For Sale: 4BR/2+2BA Single Family House in Eden Prairie, MN, $550,000

Presenting Another Exceptional Home from Stafford Family Realtors

18948 Explorer Trail ~ Eden Prairie, MN

$550,000

In Demand Settlers West this beautiful Lennar built home has been loaded with all the amenities of an upper bracket home! The Gourmet Kitchen is well equipped with Commercial Grade Appliances, Jr Bedrooms with Hickory floors & en-suite Baths.  Enjoy 2 Home Offices, Central Vac, Heated Garage and 3 Zone Furnace!

For more information please visit http://www.staffordfamilyrealtors.com/ or for a private showing please call 952.470.2575

 For Sale: 4BR/2+2BA Single Family House in Eden Prairie, MN, $550,000

Open Houses: August 21, 2011

7705 Ridgeview Way - Chanhassen
$596,000
4 bedroom/4 bath
Open:  12:00 to 2:00

Nestled on a .43 acre lot, this home shows like new construction! With a Great Room floor plan, Office & Gourmet Kitchen, Private Master Suite & Bonus Room. Relax in the private backyard or take a dip in the neighborhood pool.

Click HERE for more information on Ridgeview Way


22310 Bracketts Road - Shorewood
$613,500
5 bedroom/5 bath
Open 12:00 to 2:00

This beautifully finished center-stair Colonial home is sited on over 130 feet of shoreline on Galpin Lake in the heart of Shorewood. Well appointed, this home offers designer finishes throughout including 3 wood-burning fireplaces, vaulted ceilings, stunning lake views and a true chef's kitchen. Enjoy all that historic downtown Excelsior has to offer from the shores of Lake Minnetonka to the charming shops of Lake Street.

Click HERE for more information on Bracketts Road

Borrowers Opt for Shorter Loan Terms

Record-reaching low interest rates have prompted more home owners to shorten the terms of their mortgages. Thirty-four percent of refinancers changed their loan to a 20- or 15-year mortgage during the first quarter -- the highest level in seven years, Freddie Mac reports.

Mortgage companies are also reporting a higher demand for shorter-term mortgages. For example, LendingTree reports that 15-year mortgages have increased 30 percent from a year ago.

Quicken Loans recently debuted a product that allows borrowers to select the term of their mortgage. The most popular mortgage term selected is 8 years, followed by 13 years.

"Mortgage-burning parties are back," Bob Walters, chief economist for Quicken Loans, told USA Today.

Shortening the term of a mortgage can save home owners "tens or even hundreds of thousands of dollars in interest costs," Keith Gumbinger, vice president of HSH Associates, told USA Today. Some borrowers are finding that refinancing into a shorter term may not even increase their monthly payments, since 15-year rates are so low.

However, some borrowers who want to refinance are finding they’re being shut out, experts say. Home owners who don’t have a credit score of 720 or higher or don’t have at least 20 percent in home equity may not qualify for the lowest rates.

Source: “More Home Owners Shorten Mortgage Terms,” USA Today (Aug. 15, 2011)

For Sale: 4BR/3+3BA Single Family House in Minnetrista, MN, $1,299,000

Presenting Another Exquisite Home from Stafford Family Realtors

2650 Northview Drive ~ Minnetrista, MN

$1,299,000

Enjoy the tranquil "Up North" setting of this private estate. Nestled on 45+ acres of maple forest with 1500 feet of lakeshore on Whaletail Lake. This stunning home was thoughtfully designed by Michael Huber & built by Erotas. Offering breath taking spaces, long views and an amazing attention to detail, this home is truly a Northwoods retreat. 

For more information please visit http://www.staffordfamilyrealtors.com/or for a private showing please call 952.470.2575

For Sale: 4BR/3+3BA Single Family House in Minnetrista, MN, $1,299,000

For Sale: 4BR/2+1BA Single Family House in Chaska, MN, $269,900

Presenting an Exceptionally Finished Former Model Home from Stafford Family Realtors

1150 Ridge Bluff Drive ~ Chaska, MN

$269,900

A truly, turnkey home in a beautiful, executive neighborhood.  Meticulously maintained and updated w/tiled Baths, new carpet, paint, SS appliances, fixtures & faucets.  Enjoy the Spacious Deck, 3 Season Porch and hot tub. 

For more information please visit http://www.staffordfamilyrealtors.com/or for a private showing please call 952.470.2575

For Sale: 4BR/2+1BA Single Family House in Chaska, MN, $269,900

Weekend Happenings: Drive-In Movie & Breakfast on the Farm

Drive-In Movie in Cologne
Where:  Hwy 212 & CR 53 in Cologne
 When:  August 19 & 20, 2011
             Shows starting at 6:00 pm
Cost:  Parking Passes available for a $20 donation

Join the Cologne Fire Department Relief Association as they host the 3rd Annual Firehouse Drive-In.  This year's event will include a double movie feature on Friday and a triple movie feature on Saturday, shown on
a massive 30' x 50' outdoor screen. Sound is via AM & FM broadcast that you can tune in through your car . . . or via a portable radio.  Lawn chairs and blankets are also recommended for viewing the movie
 outside of your vehicle.

Kid's activities this year include a bounce house, smoke house, fire truck rides, pony rides, clowns, playground and  more.   So come early for all the activities, and stay for the shows!

Concessions are also available, so bring your appetite and enjoy hamburgers, pork burgers, hotdogs,
popcorn, candy, soda, malts, cotton candy & more!

