Global Warming & the (MN) Housing Market

Minnesota: Global Warming Winner

As Minnesotans enjoy a record-warm early November, one can at least daydream about what shorter, milder winters might mean for the local housing market (local farmers can already attest to the delayed frosts and earlier thaws -- this year's first hard freeze in the Twin Cities was late October!).

Here are three foreseeable, long-term consequences:

One. Busier January's, and less seasonality generally.

Traditionally, the Spring market -- liberally defined as February - May locally -- is by far the most active time for the Twin Cities housing market.

Some of that is due to the dominance -- or at least preponderance -- of family home buyers, who like to buy in Spring, then close in Summer with enough time left over to be ready for Labor Day and the beginning of school.

However, at least some of Spring's pop is due to demand pent up by the preceding frigid weather.

Two. Higher population growth due to in-migration.

If Minnesota ever loses its reputation for bone-chilling winters, people fleeing so-called "sand states" (FL, CA, AZ) may start considering it.

Three. Fewer Minnesota "snowbirds."

The flip side of higher immigration is less emigration -- specifically, older, more affluent Minnesotans who now spend part of the year in warmer climates (and tend to move away permanently as they age).

Who wants to bake in Florida or Arizona heat when Minnesota is increasingly temperate?

P.S.: with a mean elevation of 1,200 feet, and more than 1,000 miles from the closest ocean, Minnesota isn't exactly threatened by rising sea levels.

What's Selling . . . East Edina

Where: 4617 Tower St.
What: 5 BR/5 Bath new construction by Elevation (division of Streeter)
How much: $1.2 million asking price
When: sold in one day earlier this month (with more buyers reportedly waiting in the wings).
Who: listed by Marian Peterson and Noelle Varecka of Edina Realty

It's not hard to tell what the Buyer liked about this home: an exceptionally open, flowing floor plan; a state-of-the-art Kitchen; and wide halls, tall ceilings and oversize windows that make the actual square footage (just under 4,400 FSF) feel even bigger -- all on a big (.25 acre) lot.

The East Edina location, east of Highway 100 and south of Country Club, is attracting lots of attention from builders and remodelers because of the combination of large lots and older, modestly-sized (and priced) existing housing stock.

Housing Trend 2010: Grand(er) Entries

From More Square Feet to More Volume, Cont.

I've discussed previously the trend toward homes not necessarily with more square feet, but more "volume" (higher ceilings, more and larger windows, wider stairs and halls, etc. -- see, "Not More Square Feet, More per Square Foot"; "Cranking Up the Volume").

That trend applies to the exterior of homes, too.

So, builders (and their clients) are designing homes with wider and more generous front doors, steps, porticoes (if consistent with the house style), and even wider walkways from the sidewalk to the front door.

The cumulative effect is enhanced curb appeal -- and the suggestion of grand, sweeping spaces inside.

All those features are vividly on display at 3812 Chowen Avenue, in Minneapolis' Linden Hills neighborhood (pictured above).

The home was built by Elevation, a division of Streeter, and is being listed by Edina Realty's Sheila Cronin for $1.449M.

(Oh -- and the inside's stunning, too!)