Revisting 1415 June Ave.

Want to Sell This One?
Help Defray Property Taxes

I originally posted about 1415 June Ave. -- in Golden Valley's South Tyrol Hills neighborhood -- last Summer ("$700k Below Tax Value").

At the time, the asking price was $799,900 -- against a tax assessed value of $1.504 million.

Thanks to that latter number, the home carries an almost $24,000 annual property tax bill.

Which likely explains why it's still unsold almost six months later -- and the asking price is now $784,900.

Unsolicited Advice

You'd certainly expect the property tax bill to drop dramatically once the home sells so far below its assessed value.

However, it's not a slam dunk.

That's because tax assessors consider foreclosures to be distress sales (true), and therefore not necessarily reflective of fair market value (patently false).

Put it this way: if anyone thought 1415 June was worth more than $784,900 . . . . they've now had almost two years to snatch it up (the home originally came on the market in March, 2009, at an asking price of $1.679 million).

To entice Buyers who can afford the home but not the attendant property taxes, here's my advice to the bank-owner: pick up some or all of the property tax bill for a period of time.

Sellers now routinely pay up to 3% of Buyer's closing costs.

In this case, what the Buyer really needs help with -- at least temporarily -- are the property taxes.

Open House Today(!), 2:45 p.m. to 3:45 p.m.

2:45 p.m. to 3:45 p.m.??

Where: 1340 Fairlawn, in Golden Valley's South Tyrol Hills neighborhood
What: 4 BR/3 Bath '50's split-level with almost 3,600 FSF; built like a tank and very quiet! Set on a pretty, .33 acre lot.
How (much): $387,500
Who: listed by Ross Kaplan; broker is is Edina Realty
When: 2:45 p.m. to 3:45 p.m., Thursday, Sept. 2

What gives with the odd time?

That's when the Minneapolis Jewish Day School -- just down the street from Fairlawn -- lets out.

Not coincidentally, that's when about 300 cars go past on Cedar Lake Rd, just to the south.

This well-maintained home is a great candidate for families who send their kids to the school, and want a shorter commute.

Or anyone who wants a great deal on a well-built, family-sized home in a terrific, close-in neighborhood (about 8 minutes to Downtown Minneapolis; less to the Lakes).

P.S.: And no, holding an open between 7:45 a.m. and 8:30 a.m. (the school's drop-off window) didn't seem very appealing.

$700k Below Tax Value

Not $700k -- $700k Below Tax Assessed Value

Where: 1415 June Ave., South Tyrol Hills in Golden Valley

What: 4 BR/5BA home built in 2002 with almost 5,400 finished square feet.

How much: $799,900 asking price; tax assessed value: $1.504M

When: originally listed for $1.679 million in March, 2009

Who: Listed with RE/MAX Results

Well, 1415 June Ave. (pictured above) certainly looks like a deal.

So what's the story?

I haven't been in, so that's a big caveat.

However, the combination of lender approval (it's a short sale), needed repairs, and a hefty tax bill (almost $24k annually, but certain to come down) aren't helping.

Still, I'm not aware of a home sporting a bigger discount from tax assessed value currently on the market in the Twin Cities.

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!'

Dramatic Price Cut! Open Today

Deceptive Curb Appeal

Where: 1340 Fairlawn Way in Golden Valley's South Tyrol Hills
What: 4 BR/3BA '50's split level with almost 3,600 FSF; rock-solid, nicely updated!
Who: listed (and hosted) by . . . yours truly
When: 12:30 p.m to 2:30 p.m. this Sunday (4/18)
How much: list price -- $411,500 (just reduced from $434,900)

This is a lot of house, in a great neighborhood. And for anyone stuck in the maw of the Crosstown Project's daily gridlock -- a blissfully short commute to downtown Minneapolis (about 7 minutes, tops).

I hate to use the term, "not a drive by," but . . . it isn't. (Realtors use the term when the curb appeal doesn't do the interior justice.)

In particular, the almost-600 square foot Great Room (pictured above) features a Fireplace with granite surround, skylights, and a vaulted ceiling.

Hope to see you!

Deep Discount in South Tyrol Hills

50% Off Original Ask

There may be another home in the Twin Cities that's been on the market longer, or has been discounted more from its original asking price than this one.

But if so, I'm not aware of it.

Originally listed at $1.395M in September, 2007 (yes, that's 32 months ago!), this postcard-pretty 1937 home -- located in Golden Valley's South Tyrol Hills neighborhood -- is now asking $699.5k.

Now that's patience (or stubbornness).

So, is it finally a bargain?

Who wants to know??

Psst!! Want a Short Commute?

Open This Sunday 3:00 - 4:30 p.m.

Where: 1340 Fairlawn Way in Golden Valley's South Tyrol Hills

What: 4 BR/3BA '50's split level with almost 3,600 FSF; rock-solid, nicely updated!

Who: listed (and hosted) by . . . yours truly

When: 3 p.m to 4:30 p.m. this Sunday (4/11)

How much: list price -- $434,900

This is a lot of house, in a great neighborhood. And for anyone stuck in the maw of the Crosstown Project's daily gridlock -- a blissfully short commute to downtown Minneapolis (about 7 minutes, tops).

I hate to use the term, "not a drive by," but . . . it isn't. (Realtors use the term when the curb appeal doesn't do the interior justice.)

In particular, the almost-600 square foot Great Room features a Fireplace with granite surround, skylights, and a vaulted ceiling.

Hope to see you Sunday!

South Tyrol Open House -- Stop By!

Where: 1340 Fairlawn Way in Golden Valley's South Tyrol Hills
What: 4 BR/3BA mid-century split level with almost 3,600 FSF
Who: listed (and hosted) by . . . yours truly
When: 1 p.m to 3 p.m today
How much: list price -- $444,900

This is a lot of house, in a great neighborhood.

I hate to use the term, "not a drive by," but . . . it isn't.

(Realtors use the term when the curb appeal doesn't do the interior justice.)

1st Open Sunday!

South Tyrol Hills Sleeper!

Where: 1340 Fairlawn Way, in Golden Valley's South Tyrol Hills neighborhood
What: Sprawling 4 BR/3 Bath Mid-Century Split-Entry with almost 3,600 finished square feet -- including a 600 (!) sq. ft. Great Room.
How much: $444,900
When: market time -- 3 days
Who: listed by Ross Kaplan, Edina Realty - City Lakes

If you're looking for a dynamite, well-built family home in a close-in location, please come by my open house this Sunday from 1:30 to 3:30 p.m.

The highlight of the home?

The huge Great Room, featuring vaulted ceilings, an (Italian) granite Fireplace, and skylights.

A great family home -- and a great value!

(If you don't know the area, South Tyrol Hills is south of 394 and east of 100).