Just Listed: 6001 Pinewood Lane in Minnetonka

by Ross Kaplan on May 31, 2016

1_Front

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.
Where6001 Pinewood about 1 mile west of 494 and Highway 62 in Minnetonka.
When:  came on the market last Friday (May 27).
How much:  $545,500.
Who:  listed by Ross Kaplan, Edina Realty – City Lakes.

You’ll love this beautifully updated two-story on a private cul-de-sac walking distance to Gatewood Elementary.

2_Kitchen closeupThe stunning Kitchen (2011) features stained birch cabinets, HanStone Quartz Countertops, and Electrolux appliances (stainless); just through the French Doors, there is a vaulted Sun Room overlooking the Patio and private, wooded backyard.

Upstairs, enjoy 5! Bedrooms on one level, including the private Owner’s Suite and its 2 walk-in closets and 18′ vaulted ceiling.

3_Kitchen galleyDown the hall, there are three connected Bedrooms (great for kids); and a fifth legal Bedroom currently used as a Home Office.

Other amenities include gorgeous oak hardwood floors and stone tile throughout; your own Exercise Room and a huge finished Amusement Room in the lower level; Leaf Guard Gutters; and maintenance-free Decks in front and on the home’s south side.

Want to take a look?

Just call or email me . . . 

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14-Year(!) Edina Realty Anniversary

by Ross Kaplan on May 31, 2016

Anniversary

Hey!  Who Are All Those Strange People in My Office??**

While I’ve been an entrepreneur (arguably, I still am), CPA, corporate attorney, investor relations consultant, furniture mover, cab driver, and kibbutz volunteer, I’ve never done any of those things for 14(!) years.

And 14 years in real estate really isn’t like 14 years in most other fields:  90% of Realtors are out in less than two years, which automatically means (way) less than 10% make it to 5 years or 10 — let alone 14.

(Interestingly, once you’ve made it to say, 10 years, the odds of continuing in the field seem to be quite high.)

Constant Inconstants

The biggest surprise?

Just when you think you know everything, you’re presented with abundant evidence that you don’t.

Or, everything seems to change, thanks(?) to technology.

Fortunately, the (relative) constants in residential real estate are:  1) people, and human nature generally; and 2) real estate law, the fundamentals of which have been established for a couple of millennia (or so I was taught in law school).

See also, “Realtor Job Description“; “The Serenity Prayer – Realtors’ Version.”

**One of the side effects of being in the business so long is that more and more people in your office look like newcomers.

That’s true even if they’ve been selling for a couple years.

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Cool Staircase (and House!)

by Ross Kaplan on May 27, 2016

staircase

3516 Fuller Street in Edina for $1.69 Million

You don’t typically see a staircase showcased in the first photo on MLS or in marketing materials (like the one above).

That spot is usually reserved for a photo of the front exterior.

But, when the home has a staircase as cool as the one in 3516 Fuller in Edina . . . why not??

Edina Realty’s Charly Marggraf has the listing, and will be hosting an Exceptional Properties meeting for Edina agents at the house next Thursday (June 2).

If you want to take a look before then — and are in the market for a $1.69 million home 🙂  — just call or email me . . .

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Bullish and Bearish Bellwethers

Just before the 1929 crash, Joseph Kennedy (father of President John F.) was supposed to have dumped all his stocks because a Wall Street shoeshine boy started giving him stock tips.

shoeshineKennedy reasoned that, if even shoeshine boys were playing the market, there was no remaining, untapped demand to support stock prices . . . and it was (high) time to get out.

Contrarian Indicator(s):  Retail Investors (aka “Dumb Money”)

In truth, Kennedy was a consummate insider who knew full well how frothy the market had become — in large part due to manipulations by insiders such as himself** — and sold to avoid the inevitable carnage.

But, that doesn’t mean broad sentiment indicators aren’t relevant for forecasting market moves.

If that’s so, which way does sentiment cut today?

21st Century Shoeshine Boys

Almost a century after Kennedy’s time, there are no more shoeshine boys.

Instead, the modern equivalent would likely be service workers like restaurant wait staff, hair stylists, and Uber drivers.

At least anecdotally, my sense is that those folks all “know” that stocks are risky, and to stay away.

Ironically, the way things work, that’s likely a (very strong) bullish indicator.

**As the first Chairman of the Securities and Exchange Commission (“SEC”), appointed by FDR, Kennedy acted to outlaw many of the practices (front running, manipulating trading volume, etc.) that contributed to The 1929 Crash.

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Zillow CEO Sells Home For 40% Less Than “Zestimate”

May 25, 2016

Guess Which Direction “Zestimates” Err On? The local MLS just shared this tidbit (via Inman) about Zillow and its notoriously unreliable “Zestimates”: “If you’re an agent, you’ve probably worked with a Buyer or Seller that has found the “Zestimate” on Zillow of the property they’re selling or interested in buying. It can work as a […]

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Prospective Buyer: “I Want Something 25% Below Market, That I Can Fix Up and Flip for Double, That the Seller Will Finance. Oh, and Do You Know Any Contractors??”

May 25, 2016

“Good Luck With That” Department I fielded a call the other week from a prospective Buyer who must have just skimmed “How to Make Millions in Real Estate” (or some such title) at Barnes & Noble. I doubt that such an approach ever worked, but it’s a guaranteed loser — and a time sink — in a […]

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“One to Buy, Two to Sell”** . . . How Many to Waive Arbitration?!?

May 23, 2016

“It Takes Two to Tango Agree to Arbitration” Judging by the last few deals I’ve handled, there seems to be some Realtor confusion about how many parties are required to agree to Arbitration (at least in Minnesota, a popular alternative to litigation). The correct answer:  two. In other words, both Buyer and Seller have to […]

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Estimated Home Values According to CoreLogic, or, “Throwing Darts By Any Other Name”

May 23, 2016

  Estimates So Broad You Could Drive a Truck Through Them [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] RealAVM:  $859,828 RealAVM Range:  $662,068 to $1,057,588 Confidence Score:  66 Forecast Standard Deviation:  23 –Excerpt, MLS If you only […]

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