Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Nearly one in 10 Minnesota homeowners "seriously underwater" on their mortgage

Posted by: Jim Buchta under Foreclosures Updated: April 17, 2014 - 10:25 AM

With house prices rising, fewer people owe more than their house is worth, but those "upside-down" homeowners are still far too abundant - a first-quarter report from RealtyTrac shows that 9 percent of all homeowners with a mortgage are still "seriously underwater," which means the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 17 percent of all properties with a mortgage nationwide during the first quarter.

Architecture you can eat

Posted by: Jim Buchta under Architecture Updated: April 16, 2014 - 3:37 PM

In May, the Preservation Alliance of Minnesota (PAM) and The Red Stag Supper Club have teamed up to celebrate Preservation Month with several special "heritage" menus based on architectural styles that are common to the Midwest. Red Stag's executive chef, TJ Rawitzer, will create the menu. Here's the line-up:

  • May 5—11: Victorian era (late 1800's)
  • May 12—18: Bungalow (1920's)
  • May 19—25: Tudor (1930's)
  • May 26—June 1: Mid-Century Modern (1950's)

In case you were wondering, Preservation Month was established in 1973 by the National Trust for Historic Preservation and is co-sponsored by local preservation groups and state historical societies across the country. Get more details about Preservation Month, including information about a sneak-peak of the Pioneer Endicott building in downtown St. Paul on Tuesday May 20th and a Historic Pub Crawl in Red Wing on Saturday May 10th, by clicking here.

Previous Habitat headquarters sold

Posted by: Janet Moore Updated: April 16, 2014 - 1:03 PM

Twin Cities Habitat for Humanity has sold its former headquarters at 3001 Fourth St. SE in Minneapolis for $1.25 million, according to a certificate of real estate value filed with Hennepin County recently.

We wrote here about the organization's new digs in St. Paul. The three-story $6.9 million building at 1954 University Av. opened last February. One of the reasons the group opted to move was because its previous HQ was cramped, dark and lacked parking. All in all, it wasn't terribly user-friendly.

According to the CRV, the Fourth St. property was sold to a Minneapolis-based entity called TCC 3001 LLC.

(The rendering above is the new headquarters.)

Mortgage preforeclosure notices in Minnesota drop 41% during the first quarter

Posted by: Jim Buchta under Foreclosures Updated: April 16, 2014 - 10:40 AM

I recently wrote that with home prices on the rise and the economy on the mend, the foreclosure crisis in Minnesota was nearing its end, and today there's more evidence that fewer Minnesota homeowners are headed towards that terrible fate. The Minnesota Homeownership Center issued a new report that says the number of preforeclosure notices sent during the first quarter fell 41 percent compared with last year. Though foreclosures are still happening all too often in Minnesota and beyond, the decline in notices is important because it's an indicator of how many houses will end up being sold at sheriff's sales.

Here's a graphic look at what happened:

Ground broken for Mounds View senior community

Posted by: Janet Moore Updated: April 15, 2014 - 10:31 AM

Ground has been broken for the new $14 million Bel Rae senior living community in Mounds View.

The three-story, 105,000-square-foot senior community will provide independent and assisted living units, as well as memory-care apartments.

Located at 2330 County Hwy. 10, the complex was designed by Minneapolis-based Kaas Wilson Architects, and is being built by Nottingham Construction of Stillwater. The community is owned by Bel Rae Senior Living and will be managed by Ebenezer Management Services.

Completion date is expected by March 2015.

The Bel Rae will be the only assisted living and memory care apartments in Mounds View. It will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room that will prepare meals onsite for the residents.The senior community will also provide an activities director and a full-time nurse who is on-call 24 hours a day, and on-site visits by geriatric physicians and nurse practitioners.

“The Bel Rae exemplifies the city’s understanding of how important it is to keep seniors in their communities,” said Glen Harstad, a partner at Mounds View Properties, which is developing the project. 

Twin Cities home builders launch 'Artisan Home Tour'

Posted by: Jim Buchta under Architecture Updated: April 14, 2014 - 4:11 PM

A rendering of a house by Schrader & Companies that will be featured on the Artisan Home Tour

The Builders Association of the Twin Cities (BATC) is adding a new, ticketed home tour this summer to its stable of Parade of Homes events.

The Artisan Home Tour will feature 25 "artisan-quality homes" during its inaugural run June 7-15, 2014. Here's BATC's description of the qualifications: "All the homes on the tour are built by members of the BATC and the home plans were reviewed by an architectural review panel to ensure architectural integrity and high-quality finish level."

Tickets: Online for $25 or at the door for $30, or $5 for an individual home. Half the net proceeds of ticket sales will be donated to BATC’s charitable arm, the BATC Foundation, which builds and remodels homes for families in need.

For more info: ArtisanHomeTour.org is online now. Guidebooks will also be published and distributed by direct mail to some households and will be included with the Summer issue of Artful Living Magazine. Guidebooks may also be picked up at participating homes.

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