Breakfast on the Farm
Where:  Gale Woods Farms
             7210 County Road 110 W
             Minnetrista, MN
When:  Sat. August 20, 2011
            8:30 am to 12:00 pm
Cost: 2 & under free, $7 children 2-12, $13 children 13 & up

Start your Saturday with a farm-fresh breakfast made from locally grown foods. Enjoy live music while eating in a beautiful farm setting. Walk around the farm, meet the farm animals, and explore the gardens. REGISTRATION REQUIRED BY AUGUST 18 VIA PHONE ONLY  763-694-2001   

Weekly Market Update: Week of August 15, 2011

While day traders continue along their roller coaster ride, 997 Twin Cities home buyers made the smart investment in real estate. That's 40.0 percent more than those who made the investment last year. As this year's pending sales trend line rounds off its seasonal peak, you'll notice that purchase demand is coming back in line with historical trends.

Sellers were another story. There were 1,433 new listings, 18.7 percent fewer than this time last year. Seller activity has also likely reached its seasonal peak but remains below historical levels for this time of year. Consequently, buyers have effectively absorbed existing supply. That's a good thing. The number of active listings is down 18.5 percent to 24,362 available homes for sale.

With strong sales and less new supply entering the market, the balance is shifting toward neutral. Both the prevalence and magnitude of seller concessions have stabilized, and absorption rates improved in July after 12 months of sizable increases. Though still slightly lower than last summer, prices have increased nearly 18.0 percent from March to June of this year.

Plant Trees to Save Energy and Grow Value

Trees don’t ask for much—dirt, water, sunlight. Yet they provide a wealth of benefits: They improve the air you breathe, cut your energy bills with their shade, provide a home to wildlife, and add beauty and value to your home.

But every year, 3.2 million acres of forest are cut down, according to the Nature Conservancy. Several million more acres are lost to fire, storm, and disease. That’s why planting new trees and protecting the ones we have is so important. You can do your part by:

• Caring for the trees in your yard
• Supporting tree-planting activities in your community

Donating to organizations, such as The Nature Conservancy, which works to preserve the world’s trees and forests, and American Forests, which offers a unique way to take action. First, use its online Climate Change Calculator to determine your carbon footprint. Then, make up for your emissions by donating to a forest restoration project.


Why should you care about trees? Bankable benefits

The most tangible bang from your bark comes from energy savings. Three properly placed trees could save you between $100 and $250 a year in energy costs, according to the U.S. Department of Energy. Trees save energy two main ways. Their shade cuts cooling costs in the summer. In winter, they serve as windbreak and help hold down heating costs.

The National Tree Calculator estimates that a 12-inch elm in an Omaha yard can save $32.43 a year on your energy bills; the same tree in Atlanta would save you $11.89 annually. The calculator also breaks down other dollars and cents benefits of your tree, like decreasing storm water runoff, removing carbon dioxide from the air, and increasing property values.

In our elm example, the 12-inch tree adds $40.23 to the Omaha home’s value and a $57.33 to the one in Atlanta. And as trees grow larger, they can add even more value.

A 2002 study by the USDA Forest Service pegs the value a single tree adds to a property of about $630. Of course, tree value depends on size, species, location, and condition.

Adds Frank Lucco, a real estate appraiser with IRR-Residential in Houston, “On a $100,000 home [in my market], as much as $10,000 of its value could be associated with mature trees.”

That’s peanuts compared with the role trees play as the lungs of the planet. A report by the Trust for Public Land estimated that one mature tree takes 48 pounds of carbon out of the atmosphere each year and returns enough oxygen for two human beings.


Plant your tree in the right spot

To get the full benefits from your trees, choose the right one and put it in the right location. Planting a deciduous tree on the west side of a house provides cooling shade in the summer. In winter, after it loses its leaves, the same tree lets in sunlight that cuts heating and lighting bills. On the other hand, an evergreen on the west side blocks sun all year long, making a home colder and darker in winter. Rather plant evergreens, a great choice for blocking icy winter winds, on the north side of your home.

If you’re planting a new tree, think about its fully grown size and shape before you dig. Branches from a tree located below power lines can cause outages as it grows. Roots from a tree located too close to a home can damage the foundation or block sewer lines. The wrong tree in the wrong place could actually lower your home’s appraised value if it’s deemed hazardous, says Frank Lucco, a real estate appraiser with IRR-Residential in Houston.


Tree costs

Expect to pay $50 to $100 for a 6- to 7-foot deciduous tree, such as a katsura or evergreen. The same tree at 15 feet will cost $100 to $200, according to Brad Swank of Molbak’s Nursery in Woodinville, Wash. The Arbor Day Foundation sells saplings for as little as $8-$15, or less if you’re a member.

Since trees cost money, be cautious about any home construction work. “Tree failure can happen seven to 10 years after construction, primarily because the root system fails when the soil is compacted,” says Thomas Hanson, a member of the American Society of Consulting Arborists from Kirkland, Wash. Also watch for diseases or pests that can threaten trees in your yard and community.


Become a tree advocate

Ensuring that your community has lots of healthy trees doesn’t have to be more complicated than a trip to the nursery and a hole in your backyard. Dig it twice as wide as deep. Let kids push in the dirt and help water weekly until the tree is two years old. The Arbor Day Foundation will tell you how to select the right tree for your needs and climate, where to plant it, and how to maintain it.

The foundation also is a great place to look for community and educational programs.

• Its Tree City USA initiative provides expert advice and national recognition to cities and towns that want to establish tree-management plans.
• Its Arbor Day Poster Contest for fifth-graders gives teachers a fun way to help students learn the importance of trees.
• Its nationwide list of volunteer organizations lets you search for tree care opportunities in your state.

Considering everything trees do for you, it’s the least you can do for them.

