and number of windows - but will finish in a couple of days.

Tip #2: Freshen the paint job

The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it. Of course, painting is an expensive and time-consuming face lift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.

Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that's painted a wildly different color from its competition.

Tip #3: Regard the roof

The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.

You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine's 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.

Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don't try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.

Tip #4: Neaten the yard

A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.

Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.

Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.

Tip #5: Add a color splash

Even a little color attracts and pleases the eye of would-be buyers.

Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.

These colorful touches won't add to the value of your house: appraisers don't give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.

Tip #6: Glam your mailbox

An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.

High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don't buy new, at least give your old mailbox a face lift with paint and new house numbers.

These days, your local home improvement center or hardware store has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.

Tip #7: Fence yourself in

A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.

Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.

If you already have a fence, make sure it's clean and in good condition. Replace broken gates and tighten loose latches.

Tip #8: Maintenance is a must

Nothing looks worse from the curb - and sets off subconscious alarms - like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.

Here are some maintenance chores that will dramatically help the look of your house.

• Refasten sagging gutters.
• Repoint bricks that have lost their mortar.
• Reseal cracked asphalt.
• Straighten shutters.
• Replace cracked windows.

By Pat Curry
February 18, 2011
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade.

Shop In Carver This Weekend

On the third weekend of every month you can find the small, Minnesota river town of Carver bustling with women on a mission to find reclaimed vintage home decor. This small town, with a population just over 3,000, can be found just southwest of Chaska. But don't let the size fool you. Carver is on the verge of exploding due to it's close proximity to the new Highway 212 and it's quaint downtown right on the river. And it is quickly becoming the hot spot for people on the lookout for old things turned new again.

This weekend, the monthly occasional shops in Carver will open their doors from Thursday to Saturday. Savvy shoppers will show up early on Thursday morning to nab the best finds. Be prepared to stand in line before the doors open at Mustard Moon, located at 300 Broadway Street. With a tag line of "All Things Quaint & Old" you'll be sure to find that perfect piece for your home. Located in the basement of one of Carver's many historical buildings, you'll feel like you're walking back in time with the low ceilings and stone walls. Every inch of the shop is filled with treasures that will tempt you. Upstairs, you will find two other vintage-style shops: Seasons in Carver and The Nature Of It.

Other shops open during the weekend include Carver County Flower & Gifts, Country Cottage of Carver, and Objects & Art. Be sure to stay for lunch at Harvey's Bar and Grill or Lisa's Place. All are are within a few blocks of one another.

For great vintage finds close at hand in the southwest metro, be sure to visit Carver this weekend.

Average 30-Year Mortgage Rises Past 5%

Mortgage rates rose this week to their highest level in 10 months, but the increase isn't expected to derail strengthening in the battered U.S. housing market.

Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.05% this week. That's the highest since late April and up sharply from a modern record low of 4.17% in November.

Rates would have to rise much more to squelch a housing market recovery, economists say. And the federal government would likely take steps to pull rates down if that occurred, they add.

"Nobody is welcoming a rise in interest rates, but it's not enough to kill purchases in the housing market," says Keith Gumbinger of mortgage researcher HSH.com.

To discourage large numbers of sales, rates would have to top 6%, predicts ISH Global Insight economist Patrick Newport. If they went over 5.5%, that would likely spur government action, adds Cameron Findlay, Lending Tree chief economist.

Even though rates have been rising since November, they're still low by historical standards. For the past 20 years, 30-year fixed loans have averaged 6.9%, Findlay says. For the past 10 years, they averaged 5.93%.

Low rates and low home prices helped fourth-quarter home sales, the NATIONAL ASSOCIATION OF REALTORS® reported Thursday.

Nationwide, fourth-quarter sales rose 15% from the third quarter. But they were still 20% below a year earlier, when federal tax credits artificially boosted sales.

Median prices for single-family homes were up year-over-year in 78 of 152 metropolitan areas. But they were up just 0.2% nationwide, the NAR said. Newport expects prices to drop further and begin to turn around midyear.

The association's data indicate several larger markets posted healthy price gains due to stronger job growth. In Washington, D.C., median prices were up 8.1% year-over-year. The Boston region posted a 4.2% rise, and Austin was up 4.1%.

