The dues are high but are they more than what you already pay?

Posted on by Teresa Boardman

coins

Before deciding that the monthly association dues for a condo or townhouse are too high, find out what they cover and do some comparisons.

I don’t pay association dues, but it costs about $110 a month for homeowners insurance and another $25 for trash pick-up but that doesn’t include the part we pay through our property taxes. Water is about $53 a month. Add that up and we are already at $188 a month for items that are typically included in association dues.

We had the place reroofed a few years ago that cost several thousand dollars and is typically paid for with association dues. There are other items that are covered like snow removal and lawn care.

Some associations cover heating, cooling, cable and internet which can easily add up to another $300 a month.

People who live in condo buildings with underground heated garages pay for it through their association dues.

Some condos owners enjoy shared amenities like balconies, decks, swimming pools, party rooms, and exercise rooms with equipment. There might also be a library, a craft room and maybe a guest apartment.

Owners also pay for security access, professional management, mail rooms, laundry rooms and elevators. It all adds up.

People who do not want to pay for all of the amenities might be able to find a condo with fewer amenities and lower dues. Either way it is important to understand what the dues are paying for and to make some comparisons before deciding that association dues are too high. It is even possible that living in an association will be less costly than owning a house or renting an apartment.

Lock your bike twice

Posted on by Teresa Boardman
Bike trail
Bike trail – Pickeral lake – late summer 2018

I just got my bike back from Lowertown Bike Shop. It needed a tune-up but more importantly it needed a new chain. We have already had a few days that have been warm enough for biking and are likely to get a few more. I am not into winter biking; I bike when temperatures hit 45 degrees or better.

Bikes are a high theft item. They disappear quickly and we never see them again.

The best practice for securing your bike is to lock it in a garage or shed or enclosed area and also lock the the bike. Mine is locked in a shed and I use a U lock to lock it to a beam. I have had the same bike for six years and would like to hang onto it for a few more years. St. Paul is a wonderful place to bike with plenty of trails.

Sure, I have the serial number and could file a police report if the bike is stolen but that isn’t the same as getting the bike back.

Please keep your bike locked up when not in use. Keep it locked up and behind locked doors and if possible, away from any windows and out of sight.

If rates are too high swipe left

Posted on by Teresa Boardman
brick and brownstone turret
Turret with brick, brownstone, and granite.

Mortgage interest rates are too high and so are home prices, which rose due to high demand and low rates.  Some real estate professionals are advising their clients to buy a house even though rates are 7%ish.

“Marry the house, and date the rate”.  This catchy phrase has become popular advice and a catchy phrase since the Spring of 2022 when mortgage rates increased to 20-year highs.

The phrase “Marry the house, and date the rate” means you’re committing to a long-term relationship with the house you love.  But you can dump the interest rate when you refinance.

Not so fast. Rates will remain high for a few years and it will take a few years just to build some equity at today’s prices. In fact, you can’t really date a rate. Well maybe you can but you don’t get to just decide when to date another rate.

When a borrower refinances to a new rate they start all over making mostly interest payments. People who have been laid off generally can not refinance. There are fees and closing costs too. In most cases, a borrower would need to own the house for at least three years and rates would have to go down by 2%. Good luck with that.

When my husband and I bought our first house rates were over 8.5%. At the same time houses were less expensive back then and our monthly payments were just a little more than rent.

We can not assume that home values will always rise and that rates will go down soon.  Housing prices can go down or stay flat and rates can go up.  In fact, sometimes renting makes more sense than buying. A home buyer could date an apartment and eventually marry the right house at the right price.

Typically the real estate agents promoting this phrase “Marry the house, and date the rate” either don’t know any better or are a bit sketchy.

Instead of dating the rate, swipe left.

 

The pans I used to hate

Posted on by Teresa Boardman

It is Friday and Fridays are for fun. Decades ago when I was young we didn’t have much in the way of cookware. My mother bought us a set of pans at one point and I still have them today. I also have her set of pans and both of the pans that I bought for myself.

I always had cast iron pans and never liked them. They were very common in the 1980s. Yes, I am that old. I have no idea what happened to those pans. A couple of years ago I looked for them in the camping gear and in the basement but never found them. Did I give them away? Toss them out? Did they get lost in a move?

Cast iron pans are not non-stick. I think that is why I hated them back in the day. They don’t go in the dishwasher and they need to be seasoned and in general require care but they are worth it.

When it comes to cooking nothing beats a iron pan. They work on any cooking surface, I use them in the oven on the stovetop, and on the gas grill. They work on conduction cooktops, electric burners, and gas stoves.

Last week I used my 8-inch pan to bake a chocolate chocolate chip brownie, and I used the same pan to bake some chicken thighs in and roasted some veggies in it on the outdoor gas grill. I use a larger castiron skillet for cornbread, pizza, and pancakes. Yes, I like to cook, it can be fun and everyone has to eat.

chocolate chip brownie in a cast iron pan
Chocolate chip brownie

 

Don’t forget about the library

Posted on by Teresa Boardman
Saint Paul Public Libary
Saint Paul Central Library – George Latimer

The central library is beautiful inside and out and a fantastic resource. It also makes a nice backdrop for the holiday decorations in Rice Park.  Most of the books I read these days are electronic books that I  borrow from the library. They have a large selection of Kindle books and audiobooks that are easy to check out without even going to the library, but I love to go to the library.

In the summer one of the things I love to do is actually go to the library and check and pick up some old-school hardcover books. Since childhood, I have associated summertime with reading. I keep a stash of books for reading on the front porch.

The library is also cool and quiet and they offer many services and types of media. It is a go-to place for research and learning. Did you know that there is a “maker” space? It is a hands-on workspace with a 3D printer, a laser engraver, a sewing machine, a recording studio, and more.

There is a large children’s room filled with books, the puppet stage, and places to read.  There is a room with books for teenagers and young adults.  There are magazines, newspapers, and movies.  The librarians are always helpful and best of all it is all free. Well, it isn’t really free we all pay for it with our tax dollars.

I recommend living within walking distance of a library or two.

Home prices by neighborhood

Posted on by Teresa Boardman

Here are some numbers for home sales in St. Paul, Minnesota for the month ending February 29. The high demand and low supply kept home prices up. Most of the city is experiencing a strong seller’s market. Downtown St. Paul is experiencing a weak seller’s market.

Overall the average days on the market is 41 days. Interest rates went up in February and mortgage applications went down. Experts are predicting lower interest rates during the second half of the year with home sales rising in 2025.

Home sales by St. Paul neighborhood
Home sales by St. Paul neighborhood

The numbers used in the chart were extracted from the NorthstarMLS which is deemed reliable but not guaranteed. Other sources of this information include areas outside of the city of St. Paul, the information presented here is inside the city limits and does not include suburbs.