Brad Broberg is a freelance writer from Federal Way, Wash. A former newspaper reporter and editor, he writes about business, health care, and real estate for REALTOR Magazine, the Puget Sound Business Journal, and Seattle Children’s Hospital, among others. He’s lived in the same home for 22 years—a home he shares with seven towering Douglas firs.

Geothermal Heat Pump: Is It Right For Your Home?

Geothermal heat pumps are crazy expensive to install, but they tap an unlimited supply of inexpensive heating and cooling just below the earth’s surface.

Geothermal heat pumps are uber-efficient and can shave 60% from your home heating and cooling costs. But the system, with its “loop field” of pipe extending down 200 feet, is ultra expensive to buy and install—typically $20,000—which is twice the cost of conventional HVAC systems. If you live long enough, the investment will pay off. Here’s the drill.


How geothermal heat pumps work

A geothermal heat pump—a.k.a. geo-exchange heat pump—exploits stable temperatures that occur below ground level, typically 50°F to 65°F year-round. The “pump” moves the hot or cold air in a loop, from the earth to your house and back again.

This heat exchange happens in a “loop field,” plastic pipe buried underground either horizontally or vertically in a series of holes drilled at least 200 feet deep.

In winter, a pump circulates antifreeze fluid through the loop field where it picks up heat. Coils inside the pump extract the heat, and a fan blows this warmth through ductwork in your home. In summer, the cycle is reversed as the system extracts heat from inside a home and deposits it underground.

How a geothermal heat pump saves you money … eventually

Geothermal heat pumps are four times more efficient than 95% efficient natural gas furnaces. For every $1 you spend running a geothermal heat pump, you reap $3.80 worth of heat. “You would have to look a long time before you get a fossil-fuel rate that would be competitive with geothermal,” says Terry Munyon, a director of the Iowa Geothermal Association. “It kicks butt.”

That efficiency translates into savings—eventually. According to the U.S. Department of Energy, a geothermal heat system will save 50% to 70% of home energy usage for heating and cooling, which can amount to between $512 and $716 in your pocket every year.

However, a geothermal heat pump for a 2,000 sq. ft. house will cost about $20,000—more than twice a conventional heating and cooling system. You’ll recoup that expense in about 10 years; if you subtract what you would have spent on some other HVAC system, and consider the 30% discount you’ll get from the federal Residential Renewable Energy Tax Credit. Further deals may be available from energy utilities or your state government; check with the Database of State Incentives for Renewable Energy.


How geothermal heat makes life better … besides the money thing

• Geothermal heat pumps have few moving parts and no need for outdoor condensers.

• Geothermal heat pumps are small, so you don’t have to devote a lot of space to equipment rooms.

• Geothermal heat systems are easy to zone, so each part of your house can feel comfortable at the same time.

HouseLogic:  James Glave is the author of Almost Green: How I Saved 1/6th of a Billionth of the Planet. He has been reporting on the challenges and opportunities of sustainable development full-time since 2005.

Fed to Keep Interest Rates Low Until 2013

In an unusual step, the Federal Reserve vowed Tuesday to keep interest rates low for at least the next two years.

The Fed said it’ll keep its key benchmark interest rate near zero through mid-2013. The Fed’s commitment was welcome news to many in the real estate industry who see it as a positive move for the housing industry, allowing buyers more time to take advantage of ultra low mortgage rates.

The Fed said in a statement following its regular policy-setting meeting Tuesday that the overall economy has grown "considerably slower" than it expected and that consumer spending "has flattened out." Some economists in recent days have expressed concerns that the U.S. is heading for a double-dip recession.

Fed officials "are very nervous about the economy," says Mark Zandi, chief economist at Moody's Analytics. "This is unprecedented for the Fed to indicate they are ready to keep rates low for two more years."

Still, the Fed continues to forecast a moderate pick-up in growth for the economy in the second half of the year.

MSNBC.com (Aug. 9, 2011)

For Sale: 5BR/2+2BA Single Family House in Chanhassen, MN, $499,900

Presenting Another Exceptional Home from Stafford Family Realtors

 

2338 Fawn Hill Court ~ Chanhassen, MN

$499,900

This Custom Home is nestled on a quiet cul-de-sac lot.  This exceptional home has been beautifully updated & meticulously maintained.  Enjoy a Main floor office, Gourmet kitchen, Fully Finished Lower Level, and a large Paver Patio.

For more information please visit http://www.staffordfamilyrealtors.com/or for a private showing please call 952.470.2575

For Sale: 5BR/2+2BA Single Family House in Chanhassen, MN, $499,900

Weekend Happenings: Carver County Fair

Carver County Fair
Waconia Fair Grounds
Wed. August 10-14
Cost:  Ages 7-Adult $6, Under 6 free, Season pass (5 admissions) for $30
Prices vary for ride tickets and entertainment venues

The Carver County Fair is celebrating it's 100th Anniversary this year!  Head on out to Waconia this weekend and take in the sights, sounds, and, ahem, the smells.  There's something for everyone, from tractor pulls and demolition derbies to arts and crafts exhibits and rows upon rows of fruit preserves.  There are the rides in the midway, the animals in the barns, the parade and, of course, the food.  Cheese curds anyone? 

Visit the link above for more information or you can visit the Fair's Facebook page.  See you at the Fair!

Weekly Market Update: Week of August 8, 2011

Despite the anxiety on Wall Street, home buyers on Main Street continued along their merry way. Twin Citizens entered into 1,029 purchase agreements, up 49.1 percent from the 690 seen during the same week in 2010. Sellers, conversely, introduced only 1,323 new properties to the market for a 15.8 percent decline from last year.

