New Updates Regarding Loan Modification
President of United States, Barack Obama has brought about some considerable alterations in the home loan modification or personal loan modification phenomenon. These changes may turn to be useful and beneficial for those who are strictly needing home loans or personal loans. From the entire annual budget of United States, about 75 billion US dollars have been safely allocated for Obama’s preceding plan. This plan incorporates the world’s finest practices which is a derivative of Fannie Mae and FDIC. However for the sake of convenience, this entire plan can be broken down into two halves.
In the first half of this plan, those who are interested in perusing likely proceeding with such loans may get an opportunity to get financing service. However this may be owned either be Fannie or even by Freddie Mac. It means that the price of mortgage property is not likely to be exceeded around one fourth of residual balance. However in the olden times, the refinancing proposals and plans run by government were only limited up to 5 percent. But this new plans has got one important modification which is beneficial as well as it does not permit the owners of the house to own justice and equity on mortgage property. But as far as the risk factor is concerned, it has gone enhanced considerably from government point of view. It has been clearly mentioned in this plan that due balance of the mortgage property must not be greater than 125 % of the current value of that same property in the market.
From second aspect, those peoples can also be benefited from this plans and proposals that are not still independent of these proceedings. This may turn to be beneficial for those peoples who are just looking forward for such proceeding in the near future. This may be advantageous for those types of loans that goes on rising over time and ultimately will reach at that point in the near future that none of the owner will able to repay such loans. However this is also unfavorable from lender point of view as in the coming days, peoples will stop receiving loans due to such high rates. So the only thing that is left for lender is to diminish the rates of interest up to much extent. According to the actual plans, lowering of these interest rates must be done at that point where repaid amount should either be equal or even short to exactly 38 percent an annual income any individual. However this was the earlier plans and suggestions from Fannie Mae which were later on modified by Barack Obama’s government money.
It is anticipated that near about 7-9 millions owners of homes are under this modification plans. This reveals that not all the home owners in US are fed by this modification plans. There are still numbers of peoples who are going through legal proceedings. However this modifications plan has got some limitation regarding its eligibility. Those peoples whose mortgage property’s price is too short and also for those who don’t have sufficient amount of money to make down payment are not suitable for such types of plans.
Summit Avenue Homes
I suspect that just like Rodeo drive in LA, if you asked someone in another part of the country to name a nice area in Saint Paul, they would probably say Summit Ave. This area is referred to by several names including Summit Ave, Summit Hill and Crocus Hill. This area was started in the 1850s, shortly after Minnesota became a state, as a place for wealthy Saint Paul families to get away from the more urban and commercial housing areas in the city. With the addition of the cable car and city water in the 1880s, the area began to boom. Many of the homes from the 1880s and 1890s still stand today showing off the amazing architecture and diverse styles.
Then after World War I, many more Summit Avenue Homes were built. Some of those homes were subsequently turned into rooming houses or apartments to deal with the increasing population in Saint Paul. In 2008, Summit Avenue was named one of the 10 “great streets” in the US by the National Planning Association. At the east end of the neighborhood, the homes have amazing views of downtown Saint Paul and the Cathedral. On the west end of Summit Hill, it overlooks the Mississippi river. It is no wonder the old money affluent from years past have flocked to this beautiful neighborhood.
Currently you can find Crocus Hill Homes for sale ranging from $90k condos and small homes that were built in the 1930s to support the mansions in the area to dozens of properties over $1 million that have as many as 10 bedrooms. These larger homes feature 4000-12,000 square feet, formal dining and living rooms, grand staircases, stained glass, and large lots over 1/2 acres. Because many of these were built in the 1890s, they will often have many fireplaces. One home at 266 Summit Avenue, for sale now for just under $2 million features 13 fireplaces and amazing woodwork. It has been fully restored with updated gourmet kitchen, but still retains the hand-carved marble and wood fireplaces. Just about anything you could ever imagine can be found in the Summit Hill homes.
If you have any interest in these amazing Saint Paul homes, please contact me as I would be happy to show them off to you. Whether you are looking at the $90k condo or the $2 million dollar mansion, I can help you either place! Contact me at 612-281-5419 or send me a message using my contact form. I will get back to you promptly.
