"That was nice. Now let's see the other 599."

The Downside of Customization

That's what I can imagine some unlucky Manhattan rental broker hearing from their client as they show units at 8 Spruce Street (formerly known as "Beekman Tower," Manhattan's tallest residential building -- and the subject of an August City Lakes post, "Frank Gehry and the Bilbao Effect").

How come?

While the 76-story building has 900 rental units, it has 600 different floor plans.

Can you say, "group tour?" (or, "let me show you some blueprints?").

As a practical matter, you'd guess that the variations are slight.

"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.

The Unsung, Unassuming, Underappreciated Split-Level

Learning to Love (OK, Like) Split-Level's

What's so great about opening the front door of a home and finding yourself standing in the middle of the Living Room?

Or maybe Kitchen?

That's been my experience in any number of newer, upper bracket homes -- homes that supposedly boast the latest and greatest of everything, and reflect the latest trends.

By contrast, no one seems to want a Split-Level.

The floor plan strikes some as awkward.

The curb appeal can be underwhelming.

Plus, there's no grand entry.

On the contrary, if the Split-Level is also a Split-Entry . . . . you have to decide whether to go up . . . or down!

Advice to Home Buyers

So what?

What Split-Level's lack in sex appeal, they often make up in functionality.

And price (as in value).

And construction quality.

The majority of the Split-Levels in the Twin Cities -- at least closer in -- were built in the 5o's and '60's: a golden era for home construction quality if there ever was one.

Which is another reason to love (OK, like) them: great location.

Finally, that floor plan many turn their noses up at has some redeeming virtues.

Like, the lower level in many split-levels is a walkout, or at least has lookout windows.

Which means no dark, basement-y feel.

So, here's my advice to prospective Home Buyers:

Get over yourselves.

Curb appeal, which is over-rated anyways, is for the neighbors.

And if you want a grand entrance, with a two-story foyer . . . you can have your pick of dozens of McMansion's in the 'burbs -- about as trendy as Hum-Vee's right now.

In Praise of the Underappreciated Vestibule

"Pin-drop" Front Entries

If you're a busy Realtor, it's not unusual to get to large, group meetings a couple minutes late (like the weekly Edina Realty Exceptional Properties meeting).

Which is fine -- unless the meeting is being hosted in a home where the entry and front door seem to open directly into the Kitchen, where 30 (or 50) of your colleagues are gathered, talking.

Then, everyone stops talking -- the proverbial "pin drop" moment -- and notes your (belated) arrival.

Too Much of a Good Thing?

What seems to be going on in these (not inexpensive) homes is that the owners and their architects, in their zeal to create more opened-up floor plans, neglected to enclose any private spaces.

Personally, at least, I think that's a mistake, for two reasons:

One. Physical comfort.

Minnesota's climate is not exactly benign.

Compounding the faux pas of arriving late was the gust of cold air and snow that I inadvertently brought in with me. Substitute blast of heat and humidity in the summer.

Two. Privacy.

There's something to be said for a home that actually has an entrance: a defined, transitional point where you leave the outside world behind and enter the home of the family you're visiting.

No, you don't need to be met at the door by a butler, but a place to dry off, remove your coat, etc. without bringing in the elements to the rest of the house is nice.

Actually, isn't that what mudrooms are all about? (although they're typically located off the garage or side door, as opposed to where "company" comes and goes).

"I Want What They Got"

Ordering Off the Real Estate "Menu"

No, it's not what waiters in restaurants are hearing.

It's what would-be Sellers are telling their Realtors. "They," of course, are the owners of a neighboring home that sold a year -- or three -- earlier.

Aside from selling in similar market conditions, if you "want what they got," you also need to "have what they had": same condition, finished square feet, floor plan, curb appeal, etc.