Home Sweet Home, Insider-Tips on Minnesota real estate.

Down payments as low as 3.5%

What would convince you to buy now?

If you'd love to purchase a new house but you're sitting on the fence, what exactly would it take to get you to buy now?

Mortgage rates are low, in the 5 percent range? Down payments of only 3.5 percent. Below-market value pricing? Special amenity packages? $8,000 tax credit fro first time buyers. Combination packages of special financing, price concessions. All make it an opportune time not to procrastinate! What's the magic mix that will get you motivated? Buy Now! Before throngs of buyers scoop up the great deals!

Perks offered to live, work in St. Louis Park

LAURIE BLAKE, Star Tribune

To attract new homeowners, St. Louis Park is offering people who work in the city a $2,500 grant to buy a home there.

For the purchase of a foreclosed house, the city will chip in another $1,000.

"We want to revitalize our neighborhoods and schools, and having new people move into our community is a way to do that,'' said Michele Schnitker, St. Louis Park housing supervisor. "People who are working here are already somewhat invested in the community.''

The program is not limited to first-time home buyers and age is not a factor in eligibility. Qualifying income is $97,000 or less for a family of four and $77,000 or less for a two-person household.

Other communities, including Bloomington, Edina, Plymouth and Minneapolis, offer various housing incentives to attract young people, encourage the purchase of foreclosed homes or promote home improvements. But an outright grant that is available to most buyers and can be used on any home in the city is an unusual incentive. The only prerequisites are that one of the owners must work in the city and that they meet the income caps.

St. Louis Park's grant money comes from development fees paid to the city. There's enough for about 25 grants this year.

Grant recipients must live in their homes for three years; otherwise, the money will be treated as a loan, Schnitzer said.

Malissa and Collin Grant were the first to take advantage of the program.

Both are graduates of St. Louis Park High School. They rented in St. Louis Park, then began looking for a house when they were recently married.

Collin, 29, works for the Minnesota Department of Natural Resources in St. Paul. Malissa, 28, works in St. Louis Park at Citizens Independent Bank, one of five banks handling the mortgages for the program.

The Grants already had decided to live in St. Louis Park and were in the process of getting a mortgage for a three-bedroom 1958 rambler on Ottawa Avenue S. when they learned that they could qualify for the program.

At that point the grant came as icing on the cake and they used it to help pay closing costs.

Had they known of the program earlier, it might have narrowed house hunting to St. Louis Park sooner, Collin said.

Citizens Bank offers $500 to anyone who closes a mortgage there. The other participating banks are Associated Bank, Bremer Bank, US Bank and Wells Fargo.

The grant is "a feel-good'' extra for people who want to live in the city, said Becky Bakken, marketing director for Citizens Bank.

"I hope it motivates people to at least look at St. Louis Park," she said. "It is great to support home purchases right now, in a market full of opportunity and attractive rates for buyers."

The grant can go toward a down payment or closing costs or other financing needs.

"We have strong neighborhoods, an award-winning and diverse educational system, and we're a community people can choose to live in for a lifetime,'' said City Manager Tom Harmening. "We hope this grant will help those people with a vested interest in our city -- because it's already their place of employment -- be able to afford to also make the Park their home."

Banks moving slow on home sales

In January this year, six out of every 10 homes sold in the Twin Cities were either in foreclosure, or they were involved in a "short sale."

A "short sale" is when the person living in the house sells it for less than what is owed. Banks must approve this type of transaction.

In the case of either a foreclosures or ashort sales, banks lose money.

But we're finding the banks themselves may be largely responsible for this for how much they're losing.

We've found many cases where they're just not talking to homeowners in trouble, not working to avoid foreclosure.

If they did work with these homeowners, experts tell us they'd not only prevent a lot of heartache but they'd save themselves a lot of money in the process . . . .

For complete KARE 11 story click here

The most expensive house in the US?

LOS ANGELES (AP) - The widow of producer Aaron Spelling is placing "The Manor" in the exclusive Holmby Hills neighborhood on the market for a jaw-dropping $150 million, making it by far the most expensive home for sale in the U.S.

The French chateau-style mansion has 56,500 square feet of space on more than 4.6 acres and is the largest home in Los Angeles County. Among the neighbors are the Los Angeles Country Club and, not too far away, the Playboy Mansion.

The three-story mansion, built in 1991, is gated and features a winding driveway that leads up to the three-story house, which includes ceilings that reach up to 30 feet high.

There's a bowling alley, wine cellar, wine tasting room, gift-wrapping room, a humidity-controlled silver storage room, China room, library, gym and media room, among many others.

17,000 square-foot attic that includes a barber shop and beauty salon.

The home also includes a wing for service staff, including a kitchen and seven bedrooms, and five fireplaces and four wet bars.

Lavish features also can be found outside the house, including a tennis court, fountains, a waterfall, a pool and spa, a reflection pool and a pool house with a kitchen, and 16 car ports.

The estate also boasts an 18th Century-style garden, a rooftop rose garden and a citrus orchard.

Former home of Newlyweds couple Jessica Simpson and Nick Lachey

24944 Lorena Drive, Calabasas CA 91302

$3,995,000

 

5 br  6 ½ ba  6,483 sqft  Single-Family Home

Description provided by Trulia.

