Sizzling Southwest Minneapolis . . .

by Ross Kaplan on July 24, 2016

3537 Aldrich front

( . . . . Housing Market, That Is)

Never mind the heat and humidity the past week . . . how hot is the Southwest Minneapolis housing market?

3537 AldrichAt least for well-priced, well marketed homes under $400k . . . very (hot).

Instant Multiples

The home at 3537 Aldrich — listed for $339,900 by Edina Realty’s Jerry Foss and Clark Krueger — certainly qualifies.

With 3 Bedrooms, 2 Baths, an open floor plan and gorgeous Kitchen, it couldn’t be more appealing online and in-person.

3537 Aldrich_2No surprise, then, that since coming on the market Friday morning, there have been over 20 showings, and — as of last night — at least four offers.

According to the co-listing agent, Clark Krueger, the deadline for submitting offers is tonight (Sunday).

Nice job, Jerry and Clark!

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collaborator

Somebody has to keep the George Carlin spirit alive.

In that vein, I offer up the inherent contradiction between “collaboration” (“They all collaborated on the winning science project”), and at least one accepted definition of “collaborator” (“He was a collaborator during the occupation”).

Maybe it’s just a generational thing(?) . . .

See also, “You’re  . . . You’re . . . Such an Almond (Huh??)“; “What’s the Past Tense of Sight See?”; “Landmark — or Watermark?”; “Dried vs. MORE Dried Apricots“;“Wild and Crazy” (vs. Conventional) Fruit; and “What’s the Opposite of ‘Untold Riches?

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“The Answer to the Seller’s Question, “Do You Think I Should [ _____ ] . . . ?” is Always “Yes”**

Consider the rather provocative question — from a homeowner contemplating selling their home in a few years — posed to The Ethicist, an advice column in The New York Times:

“We live in a large house on a one-acre plot, and one-quarter of that is a wooded ravine, full of wildlife like deer, raccoons, the occasional woodchuck, possum or even fox — and quite a few copperhead snakes.   We have lived here for 45 years.  I see one to three snakes a year.  They are not aggressive, and you learn to take precautions.  Nevertheless, I have been bitten, as have several neighbors.

We will have to sell in a few years.  I am very worried about the snake problem.”

–The Ethicist; The New York Times (7/3/2016).

I don’t think there’s a Realtor alive, reading the above, who would say, “Nah, you don’t have to disclose anything about poisonous(!) snakes.”

wildlifeHowever, there are better and worse ways to make prospective Buyers aware of the issue.

My advice?

Dilute the problem — or even try to put a positive spin on all the nearby wildlife — using the Seller’s own words:

“Rural retreat!  Beautiful home on a bucolic one acre surrounded by wildlife including deer, raccoons, woodchucks, possum, snakes, and foxes.”

Notice that I shuffled the order just a teensy bit.

Seller True Confessions

The above issue raises a broader question for prospective Sellers (and their agents, who — at least in Minnesota — have an independent duty to disclose any material facts that they’re aware of).

Namely, what belongs on the Seller Disclosure?

The formal answer:  “any fact(s) about the home that would be deemed relevant to a reasonable Buyer” (note:  it’s NOT what the Seller thinks is relevant).

Listing Agent:  “I Would”

In practice, I’ve found that anything gnawing at the Seller — like poisonous snakes lurking on the property, however shy — should be disclosed.

Often times, the issue(s) come to light when the homeowner confesses a concern, then asks their agent (or The Ethicist 🙂  ) if they should correct and/or disclose it.

Here are some (other) illustrations of the principle:

Seller:  “Do you think I should replace the rusty, leaking 35-year old water heater before I put my home on the market?
Listing Agent:  “I would.”

Seller:  “Do you think I should take down the peeling, polka dot wallpaper in the Family Room before I sell?
Listing Agent:  “I would.”

Seller:  Do you think I should tell Buyers about the dead bodies in the basement?”
Listing Agent: “I would. Wait a second! . . . there’s WHAT in the basement?!?!”

I think you get the idea . . .

**The one exception:  the extremely, shall we say . . . fastidious Seller whose standards are so high that no Buyer would ever notice the difference.

See also, “What Should the Seller Disclose to the Buyer?”; “Bats in the Attic?  Not According to Seller“; “You Mean, the House ISN’T Haunted??  I’m Suing!”; and “Seller Liability for Ice Dams.

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docusign

Once upon a time in residential real estate, there was just one kind of sale:  between an ordinary Seller and a Buyer (usually represented by their Realtors).

Then, after the Wall Street-engineered housing bust, every other deal (literally) involved either a bank owner (foreclosure), or an underwater homeowner who needed bank relief to sell (called a “short sale”).

The latter two situations were lumped together as “lender-mediated sales.”

Which left the question:  what do you call a regular (normal) transaction?

Answer:  “a traditional sale.”  See, “Non-Traditional vs. Regular Sales.

Cue Electronic Signatures

The advent of now-ubiquitous electronic signatures has raised a similar question.

Namely, what do you call a plain, old ordinary signature? (still perfectly acceptable — and required for recording many real estate-related doc’s with the local county/government authority).

Answering that question requires working your way backwards.

So, apparently one of the synonyms for an electronic signature is a “dry” signature.

Ergo, the opposite of a “dry” signature is  . . . a “wet” one.

P.S.: The nomenclature conundrum recalls one of my favorite Mad magazine cartoons, showing a food stand vendor in front of a big sign that reads “Turkey burgers, chicken burgers, veggie burgers, buffalo burgers” — and on and on.

The caption:  “We have some with ham, too, but we don’t know what to call them.”

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Perils of Overpricing Even (Especially) in a Rising Market

July 21, 2016

Market Appreciation vs. Home Depreciation “In all cases in which work is produced by the agency of heat, a quantity of heat is consumed which is proportional to the work done.” –Rudolf Clausius, first law of thermodynamics “An overpriced, “For Sale” home depreciates in value faster than an appreciating housing market rises.” –Ross Kaplan, first […]

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Showing Instructions: the Good, the Bad, and the (Very) Ugly

July 20, 2016

“KISS” (Keep it Simple, Stupid) — Realtor Version “Lockbox is on rail to left of side door (north), combo is “LMZ.”  Use large key to open deadbolt (turn to left); then use small key to unlock knob lock (sticky, may have to jiggle).  Alarm in laundry room down hall, then left; code is 49827 (press […]

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“Lost in America,” Wall Street version: We’re the Schmucks

July 20, 2016

Refunds at the Casino, Courtesy of Taxpayers [Editor’s Note:  Gary Marshall, who passed away yesterday at the age of 81, was best-known for creating such mega-hits as “Mork and Mindy” and “Happy Days” (TV), and for directing films like “Pretty Woman” and “The Princess Diaries.”  But, my favorite Gary Marshall role was as a supporting […]

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6001 Pinewood Lane in Minnetonka: Gorgeous Kitchen, 5 BR Two-Story on a Private Cul-de-Sac

July 19, 2016

Terrific Cul-de-Sac Location in a Hot Area for Major Remodels, New Construction What:  Beautifully updated 5 Bedroom/3 Bath 2-story with just under 4,000 finished square feet. Where:  6001 Pinewood about 1 mile west of 494 and Highway 62 in Minnetonka. How much:  $500,000. Who:  listed by Ross Kaplan, Edina Realty – City Lakes. You’ll love this beautifully updated […]

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