"Sales clearly recovered in the latter part of 2010," says Lawrence Yun, NAR economist. He expects sales to pick up this year despite interest rates he predicts will be 5.5% or higher by year's end.

But job creation "will trump the rise in rates" and keep home sales improving, Yun says.

Higher rates will have a bigger impact on refinancing activity, Gumbinger says. That fell 8% for the week ended Feb. 4 as interest rates jumped, the Mortgage Bankers Association says.

Mortgage rates follow yields on 10-year Treasury bonds, which have been rising recently.

By Julie Schmit
February 11, 2011
© Copyright 2011 USA TODAY, a division of Gannett Co. Inc.

Bills Aim to Stem Home Losses

Legislation intended to stem the continuing tide of home foreclosures was brought to both houses of Congress in January.

Rep. Dennis Cardoza, D-Atwater, re-introduced a bill that would make it easier for home owners to refinance existing mortgages to net more manageable monthly payments. He proposed this bill, called the HOME Act, in 2009.

Last week, U.S. Sen. Barbara Boxer, D-Calif., introduced a similar bill in the Senate.

"Like the HOME Act, Sen. Boxer's bill would lower interest rates for millions of struggling home owners, lowering their monthly mortgage payments and giving them a fair shot at keeping their homes," Cardoza said.

Both bills would allow home owners with mortgages backed by Fannie Mae or Freddie Mac to take advantage of lower interest rates, Cardoza said.

There are about 30 million mortgages backed through Fannie or Freddie, and the potential savings from such a program could amount to a $50 billion reduction in annual payments, according to an estimate from Morgan Stanley and JP Morgan Chase cited in a news release from Cardoza's office.

The economy is directly related to the housing crisis, and recovery requires action to stop the "domino effect of foreclosures," Cardoza said.

The program outlined in the HOME Act would be funded through new mortgage-backed securities and would have little to no cost to taxpayers, according to the release.

February 3, 2011
By The Record, Stockton, Calif.
Distributed by McClatchy-Tribune Information Services

Minneapolis isn't Miserable!

It's cold here but it could be worse!!! Some of the warmest cities have just been voted "the most miserable". Having spent time in several of these - I happen to agree! There's no place like home.

Even plenty of sunshine can’t get the cities that topped the list of the most miserable smiling.

California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.

Here is the list of the most miserable cities, according to Forbes:

1. Stockton, Calif.
2. Miami
3. Merced, Calif.
4. Modesto, Calif.
5. Sacramento, Calif.
6. Memphis, Tenn.
7. Chicago
8. West Palm Beach, Fla.

Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.

"Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing."

In Stockton, home prices have fallen by 58 percent over the last three years and unemployment has averaged 14.3 percent--and projected to rise to 18.1 percent in 2011.

"Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded," Bob Deis, Stockton city manager, told Forbes.

Cleveland — which last year held the title as the most miserable — is getting a little happier; it ranking 10th on this year's list. Cleveland’s unemployment rate increased at a much slower rate than other parts of the country, which helped improve its ranking this year.

See Forbes.com’s full list of the most miserable.

Source: “California Cities Top Most Miserable List,” Reuters News (Feb. 3, 2011)

'Shadow' real estate inventory may take 4 years to clear

S&P: Slower liquidation rates to blame


It may take more than four years to clear the "shadow inventory" of distressed homes lurking on the sidelines in the U.S., a factor that's likely to undermine real estate prices as the backlog clears, analysts at Standard & Poor's Ratings Services say.


At 49 months, the estimated time needed to clear shadow inventory at the end of the fourth quarter of 2010 was up 11 percent from the previous quarter and 40 percent from a year ago. With the lone exception of Miami, the months' supply of shadow inventory grew in almost all of the nation's 20 largest metro markets.


But much of the increase in the estimated months needed to clear shadow inventory is due to the fact that it's taking longer for lenders to liquidate distressed homes -- not because the number of distressed properties is growing, analysts said.


Standard & Poor's defines shadow inventory as properties with borrowers who are 90 days or more delinquent on their mortgage payments, properties currently or recently in foreclosure, or properties that are real estate owned (REOs).


