Tara O'Brien's Minneapolis Real Estate Update: October 2011

Gorgeous home with quality updates. New kitchen from top to bottom, New bathroom, some new windows. Beautiful Hardwood floors, built in buffet, loaded with original woodwork and character. Center island kitchen with loads of storage, ceramic tile, custom backsplash forced air heat. Wonderful fenced yard, three bedrooms on each level, and much more. Too cute to miss.
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Southwest Minneapolis contains the fine communities of Armatage, East Harriet, Fulton, Kenny, King Field, Linden Hills, Lynnhurst and Windom.

ArmatageLocated in the southwest corner of the city, Armatage neighborhood is bounded on the north by 54th Street West, on the east by Logan Avenue South, and on the south and west by the city limits at Highway 62 and Xerxes Avenue South. The neighborhood grew around the school named for Maude Armatage, a distinguished community leader. Armatage is built up with mostly single-family housing and some multifamily buildings. The neighborhood also has a park with a community center. The retail space in the neighborhood consists of individual neighborhood stores and is mostly located along Penn Avenue South. The great majority of housing was built between 1949 and 1969, while about 5 percent of the dwellings were built before World War II.

East HarrietThe East Harriet neighborhood is located in Minneapolis' Southwest Community. It takes its name from Lake Harriet, which Fort Snelling builder Col. Henry Leavenworth named after his wife in 1819. The neighborhood is bordered by 36th Street on the north and 46th Street to the south. Lyndale Avenue is the eastern boundary; Lake Harriet and Lakewood Cemetery largely make up the western border of the neighborhood. In addition to these Minneapolis landmarks, the Lyndale ParkRose Garden and the Thomas Sadler Roberts Bird Sanctuary are located within East Harriet. Many houses in the neighborhood are two-story homes, set back from the streets.

FultonFulton neighborhood in the southwest corner of Minneapolis borders the suburb of Edina. It's bound on the north by 47th Street West, on the east by Penn Avenue South, on the south by 54th Street West and on the west by France Avenue South. Lake Harriet sits in Fulton's northeast corner and Minnehaha Creek runs through it. The neighborhood takes its name from Robert Fulton, the engineer and artist who invented the steamboat in the 19th century. Fulton is bisected by 50th Street West, a busy thoroughfare with a commercial district that extends well into Edina. A largely residential neighborhood, houses were built here mostly in the 1920s and 1930s.

KennyKenny neighborhood is located in southwest Minneapolis. It is bordered by Highway 62, 54th Street, Lyndale Avenue, and the alley between Knox and Logan avenues south. The neighborhood, its park and its elementary school were named for Sister Elizabeth Kenny, an Australian nurse who developed the Kenny method of treating polio. The neighborhood has a lake on its south end called Grass Lake. Houses in the neighborhood tend to have been built in the 1940s or later and are generally larger than the houses in adjacent neighborhoods such as Armatage and Windom. The neighborhood has a balanced mix of longtime and new residents.

King FieldKing Field is named after Dr. Martin Luther King Jr. The neighborhood is located in Minneapolis' Southwest community between Interstate 35W on the east and Lyndale Avenue on the west. The northern extent is 36th Street, and 46th Street is the southern boundary. The King Field neighborhood became part of Minneapolis in 1887 when the southern border of Minneapolis was extended from 38th Street to 54th Street. King Field is mainly a residential area with three-fourths of its single-family houses built before 1920. The King Field neighborhood has a number of amenities including churches, schools, a park also named after Martin Luther King Jr., and three- to four-dozen small businesses.

Linden HillsLinden Hills is located in southwest Minneapolis. It's bound on the north by 36th Street West and Lake Calhoun, on the east by William Berry Drive and Lake Harriet, on the south by 47th Street West, and on the west by France Avenue, which is the city limit. The neighborhood, named by the developer for the linden trees and rolling terrain, was developed in the 1880s to entice homebuyers to leave downtown for cottages on Lake Calhoun and Lake Harriet. Most of the original cottages have been replaced by large bungalows and Tudors. The Lake Harriet-Como Streetcar ("Trolley") line runs through the neighborhood. Built at the end of the 19th century to connect downtown Minneapolis with the lakes, the historic rail line now only operates between Lake Harriet and Lake Calhoun.

