When it comes to real luxury, there are few things in this world that beat a big, gorgeous, private bathroom for soaking, unwinding, primping, pampering, and just being alone.
The dream bath is entirely achievable, even if your current loo is less spa and more storage locker. Here are 5 ideas for gaining space in your bathroom remodel.
1. Lose The Linen Closet
If your bathroom has a towel or linen closet, thank your lucky stars, says interior designer Barbara Schmidt, owner of bstyle in Minneapolis. That little closet can be a bathroom breakthrough. Many times having a beautiful, spacious-feeling bathroom can be achieved by reclaiming just a few square feet of space.
2. Mount It On The Wall
With so much heavy equipment, a bathroom can easily feel crammed and claustrophobic, especially when floor space is at a premium. Now you can put the biggest appliances on the wall, thanks to new innovations in wall-hung vanities and toilets.
3. Make It Transparent
Perhaps the best invention since indoor plumbing, watertight, frameless-glass shower doors work beautifully to expand any bath visually. Frosted glass doors and shower curtains cut off your sight lines and make small bathrooms feel even more cramped. Visually adding several sqare feet to a bathroom can change the entire feel of the room.
4. Rightsize Your Vanity
Too often, builders make the mistake of installing oversized vanities in bathrooms that can’t accommodate them. There are a variety of bathroom vanities that are designed to maximize space.
5. Take Your Flooring To The Walls
Interior designers know that perception of space is just that: perception. By lining the floors and walls with the same material, the eye perceives the space as a single, continuous volume.
Let us know your thoughts. We'd love to hear from you.
Source: Midwest Home Magazine, Alyssa Ford
Friday, November 11, 2011
Tuesday, November 8, 2011
Weekly Market Update: November 7, 2011
Local home buyers had no reservations about exceeding their 2010 purchase volumes for the week. Sellers were a bit shy, introducing fewer new listings to the marketplace than last year. It's particularly important to watch the inventory needle as it can illustrate the overall market balance. Speaking of which, now is a great time to keep an eye on months supply and seller concessions. These metrics can often serve as leading indicators of a changing landscape.
In the Twin Cities region, for the week ending October 29:
• New Listings decreased 14.5% to 1,070
• Pending Sales increased 40.3% to 870
• Inventory decreased 21.6% to 21,930
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.6% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.7% to 6.8
In the Twin Cities region, for the week ending October 29:
• New Listings decreased 14.5% to 1,070
• Pending Sales increased 40.3% to 870
• Inventory decreased 21.6% to 21,930
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.6% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.7% to 6.8
Monday, November 7, 2011
Garage Doors Can Make or Break Curb Appeal
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| Overhead Door Corporation |
The garage door is the largest working part of a house and often its most prominent feature. So when you’re buying, you want to choose carefully. The annual Cost vs. Value Report from Remodeling Magazine found that a garage door replacement project returns almost 84% of your investment, making it one of the better home improvement projects in terms of recouping value when a house sells. The right garage door can make or break many of those curb-appeal enhancements.
“Especially on houses where the garage is front and center, the garage door absolutely has to look good,” says Casey McGrath, a real estate practitioner in Kitsap County, Wash. And it has to operate smoothly: Americans use the garage more than any other entry to the house, including the front door, according to a survey commissioned by window and door manufacturer JELD-WEN.
What a garage door costs
A new door should cost significantly less than the amount it may add to the value of your house. For a standard door in wood or steel, installed costs typically range between $550 and $1,650 for a single door, and $800 to $2,500 for a double door. But if you’re looking at a heavy-duty aluminum door, or a custom-made design in exotic wood, the cost could easily reach $10,000.
Depending on the style and precise dimensions, two single doors may or may not be any more expensive than one double door. A second door opener adds $150 to $250.
Types of garage doors
Garage doors come in four basic types: They may swing out, swing up, roll up, or slide to the side.
Swing-out carriage-house doors or sliding barn doors are a good choice if you need to keep the ceiling clear or if you want their distinctive look. Otherwise, the most popular option by far is the sectional roll-up door.