Although shadow inventory peaked in the first quarter of 2008, loans that are 90-plus-days delinquent and foreclosed properties are taking longer to become REOs. That's once again lengthening the overall timeline for resolving troubled assets, Standard & Poor's analysts said.


http://www.inman.com/

Weekend Happenings

Embrace the cold weather this weekend and visit Minneapolis' annual Nordic ski event, the City of Lakes Loppet.

The City of Lakes Loppet is a cross-country ski festival featuring the beautiful trails and lakes of the Twin Cities. In addition to the nine different races being showcased, there are many more fun events taking place both Saturday and Sunday, February 5 & 6. Take in the Snow Sculpture Contest, play some games at the Minnesota Youth Ski League SuperCarnival, or visit the heated tent in Uptown to take in some brats, BBQ sandwiches, and Minnesota's own Surly Beer. Finish your day with a beautiful night-time ski around Lake of the Isles, lit up with thousands of ice luminaries, plus a heated tent full of music and fun.

Whether you've been a Nordic skier for years or whether you shudder just thinking about being outside in that thin, tight nylon suit, everyone can find something to like at the City of Lakes Loppet.

On the way up...

10 Cities Where Home Prices Will Rise in 2011
While home prices are expected to continue to fall in most metro areas, Clear Capital’s Home Data Index report says a few cities are already on the rebound and showing some gains in home values.

“There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn’t valid anymore,” Alex Villacorta, senior statistician at Clear Capital, told MSNBC. “Overall we’re seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery.”

Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.

The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:

1. Washington, D.C.: 6.5 percent price increase
2. Houston: 3.6 percent price increase
3. Honolulu: 3.4 percent price increase
4. Memphis, Tenn.: 3.2 percent price increase
5. Columbus, Ohio: 2.1 percent price increase
6. Dallas: 1.4 percent price increase
7. New York: 1.3 percent price increase
8. Birmingham, Ala.: 0.9 percent price increase
9. Pittsburgh: 0.8 percent price increase
10. New Orleans: 0.5 percent price increase

Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and “Breadbasket metros” like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.

Source: “Where Home Prices Will Rise, Fall the Most in 2011,” MSNBC (Jan. 26, 2011)

To Own or Not to Own: That is the question.

According to a NATIONAL ASSOCIATION OF REALTORS® survey of 3,793 adults conducted by Harris Interactive and released in January 2011, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.

• The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.

• Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.

• An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.

• Most renters aspire to home ownership. The majority of renters (63%) say they are at least somewhat likely to purchase a home at some point in the future. Among them, young adults (18- to 24-years-old) have the strongest aspirations for home ownership.

Another Exceptional Home from Stafford Family Realtors

Welcome to 6397 Cliffwood Circle

Excelsior, Minnesota

Listed at $799,900

This beautiful example of Prairie-Style design is truly exceptional. Nestled on a .87 acre lot on a quiet cul-de-sac, this home offers amazing living spaces for the most intimate of gatherings to more formal soirees. Enjoy the Frank Lloyd Wright inspired designer finishes from the 2-Story Great Room the the Gourmet Kitchen with Hearth Room or the custom finished lower level.

For a private showing, please contact us at 952.470.2575 or visit http://www.staffordfamilyrealtors.com/ for more information.

For Sale: 4BR/4BA Single Family House in Excelsior, MN, $799,900

Another Exceptional Home in Longacres

Presenting another Longacres Gem from Stafford Family Realtors

7122 Harrison Hill Trail

Chanhassen, MN

This Longacres gem is sited on the coveted Harrison Hill Trail. Nestled on a .5 acre lot with a side walkout and covered with mature trees, this home offers a Gourmet Kitchen, Main Floor Office and a professionally finished lower level with Billiards Room, Wet Bar, Media Room and Sitting Room. Please contact us today for a private showing or visit our website at StaffordFamilyRealtors.com for more informaiton.

For Sale: 5BR/3+1BA Single Family House in Chanhassen, MN, $599,000

Presended by Eric & Sharla Stafford
Stafford Family Realtors
952.470.2575

New To Market & Better Than New Construction

Welcome to 15710 57th Avenue North

located in the demand Woodcrest of Plymouth neighborhood.

