I do go out during the day but lately it seems easier to get some photos at night. I went to Harriet island a few nights ago. It looks deserted but it isn't. There are people out walking when the weather is nice.
Harriet Island Regional park was named after Harriet Bishop and is over 100 years old.
It happens all the time. I don't think people believe me when I say if you want the house you need to make an offer. Some buyers like to wait until the price goes down a bit. The price may go down tomorrow or in six months or someone may buy the home today. If the home is over priced, offer less. When the price does go down sometimes several buyers will make an offer. It is a buyers market but not all houses are equal and some go in a hurry.
Every year I have clients who need to miss out on at least one home before this all makes sense.
Did you ever write a blog post and have it dissapear? It happened to me, and I had to start all over again. I would rather just say that my dog ate it and get on with my day, and write about appraisals.
Appraisals are part of the lending process and they have tightened up a bit. In 2004 and 2005 it seemed like homes appraised for whatever amount the buyer wanted to pay. No longer the case. Sellers can set a price, and buyers can make an offer but the bank will only finance the appraised amount and it might be lower than the agreed upon purchase price.
The bank will only lend the amount of money that the home is appraised for, that means that buyers either have to find some exptra money, or sellers need to accept a lower offer. In most cases if a home appraisal comes in low the buyer can cancel the purchase agreement and get their earnest money back.
It is hard to imagine that in today's market that a home that is overpriced would get an offer but they do. It is even harder to beleive that they would receive offers that are above market value but they do. I think it is a good thing that appraisers are being a little more conservative than they have been in the past.
One hundred and fifty years ago today, May 11, 1858, Minnesota became the 32nd state.
The bill was finally ratified by Congress on this day after months of wrangling. This was a perilous time for the union, and the careful balance between free and slave states had to be maintained. In just a few short years, however, that thin veneer of agreement would be shattered and Minnesota, a new state, would find that statehood came at a price. It was a price they would gladly pay to be part of the great Union they struggled to be part of.
Just three years later, in 1861, Fort Sumter was fired on and the Civil War began. Governor Alexander Ramsey (pictured) was in Washington at the time, and was the first Governor to volunteer troops to President Lincoln. The first Regiment of all the grand army of the republic was raised from this promise, the 1st Minnesota Regiement.
They found themselves stationed in Pennsylvania when Gen. Robert E. Lee decided to take the war to the North and invade across the Mason-Dixon line. On the second day of that conflict, on July 2nd, 1863, Lee was about to break through the Union ranks. General Hancock, in charge of the field, realized that he needed just five minutes to reorganize his troops to form a line that could repulse the rebels. Looking around, he saw the 1st Minnesota was there to do the job. He ordered them to counter-charge against Lee’s men and give them the needed time.
The 1st Minnesota did not question the order, and immediately did as they were told. Five times their flag fell, but each time they raised it back up. In the end, they suffered the death and wounding of 215 of their men, an 82% casualty rate. But they held the line for fifteen minutes, ten more than the Union line needed. Their action, at great cost, saved the Battle of Gettysburg and in so doing saved the Union.
When it was all over, people across the United States, but especially in Minnesota, were proud of what happened that day. In this state. people talked proudly of the heroism that had kept Lee from making his invasion fruitful. More importantly, they talked of how Minnesota was the first state since the original thirteen that had proven itself worthy of admission to the Union. Statehood wasn’t just a right, it was a promise.
Since that time, many things have passed and Minnesota has made many contributions to the United States. Our first great contribution, proving that the Star of the North was worthy of addition to the constellation that makes up the canton of Old Glory remains one of our most impressive.
The flag that was carried that day at Gettysburg is in our capitol, just to the right when you enter the rotunda from the front. Time and rot have taken a toll nearly equal to the rebel guns on that day long ago, but it’s still with us. As we remember the hard people who settled this place so long ago, it’s worth remembering that there is some of this that we still carry proudly today. We once saved the Union. We earned our right to be here. Not many can claim that.
I spend a fair amount of time in and around downtown St. Paul. Now with the warmer weather downtown is more fun. There are people outside eating, walking, and playing music. Jimmy Walace plays his saxophone in front of the Heimie's Haberdashery on St. Peter Street. His wonderful music can be heard for blocks.
Last Friday I posted some photos that I took down by the river because Fridays are for fun. Fridays are also for work but I try not to think about that.