Before purchasing a roll-up door, measure the space between the top of the garage door opening and the ceiling or overhead framing. Standard tracks require headroom of about 14 inches. If you don’t have that, you can get low-headroom track, which costs about $100 more. There are also tracks specially made for garages with unusually high walls or cathedral ceilings.
Choosing the right style
It’s important to pick a door that suits the style of your house. If you live in a Craftsman bungalow, for example, you might want something that looks like the swing-out doors found on garages behind early Craftsman houses. Manufacturers of modern roll-up doors make them in styles that mimic the old swing doors, complete with faux strap hinges on the sides and a pair of handles flanking a deep groove in the center.
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| Clopay |
Common garage door materials
Wood: Wood offers a charm and authenticity that other materials merely mimic. Wood doors can be made locally in whatever size you need, and they stand up well to bumps from basketballs. The downside is that they require frequent repainting or refinishing, especially if you live in a damp climate.
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| Clopay |
Wood doors range from midprice to very expensive, depending on whether they consist of a lightweight wooden frame filled with foam insulation and wrapped in a plywood or hardboard skin (the least expensive) or are true frame-and-panel doors made of durable mahogany, redwood, or cedar. Wood doors usually carry a short warranty, perhaps only one year.
Steel: Metal is a better choice than wood if you don’t want a lot of maintenance. Steel leads the pack because it is relatively inexpensive yet tough. Bare steel rusts, so you need to touch up scratches promptly, and steel also dents.
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| Amarr Garage Doors |
Minimize this risk by choosing doors with sturdy 24- or 25-gauge panels rather than 27- or 28-gauge (the higher the gauge number, the thinner the metal). Or consider a steel door with a fiberglass overlay, which resists dents and doesn’t rust. Fiberglass will need periodic repainting or restaining, though, because the color fades over time.
High-quality steel doors may have lifetime warranties on the hardware, laminations between the steel and any insulation, and factory-applied paint. Budget doors tend to have shorter warranties on some components, such as paint and springs.
Aluminum: Inexpensive aluminum doors, once common, have largely been replaced by sturdy versions with heavy-duty extruded frames and dent-resistant laminated panels. Rugged and rust-proof, these are a wonderful choice—if you can spend $10,000 or so on a garage door.
Less expensive aluminum doors have aluminum frames and panels made of other materials, such as high-density polyethylene. Because of its light weight, aluminum is a good choice if you have an extra-wide double door; it won’t put as much strain on the operating mechanism.
Insulation and energy savings
Considering the size of a garage door, it might seem obvious that you should invest in one that’s insulated. Because of its sandwich construction, an insulated door is more durable, and the enclosed back panel gives a garage interior a more finished look.
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| Overhead Door Corporation |
But the insulation won’t save energy unless you heat the garage or treat your attached garage as part of the “conditioned” part of your house. The federal Energy Star program recommends against doing this if you park cars, store lawn chemicals, or use solvents there because it could let dangerous fumes inside; it’s better to insulate only the shared wall and use that as the indoor-outdoor boundary.
In past years, you could get a federal tax credit for garage doors, but that break ended in 2010. Only house doors are eligible.
Source: Houselogic.com Jeanne Huber is the author of 10 books about home improvement and writes a weekly column about home care for the Washington Post.
Sunday, November 6, 2011
Celebrity Listing: Katherine Hepburn
In her six-decade career, Katherine Hepburn amassed more Best Actress Oscars (four wins and 12 nominations) than anyone else, ever. Her home in Old Saybrook, CT, on the shores of Long Island Sound, has been in the Hepburn family since 1913 and can be bought for a cool $28,000,000. It was rebuilt in 1939 after a hurricane destroyed it, and the star lived there until her death at 96 in 2003. The 8,400-square foot six bedroom home has a private dock and beach, as well as a pond, is very private, features large grand spaces, huge porches, sweeping views and a wonderful gourmet kitchen. It occupies 3 lots spanning 3.5 acres with nearly 700 feet of waterfront.
And as far as the inside goes, let's just say....the lady liked WHITE!