This beautiful home offers stunning living spaces and an open floor plan. Enjoy the gourmet Kitchen with granite, stainless steel appliances and custom painted center island. Other upgrades include a Jack-and-Jill bath, private guest suite, private Master Suite and main floor office.

For Sale: 4BR/4BA Single Family House in Plymouth, MN, $485,000

For a private showing, please contact Eric & Sharla Stafford at 952.470.2575.

To check out more of our listings, please visit StaffordFamilyRealtors.com.

9 TIPS TO SELL YOUR HOME

I saw this on the Today Show yesterday and it’s great information and very worth sharing! Barbara Corcoran is an expert but sometimes just too focused on what works in New York, not the rest of the nation. This really applies to sellers everywhere! Enjoy!

9 TIPS TO SELL YOUR HOME – by Barbara Corcoran

There is a smart way and a not-so-smart way to get the best price for your home in the new year. Selling is both a price war and a beauty contest, and to win both you should check these nine tips.

We talked about five tactics on TODAY, and I promised you a more complete list online.
Here it is:

1. Time it right

Wait a few more weeks to put that "for sale" sign in front of your home. Few houses sell until after Super Bowl Sunday. If your house has been on the market for more than four months, take it off the market and re-list it in two months as "new."

2. Price it at exactly what it’s worth

The most influential factor in selling a home is always price. Don't build "wiggle room" into the asking price. There's a price war out there and you have to win it from the get-go. Shop the competition to see what similar homes are selling for and price your home 10 to 15 percent lower so it's the first house shown. Or you can get price estimates from three good brokers and go with the lowest. If you've overpriced your home, then make one big reduction. The worst thing you can do is make a series of small price reductions along the way — it's the equivalent of chasing the tide as it rolls out.

3. Get your home inspected before you list

Don't wait for the would-be buyer to discover the problems you could have fixed before selling. When they're discovered, buyers will just move to the next house or rack up reasons to expect price cuts.

4. Offer financial incentives up front

Don't wait for the negotiations to throw in extra price incentives — offer them up front. Offer to pre-pay the first year of property taxes, pay closing costs, include free cleaning, lawn care or snow-removal services for a year. If you're moving and have no place to put your money, the best incentive out there today is "seller financing." Make sure to put your incentives front and forward in the listing information.

5. Wage war online

A whopping 89 percent of buyers start their home search online. How your house looks online is the modern equivalent of "curb appeal." Rent a wide-angle lens and good lighting, get rid of your clutter and post at least eight great photos to win the beauty contest.

6. Use the best broker

The top 10 percent of sales agents generate 90 percent of the sales and they're the ones most likely to sell your home. To find a smart broker, go to a reputable firm and ask the sales manager for a broker in the top 10 percent.

7. Spend money on the three key spaces:
• The front of the house
• Buyers decide in the first eight seconds of seeing a home if they're interested in buying it. Get out of your car, walk in their shoes and see what they see within the first eight seconds. Edge your lawn, mulch your flower beds, trim your bushes, steam clean your driveway and paint your door and trim.
• The living room
• Get rid of ALL your clutter, including a third of your furniture. Paint the walls a neutral white and add touches of color. If you can afford to stage one room, this is it.
• The kitchen
• Invest in cheap expenses like changing the cabinet fronts, new lights and fixtures, new knobs and drawer pulls, installing a chic new backsplash, resurfacing the floors and getting one new, fancy-looking appliance.

8. Lighten your house

After location, light is the second-most cited reason buyers choose a particular house. Paint the inside walls white, clean the windows, trim back shrubs and trees, replace heavy drapery with sheer curtains or shades, put sheer white shades on your lamps and higher-wattage bulbs.

9. Stage your home

The typical cost of staging a house is $1,500. If you can't spend the money, visit more expensive model homes in your area and try to mimic the look. It's what today's buyers want.

New School Boundary Map vs. Your Home Values

Another Step away from Democracy: The New Eden Prairie School District Boundary Maps

And it means over 1,065 children will be going to different schools next fall. This follows the school board’s 4-3 vote last month which approved these changes.