For buyers, that marks 12 consecutive weeks of double-digit increases in activity. For sellers, it marks eight consecutive weeks of declines in activity. Relatively strong sales coupled with subdued new listings has drawn down the inventory of actively marketed properties to 24,734. That’s a 17.9 percent decrease from last year at this time, the largest decline since November 2008.

Stay tuned for a flurry of media attention regarding July’s numbers to be released this week. Competitive pricing, low interest rates and high affordability continue to support a favorable purchase environment for buyers; while strong sales and declining supply should eventually translate into fewer and less dramatic seller concessions. These trends will bring a greater sense of balance and normalcy to the marketplace.

The Murphy Bed's Comeback

Home office by day, comfy guest bedroom by night. Murphy beds are making a comeback as home owners seek to maximize their space.  The Murphy bed, which can be flipped up inside a closet or cabinet when not in use, provides versatility in dwellings ranging from studios to country homes.

The Murphy bed got its name from its inventor, William Murphy, a Stockton, Calif., stagecoach driver. He and his wife didn't have enough room to entertain in their small San Francisco home, so he created a way to make his bed disappear when company was over.


Murphy patented his invention in 1912, and the space-saver became instantly popular in apartment buildings nationwide. Architects would design buildings with closets large enough to fit the popular bed. By the 1920s, Murphy had showrooms across the country.


During the Depression, Murphy consolidated his business and moved to New York City. Unfortunately, his wall bed design lost popularity, especially after World War II when Americans moved into large homes in the suburbs. The Murphy, as the bed is sometimes known, didn't see a resurgence until the late 1970s and early 1980s when the oil embargo kicked in and Americans downsized, says Eugene Kolakowski, vice president of Murphy Bed Co. Inc., of Farmingdale, N.Y.


The bed became even more widespread after a 1989 court ruling, in which Murphy beds lost trademark protection. At that point, knock offs entered the market in droves.

By the 1990s, the Murphy bed evolved into a sophisticated system complete with cabinetry. Empty nesters put them in home offices or dens for visiting grandchildren, while landlords began retrofitting 1950s-era originals.

The beauty of a Murphy bed lies in its ease of use and versatility.  Today's models are customizable and very easy to open and close.  They can turn an office or sewing room into guest quarters with just a few minutes of preparation.

We are in the process of building a new home and are including two Murphy beds in our design for when our extended family and friends come to visit.  One will be located in the home office and another in our bonus room above the garage.  We think it's a smart use of space for a home. 

What are your thoughts?  Have you thought of using a Murphy bed in your home or do you own one?  We'd love to hear from you.

1 Million Foreclosures Delayed Until 2012

An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac.


While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market even longer.

"The best-case scenario is we don't get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year," says Rick Sharga, a senior vice president at RealtyTrac.

Foreclosure Notices Drop, Threat Still Looms

Overall, the number of homes repossessed by lenders in the first half of this year dropped 30 percent compared to the same period in 2010. But foreclosure processing delays — with lenders taking longer to take action against delinquent borrowers — is stalling the housing recovery, experts note.

About 1.2 million homes received a foreclosure-related notice in the first six months of this year — in other words, one in every 111 U.S. households, RealtyTrac reports.

Nevada continues to face the most foreclosures; one in every 21 households in that state received a foreclosure notice in the first half of the year.

The foreclosure process continues to lengthen too. From April and June, homes took 318 days on average to go from the first stage of foreclosure to ultimately where it was repossessed by the lender — that’s up from 298 days in the first three months of the year. (In New York, the foreclosure process took the longest at an average of 966 days or 2.6 years; Texas boasted the shortest at 92 days.)

Source: “Delays in Bank Processing Push Likely U.S. Foreclosures Until 2012, Stalling Recovery,” Associated Press (July 14, 2011)

Midwest Home Magazine Listing

This is kind of cool.  We sold a beautiful home on Lake Calhoun last year and it is being featured in the August 2011 edition of Midwest Home Magazine!  Check it out below.

This Lake Calhoun contemporary is all about glamour. From the gleaming granite floors to the sweeping staircase, the home deftly balances old-school elegance with modern simplicity for an effect that is, quite simply, breathtaking. The five-bedroom, five-bath domicile features multiple skylights and a mix of hardwood, stone, and carpeted floors, creating a clean, light-filled space that imbues calm. Built in 1991, the 4,500-square-foot home was extensively renovated in 2009 to create a gourmet, top-of-the-line kitchen. The current owners call the home their “urban oasis,” and with Calhoun, Harriet, and Linden Hills a mere stone’s throw away, the description is apt. A bluestone patio out back makes a space perfect for summertime entertaining, and the proximity of walking paths tempts guests to soak up the sunset during an after-dinner stroll around the lake.

Open Houses: August 7, 2011

7376 Bent Bow Trail - Chanhassen
$574,900
5 bedroom/4 bath
Open  12:00 to 2:00

A One Acre Lot in the demand Longacres Neighborhood of Chanhassen!

Click HERE for more information on 7376 Bent Bow Trail

7284 Bent Bow Trail - Chanhassen
$529,000
4 bedroom/3 bath
Open 12:00 to 2:00

A Longacres Gem with a totally Remodeled Gourmet Kitchen.

Click HERE for more information on 7284 Bent Bow Trail

19885 Andover Place - Deephaven
$575,000
3 bedroom/3 bath
Open 12:00 to 2:00

A Tranquil Oasis in Deephaven's Amesbury North

Click HERE for more information on Andover Place

4645 Old Kent Road - Deephaven
$779,000
3 bedroom/5 bath
Open 12:00 to 2:00

A North Amesbury Gem offering Main Level Living at its Best

Click HERE for more information on Old Kent Road

2065 Woodstone Court - Victoria
$499,000
4 bedroom/4 bath
Open 2:30 to 4:00

 

Demand Deer Run Golf Course - Well appointed walk-out rambler on the 5th Green!