Friday, November 4, 2011
Open Houses: November 6, 2011
8088 Savanna Valley Way - Victoria
$399,000
5 bedroom/4 bath
Open: 12:00 to 1:30
Only relocation makes this beautifully finished home available! Located in Savanna Valley on a premium walkout lot with wetland views! This home has been beautifully updated with a Gourmet Kitchen featuring granite counters, pantry, tiled backslash and stainless steel appliances, 5 BRs & finished lower level. Walk to the neighborhood park, Holy Family High School & the Victoria Field House.
Click HERE for more information.
7705 Ridgeview Way - Chanhassen
$500,000
4 bedroom/4 bath
Open: 12:00 to 1:30
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.
$399,000
5 bedroom/4 bath
Open: 12:00 to 1:30
Only relocation makes this beautifully finished home available! Located in Savanna Valley on a premium walkout lot with wetland views! This home has been beautifully updated with a Gourmet Kitchen featuring granite counters, pantry, tiled backslash and stainless steel appliances, 5 BRs & finished lower level. Walk to the neighborhood park, Holy Family High School & the Victoria Field House.
Click HERE for more information.
7705 Ridgeview Way - Chanhassen
$500,000
4 bedroom/4 bath
Open: 12:00 to 1:30
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.
Thursday, November 3, 2011
Weekend Happenings: Artisan Fair, Walker Art Center
Artisan Fair
Chanhassen Rec Center
2310 Coulter Boulevard
Chanhassen, MN
Sat. November 5, 2011
10:00 am to 2:00 pm
Cost: Free, Donations of non-perishable food item for CAP Agency welcomed
Get a jump start on holiday shopping as the Chanhassen Rec Center is transformed into a crafter's village. Area artists will have a variety of crafts and handmade items for sale. Come to the Rec Center to shop locally for your holiday gifts.
Click HERE for a list of exhibitors.
Free Saturday at the Walker
Walker Art Center
1750 Hennepin Avenue
Minneapolis, MN
Sat. November 5, 2011
10:00 am to 3:00 pm
Cost: Free

Gallery admission is free for everyone on the first Saturday of each month. Families can enjoy live performances, films, gallery adventures, and hands-on art making.
Chanhassen Rec Center
2310 Coulter Boulevard
Chanhassen, MN
Sat. November 5, 2011
10:00 am to 2:00 pm
Cost: Free, Donations of non-perishable food item for CAP Agency welcomed
Get a jump start on holiday shopping as the Chanhassen Rec Center is transformed into a crafter's village. Area artists will have a variety of crafts and handmade items for sale. Come to the Rec Center to shop locally for your holiday gifts.
Click HERE for a list of exhibitors.
Free Saturday at the Walker
Walker Art Center
1750 Hennepin Avenue
Minneapolis, MN
Sat. November 5, 2011
10:00 am to 3:00 pm
Cost: Free

Gallery admission is free for everyone on the first Saturday of each month. Families can enjoy live performances, films, gallery adventures, and hands-on art making.
Tuesday, November 1, 2011
Weekly Market Update: October 31, 2011
This week's market scorecard shows increased activity levels for buyers and a modest decline in seller activity. Consumer purchase demand posted a welcomed increase over the same week in 2010. Sellers brought fewer new listings onto the market than last year. Home purchase activity is still one of the most paramount drivers of sustained recovery. The key then becomes determining the overall market momentum.
In the Twin Cities region, for the week ending October 22:
• New Listings decreased 15.8% to 1,100
• Pending Sales increased 28.8% to 822
• Inventory decreased 21.5% to 22,132
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.5% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.9% to 6.8
In the Twin Cities region, for the week ending October 22:
• New Listings decreased 15.8% to 1,100
• Pending Sales increased 28.8% to 822
• Inventory decreased 21.5% to 22,132
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.5% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.9% to 6.8
Monday, October 31, 2011
For Sale: 5BR/2+2BA Single Family House in Victoria, MN, $325,000
Presenting a Gorgeous Home from Stafford Family Realtors
8088 Savanna Valley Way ~ Victoria, MN
$325,000
Located in Savanna Valley on a premium walkout lot w/wetland views! This home has been beautifully updated w/a Gourmet Kitchen, 5BAs, & fully finished LL.