The goal was to reduce the disparity between low-income students at Forest Hills Elementary and the more affluent population of students at Cedar Ridge. Hundreds of Eden Prairie parents opposed the plan but they clearly haven’t been heard.

As a Realtor, it’s always “location, location, location” and School Districts are the primary driver of where most families choose to relocate. Both relocation and local buyers define their search parameters by School Districts. Strong School Districts help to maintain strong housing values – they just go hand in hand.

So, what message is the Eden Prairie School Board sending to their District? What does this mean for parents that have worked hard so they can buy a home in a neighborhood where their children can walk to school - only to have their children bussed out of their neighborhood to a school outside of their community?

I can’t imagine how it would feel to have moved to Eden Prairie a year ago and purchased a home in a neighborhood where your children can walk to school, only to be told a year later, that your children will not, in fact, be going to that school. What is a parent to do?

It sounds like the Eden Prairie School Board is more interested in serving the needs of the low-income families in their District than the needs of the families that have a higher income. A higher income typically translates to higher property values, and higher taxes. Does this make any sense?? The families footing the majority of the tax base in District 272 are the families that haven’t been heard – they have been ignored. What is happening here?? Couldn’t the Board come up with a solution that would serve the needs of all the families in the District?

I like to find the silver lining in challenging or discouraging situations – but I’m just not seeing it here. District 272 has stripped the parents of their choice of which elementary school their children will attend . . . that just doesn’t seem right to me – it doesn’t sound like freedom or even sound American to me….it sounds like socialism. I don’t like it and I don’t even live in the District and according to news reports, there are hundreds of parents in District 272 that don’t like it either.

To see a map with the new boundaries, go to http://www.blogger.com/www.StarTribune.com.

New to Market ~ 10566 Spyglass Drive, Eden Prairie

Presenting another Exceptional Home from Stafford Family Realtors:

10566 Spyglass Drive

Eden Prairie, Mn 55347

For Sale: 4BR/3BA Single Family House in Eden Prairie, MN, $389,900

New to market, this stunning one owner detached townhome offers main-level living at its best in a perfect location close to downtown Eden Prairie. Enjoy a Gourmet Kitchen, Great Room floor plan & a vaulted main-level Master Suite.

Open Tuesday, January 11, 2011 11:00-2:00!

For Sale: 4BR/3BA Single Family House in Waconia, MN, $333,000

Presenting another Exceptional Home from Stafford Family Realtors!

1604 Manchester Place
Waconia, MN 55387

For Sale: 4BR/3BA Single Family House in Waconia, MN, $333,000

Only available due to relocation, this stunning one owner home shows better than new construction. Enjoy maple mill work throughout, a Great Room floor plan, main floor Office and spacious Kitchen. All situated on a spacious .43 acre lot in the demand neighborhood of Oakpointe. Don't miss out on this great opportunity!

Great News for the Real Estate Market this week

MAAR’s Weekly Market Activity Report – Pending Sales Up 10% Over Last Year

Remember the week ending May 1? The weather was considerably warmer, there wasn’t more than two feet of snow on the ground and the optimism was high surrounding our professional sports teams. Things change.

That fateful week in May was also the last time our market recorded a year-over-year increase in weekly pending sales…until now.

For the week ending December 3, there were 606 pending sales, an increase of 10.0 percent from the same week last year. That’s the first year-over-year increase in 30 weeks. Whether this positive trend continues will depend upon job growth and other economic factors, but this small sign of hope is nice to see in December.

On the opposite end of the spectrum, new listings are consistently not matching last year’s marks — a welcome sign in this era of high supply. The 1,081 new listings for the most recent week is a decline of 13.8 percent from last year’s pace and marks the 11th week of the last 13 to post a year-over-year decline.

For the full market report visit

http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf


MAAR Weekly Market Activity Report is information from the Minneapolis Area Association of REALTORS

Staging Works!

Before I even had a chance to tell you about our wonderful new listing on 2345 Sheridan Terrace in Minnetonka, we SOLD it!

This amazing home was previously listed with another agent and our sellers came to us asking what we could do for them. After deciding to work with Stafford Family Realtors, Sharla conducted a staging appointment and gave the sellers some pointers to get their home ready for market. Not only did a few minor staging items make a huge difference, we sold the home in 4 DAYS!