Someone who calls himself "The Man in the Red Shirt", like I am supposed to believe that his real name isn't David Smith, saw the pictures and asked what kind of camera I use and asked if I use a tripod. I have to admit I was inspired. David is quite the photographer. None of his pictures are blurry, he always remembers to take the lens cap off, and he gets some really great shots. He is the kind of person who would think to use a tripod. It never occurred to me to use one and it took some time to figure out how to get the camera on the tripod. My Kodak disposable camera's don't come with tripod instructions.
As always I used office supplies and it all worked out. It is amazing the things that can be done using office supplies, which is why I carry paper clips in my car. Now I have to learn how to use the tripod, it only has three legs, and honestly that doesn't make a lot of sense to me right now but I am a fast learner.
My tulips are blooming and I just had to take a picture of them. When the yellow blossoms are finished the orange will start blooming and then the pink and the red. I thought they would look nice with this months numbers too. Flowers kind of dress real estate up. The Minneapolis board of Realtors released some information this week about the number of homes on the market in the 13 county metro area that are in some stage of foreclosure. Stages include short sale and bank owned homes. They came up with a number of around 20%. The number blows my mind.
One of the findings of the study that is important to note is that homes that are not going through foreclosure are not experiencing as sharp of a price decline as those that are. It is also true that real estate is so local that home appreciation and depreciation varies by county and by city and right on down to the neighborhood level which is why I publish these numbers of my own each month. The number of homes that are going through some stage of foreclosure are having a significant impact on the housing market.
The date is gathered from the MLS. The data in the MLS is deemed reliable but not guaranteed. This data is for April 2008 for single family homes which includes condos. Homes that are pending have had offers made on them and have not yet closed. The prices are the actual sales prices of all homes that closed during the month of April. Average sale prices are up from last month which is a good thing but they are still down form last year.
Also see Local Market Conditions and Home Prices, and Foreclosures
This post is a kind of public service message that I like to run once a year. Today is the day. This applies to Minnesota, real estate is locally regulated so it may not work the same way in other states. There are five kinds of agency relationships in real estate recognized by the state of Minnesota:
Buyers and sellers both like to ask me if I am a buyers agent, or a sellers agent. Some of these conversations have revealed some mis-information about dual agency. Dual agency happens only when an agent, or the agents broker, or more than one of the brokers agents are working on behalf of that broker and representing both parties in the same transaction.
I am both a buyers agent and a sellers agent. I encounter situations where I am asked to play both roles in a single transaction. I have represented both parties in a transaction but I prefer not to. Dual agency is a bit different in than buyers agency or sellers agency in that the agent can not advocate or negotiate for either party. Takes the fun out of it for me, and I still believe that both parties are better off if they each have their own agent.
As an agent I find that my experience as a buyers agent and as a sellers agent helps me with both roles. When it comes to negotiating an offer no matter which side I am representing I have a clear understanding of what the other party might want, or how they might be feeling about it all.
Real estate is about people and buying or selling property is a large and important transaction, and there are always emotions involved. Having experience with sellers helps me advise buyers and having experience with buyers helps me advise sellers and understand how to market their home. I can see the home through the buyers eyes, just as I can see the buyers offer from the sellers point of view.
If I were choosing an agent I would not consider it an advantage to work with an agent that only represents buyers or one who only represents sellers. I would consider it an advantage to have my own agent representing my best interests instead of an agent who is operating in the dual agency role and representing both parties. Like it says above:
"Dual agents have a limited role, must not advocate or negotiate for either party, and must not act to the detriment of either party."
Buyers who go from open house to open house or the agent listed on each sign, to see each home, run the risk of working with an agent in a dual role. Get your own agent. There is still a myth out there that agents can only show their own listings. We can show any home listed in the MLS, this is called "broker reciprocity". It helps sellers because all agents are working to sell their home and it helps buyers because they can work with any agent from any company to buy any piece of real estate.
The red line on the chart above shows the number of homes that were
listed for sale through the Regional Multiple Listing Service (MLS)
each week since the beginning of the year. The blue line shows how
many homes had offers made on them during the same week. (Only offers that were accepted by the sellers are counted.)
Activity is always the highest in the spring months and often peaks in April or May. There are more homes on the market and more buyers too. Last year at this time the number of listings was rising but the number of purchases was falling.
To look at these numbers for April 2007 follow this link.
The Rochet building on West 7th Street, near downtown St. Paul.
It is becoming more common in my job to work for sellers that I never meet. We have long distance business relationships.
It is more common with condos and lofts than with any other type of real estate. Owners move away and rent out the condo and then decide at a later that they want to sell it.
