Minnetonka, MN Real Estate News

There's lots of folks heralding the new First Time Home Buyer Tax Credit...but there are those who feel that it is a lot more sizzle than steak.  Sure, a first time homebuyer can utilize the new government incentive to fix up the home, adding value and equity to their balance sheet, but it is also possible that the tax benefit will be squandered on vacations or consumer goods with massive initial depreciation rates.  That might be a boost to the economy, but the inexperienced first time home buyer will still be looking at 15 years of $500 per year debt, (at maximum credit) because the IRS will recapture 100% of the tax credit over 15 years, and it won't even show up on his/her credit report.  As is obvious, savings and not debt makes for a stronger balance sheet. While there may be seve...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
The amount of days that a home sits on the market does not necessarily have anything to do with the home for sale. Many times, it has to do with location, and even the amount of competition from other neighbors. Take for instance, Minnestrista, Mound, and Orono, which have the largest amount of homes for sale this year. They also have a relatively high number of days of the market (DOM).At the same time, you could look at Orono with its high DOM, and also take into consideration that the average selling price in 2007 was almost $2 Million, also contributing to the reason for a high DOM.                    On Lake Minnetonka, there are many small towns that surround the lake, and each has homes that vary in price. Greenwood for instance, is relatively small, and only had four homes sell ...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Oops! Looks like I forgot to do the market analysis for February. But have no fear, with the market slow down, we didn't' miss out on too much!$1 Million -2 Million - The "cheap" homes have tons of competition, what with 117, which is almost the same amount as in January. Thirteen homes are pending, which compared to March 2007, is a three homes short. Closed sales totaled six, which blows last year out of the water.$2 Million - $3 Million : 41 homes are competing against each other, especially with almost 10 homes for sale more than in January. Selling seems a little difficult in this price range as there is only 1 pending sale and 1 closed sale for March.$3 Million - $5 Million : There are 22 homes currently for sale on Lake Minnetonka in this price bracket. Looking back to March 2007...
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10025 Kingman LaneMinnetonka, MN 55305For Sale $329,900Spacious Main floor with Vaulted Family Room & Screened Porch!Bedrooms:4Bathrooms:3 3/4 Master Main Full Lower Level 3/4 Area:MinnetonkaStyle:Single Family Home Split Entryy10025 Kingman is much larger than you realize! The upper level has large open spaces for an active household. As you enter the home you will see refinished hardwood floors through out the living room. There is massive window in living room for natural light and a built-in planter for greenery. The main level has been freshly painted with a warm neutral paint. The Living room flows into a Formal Dining room and the centerpiece of the main level: a vaulted main floor Family Room!   Home  Full Details  Photo Tour  Print Brochure  Property Map  Area ...
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Why have mortgage lenders tightened their guidelines so much? Can I still buy a home with zero or no money down? Will I be able to refinance with the tougher mortgage lending guidelines? I am not able to refinance and my ARM is about to expire what should I do? These are some very common questions being asked right now in 2008 by consumers everywhere. With the record number of foreclosures that have hit our nation and so many mortgage loans going bad, the mortgage industry was in need of a serious overhaul or makeover. Therefore, lenders have been forced to tighten up their lending guidelines to make sure that they are producing loans of better quality which is not only better for them, but better for the consumer as well. While, lending guidelines and underwriting guidelines have defin...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Looking to buy a luxury home? Well, the place to be is Lake Minnetonka. Just because it is winter doesn't mean you can't go out there and see the beauty of a frozen lake. Who knows, you might even want to put in some ice fishing time or check out a pond hockey game between showings. Here's the real estate numbers for the month of November:1 Million - 2 Million : Compared to the rest of the year's activity, the brakes were put on this month and new listings were put to a halt. There are currently only 131 homes actively for sale, the same amount as back in April. Six homes have gone pending this month and five homes closed, making the pending and closing stats some of the best this year.2 Million - 3 Million : Never the price bracket with outstanding results, there are currently 36 acti...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Looking to buy a luxury home? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. But there are also some big hitters out there with nine homes priced over $5 Million.1 Million - 2 Million : Seeing a huge slow down this month, with only 143 homes currently for sale around Lake Minnetonka. No new homes have gone pending, but eight of last months pending sales closed in the month of October.2 Million - 3 Million : This bracket saw a huge decrease in active listings. There are 34 active homes for sale meaning six homes have been pulled from the market since September. Only one home in this price range sold in October.3 Million - 5 Million : Always the bracket to be active or slow, October sa...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
With so many lakes in Minnesota it could easily get confusing on the water quality of each lake. Thanks to the Department of Natural Resources, they do the research for you. All you have to do is fumble through the data.On their website, you can look up the lake of your choice and then obtain information on water quality, water clarity, what types of fish the lake stocks, topography charts, and more. The DNR also offers Fish Consumption Advisories and lets local real estate owners know if certain species have higher than normal amounts of Mercury.It is a great way to check up on the ecology of a lake you might be thinking of purchasing a home on.