Click HERE for more information on Woodstone Court

22310 Bracketts Road - Shorewood
$613,500
5 bedroom/5 bath
Open 2:30 to 4:00

 

Center Stair Colonial on Galpin Lake in Minnetonka Schools! This home is a Short Sale

Click HERE for more information on Bracketts Road

Weekend Happenings: Free Day at the Arboretum, Tour de Tonka, and Shakopee Derby Days

Summer is in full swing and there are many events to choose from this weekend!  We've highlighted three that we think are worth noting.

Chanhassen - Carver County Day at the MN Landscape Arboretum
Minnesota Landscape Arboretum
Friday, August 5th, 2011 8:00 am to 8:00 pm
Cost: Free Admission

On this special day, all Carver county and City of Chanhassen residents will be admitted FREE OF CHARGE to the Arboretum (with proof of residency).


Arboretum Director Ed Schneider will welcome Chanhassen Mayor Furlong, as well as city and county officials at a public welcoming ceremony, with complimentary refreshments, at 10 am in the Oswald Visitor Center. Immediately following, free gift bags will be distributed on a first-come, first-served basis. located in the Snyder Building.

There are many exhibits and special events planned for the day so be sure to come out to the Arb on Friday!

Tour de Tonka
Starting at Minnetonka High School
Saturday, August 6th, 2011 7:00 am
Cost:  Free to watch, Registration fees vary for riders, Accepting donations to ICA Foodshelf

Tour de Tonka, an annual Minnetonka Community Education multi-distanced bicycle ride through Lake Minnetonka communities for cyclists of all ages, promotes and celebrates healthy lifestyles, friendship, teamwork, and recreation through the collaboration of cities, sponsors, local charities and hundreds of volunteers.


Come watch this fun community event or for the more athletically minded, register to ride!  You can still register on Friday and even the morning of the event.  For more information follow the link above or visit the Tour de Tonka Facebook page.
 
Shakopee Derby Days
Huber Park, Shakopee, MN
Wed. Aug. 3rd through Sunday Aug. 7th, 2011
Cost:  Many Free events, various prices for rides and food

Shakopee's 26th annual summer festival, held the first full weekend in August. Events include entertainment, family fun park, Taste of Shakopee, market fair, fireworks, parade, senior Olympics, 5K turf run, and more. Most events are located in historic downtown Shakopee's Huber Park and are free or low-cost.  Visit the event website for specific event information or go to their Shakopee Derby Days Facebook page.

Weekly Market Update: Week of August 1, 2011

For the week ending July 23, Twin Cities home-buying activity increased 54.3 percent while home-listing activity declined 13.2 percent compared to the same week in 2010. Buyers entered into 1,040 purchase agreements while sellers brought 1,380 new properties onto the market.

Sales are up, listings are down. We've heard it all summer. What else is new? Well, inventory levels are down 17.0 percent from 2010, which is the largest decline in 80 weeks or since January 2010. Buyers now have 24,897 properties from which to choose.

Let's visit some monthly numbers as well. The average amount that sellers receive on their asking price declined 2.1 percent in June to 91.4. Market times were up 17.7 percent to 140 days, prices were down 9.3 percent to $165,000. Each decrease or increase was the smallest in several months. Meanwhile, months supply of inventory shrunk 0.1 percent to 8.1, the first small yet measurable decline in 12 months.

Minneapolis Area Association of Realtors

Fun Backyard Projects

Let's face it.  Summer in Minnesota is short.  Hot but short.  We spend much of our year indoors so come summer, we crave time outside.  But what if your backyard isn't exactly a prime recreation spot?  We've got the remedy for you.

Here are some fun and easy backyard projects that can be done quickly but can give you maximum enjoyment this summer and beyond.

Romantic Backyard Cabana

This backyard lounge serves as both a casual spot for year-round entertaining and a private refuge with resort style.  Add some potted plants to delineate the space and some mini lights to transition into the evening hours.


Click HERE for a checklist of tools and materials, you can make yourself for about $300.


DIY Outdoor Shower

After a hot couple of hours of mowing or gardening, what could be better than showering off with cool water right outdoors?  This weekend project has three basic parts: two wing walls and a center pole with the plumbing attached. All materials are available at the Home Depot.

Time: One weekend (4 hours of labor, plus drying time for sealer)

Difficulty: 3 (on a scale of 1–10; requires modest woodworking skills)

Cost: About $170

Adobe Oven

How about you take backyard cooking to the next level!  This backyard adobe oven is modeled after mud-brick ovens used around the world, from the Southwest to Mexico, Italy, and France.

Building it takes about two days of grubby work, but the reward: wonderfully rustic pizzas, roasts, vegetables, and crusty loaves of bread from your own backyard.

Get the complete how-to, plus heating guide and recipes

Backyard Games

This scrabble game was made using scored concrete and letter tiles made out of wood trim and vinyl adhesive letters.  But you could do something similar with a checker/chess board if that is more up your alley.  And speaking of alleys, how about a bocce ball court or a horseshoe court.  Turn your backyard into game central.

Build a Beach

If you love the beach but can't find the time for regular visits, why not turn an unused corner of your backyard into a sandy retreat? This miniature beach can be put together over a weekend for less than $200. Decomposed granite, sand, driftwood, and grassy plants complete the seaside look.