For more information please visit http://www.staffordfamilyrealtors.com/or for a private showing please call 952.470.2575
Happy Halloween!
Looks like we'll have great weather tonight! We hope that you all have a fun night of Trick or Treating! Our girls will be going as a Veterinarian, a Kitty Cat, and a Butterfly Queen. Maybe we'll see you out and about. See below for some great Halloween Safety Tips.
Warmest Regards,
Eric & Sharla
Halloween Safety Tips
Halloween is an exciting time of year for kids, and to help ensure they have a safe holiday, here are some tips from the American Academy of Pediatrics (AAP). Feel free to excerpt these tips or use them in their entirety for any print or broadcast story, with acknowledgment of source.
ALL DRESSED UP:
- Plan costumes that are bright and reflective. Make sure that shoes fit well and that costumes are short enough to prevent tripping, entanglement or contact with flame.
- Consider adding reflective tape or striping to costumes and Trick-or-Treat bags for greater visibility.
- Because masks can limit or block eyesight, consider non-toxic makeup and decorative hats as safer alternatives. Hats should fit properly to prevent them from sliding over eyes.
- When shopping for costumes, wigs and accessories look for and purchase those with a label clearly indicating they are flame resistant.
- If a sword, cane, or stick is a part of your child's costume, make sure it is not sharp or too long. A child may be easily hurt by these accessories if he stumbles or trips.
- Obtain flashlights with fresh batteries for all children and their escorts.
- Do not use decorative contact lenses without an eye examination and a prescription from an eye care professional. While the packaging on decorative lenses will often make claims such as “one size fits all,” or “no need to see an eye specialist,” obtaining decorative contact lenses without a prescription is both dangerous and illegal. This can cause pain, inflammation, and serious eye disorders and infections, which may lead to permanent vision loss.
- Teach children how to call 9-1-1 (or their local emergency number) if they have an emergency or become lost.
CARVING A NICHE:
- Small children should never carve pumpkins. Children can draw a face with markers. Then parents can do the cutting.
- Consider using a flashlight or glow stick instead of a candle to light your pumpkin. If you do use a candle, a votive candle is safest.
- Candlelit pumpkins should be placed on a sturdy table, away from curtains and other flammable objects, and should never be left unattended.
HOME SAFE HOME:
- To keep homes safe for visiting trick-or-treaters, parents should remove from the porch and front yard anything a child could trip over such as garden hoses, toys, bikes and lawn decorations.
- Parents should check outdoor lights and replace burned-out bulbs.
- Wet leaves should be swept from sidewalks and steps.
- Restrain pets so they do not inadvertently jump on or bite a trick-or-treater.
ON THE TRICK-OR-TREAT TRAIL:
- A parent or responsible adult should always accompany young children on their neighborhood rounds.
- If your older children are going alone, plan and review the route that is acceptable to you. Agree on a specific time when they should return home.
- Only go to homes with a porch light on and never enter a home or car for a treat.
- Because pedestrian injuries are the most common injuries to children on Halloween, remind Trick-or Treaters:
- Stay in a group and communicate where they will be going.
- Carry a cell phone for quick communication.
- Remain on well-lit streets and always use the sidewalk.
- If no sidewalk is available, walk at the far edge of the roadway facing traffic.
- Never cut across yards or use alleys.
- Only cross the street as a group in established crosswalks (as recognized by local custom). Never cross between parked cars or out driveways.
- Don't assume the right of way. Motorists may have trouble seeing Trick-or-Treaters. Just because one car stops, doesn't mean others will!
- Law enforcement authorities should be notified immediately of any suspicious or unlawful activity.
HEALTHY HALLOWEEN:
- A good meal prior to parties and trick-or-treating will discourage youngsters from filling up on Halloween treats.
- Consider purchasing non-food treats for those who visit your home, such as coloring books or pens and pencils.
