Chris Prescott - Minnesota

Construction cranes are operating in Edina at the site of the new Orthopedic Center of Excellence. The building is designed to bring together all the offices and services of Twin Cities Orthopedics (TCO), an independent physician’s group specializing in all areas of orthopedic care.

The 75,000-square-foot building is a year-long building project which will provide the ‘perfect’ facilities for the medical group while also providing some great construction jobs in this year of few new building projects.

The site of the new center is a full two acres and is located on 65th Street between Valley View Road and France Avenue. There is easy access from the freeway (Highway 62) and is next to Fairview Southdale Hospital.

During two years of planning and difficult decisions, including the scrutiny of 18 pieces of real estate, the 65th Street location was selected…and it wasn’t even on the market. The site was known by the developers and they approached the owners when it seemed the property’s strength’s outweighed those of the other locations.

Construction began on the new facility in April and is expected to be completed Summer, 2010. You can read more about the project on the website of Finance And Commerce, “Minnesota’s only business daily,” or at the TCO Press Room.

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To begin your search homes in Edina, visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

Did you know that the average home in America averages 2,521 square feet, about 150% the size of the average home in 1977. (We crowded into tiny 1,720 square foot dwellings back then!) Though recent economic trends may lead to smaller homes in the futures, the stereotypical family of two adults and two children (rounded up from the statistical child parts statisticians account for) has enjoyed an increasing amount of space for themselves and their “stuff.”

All of this “stuff” complicates plans to move, do a major remodel, or even free up an area of the home for more efficient use. What happens to the stuff? For some people, the old adage “if you haven’t used it in a year, get rid of it!” is a hard and fast rule; for most people the answer is “store it.” A walk through any Wal-mart, Target, or Junkorama of your choice will lead you to a big area devoted to storage containers in all colors, sizes, and shapes. These containers are a nice way to organize either often-used or seasonal items; they also allow people the chance to add a colorful touch to the basement, attic, or garage where items will linger for years in corrosion-resistant plastic rather than in deteriorating cardboard boxes.

What doesn’t fit at home is often stored in one of the nations 52,000 self-storage facilities. One of 11 American households rents outside space, for an average of 15 months. A whole industry has emerged from a few garages rented out for storage in Texas in the late 1960’s. Current facilities still often resemble garages, though some boast that the units are “climate-controlled,” and may have special storage configurations for boats and RVs.

While consumerism may be at the root of the American Manifest Destiny-like quest for storage space, part also has to do with home construction practices. Many homes have closets and rooms that are too small to accommodate what people own (i.e, home exercise equipment, camping equipment), and Homeowners Associations seldom like to see a big boat in the drive all winter. In areas of the country with more ranch homes and bungalows and their limited storage, the self-storage rates are much higher than in the Northeast. Housing in most areas does not feature attics, as home builders use trusses, rather than rafters to frame the roof, so little space is left under the roof.

Blame it on builders if you like but this trend toward storing unused personal goods brings to mind the rich man in the Bible (Luke 12:18) who preferred to tear down his old barns and build bigger ones to store his extra crops. Americans are great consumers, who at least until the current recession, outspent the rest of the world 2-to-1 on personal consumption expenditures (often on credit, another topic!) That Biblical hoarder died before he could even move his corn. No doomsday parallels are intended here but the storage bins, the mini-storage units, and even the rise of stores selling “home organization” aids are the Twenty First Century equivalent of bigger barns!

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Need a larger home for your stuff? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

If you’ve been sitting “on the fence” waiting for conditions to improve before you purchase a home, fence sit no more! The Twin Cities housing market offers incredible opportunities for first-time buyers as well as move-up buyers.

In the Twin Cities, we’re seeing lower home prices than in previous years and historically low interest rates. In early July, 30-year fixed-rate loans were available in the low 5 percent range, and 15-year fixed-rate loans in the high 4 percent range. These rates are amazing, especially when you compare them to previous years such as the ‘80s when interest rates were in the double digits. This wonderful combination of low interest rates and moderating prices is resulting in excellent affordability. Home prices are well within the means of the average Minneapolis or St. Paul resident.

The Twin Cities also has an excellent supply of homes for sale in all price ranges, styles, and communities. Buyers can choose from new construction, existing homes, starter homes, luxury properties, condominiums, co-ops, townhomes, and lofts.

Also, if you’re a first-time home buyer, don’t forget the tax credit authorized by the American Recovery and Reinvestment Act of 2009. Under this act, first-time home buyers can receive a tax credit for 10 percent of the value of a home, up to $8,000. This is a great incentive, especially since you don’t need to repay the tax credit unless you sell your home within three years. But, you only have until Dec. 1, 2009 to take advantage of this credit.

So, start looking for your next home now. Enjoy our beautiful summer weather and the benefits of the Minnesota housing market.

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To begin your search homes in Edina, visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

Those are words that perk your ears up! And if you have ever had an FHA-insured mortgage then you should pay attention. While the refund process should be automatic, sometimes a refund gets missed or the payee can’t be located. First check the HUD website to see if you are owed a refund. You will need to enter your name or your FHA case number.

To be eligible for an insurance premium refund, you must meet these requirements:

• acquired your loan after September 1, 1983
• paid an up-front mortgage insurance premium at closing and
• did not default on your mortgage payments

To be eligible for a distributive share from the Mutual Mortgage Insurance Fund you must meet the following:

• originated your loan before September 1, 1983
• paid on your loan for more than seven years and
• had your FHA insurance terminated before November 5, 1990.

The HUD site encourages people who need help with their refund to contact them directly and not to hire someone to assist in collecting the refund. Often the collectors are scam artists. The direct number to the HUD support center is 1-800-697-6967.

For more details, directions on requesting your refund, and a list of the exceptions, read the FHA Homeowners Fact Sheet.

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To begin your search homes in Edina, visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

This shouldn’t surprise any locals, but Edina High School ranks as one of the top 110 high schools in the nation! Newsweek magazine released a list last week of the top 1500 high schools and Edina ranks at 108! Among the Minnesota schools on the list, Edina High School ranks at number 2.

According to Newsweek:

Public schools are ranked according to a ratio devised by Jay Mathews: the number of Advanced Placement, Intl. Baccalaureate and/or Cambridge tests taken by all students at a scEhool in 2008 divided by the number of graduating seniors. All of the schools on the list have an index of at least 1.000; they are in the top 6 percent of public schools measured this way.

The Twin Cities area has 11 schools appearing on the list and Minnesota has 27 overall. This simply confirms what we have known all along. Minnesotans are a smart bunch!

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To begin your search homes in Edina, visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.