Touting a Secondary Area on MLS

Defining "Location"

One of the ways Twin Cities agents search for properties for their clients -- at least until the end of this year -- is by "MLS area."

So, "300" roughly corresponds to Lake of the Isles and Lake Calhoun; "391" to St. Louis Park; "309" to Southwest Minneapolis (Kingfield, Linden Hills, etc.); and "387" to Minnetonka. (Metro-wide, there are about 100 discrete MLS areas.)

One of the ways overly aggressive agents try to get attention for their listings is by "borrowing" the MLS area of an adjoining, more upscale area.

That's definitely a no-no.

Fortunately, however, there's a legitimate way to tout a nearby MLS area: list it as a "secondary area" (MLS has a field expressly for that purpose).

Experienced, local agents will already know which areas abut which -- but it never hurts to underscore it.

"How Long Will My House Take to Sell?"

The Second Most Popular Question in Real Estate

What's the second most popular question in real estate? (the first being, "what's my home worth?")

"How long will it take to sell my home?"

Unless the Realtor is going to buy it, the honest answer is, "I don't know."

However, it is possible to give the owner an estimated range, based on the following four, inter-connected variables:

One. Price.

The higher, the longer.

Locally, for example, there is currently a two year supply of $1 million-plus homes for sale in Edina.

If you are contemplating selling one . . . that's how long you can expect to be on the market.

By contrast, smaller, more affordable homes in popular Twin Cities neighborhoods like Linden Hills and Fern Hill take an average of 3-4 months to sell now.

Lately, homes under $250k or so in particular tend to sell fastest because they appeal to first-time home Buyers, who by definition don't have to sell another home in order to buy.

Two. Condition and updating needs.

As I've blogged previously, homes that require major updating (over $100k) have been tough sells in today's market because Buyers have to have that money in reserve.

Cheap mortgages -- and they're now well under 5% -- don't make it any cheaper, or easier, to tackle a major remodel.

Three. Relative Value.

Homes that are well-priced, staged, and marketed relative to their peers sell faster.

Always have, always will.

Four. Broad or narrow appeal, or, "the quirky factor."

Yes, it's true that "all real estate is unique" -- but some real estate is more unique than others.

It's also the case that there's "good unique" and "bad unique."

So, views of the Minneapolis skyline from the west side of Lake Calhoun would be an example of the former.

A home with an odd floor plan and a hodgepodge of architectural styles, the latter.

The common denominator in all four of the above variables is, how broad or narrow is the potential pool of Buyers for the home in question?

As a general rule, the broader and deeper the pool of prospective Buyers . . . the shorter the market time.

Bye, Bye, MLS Areas!

Searching By Neighborhood Names

No, the map (at right) isn't some sort of alternate zip code for Hennepin County.

Actually, come to think of it . . . it is.

For Realtors.

Unbeknownst to (most of) the public, the Twin Cities Multiple Listing Service ("MLS") database splits the metro and outlying areas into 139 districts.

So, on MLS, Realtors looking for something by Lake of the Isles would search under MLS area 300.

That's in addition to searching by custom map, zip code, price range, and home attributes.

"Name that Neighborhood!"

Which is kind of the problem for MLS areas: they've been superseded by more powerful (and customizable) search criteria.

So, by the end of year, they're going to be gone.

In their place will be neighborhood names (Linden Hills, Country Club, Fern Hill, etc.)

Which makes intuitive sense.

The only catch I see is that not every neighborhood is easily defined -- and not every home is in a defined neighborhood.

Just to take two examples:

--in Golden Valley, the area east of Lions Park and west of North Tyrol Hills is really part of neither. What will it be called under the new system?

--Ditto for the area west of Cedar Pass and east of Bent Tree in Minnetonka.

People old enough recall a game show called "Name that Tune."

Get ready for the real estate equivalent: 'Name that Neighborhood!'

Where's the House? Behind the Garage

"Not a Drive-By," Illustrated

In contrast to the Hopkins home discussed in the next post ("It's Listed for HOW MUCH??"), there's no hiding the garage on this Linden Hills home.

Which would explain the lead shot on MLS -- a pretty, azalea-framed shot of Lake Harriet -- combined with this comment in both the Public and Agent Remarks fields: 'To fully appreciate this one, you must come inside!'

No More "No Name" Neighborhoods

Neighborhood Name as "Brand"

Once upon a time, people lived in St. Paul, or Minneapolis, or St. Louis Park.

Now, they live in Fern Hill, Birchwood, or Sorenson (all neighborhoods in St. Louis Park).

Overall, as Martha Stewart would say, "that's a good thing."

Especially if the neighborhood name isn't just marketing, but reflects an active neighborhood association, and a growing sense of neighborhood identity.

As a Realtor, I can attest that Buyers value -- and pay up -- for those things.

Just look at prices in Linden Hills!

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!)

Open House Sun. 2-4 p.m.

Linden Hills Charm

Looking for a character-filled home near Lake Calhoun that's perfect for a professional couple or family with small kids? Come by my open house at 3929 Washburn Ave. in South Minneapolis this Sunday (1/25/09) from 2-4 p.m. Highlights include: 4 Bedrooms, 2 Baths and over 2,200 finished square feet; a hillside setting with commanding views; and a private, level backyard. Price: $479,900