- Wait until children are home to sort and check treats. Though tampering is rare, a responsible adult should closely examine all treats and throw away any spoiled, unwrapped or suspicious items.
- Try to ration treats for the days following Halloween.
© 10/10 American Academy of Pediatrics
Friday, October 28, 2011
Appraisals: Now 'Green' Can Make You Some Green

Green or energy-efficient features in a home often don’t get factored into appraisals. But they can be an important selling point in a home, and many home owners say “green” should count when valuing homes.
A new form by the Appraisal Institute aims to make sure these key selling features–from those energy-efficient appliances to solar panels–are no longer overlooked and are factored into the equation. The form is also viewed as a big step in helping the appraisal industry standardize the way residential energy-efficient features are reported and analyzed.
The form is an optional addendum to Fannie Mae Form 1004, which is the appraisal industry’s most widely used form for mortgage purposes. It is used by Fannie Mae, Freddie Mac, and the Federal Housing Administration.
“We hope lenders, home builders, real estate agents, and home owners will take advantage of this new tool,” says Joseph C. Magdziarz, president of the Appraisal Institute. “Mortgage lenders who want to see energy features analyzed should request the green addendum to be included with Form 1004. We also encourage lenders to provide the green addendum to home owners so they can fill it out and provide it to their appraiser. If a new home is being appraised, home builders can use the addendum to provide data to appraisers. Real estate agents also can use the data to help populate the MLS.”
Source: By Melissa Dittmann Tracey, REALTOR® Magazine: Styled, Staged and Sold
Thursday, October 27, 2011
Weekend Happenenings: Halloween Festivities
If you're looking to stretch out the Halloween fun, be sure to attend some of these fun family-friendly and local events this weekend.
Goblin Boo-gie Dance Party
Shakopee Community Center
1255 Fuller Street, Shakopee, MN
Fri. October 28, 2011
10:00 am to 11:15 am
Cost: $5 per child
Enigma becomes a haunted Halloween haven so costumed kids can march through and dance to boogie music. There will be classic disco and boo-gie tunes, dancing lights, bubble machines and hula hoops for this morning dance party for preschoolers. The entire family gets into the groove for this one-of-a-kind event. No pre-registration required.
DJ Night/ Halloween Dance Party
Shakopee Community Center
1255 Fuller Street, Shakopee, MN
Fri. October 28, 2011
7:00 pm to 10:00 pm
Cost $3 (grades 6-12)
Enigma becomes a haunted Halloween haven. Costume prizes! Bring your friends and have fun
Trunk-n-Treat
Westwood Community Church
3121 Westwood Drive, Excelsior, MN
Fri. October 28, 2011
5:00 pm to 8:00 pm
Cost: Free
Join us for a fun, fall family gathering – indoor and outdoor games, food, face painting, praise & worship and Trunk & Treating! Invite everyone!
Spooky Saturday
Eden Prairie Community Center
16700 Valley View Road, Eden Prairie, MN
Sat. October 29,2011
3:00 to 5:00
Cost: $5 per child, $20 max per family

Join us and enjoy trick-or-treating, arts and crafts activities, music and games, skating exhibitions, the Indoor Play Structure and more! All participants are entered in a drawing to win a birthday party with eight friends and everyone who wears a costume receives a special treat!
Ghouls and Goblins At The Maze
Arboretum Maze Garden on Three Mile Drive
Sat. October 29, 2011
1:00 to 5:00
Free Gate Admission (Reservations Recommended)

It's a spook-friendly Halloween celebration for the whole family! Come in your most imaginative costumes. At the Visitor Center, enjoy "spook-tacular" music and family-friendly activities such as decorating "apple-heads." Or walk the fun-filled Trick or Treat Trail to the Magical Maze Garden - chock full of surprises. Scare up a good time at the Arboretum!
Halloween Show At The Old Log Theater
Old Log Theater
5185 Meadville Street, Greenwood, MN
Sat. October 29, 2011
2:00 pm
Cost: $10
This is a special Halloween show for kids featuring the Medicine Show Music Company. There will be dancing, comedy and snappy patter. In addition to Scott Crosbie playing the whiz-bang, entertainment includes Bob Andrews on bass and Bill Mooers on the giant bango. There’s even some magic and many musical surprises. The Halloween show will also present magician/comedian/juggler Craig Carlson. Come dressed in Halloween costumes!