Description provided by Realty Trac.

This Trendy Contemporary Estate was featured in MTV's, 'The Newlyweds'. Situated in a guard-gated community, this privately gated home has been impeccably remodeled. The towering entryway has an exquisite wrought iron staircase & zen-like fountain while the open floor plan showcases the walls of windows. Exceptional amenities include: a restaurant style wine cellar, home theater & recording studio/gym. Chef s kitchen w/state-of-the art stainless steel appls. & can accommodate either intimate dining or a large catered event. The other secondary rooms are suites with walk-in closets & balconies each designed to suit the function of the home. The pvt Mstr ste has a combined lrg retreat & bdrm, a fp & spacious balcony w/breathtaking views. The Mst.… Show more bath feats. an oversized spa tub, walk-in shower, dual vanities & spacious closets. The yard is a showpiece! The dramatic pool & overflow spa, draped cabana & 'hotel style' lounging areas, provide endless hours of entertaining & relaxing.

1 of 20

View larger photos

Has Housing Hit Bottom?

Has housing hit bottom? It is much too soon to make this call. Recent housing numbers were influenced by weather. December and January were colder than normal in the Northeast and Midwest, and February was warmer than normal in the Northeast, and about normal in the Midwest. Temperature swings will swing the housing numbers, and the seasonal adjustment factors will augment these swings. On top of this, February was the eighth driest February in the 1895—2009 period, according to the National Climatic Data Center, the government agency within NOAA that monitors climate. Drier than normal weather during the winter months can also make the housing numbers spike. One key statistic pointing to “better-times-ahead,” however, bears watching. Last week, the Census Bureau reported that single-family housing permits (which are not influenced by weather as much as other housing numbers) increased 11.2% in February, but today, it revised this increase to 16.1%. Until we get another two positive readings on single-family housing permits, at best we can say that housing has likely hit an inflection point. An inflection means that the market is shrinking, but not in collapse. –Patrick Newport, IHS Global Insight

Get insightful, fast, FREE advice on home buying & selling!

“ITZ the Right Realtor at the Right Time"

Tom Slupske | REALTOR®
Ph.|TXT: 612-720-2997

Fax: 866-805-6395
tom@tomslupske.com

Web Site: www.tomslupske.com

Counselor Realty, Inc.

 

SPRING ROOF MAINTENANCE, and other

SPRING ROOF MAINTENANCE Winter can play havoc on roofs; check out these tips for identifying roof damage and preparing for springtime showers.

PROS AND CONS OF AIR DUCT CLEANING Now that you’re having thoughts of warmer weather, you may be attracted to advertisements promoting air conditioning system duct cleaning. But before you hire someone to do the dirty work, consider the pros and cons.

DON’T LET THE BED BUGS BITE Once considered only a problem in hotels and similar transient housing situations, these bugs may have moved into your neighborhood.

DRYWALL CONCERNS Learn why this seemingly benign product is causing concern for some homeowners, particularly in areas of Florida where a lot of new construction or hurricane renovation work occurred between 2004 and 2007.

QUESTIONS AND ANSWERS Get some advice on cleaning stainless steel appliances, malfunctioning water pressure regulators, damp basements and flooded water heaters.      Compliments of HouseMasters Home Inspections

One in Five Americans Plan to Buy a Home Despite Economic Conditions

First Time Buyers Optimistic, Homeowners Search for Solutions to Stay in Homes While half (52%) of all Americans are concerned they or someone they know will face foreclosure in the next six to 12 months, 23% of adults plan to purchase a home in the next five years, and more than half of them (53.5%) are first time homebuyers, according to a new survey commissioned by Move, Inc., the leader in online real estate and operator of www.Realtor.com(R).

Pent-Up Demand Increasing

The Move survey found the housing downturn, now entering its third year, has created significant demand for homeownership especially among first-time homebuyers.  While 5.8% plan to purchase a home in the next 12 months, 12.8% of Americans say they plan to buy a home in the next two years and 11% plan to purchase a home in two to five years.

Over half of those planning to buy in 2009 are first-time homebuyers (53.5%).  By comparison, 41% of homebuyers in 2008 were first-time homebuyers, according to the National Association of Realtors[1].

While 18.1% of homebuyers do plan to buy this year to take advantage of the $8,000 tax credit, nearly half (47.6%) said they didn't know about the credit and 29.3% said it wasn't large enough for them to act right now.  Potential homebuyers with higher incomes are more interested in the tax credit than those in lower income brackets, as 43.4% of first-time buyers earning $50,000 or more say they plan to use the tax credit.

Public Affairs

Brooklyn Center Offers New Mortgage Programs The city of Brooklyn Center has created home purchase programs to help get foreclosed, vacant homes reoccupied with responsible, informed homeowners. The program is designed for people who can afford to purchase and maintain a home, along with managing the responsibilities of homeownership. |

MORE Robbinsdale Point of Sale Inspection Ordinance The city of Robbinsdale has adopted a point-of-sale inspection ordinance effective May 1, 2009. The ordinance requires an inspection by a city licensed inspector prior to placing the property on the market. Inspection reports will indicate items that are acceptable, below standards or require repairs. The city website includes information about the list of repair items. More information will be provided by the city as the effective date nears.