Tips for Finding the Saint Paul Home of Your Dreams
There has probably never been a better time in Minnesota to buy a home. Interest rates are below 4% for owner occupants, which we have not seen in the last 40 years. Housing prices have been steadily declining and are now 25-50% below their 2004 peak prices. If you have ability to buy a home, now is the time. If you miss this opportunity, you will regret it.
So how do you get started? What do you do first? Here are some tips to finding that Saint Paul dream home:
- The Saint Paul real estate market is vast and diverse. The homes in Lowertown are drastically different than the ones in Phalen. The neighborhood around Summit Avenue is much different than around Frogtown. I recommend that first ask around and talk to people that live in Saint Paul. Get their recommendations on what areas they like and why. Then get out and drive around those areas. Stop in a local restaurant and have lunch. Does this neighborhood feel comfortable to you? Can you see yourself eating lunch here often? Drive around and look at the houses. Saint Paul houses have over 100 years between the oldest and newest. Which do you like? You must figure out where you want to live (and this may be 2-3 places you like), before you proceed.
- Once you find a couple areas that you like, you need to find a Saint Paul Realtor that specializes in these areas. Since many agents specialize in just one area, you may need to interview several to find the one that you like the best. Remember that typically a buyer’s agent is paid by the seller of the home. You are getting this agent’s help for free. Make sure you trust him or her and that you want to spend time with them. The agent should be very knowledgeable about all parts of Saint Paul and be able to give you the differences off the top of her head.
- If you are looking at purchasing a foreclosure, you should be aware of the different requirements and regulations that St. Paul imposes on vacant houses. They have various vacant building categories that will have varying levels of code compliance that must be done to bring a home back up to livable condition. If you have concerns about this process, find a contractor that works in Saint Paul that can help you navigate this process and give you a bid to get the work done. You do not want to take on some of these Category 2 houses with their code compliance as a weekend project or your first home. They require too much experience to navigate all the inspections and code issues.
- Have your Realtor build a MLS search for you that will send your emails when a property falls into your criteria. This will be an invaluable way for you to keep track of the changes in the market as well as spotting those great house deals that go fast. Discipline yourself to check this email as soon as you receive it so that you can jump on any opportunities that may have just hit the real estate market.
- Once you find a home and have an accepted offer, it is important to get a home inspection done. Most buyers and real estate agents are not housing experts. They are also not typically crawling in the attic and poking holes in the foundation. Most inspectors have a certification from training they have taken. They will spend 2-3 hours combing through a house to find any issues that exist or could develop. While this inspection is not meant to scare you away, it will identify an issues that are larger than you are prepared to undertake once you own the house.
Finding your Saint Paul dream home can be a fun and exciting process if you do your homework up front.
Saint Paul Real Estate Pulls Out its JackHammers and Big Ambitions
There are many parts of Saint Paul that are all but a ghost town. Many older businesses closed, buildings were purchased with grand ambitions, but in this economy and real estate bust, nothing was moving. Recently, though, more activity is being seen around the city. Much of this work is not private enterprise, but non-profit and government money hard at work tearing down and preparing to build up.
Public Money
- One of the largest government projects in Minnesota state history (topping even the $250 million spent on the 35W/Mississippi river bridge) is the Central Corridor light rail line. This 11 mile line will link Minneapolis and Saint Paul; costing almost $1 billion by the time it is finished in 2014. The route will travel mostly down University avenue but will also be tearing up roads around the capital, Hamline Avenue and the University of Minnesota. While construction has started on the project West of Hamline Avenue, many obstacles stand in the way of completion including no resolution on how the light rail will route through the University of Minnesota. Additionally, at least a dozen lawsuits have been sued by various businesses and organizations including the Minnesota Public Radio, historic churches, and various business organizations that have members that will be affected by the construction and/or the route.
- While the Penfield project has been on the books for many years in Downtown Saint Paul, the project has continued to be scaled back. When first proposed by the developer, it was going to be a 40 story hotel and condo high-rise. then the project was scaled to 30 stories and now just 11 stories. The make up of the building will change to have typical apartments at market rates. The City of Saint Paul will take over the $50 million project as the developer, which has some people upset.