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. Fall is upon us and now is a great time to take a tour of homes for sale via the water and also enjoy the changing colors.1 Million - 2 Million : The most active high-end price range just got more active this month, again. This time more homes moved to PENDING, eleven to be exact, and 5 of last months six closed for the month of September. However, active listings still remain high at 141.2 Million - 3 Million : This bracket saw a another decrease in active listings. There are 41 active homes for sale and only 1 pending. Four homes closed this month, 1 more than in August.3 Million - 5 Million...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Lake Minnetonka Real Estate Update - August 2007Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. Summer is winding down and soon the Lake will have a spectacular display of autumn colors for all to enjoy. Get your home soon so you too can enjoy the wonderful lake views and take a last cruise around the lake before winter sets in.1 Million - 2 Million : The most active high-end price range just got more active this month, again. This time more homes moved to SOLD, six to be exactly, and 7 more took their spot for being put under contract. However, active listings still remain high at 144.2 Million - 3 Million : This bracket saw a slight decre...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Lake Minnetonka Real Estate Update - July 2007Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. So bring your boat, and your check book, because one of the best lakes in Minnesota is up for sale....via homes, that is!1 Million - 2 Million : The most active high-end price range just got more active this month. Whereas June saw 135 active listings, July was ever more so with a whopping 149 homes for sale! Pending sales are currently at 15 because two from June closed in July. However, where previous months saw 10 or more homes closing, July only had these two.2 Million - 3 Million : This bracket remained steady, currently at 48 active listings....
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Being the largest lake around, it makes sense that Lake Minnetonka would be home to a couple of yacht clubs. During the summer months, especially on the weekends, you can enjoy some of the sailboat regattas on Wayzata Bay. I have always loved sailboats and I can remember my first ride on a very windy day. It seemed the captain of the boat was trying to get me in the water as a joke, but thankfully I did not fall overboard.If you like to sail, Minntonka offers three options:   Minnetonka Yacht Club - 19800 Minnetonka Blvd., Deephaven, MN 55331 Call (952) 473-9935 Upper Minnetonka Yacht Club4165 Shoreline Drive, Spring Park, MN 55384Call (952) 471-8783 Wayzata Yacht Club1100 East County Rd 16, Wayzata, MN 55391 Call (952) 473-0352
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
When locals think of ultimate luxury homes, they immediately point to Lake Minnetonka, just 20 minutes west of downtown Minneapolis.As one of the largest lakes in the state, it is steeped in history. The Dakota Indians called the lake home and gave it the current name, meaning "Big Waters". It was a great secret until discovered in 1822 by frontier men. There are a couple historical sites available online to learn more about the unique history of the area:The Excelsior-Lake Minnetonka Historical SocietyThe Minntonka Historical SocietyThe Wayzata Historical SocietyTo understand just how large the Lake Minnetonka area is, with all it's smaller lakes and various bays, view an online map.
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area.1 Million - 2 Million : Finally the most active luxury price range is stopping to take a breath. There are currently 135 active listings, down one from last month. The total real estate waiting to close is 17 homes. Eleven of the homes from last month successfully closed.2 Million - 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 49 active listings, four more than last month. As each month goes by for 2007, more homes get listed than are selling. There are now six homes waiting to close, with one sale reported for June.3 Million - 5 Million : The upper...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
Looking to buy a luxury home in Minneapolis? Well, the Metro areas most expensive lake to live on , Lake Minnetonka, is probably the most popular location for high-end homes. The most active price range of 2007 has been the $1-2 Million market. With so many choices, it is quite a task to decide on which home to buy. Don't worry, if you can afford this price range, you can choose to be picky.1 Million - 2 Million : Spring is the season for listing and this month did not disappoint, being better than April. There are now 136 active listings, up 5 homes from last month. That's a lot of homes considering the price range! Seven more homes were added to the pending pile, bringing the total to 16 homes waiting to close. Ten of the homes from last month successfully closed in May, the most so f...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
If you are looking to buy or sell a home in Minnetonka, it appears that the market is letting us know a little secret. Homes currently priced between $1 - 2 Million are selling like hotcakes. Well, maybe not that fast, but more homes are selling in this upper-tier range than any other. There are many types, styles, and sizes to choose from so get out there and buy your new home!1 Million - 2 Million : Spring is the season for listing and this month did not disappoint.. There are now 131 active listings, up 31 homes from last month. That's a lot of homes considering the price range! In addition, eight more homes were added to the pending pile, bringing the total to 19 homes waiting to close. Five of the homes from last month successfully closed in April.2 Million - 3 Million : This price...
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By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
If you are thinking about living on Lake Minnetonka, make sure you bring your checkbook, trust accounts, inheritance, and anything else you can think of to finance the homesite. But sometimes price just doesn't matter once you've see the sunrise over the crystal blue waters, or heard the birds chirping and the breeze whistling through the trees.So if you plan on buying or selling in the Lake Minnetonka area, here is a breakdown of market statistics for the month of March:1 Million - 2 Million : Spring must be here as there was a dramatic increase of listings this past month. There are now 113 active listings, up 17 homes from last month and 32 more than January. In addition, six more homes have gone pending, bringing the total to 16 homes waiting to close. Two of the homes from last mon...
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