Some find my web site others get my name from their neighbors and give me a call. It is the internet that makes this all possible. I send them the necessary legal documents by email and a list of questions and set up a time where we can got through the documents by phone. I use a program called skype, and if they do too we can use video, which is almost like meeting in person. After we have gone through the documents they sign them and fax or email them back to me. They send their house keys by Fedex or snail mail. We don't have a way to get keys through the internet yet but I am working on it.
Once I get their home listed I send them links to it so they can see what it looks like and make sure that all the information is correct. I don't always get to see the home before I put it on the market.
I set it up so that sellers get an electronic notice every time there is a showing so they can keep track of activity. They also get an email with feed back from each showing.
Once they get an offer it is handled the same way as the listing contract. It is sent to the seller and we go over it by telephone or through skype. The seller signs it and sends it back.
Even though we close at the table here in Minnesota buyers and sellers do not have to attend the closing. With the long distance sellers the title company sends them documents to sign before the closing. I attend the closing on the sellers behalf. The proceeds of the sale are electronically sent to the sellers bank account.
I would love to meet all of my clients in person but it doesn't always work that way and it isn't a requirement. Long distance relationships are becoming more common. I have has long distance relationships with buyers but I almost always meet them at the closing or if they come to town to attend the buyers inspection. I have written offers for buyers on homes that they have never been to. We do that over the internet too and it involves taking a lot of pictures and video.
University Avenue is one of the most colorful streets in Saint Paul. Along this broad ribbon of asphalt you can find Asian markets, soul food, discount importers of fine crafts, and car repair shops that do business almost entirely in Spanish. And if you look carefully enough at 712 University, one block west of the new Rondo Library and community internet portal, you’ll see a simple sandwich-board sign on the sidewalk that says “Bikes”. If you find it, you’ll be at one of the most amazing operations on this amazing street.
This is the home of the Sibley Bike Depot, a non-profit operation that provides bikes to people who need them and so much more. It is a combination advocacy group, charity service provider, school, workshop, and recycler. Their work may not be all that well known in Saint Paul, but it is very important.
Sibley Bike Depot was started in 2001 in Downtown Saint Paul. They opened their doors to advocate for more bike lanes and related facilities in the city as well as provide bikes to people at very low cost. The mechanical part of the operation soon took over as it became obvious that many people who couldn’t afford bikes were hungry for a chance to get them. With so many bikes being discarded by those who were done with them, for what ever reason, the operation became an elaborate system. Bikes were brought in and either marked for repair or stripped down for parts, gradually filling large filing cabinets with everything you could ever need to repair a bike.
People who needed bikes but can’t afford them were allowed to “work off” their purchase of a reconditioned set of wheels by helping with the operation. This quickly led to the development of a large shop and a staff of experts who help make a new set of human powered wheels a reality. Many of those who are earning their bikes are kids, but a fair number are adults who need an economical way to get around.
This year, the operation moved out of Downtown when their building was closed down. The new place was difficult to find, but it’s proven to be a great help. By locating in a neighborhood, the Sibley Bike Depot is much more accessible to kids who need both the wheels and the knowledge of how to care for them.
The new shop has more of a storefront feel to it, which is much more in line with their real mission of selling bikes. There are still bikes lined up all over the place like you wouldn’t see in a more commercial enterprise, and the shops are a beehive of activity. But the workstations are what are unmistakable and set this operation apart from what you might expect in a regular bike store. The Sibley Bike Depot isn’t a place where you just walk in and buy a bike, unless that’s what you really want to do. This is a place where you pitch in and become a part of the operation while you learn a thing or two.
The selection is amazing, too. If you want an old Raleigh or Peugeot bike, they have them. There are Schwinn Hawthornes with banana seats just like my daughter loves. And there are parts and accessories everywhere, just what you might need as long as you’re willing to take some time to go through and look for it.
As we all wait for Spring to finally come to Saint Paul, there are a few things we need to do to get ready. Tilling the earth, raking the yard, and getting out the shorts come to mind pretty easily. But why not spend some time fixing up your bike properly, or perhaps even getting yourself a reconditioned one that’s just right? Whatever it takes to get you out when it finally does get warm, Sibley Bike Depot is the place to find it. Like most good things in life, it takes a little bit of effort to make it just yours, but like bicycling the journey is often its own reward. It all starts with a trip to a little corner of University Avenue that’s not always easy to find. It’s worth the effort.
By Erik Hare
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