More Ideas?
These projects only scratch the surface of simple projects you can do in your backyard.  But we'd love to hear from you.  Do you have some great ideas for turning your backyard into a recreational nirvana? 

Open Houses: July 31, 2011

2338 Fawn Hill Court - Chanhassen
$499,900
5 bedroom/4 bath
Open:  12:00 to 2:00

Nestled on a quiet cul-de-sac, this custom built, one-owner home has been beautifully updated & meticulously maintained. Enjoy a Main floor Office, Gourmet Kitchen with new stainless steel appliances and a beautifully finished lower level with bar, game room and family room. Walk to Sugarbush Park. Residents of this neighborhood attend the new state of the art Chanhassen High School and Bluff Creek Elementary.

Click HERE for more information on Fawn Hill Court.

8320 Oak Drive - Victoria
$369,000
4 bedroom/4 bath
Open:  12:00 to 2:00

Click HERE for more information on Oak Drive.

7705 Ridgeview Way - Chanhassen
$596,000
4 bedroom/4 bath
Open:  12:00 to 2:00

Nestled on a .43 acre lot, this home shows like new construction! With a Great Room floor plan, Office & Gourmet Kitchen, Private Master Suite & Bonus Room. Relax in the private backyard or take a dip in the neighborhood pool.

Click HERE for more information on Ridgeview Way.

Companies Reduce Housing Perks in Relo Packages

Relocation packages for employees moving to a new job or relocating to a new city don’t contain as many perks as they once did, reflecting the still struggling housing market. Guaranteed buyouts of executives’ homes aren’t as common nowadays as homes lag longer on the market and companies don’t want to get stuck owning them.

Prior to the housing crisis, companies "were much more willing to participate in the real estate costs for employees because they knew almost as soon as you could get the sign in your yard, it would be sold," says Susan Schneider, president of Worldwide Employee Relocation Council.

Nowadays, one-third of 100 companies surveyed across the country say they’ve changed their relocation programs in 2009 and 2010, according to a Worldwide ERC survey. Some companies say they now offer to pay a portion of the loss of a home sale, which ranges from $10,000 to $100,000 or possibly even more, depending on the employee’s status. Other companies say they are seeking to hire locally so they don’t have to get stuck with “moving woes and costs,” according to an article by the Gannett News Service. Companies also report even trying to learn more about employees’ real estate commitments prior to giving them a job offer.

However, companies are reporting relocations rebounding, after mostly stalling in recent years. About 30 percent of 1,000 relocation managers say their company plans to move workers this year, which is the highest percentage since 2005, according to a recent survey by Atlas Van Lines. The Midwest is the top destination of transfers, the survey finds.

Source: “Relocation Costs Perk of the Past,” Gannett

Weekend Happenings: River City Days

Chaska River City Days
Various Locations in Chaska
Friday July 29th through Sunday July 31st, 2011
Cost:  All entertainment events are Free

Ah, the small town celebrations.  People milling about downtown, lots of good food, kids having a ball, everyone chipping in to help...they are great community building events.  And this weekend it's Chaska's turn with their annual River City Days.

Bring your family for a fun filled weekend showcasing a variety of local entertainment, food and beverage booths, art & craft fair, golf, disc golf, grass and sand volleyball tournaments, Triathlon and 5 K Fun Run, Breakfast in the Park, Live bands and concerts, Business expo, Medallion hunt, a talent contest and of course a parade.

Events are scheduled from Friday morning through Sunday afternoon, kicking off with a Walk the Sidwalk sale which includes 18 downtown participating stores, door prizes and a shopping spree give-away.  You won't want to miss all Chaska has to offer this weekend.

Nice Things People Say: Testamonials

"We appreciate all that you and your team did during this stressful and busy time in our life. Your professionalism and attention to detail were also valued greatly."

Larry and Paulette Gleit ~ June 2011



"Thank you for everything you have done to help us over the last 3 years. You and Eric are a great part of our memories regarding our experience in MN. The house finding and selling process was so smooth and obviously being in a house we love makes the whole experience so much better! You are like family, we are so comfortable with you guys. Your market analysis was spot on!! Thank you for everything - you know we are HUGE fans!!"

Jason & Charlene Simon ~ March 2011



"Eric and Sharla are outstanding Realtors. In a tough market, they sold our house in 2 weeks with 2 offers. They are extremely knowledgeable of the market, hard working and provided us with honest advice. We highly recommend Eric and Sharla!"

Matt & Susan Quinn ~ January 2011



"Your knowledge and experience in the market is amazing! It creates a high level of confidence and immediate creditability."

Anonymous ~ January 2011



"Sharla understood what we were looking for in a house. Also, we appreciated all the assistance you have provided through out the closing and our move."

Jerry & Vicki Olson ~ December 2010



"Okay, now I am officially impressed! I am blown away by the website presentation of our property and the marketing materials of our home - the photo tour was awesome.

Seriously, we are so impressed with what we've seen from all three of you! If anyone can be successful in this market, your team really stands out! Thanks for the great effort!"

Ron & Sarah Christensen ~ November 2010


We have worked with some amazing clients over the years. Each and every one has made our lives better for having known them.

We love the business of Real Estate - all the joys and challenges it brings and especially, the clients we have the opportunity to serve.  We'd love to work with you if you find yourself in need of real estate services.  When you work with us you'll find that exceptional service isn’t just our motto; it is the very foundation of our business and key to our success.

Eric & Sharla

Weekly Market Update: Week of July 25, 2011

As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms.

Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That’s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?

The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It’s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700.

Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year – suggesting balance lies ahead.

Small Home Office Addition

Yes, you can! Squeeze a small office into your small home, that is. But that doesn’t mean you have to take over one of the kids’ bedrooms—just look for under-utilized space.