In a Buyer’s Market, first impressions are extremely important. Having your home prepared for market and staged to appeal to the largest group of buyers will distinguish your home above the competition. The proof is in the numbers: Staged homes sell 15% faster and for 17% more money.

The first suggestion she made was to paint the living room and kitchen. Take a look at these before and after photos.

Many different color paints on the walls can be shocking for buyers when they enter a room. Tone it down with more neutral colors. Pottery Barn offers free color books that have some great color options.


If you would like more information on staging or any suggestions, please feel free to visit StaffordFamilyRealors.com and contact us today! We know what it takes to get homes sold!

Great Minnesota Fall Drives - Are you a leef peeper?

by Linda (minnemom) of Travels with Children

These crisp fall days are perfect for a fall drive and the fine spectator sport of “leaf-peeping.” If you’re up for a tour of the fall colors in Minnesota, consider these destinations:

Split Rock State Park
The North Shore Drive, north of Duluth along the shores of Lake Superior. The leaves were just starting to turn when we were there at the end of September. Combined with the views of Lake Superior, there are some spectacular sights to see. If you want to go beyond driving and see the leaves close-up, stop at Gooseberry Falls State Park or Split Rock Lighthouse and take a walk in the woods.

Fall Colors at Historic Forestville
Southeastern Minnesota. We were in the Preston area last weekend, and the colors were beautiful. Check out the paths near Historic Forestville, or find a gravel road and wander around for a while.
The Minnesota River Valley. Follow the Minnesota Scenic Byway for some beautiful views in the river valley. I saw a beautiful combination of green, yellow, and bright red there yesterday. For a great lookout point, climb to the top of Hermann Monument in New Ulm (check for fall hours).
Find your own: Check out the Minnesota DNR’s Fall Color Reports to see where leaves are at their peak color.

If you have your kids along, find a park and let them play in the leaves. Find some that are interesting. Make a pile and jump in with them. Then find somewhere to stop for a cup of hot chocolate on the way home.

Fall is the perfect time to get off the highways and enjoy the back roads. The combination of blue skies, crisp fall air, and beautiful fall colors is hard to beat.
Do you have a favorite fall drive, in Minnesota or elsewhere?Read more: http://attractions.uptake.com/blog/beautiful-fall-drives-in-minnesota-184.html#ixzz111apZZJg

Great New Listings!!!

1735 Carriage Drive, Victoria
$550,000
MLS: 3971695
Priced below market & loaded with designer amenities! Enjoy special features such as a Main Floor Office, 3 Fireplaces, a Gourmet Kitchen with extensive Granite countertops, Butler's Pantry & large Walk-in Pantry. Newly complete the professionally Lower Level with a 5th Bedroom, full service wet bar Bar & Family Room!


2012 Amberg Court, Chaska
$374,900
MLS: 3971239
This beautiful former model home features a spacious floor plan & stunning finishes including walnut floors, soaring vaults, gourmet kitchen & main floor office. Perfectly located and offering easy access to shopping, restaurants, schools and the new 212 Medical Center.



5105 Hooper Lake Road, Deephaven
$345,000
MLS: 3973860
Nestled on a beautiful, private lot in desirable Deephaven & the award-winning Mtka School District! This beautifully remodeled home has been totally updated from pillar to post including all tiled baths, hardwood floors, and new Stainless steel Appliances!

For more information on these listing or to check out all our listings, please visit StaffordFamilyRealtors.com.

Return on Investment?

The return on that investment comes in two forms. First, you live in the house and so it provides you with a real flow of valuable services. The second part of the yield on investment is the capital gain you receive if the home appreciates and you sell. Gains are excluded from taxation if the property is a primary residence and the gain is less than $250,000 for a single filer or $500,000 for a married couple filing jointly.

Do the math. Four years ago, the monthly payment on a $300,000 house with 20% down and a mortgage rate of about 6.6% was $1,533. Today that $300,000 house would sell for $213,000 and a 30-year fixed-rate mortgage with 20% down would carry a rate of about 4.2% and a monthly payment of $833. In addition, the down payment would be $42,600 instead of $60,000.