Halloween Spooktacular At Market Square
Market Square Shopping Center
7900 Market Blvd., Chanhassen, MN
11:00 am to 1:00 pm
Cost: Free

A free, fun and safe way to celebrate Halloween in your community! There will be a haunted fun jump, costume contest at 1pm, games and prizes, trick-or-treating (children in costumes will receive treats from Market Square businesses), balloon animals, kids crafts & face painting at Finding Joy Boutique.
Goblin Boo-gie Dance Party
Shakopee Community Center
1255 Fuller Street, Shakopee, MN
Fri. October 28, 2011
10:00 am to 11:15 am
Cost: $5 per child
Enigma becomes a haunted Halloween haven so costumed kids can march through and dance to boogie music. There will be classic disco and boo-gie tunes, dancing lights, bubble machines and hula hoops for this morning dance party for preschoolers. The entire family gets into the groove for this one-of-a-kind event. No pre-registration required.
DJ Night/ Halloween Dance Party
Shakopee Community Center
1255 Fuller Street, Shakopee, MN
Fri. October 28, 2011
7:00 pm to 10:00 pm
Cost $3 (grades 6-12)
Enigma becomes a haunted Halloween haven. Costume prizes! Bring your friends and have fun
Trunk-n-Treat
Westwood Community Church
3121 Westwood Drive, Excelsior, MN
Fri. October 28, 2011
5:00 pm to 8:00 pm
Cost: Free
Join us for a fun, fall family gathering – indoor and outdoor games, food, face painting, praise & worship and Trunk & Treating! Invite everyone!
Board the Trolley at the Water Street Station
Excelsior, MN
Fri. October 28, 2011
6:00 pm to 9:00 pm
Cost: $7 Adults, $5 Children 10 and under
This family-friendly Halloween event includes entertainment on stage (you never know who is going to show up), concessions, a trolley ride down the spooky trail, and a trip through the “haunted” museum.
Spooky Saturday
Eden Prairie Community Center
16700 Valley View Road, Eden Prairie, MN
Sat. October 29,2011
3:00 to 5:00
Cost: $5 per child, $20 max per family

Join us and enjoy trick-or-treating, arts and crafts activities, music and games, skating exhibitions, the Indoor Play Structure and more! All participants are entered in a drawing to win a birthday party with eight friends and everyone who wears a costume receives a special treat!
Ghouls and Goblins At The Maze
Arboretum Maze Garden on Three Mile Drive
Sat. October 29, 2011
1:00 to 5:00
Free Gate Admission (Reservations Recommended)

It's a spook-friendly Halloween celebration for the whole family! Come in your most imaginative costumes. At the Visitor Center, enjoy "spook-tacular" music and family-friendly activities such as decorating "apple-heads." Or walk the fun-filled Trick or Treat Trail to the Magical Maze Garden - chock full of surprises. Scare up a good time at the Arboretum!
Halloween Show At The Old Log Theater
Old Log Theater
5185 Meadville Street, Greenwood, MN
Sat. October 29, 2011
2:00 pm
Cost: $10
This is a special Halloween show for kids featuring the Medicine Show Music Company. There will be dancing, comedy and snappy patter. In addition to Scott Crosbie playing the whiz-bang, entertainment includes Bob Andrews on bass and Bill Mooers on the giant bango. There’s even some magic and many musical surprises. The Halloween show will also present magician/comedian/juggler Craig Carlson. Come dressed in Halloween costumes!
Halloween Spooktacular At Market Square
Market Square Shopping Center
7900 Market Blvd., Chanhassen, MN
11:00 am to 1:00 pm
Cost: Free

A free, fun and safe way to celebrate Halloween in your community! There will be a haunted fun jump, costume contest at 1pm, games and prizes, trick-or-treating (children in costumes will receive treats from Market Square businesses), balloon animals, kids crafts & face painting at Finding Joy Boutique.