- The West Side Flats is mostly a private $30 million project that will hold 168 apartments in a five-story building. This prime real estate was originally going to hold luxury condos, but now the developer is reworking the project to have 20% of the units be affordable housing. In exchange, the government will chip in $600k to build the roads and sidewalks.
- Most of Saint Paul’s hospitals (Childrens, United, and St. Josephs) all have multi-million dollar expansions or renovations in the works. United will spend $34 million on a new six story emergency room. Children’s will completed its $300 million expansion of its St. Paul and Minneapolis campuses. Not to be left out, St. Joseph’s is also adding a $20 million, 20,000 square foot expansion to it emergency rooms.
Private Money
- The Union Depot continues to try to make a comeback. This Lowertown landmark was once slated to be condos, shopping and restaurants until the buildings developer was unable to completed the project. Now Ramsey County, who currently owns the property, along with state and federal help will determine the next step for this historic building. Most plans call for it to once again become the hub for all public transportation in Saint Paul. These plans will include Greyhound buses, linking the Central Corridor light rail into the Amtrak service and finally the future high-speed rail to Chicago. Estimated are around $240 million, but no funding has been secured, despite demolition and remodeling already starting.
- One of the first new Central Corridor developments happening on University Avenue is the Frogtown Square development. This $14 million project will have retail space on the main floor and low-income senior housing on the 2nd with parking underneath. This project is well underway and has received $3.4 million in funds from the St. Paul Housing and Redevelopment Authority.
- The coming light rail project is also sparking push for other housing projects including The Lyric at the Carlton Place. This would be a 171 unit apartment building that would marketed toward arts and music enthusiasts. These additional units would complement the lofts finished about a year ago.
- Located near the proposed Westgate Station for the Central Coridor line is the 2700 The Avenue. This mixed use project with office, grocery and retail will hopefully break ground this year as the project has been scaled back by 60% from its earlier designs. Although some funding has come from a government grant, financing continues to be an issue.
- As Snyder’s has closed up shop in the Highland Park neighborhood, Walgreens is waiting on final city planning commission approval to build a new store and additional retail space on that land.
These are just some of the almost 20 public projects and 20 private Saint Paul Real Estate projects that are being either proposed, built, or finished in Saint Paul currently. You can read more about the projects here.
Saint Paul School Board Restructuring Schools
The St. Paul School board has been working on a plan to combat both declining enrollment and a $27.2 million district budget short fall. After weeks of debates the school board made the final decision to close the Arlington Senior High School and move the Washington Technical Middle School and the Wellstone Elementary school into that building. They also voted to co-locate the Hazel Park Middle School Academy into the Battle Creek Middle School building, Ames and Sheridan Elementary will move into Haxel Park Middle School Academy, Franklin Music Magnet will move to North End and lastly Prosperity Heights will move to Hayden Heights.
All of this movement of schools did not come without a large amount of uproar from parents and students. The roar was especially loud at Arlington as next year the 11th and 12th graders will be moved to another school. Most of the students were excited to be at the top of their school and now they will be starting a strange place. Sport teams will be upset and many athletes that used to start at Arlington wonder if they will get a chance to play next year.
the Saint Paul School board also decided to cut the English Language Learners for those students that are learning English as their 2nd language. Currently there are about 30 juniors in that class. They will now be forced to start over at another school. This change will even effect some students that have Saint Paul Homes near the closing Arlington Senior High.
Beautiful Saint Paul Duplex For Sale
My investor customer purchased this property about 4 months ago and has been lovingly restoring it to it’s 1928 beauty. This home has:
- New Kitchen with tile floors, new cabinets, new appliances
- New Bath with tile floors and new fixtures
- Refinished hardwood floors and woodwork
- Fully upgraded plumbing
- Updated electrical
Each unit has 3 bedrooms and 1 bath and should rent for $1250 per month. Property would be perfect for owner occupant. It is in a desirable part of Crocus Hill in Saint Paul.
See more pictures of 728 Dayton Ave here.