LynnhurstLynnhurst neighborhood is located in southwest Minneapolis at the southern edge of Lake Harriet. Minnehaha Creek runs from north to southeast, bisecting the neighborhood. Lynnhurst extends from Lyndale Avenue to Penn Avenue and from 46th Street to 54th Street. It gets its name from a neighborhood park, located at the intersection of West 50th Street and West Minnehaha Parkway. The park was named for its location in the Lynnhurst Planning District, which was most likely named for the abundance of linden trees in the area. The park's name was adopted in 1921, the same year the 8.21 acres of parkland were purchased. Lynnhurst is a residential neighborhood with most of its housing stock built before 1940.

WindomWindom is located in southwest Minneapolis. It is bordered by Lyndale Avenue S, Highway 121, Diamond Lake Road, 54th St W, Interstate 35W and Highway 62. This highway is also at the southern city limit. Like its elementary school, Windom neighborhood was named after William Windom. Windom served from the mid- to late-1800s as a United States senator from Minnesota and as secretary of the treasury. The southern portion of the neighborhood houses a sizeable industrial area, about 15 percent of the neighborhood's land.



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Tara O'Brien and Edina Realty Present

If you had asked someone in the 1960s what the home of 2015 would look like, chances are they imagined something akin to The Jetsons’ home complete with Rosie the Robot and other space-age appliances that dressed and fed the family.

But, rather than space-age technology, the biggest thing that is expected to change in future single-family homes is the size.

“Homes will get smaller,” says Stephen Melman, Director of Economic Services at the National Association of Home Builders (NAHB) in Washington D.C. “We asked builders, ‘what do you anticipate the new home size would be by 2015?’ ”

According to the results of the study, surveyed home builders expect new single-family homes to check in at an average of 2,150 square feet. Current single family homes measure around 2,400 square feet, which is already a decrease from the peak home size in 2007 of 2,521.

While the decrease in home size has a lot to do with the recession, many believe that the real estate changes will stick around even after the economy and home values get back on solid ground.

“Although affordability is driving these decisions, smaller homes are a positive for builders,” said Melman. “It allows for more creative design, more amenities, better flow. It’s an opportunity to deliver a better home.”

Other things that make up the home of 2015? No more living room. According to the survey, 52 percent of builders expect the living room to merge with other spaces and 30 percent believe that it will vanish completely to save on square footage. Instead, expect to see great rooms — a space that combines the family and living room and flows into the kitchen.

Expect to see more:
1. spacious laundry rooms
2. master suite walk-in closets
3. porches
4. eat-in kitchens
5. two-car garages
6. ceiling fans

Expect to see less:
1. mudrooms
2. formal dining rooms
3. four bedrooms or more
4. media or hobby rooms
5. skylights


Many of these changes reflect a desire for builders and consumers going green. Smaller space means more efficient heating and cooling. Ceiling fans distribute heat evenly while skylights, on the other hand, release heat.

However, as builders look to go green, they’ll be installing energy-efficient windows and compact fluorescent and LED lighting, as well as water-efficient appliances and plumbing.

Additionally, many new homes will have the baby boomer population in mind with walk-in showers, ground-floor master bedrooms and grab bars.

“A bigger share of the new homes will be purchased by people 55 or 65 and older,” said Melman. “They’re more likely to have more cash for a down payment, but they’re empty nesters, so they don’t need five bedrooms.”

-Yahoo Real Estate and Zillow

With the final week of the third quarter in the books, buyers posted solid gains over last year's activity levels while sellers listed fewer properties on the market. As is typical for this time of year, expect some seasonal changes to start taking hold. Market activity may slow from one month to the next but should still show favorable year-over-year progress. The lending climate improved even more last week as interest rates dipped below 4.0 percent for the first time ever.
In the Twin Cities region, for the week ending October 1:
• New Listings decreased 21.0% to 1,219
• Pending Sales increased 32.7% to 926
• Inventory decreased 22.8% to 23,177
For the month of September:
• Median Sales Price decreased 6.0% to $156,000
• Days on Market increased 4.6% to 137
• Percent of Original List Price Received increase 0.5% to 91.2%
-MAAR

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