February/March 2009 Open House
HOT LISTING
This 3,650-square-foot Minneapolis home is the architecture firm III AD’s interpretation of urban modernism—a warm and inviting blend of Prairie-style, Danish, and Japanese sensibilities. The $1.495 million home boasts an open floor plan, fantastic views of the gardens and courtyard, and carefully placed windows that allow light to stream in while also maintaining privacy. With a top rating from the U.S. Green Building Council, the home features natural materials such as bamboo, cork, and hand-carved cherry. And the showstopper: A light-filled stair tower that connects the floors and leads to a “roof house” and rooftop deck with spectacular views of the Linden Hills neighborhood. See more photos at davidkleine.com. For more information, contact David Kleine, Coldwell Banker Burnet, 612-840-0819.
Photo provided by coldwell banker burnet
SOLD!
Photo provided by coldwell banker burnet
Commissioned by Life Time Fitness CEO Bahram Akradi, this pristine 10,000-square-foot home sits on a lush, Jack pine-studded 2-acre lot in Minnetrista’s exclusive Trillium Bay. In fact, Akradi loved the four-bedroom, seven-bathroom home so much that when he moved to a 300-acre lot in St. Bonifacius, to accommodate his horses, he built almost its exact replica, right down to the feng shui design principles.
Originally listed at $4.2 million, the traditional two-story walkout on Trillium Lane sold for $2.6 million in November to Kathy and Terrence North, who closed on the home less than one week after their first walk-through. The property was listed and sold by “The Minnetonka Lakes Team” at Coldwell Banker Burnet, Wendy Villella and Kristi Weinstock.
Photo provided by Coldwell Banker Burnet
HOT LISTING
Photo provided by Coldwell Banker Burnet
Built in the 1890s for Thomas B. Janney, a hardware wholesaler, this picturesque five-bedroom home sits in Deephaven’s Cottagewood neighborhood near Lake Minnetonka. It boasts an immaculate boathouse and accesses 125 feet of sandy shoreline.
Since 1970, it has been the much-loved home of semi-retired ophthalmologist George Hilgermann and his wife, LaVola. The Hilgermanns lit many cozy fires in the home’s multiple fireplaces and spent many hours on the lake, but now are ready to hand off this historic property to its next caretaker. Asking price is $2,995,000. Set up a tour through Carl Zinn of Coldwell Banker Burnet, zinnrealtors.com, and don’t forget to ask about the 15-person bomb shelter that was built during the Cuban Missile Crisis.
Hope *Glimmers*
Bad news has been the news du jour in the real estate business for more than eight quarters. But there’s some lemonade to be made from all the lemons. According to research released at the end of January by the Minneapolis Area Association of Realtors and data from the Regional Multiple Listing Service of Minnesota, it really isn’t all bad.
PENDING SALES SINCE JULY INCREASED 15 percent compared with the same period last year, thanks to tumbling mortgage rates and prices that make home purchases more affordable, particularly for first-time buyers.
DECLINES IN HOME PRICES CONTINUE, though the Twin Cities area hasn’t been hit as hard as elsewhere. When median sale prices are segmented according to type of sale, the relative stability of the local market is striking. The median price of homes sold by lenders—foreclosures and short sales—dropped by 13.4 percent to $145,000 in 2008; the median price of “traditional sales”—homes sold by consumers—declined 4.1 percent to $223,000.
EVEN LENDER-MEDIATED LISTINGS—foreclosures and short sales—showed a hopeful sign by the end of the year, with 4.3 percent fewer on the market in the fourth than in the third quarter of 2008, the first quarter-to-quarter decrease since 2003.
THE CONDO MARKET remains soft overall, with sales down 23 percent from 2007, though exclusive high-end units are selling. Sales of condos priced $1 million and up—those with location and amenities working for them—increased 15.4 percent.
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