Saint Paul Needs Better Parking
After a recent survey by the Saint Paul Area Chamber identified 68% of downtown business owners think parking is difficult and 55% of their customers agree, Saint Paul business owners are asking the city to implement a number changes to the parking in downtown Saint Paul. See the full article over at bizjournals.com
FEMA Declares Lowertown Saint Paul in Flood Zone
As the flood water’s recede in Saint Paul neighborhoods, the Federal Emergency Management Agency (FEMA) has declared parts of Saint Paul’s Lowertown and Downtown in the flood area. This is even after an almost record flood season failed to get much more than the grass wet in certain parts of the area. No structures will damaged when the Mississippi river rose to near record levels at the end of March. In fact, this year was the 8th worst flood in Saint Paul history.
FEMA has been updating their maps nationwide that designate areas which have varying levels of flood risk. They update these maps every 10 years or so. Often after large losses from flooding (this time the Cedar Rapids flooding triggered the map updates). Some of these areas, including the Union Depot, and the Great Northern building, are inside the 100 year flood zone risk area. Being inside these flood zones can require a property owner to purchase flood insurance. This can be especially concerning as all condo owners in the Union Depot would be required to buy insurance regardless of what floor they are on. Even the 5th floor condos could be required!
The City of Saint Paul has been working to change FEMA’s mind about the boundary lines-generally between Kellogg Boulevard and Shepard Road but in one instance as far inland as Prince Street. They are looking at possibly regrading streets, installing levees, or even raising curbs to have areas removed from the flood zones. Unfortunately, it is unlikely the City will be able to to change FEMA’s mind prior to the new flood maps coming out on June 4.
Statements from FEMA confirm that they believe they are doing accurate and necessary work in Saint Paul despite objections. Because of flood insurance claims in recent years, we can imagine that FEMA is being more aggressive in marking areas in the flood zone. With data from this spring’s flood still being examined it is very early in the process to see if the City will invest any capital into making changes or maybe private sectors will step in depending upon the return. In the end, we need to protect our neighborhoods.
The lower lying West Side is also considered in the flood zone. Fortunately they will not be required to buy flood insurance because they are in the process of having their levee system certified by the federal government. This process has been formally applied for, but stalled in red tape for a couple years.
Saint Paul Ranked 11th by EPA for Energy Star Labeled Buildings
The U.S. Environmental Protection Agency (EPA) recently announced its 2009 list of cities with the most Energy Star labeled buildings. Saint Paul was number 11 on the list. Buildings can either be built from start or retrofitted to be Energy Star compliant. These buildings use 35% less energy than a comparable non-Energy Star building of the same size. They also release 35% less carbon dioxide into the air. The EPA uses a 100 point scale to assess how efficient a building uses energy with a score of 75 or higher being considered Energy Star compliant. Almost any commercial buildings can earn the energy star rating. Houses, townhouses, apartment buildings, and condos can not.
Much of Saint Paul’s success was led by Mayor Coleman who hired the City’s first sustainability coordinator, energy coordinator, and water quality coordinator. All key appointments to lead the charge on energy conservation. Mayor Coleman also directed over $1 million to retrofit City buildings for energy and cost savings. He was also instrumental in working with Xcel energy to replace a coal-burning energy plan with natural gas, secured a $1 million Department of Energy grant to create solar power at the Rock-Tenn plant, and added several LEED buildings to the area.
Saint Paul has also recieved about $4 million in grants from the Department of Energy through the American Recovery and Reinvestment Act. About $3 million of that money should create new job opportunities in upgrading the energy use of public and commercial buildings and Saint Paul Homes.
Fantastic Saint Paul Home Fully Rehabbed
My friend Kevin Curtis just listed an amazing property on 228 Page Street East. 
It is a three bedroom, one bath story and half Saint Paul Home built in 1906. His customer did an amazing job of rehabbing this property back to its original beauty. This is NOT a short sale or foreclosure. It has a new kitchen with hickory wood cabinets, stainless steel appliances, ceramic tile in the kitchen and bath, main floor laundry, updated mechanicals and a 2 car garage.
See the virtual tour here. If you want more information or to set up a showing, you can contact me.
Subscribe via RSS
Subscribe via Email