After that, it’s decision time: How much to spend, how big to make the office, and how you’ll use it.

Here are five solutions to consider:

1. Kitchen helper. From a $400 store-bought island for bill-paying to a breakfast bench nook with file drawers built in under the seats (cost: $5,000 to $15,000), your kitchen is a treasure trove of small office possibilities. Even a slide-out cutting board (about $500 in a cabinet package) can serve as a nifty desktop.

2. Closet conversion. Get rid of unused stuff or consolidate it in another area, and a 3- to 8-foot-wide closet accommodates a built-in desk, shelves, and lighting. Make a nearby chair do double duty for your desk.

With doors and wiring for lighting and a phone, and possible added drywall, your new small office would cost $2,000 to $4,000. Keep in mind that the more floors and walls that wiring has to travel through, the costlier it gets.

3. Porch possibilities. Convert that long, narrow space on the side of your small home that gets only seasonal use to a year-round office for about $15 per square foot. Use plug-in space heaters and fans for your HVAC system.

Use inexpensive, freestanding shelves to provide storage space. Cost: About $70 for a 30-by-80-inch bookshelf.

4. Those out-of-the-way spaces. Alcoves, lofts, stair landings, basement and garage corners, and bedroom nooks qualify as potential office space. Use freestanding shelving units and bookcases. Plants or privacy screens can “wall” the area without making it feel smaller.

You can build a bench for visitors with storage space inside for about $130. Want a craftsman to build it for you? Add another $300 to $400.

5. Under-used dining rooms. Formal dining rooms can be overrated. If yours isn’t being used regularly, convert it to a small office. You’ll be close to your main entry, making it easy to receive clients and business associates. If a nearby kitchen or other busy household area is a noisy distraction, install French or sliding doors as acoustic barriers.

Terry Sheridan is an award-winning writer who has covered real estate and home ownership issues for more than 20 years. She’s owned homes ranging from 1,500 square feet to 3,000 square feet.

A Financial Plan For Your Home

Your home is probably your biggest investment. To manage it, create a financial plan that takes into account repairs, upgrades, mortgages, insurance, and taxes.

Do you pay each home-related expense as it comes? If so, you’re missing opportunities for upgrades, or much worse, heading into a financial crisis when a slew of surprise maintenance items hit. So take a holistic look at what it costs to operate your house and set up a home financial plan.

Use our home financial plan budget worksheet, and start by writing a list of expenses, such as:

• Mortgage
• Taxes
• Home insurance, including liability
• Repairs and maintenance, such as new furnace, roof, painting
• Voluntary upgrades, such as a swimming pool, a premium range, a new powder room.

What will you learn from this home financial plan weekend exercise?

• How much you have to spend
• How much you need to allot in the short- and long-term for necessary maintenance and voluntary improvements

With this newfound grip on your home’s expenses, you can create a home financial plan that’ll help you there for years with maximum enjoyment and minimum anxiety.

The mortgage: Pay it—and then some

Yup, you already shell out a lot for your mortgage, but can you pay more? Even a little extra each month can add up to an earlier payoff. Let’s say you have $200,000 in outstanding principal and a 20-year fixed-rate mortgage at 5%. Your monthly payment is $1,319.91. But if you can manage to pay another $100 a month, you’ll save $14,887 in interest.

Run the numbers yourself for your home financial plan.

Advantages of an early payoff, says Alan D. Kahn, a financial planner in Syosset, N.Y.:

• Less debt means more money to spend later.
• It feels darn good to own your house outright as soon as possible.
• Minimal tax loss. Toward the tail end of the life of a loan most of your payment goes to the principal, not the interest, so you’re getting only a small tax break anyway.

Of course, if you’re still saving for retirement, put the 100 bucks elsewhere:

• A retirement plan
• An account for the inevitable home repairs
• An account for discretionary improvements, which can raise your home’s value.

Insurance: Protect your property

Your vegetable garden is pointless without a fence to keep out rabbits; likewise, your home financial plan will come to nothing without an insurance “fence”:

Homeowner’s insurance. Basic coverage for your home and everything in it. The average cost is $636 per year but this varies widely by state.

Liability coverage. Protects you from a lawsuit if someone gets hurt on your property, for example. Your best bet: An umbrella policy. For about $300 a year you can by a typical $1 million policy.

Various disaster insurance policies. Optional policies cover flood, earthquake, and hurricane damage. As part of your home financial plan, you have to research to see what disaster coverage, if any, you need in your area, and what your standard policy already covers. For $540 a year you can buy flood insurance, for example.

Don’t under- or overbuy insurance

For your basic policy, get homeowners insurance with full replacement coverage in case your house burns to the ground.

That sounds simple, but heads up on calculation. Remember that you own a house as well as the land on which it sits. So even though you bought your home for $300,000, it may cost only $100,000 to rebuild it. Your policy limits should reflect this. This difference will vary widely by region.

Another heads up: Don’t make the common and potentially disastrous mistake of thinking that because your home has fallen in value you need less insurance. If you bought a $1.2 million townhouse in Florida during the boom, it’s true it now may only sell for $600,000. But the replacement cost of the townhouse hasn’t changed much, so you can’t improve your home financial plan by cutting insurance costs that way.

Other ways to cut your insurance budget:

• If you make structural improvements, such as adding storm shutters, your insurer may give you a break.
• If you belong to certain groups, such as AARP or veterans’ organizations, your premiums may be lower.