Bargains Abound: What Are Buyers Waiting For?
With low home prices and ultra-low interest rates, the housing market is offering “perhaps the best deals of a generation,” notes a recent article by Bloomberg Businessweek.
Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks (4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey).
“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”
The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012 but mortgage rates will increase by a half-point. So for that same loan under that scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171--only a $26 difference.
For those who can qualify for a mortgage, "playing the waiting game" won't result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.
Source: “Crazy Home Deals Await the Creditworthy,” Bloomberg Businessweek (Oct. 24, 2011)
Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks (4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey).
“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”
The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012 but mortgage rates will increase by a half-point. So for that same loan under that scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171--only a $26 difference.
For those who can qualify for a mortgage, "playing the waiting game" won't result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.
Source: “Crazy Home Deals Await the Creditworthy,” Bloomberg Businessweek (Oct. 24, 2011)
Tuesday, October 25, 2011
Weekly Market Update: October 24, 2011
Another week in the books arrived with another strong showing from buyers, who ramped up their purchase activity this round. Seller activity fell short of the same week last year. The net result is that inventory is continuing to drop compared to a year ago.
Balance is still the name of the game here and right now we are heading in the right direction, with the Months Supply of Inventory currently sitting at 6.8, the lowest September mark since 2004.
In the Twin Cities region, for the week ending October 15:
• New Listings decreased 17.5% to 1,166
• Pending Sales increased 35.0% to 794
• Total available inventory decreased 21.2 percent to 22,374
Source: Minneapolis Area Association of Realtors
Balance is still the name of the game here and right now we are heading in the right direction, with the Months Supply of Inventory currently sitting at 6.8, the lowest September mark since 2004.
In the Twin Cities region, for the week ending October 15:
• New Listings decreased 17.5% to 1,166
• Pending Sales increased 35.0% to 794
• Total available inventory decreased 21.2 percent to 22,374
Source: Minneapolis Area Association of Realtors
Monday, October 24, 2011
Celebrity Listing: Micheal Jackson
While rehearsing for his "This Is It" concert series during the summer of 2009, pop music legend Michael Jackson stayed in this French Chateau-style mansion, where he later died of a propofol overdose. In 2010, the estate was listed for a whopping $28.995 by owner Hubert Guez, chief executive of the Ed Hardy fashion brand, who later pulled the home off the market. Spread over more than 17,000 square feet of living space, the opulent residence includes seven bedrooms, 13 bathrooms, 12 working fireplaces, an elevator, a home theater and a wine cellar.
Foyer
Located in a prestigious area of Holmby Hills, the grand estate was designed by award-winning architect Richard Landry and completed in 2002. The home's imposing entrance features a curved staircase, soaring ceilings and an oversized chandelier.
Living Room
A major achievement in design and proportion, the property incorporates classic design and impeccable craftsmanship and offers an integration of charm and elegance in a world-class setting.
Dining Room
Bedroom
Bathroom
Home Theater
Wine Cellar and Tasting Area
Office
Landscape
Set on approximately 1.26 acres, the home is surrounding by lush, mature landscaping. A heated swimming pool lies between the main house and the guesthouse.
Guesthouse
An elegant guesthouse with stained glass doors leads to the pool and gardens.
Source: HGTV Front Door
Foyer
Located in a prestigious area of Holmby Hills, the grand estate was designed by award-winning architect Richard Landry and completed in 2002. The home's imposing entrance features a curved staircase, soaring ceilings and an oversized chandelier.
Living Room
A major achievement in design and proportion, the property incorporates classic design and impeccable craftsmanship and offers an integration of charm and elegance in a world-class setting.
Dining Room
Bedroom
Bathroom
Home Theater
Wine Cellar and Tasting Area
Office
Landscape
Set on approximately 1.26 acres, the home is surrounding by lush, mature landscaping. A heated swimming pool lies between the main house and the guesthouse.
Guesthouse
An elegant guesthouse with stained glass doors leads to the pool and gardens.
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