4306 Grimes Avenue, Morningside, Edina, MN Is Now Pending
The long-awaited 42-day contingencies have been removed, and my listing at 4306 Grimes, in the Morningside neighborhood of Edina, has finally moved to ‘Pending’ status. What this means is, my client has accepted an offer, and all of the contingencies have been removed (inspection contingcies etc.) and this property is scheduled to close at the end of the month.
The market asking price (had it gone on the MLS) would have been $450,000. Many people inquired as to the status of this home, and why it was not listed online: The reason; at the last minute, right after the sign went in the yard when we were ready to go on the market, the seller extended the time period of the ‘right of first refusal’ for the church next door to come up with a solution so they could purchase all or part of the property. Somebody purchased the home and is going to build a single-family home on it, and deed/gift a portion of the property over to the church next door. The buyers had a 42-day contingency period that tied the home up for a while…hence the sign in the yard and no online information or ‘Sold’ sign on it.
Now the ‘SOLD’ sign is officially on.
Minneapolis In Top 10 For Projected Growth Of Home Prices and Jobs
This is a very good article from Forbes.com, which uses housing starts data from the National Association of Homebuilders and job-growth projections from Moody’s Economy.com . Forbes.com cites data on why they believe Minneapolis is one of the 10 cities projected for job growth and an increase in home prices.
Minneapolis, MN 9) Atlanta, GA 10) Oklahoma City, OK 
Rosalux Art Gallery Art Show This Saturday
If you are looking for one of Minneapolis’ premier art galleries, be sure to check out the art show at ‘Rosalux’ this coming Saturday, from 7-10PM. A friend of mine - Tara Costello - is one of the primary artists featured this Saturday. Tara’s work is definitely worth seeing. She can also be contracted for private work for homes or businesses as well. Click here to see the Rosalux website: http://www.rosaluxgallery.com/
Via’s Cafe & Bar - Edina, MN
About a year ago, Via Cafe & Bar www.viacafebar.com opened along the France Avenue corridor of Edina. The cross street is the 6700 block, 6740 France to be exact. This is just across France avenue from Southdale Mall and the Galleria.
Via’s boasts one of the nicest and more relaxing patios in the city (aside from a little residual traffic noise from France ave). This patio has a beautiful decor, comfortable tables and seating, with ample room. The patio is a classy setup with a gas and glass stone fire-pit, heat lamps, nice shade and an ample bar.
Indoors are 3 dining-rooms, all very nice. One dining-room has discreet electrical connections for business and free wireless internet access.
The menu is mid-to-upscale fare and all I’ve sampled so far is quite good.
I’ve stopped here for business twice in the afternoon (patio) and once last night after seeing the latest Batman installment ‘Dark Knight’ at the Southdale movie complex.
Wendy and I had the Chocolate Lava dessert - which was what we had hoped for. This was a nice oasis stop @ 10PM, and still serving desserts and a bar menu. It was beautiful at night.
Via’s location is very convenient, especially for the late-eve hunger and/or night-cap.
Via Cafe & Bar is owned and operated by Hemisphere Restaurant Partners (they own a number of good restaurants in the Twin Cities area). It seems as though they’ve not missed the mark yet!
Try this restaurant, you will not be disappointed.
Now Is The Time To Buy A Home In The Minneapolis Area
If you have been holding off buying real estate, there are several good motivators that you’ll not likely see again for a very long time, perhaps if ever. The reasons:
1) President Bush signed into law a few weeks ago a first-time homebuyer’s real estate tax-stimulus plan. This plan goes back retroactively to all who have bought since April of 2008, and goes through June of 2009. If you purchase a home during this time period, and qualify under the income guidelines (fairly high actually) you can receive a $7,500 tax credit, not a deduction, but full credit. Example: If you normally pay $2,000 into the IRS for taxes, you will now get $5,500 back as your refund. Another one: If you normally get a return of $3,000, now you would get a return of $10,500. This is huge and very unprecedented! This credit is to be paid back at a rate of $500 per year, interest free, coming off of your taxes, or if you have net proceeds at the sale of the home.
Keep in mind:
Under Normal Guidelines, anybody who has not bought in the past 3 years is considered a first time homebuyer.
2) Right now, some lenders are doing a 1-year, 1% buydown on your loan, if you lock on the loan in August or September. Example: you lock a loan at the very low 6.125% rate, your lender (only certain ones) will buydown the first year interest rate to 5.125%. At a loan of $300K this is a savings of $3,000 in interest in the first year, or $250 per month. That, in tandem with the tax credit, can save you $10,500 in real money in this next year. Again, this is huge!
3) Home prices in the Minneapolis metro area and Edina (I and many other professionals) are at or near bottom. Looking at data, we see an uptick in home sales, prices stabilizing. We’ve had a number of homes going ‘multiple offers’ lately. In particular good ones.
4) Interest rates are historically low.
5) The tax credit, the 1-year/1% buydown, in tandem with really low interest rates, and home prices at or near bottom make this your best opportunity for a long time to come.
Put it this way, you’ll save more money in year one than you ever will have in the past (up to $10,500, which can help offset a loss on your sale), and more money in the long run (tens of thousands of dollars) due to low acquisition prices and low interest rates.
When, in future will it get better?
New Listing At 18454 Magenta Bay, Eden Prairie $574,900
This home has been totally remodeled, inside and out. It will be on realtor’s tour Tuesday, 08/05, with lunch served from Prima Restaurant on Lyndale, and a public open on Sunday, from 1-3:30PM.
Please click here to see the listing
Noteworthy points: 3,600+ fsf, 5/4/3 with 4 bedrooms on 1 level and the 5th in the LL, a full master suite. Also, a
huge 70-ft deck, new kitchen, bathrooms, wood floors, carpet, paint, completely finished lower level, new roof, siding, gutters, new underground sprinkler system, new driveway and beautifully landscaped!
Call with any questions…