Repairs and renovations: By choice or necessity

You own a home, so you’ll be spending money on everything from a new faucet to—surprise!—a new roof. Freddie Mac and other authorities say as part of your home financial plan, you should be prepared to spend 1% to 3% of the market value of the home annually on maintenance. To be extra-prudent, open a savings account and make regular payments until your account reaches 1% to 3% of your home’s current value.

To help you budget:

Start with the inspection report you received when you bought the house. Did the inspector indicate that you would need a new roof in five years? A new furnace in 10?

Keep a log of your major appliances’ age so you can estimate when they’ll need replacing. Some estimated life spans:

• Roof: 20-25 years
• Heating systems: 15-20 years
• Range/ovens: 11-15 years
• Water heaters: 8- 13 years

Then get estimates on what replacements will cost and start saving.

Consider ongoing non-emergency maintenance, too. Do you live in New England? Price a snow blower and get bids from plow services.

Resist the siren call of the home equity loan to take care of everything. That just defeats your efforts to pay off the mortgage early.

Separate out what you want from what you need. A $50,000 kitchen remodel is nice, but you’ll recoup only 76% of the project cost your home’s resale, according to Remodeling magazine.

If you can afford to redo, go for it. Just don’t confuse your necessary repairs (new oil furnace—about $4,000) with your discretionary upgrades (Viking range—$6,000 and up).


Taxes: (Almost) no way around them

Even if your lender handles your property taxes from an escrow account, you need to budget for them in your home financial plan. They creep up almost every year, it seems. Take responsibility for tracking the changes in your area: Look over past tax bills to get a sense of how quickly they’ve risen in the past.

Or if your lender handles escrow and you haven’t saved your bills, ask for an accounting. The median annual property tax payment is $2,198, but that hides the enormous range in medians from state to state:

• New Jersey: $6,320
• New York: $3,622
• California: $2,829
• Alabama: $383
• Louisiana: $188

You can generally deduct property taxes on your federal return. A tax pro can tell you how much of a tax break you’ll get, to help you fine tune your home financial plan.

You may be able to reduce your tax burden by getting a reassessment. Do your homework first: Are comparable houses taxed less than yours? Ask the local assessor what formula is used to set tax rates. You can challenge the assessed value and get yourself a rollback.

If you’re in a special group, you might get some help from state or local programs. Check around to see what’s available in your area. New York State, for example, has its Star Program for giving senior citizens some relief from school-related property taxes.

Richard J. Koreto is a managing editor of finance, taxes, and insurance at HouseLogic. He has been editor of several professional financial magazines and is the author of “Run It Like a Business,” a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.

Weekend Happenings: Summer Beach Party and Penny Carinval

Lake Waconia Summer Beach Party
Lake Waconia Regional Park
Saturday, July 23rd, 2011
12:00 to 4:00
Cost:  Free with a Daily or Annual Park Permit

While the State Parks are trying to ramp up for opening after the long shut down, the Regional Parks have been going strong.  This Saturday, head to Lake Waconia Regional Park for their Summer Beach party.  Rock out to beach music, play beach games, participate in a sand castle building contest or a water balloon toss, and cool off with snow cones.

Penny Carnival at Wolfe Park
Wolfe Park - 3700 Monterey Drive, St. Louis Park
Friday, July 22nd, 2011
2:00 pm
Cost:  Free to attend, 2-4 cents per game (Children must be accompanied by an adult)

Save your pennies for this fun, low-cost carnival. Show off your skills at the fun carnival games, boogie-woogie to the DJ, and jump in the moonwalks. Enjoy hay rides, refreshments, and more. Your own transportation to and from Wolfe Park must be provided.

Open Houses: July 24, 2011

7376 Bent Bow Trail - Chanhassen
$599,900
5 bedroom/4 bath
Open:  12:00 to 2:00

A One Acre Lot in the demand Longacres Neighborhood of Chanhassen!

Clicke HERE for more information.

 

7771 Madelyn Creek Drive - Victoria
$210,000
3 bedroom/3 bath
Open: 12:00 to 2:00

Better than new construction - End Unit Madelyn Creek Townhome in Victoria

Click HERE for more information

7284 Bent Bow Trail - Chanhassen
$549,000
4 bedroom/3 bath
Open:  12:00 to 2:00

A Longacres Gem with a totally Remodeled Gourmet Kitchen

Click HERE for more information


2350 Hunter Drive - Chanhassen
$599,900
4 bedroom/3 bath
Open:  12:00 to 2:00

Single Family Home in Longacres with Rare Floor Plan

Click HERE for more information.

14057 Carmody Drive - Eden Prairie
$230,000
4 bedroom/2 bath
Open:  2:30 to 4:30

Updated Split Level in Eden Pairie close to Parks!

Click HERE for more information.

Weekly Market Update: Week of July 18, 2011

Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit.

For the week ending July 9, there were 788 pending sales, an increase of 40.2 percent from a year ago. The amount of signed purchase agreements seen in recent weeks is similar to the activity for the same weeks in the summer of 2008.

The good news is that fewer homes are being listed, which is helping to dampen any potential for an oversupply problem. Over the last three months, there have been roughly 1,400 fewer new listings than during the same period in 2010, and the inventory of available homes for sale is down 16.1 percent from this time last year.

As always, balance between buyers and sellers plus a healthy, sustainable market is the ultimate goal.

Minneapolis Area Association of Realtors

Back-to-School Supply Drive

Now through September 4th the Coldwell Banker Burnet Minnetonka Office will be collecting school supplies for our Back-To-School Supply Drive in support of Resource West.

Bring all donations to our Minnetonka office now through September 4th.  See the list above for needed supplies.  Otherwise you can visit http://www.resourcewest.org/ to make a monetary donation.  Thanks for your help in making the start of the school year successful for all kids.