10932 Rhode Island Avenue S Bloomington, MN 55438

Property Site: http://tour.remax-northcentral.com/home/37Y6ML

You will be impressed with this completely updated ground level condo in West Bloomington!  All living spaces of this 2 bedroom, 2 bath unit are on one level.  In-unit laundry is another bounus! There is a screened-in porch which opens up to a sizeable green space with mature trees. The entire home has been freshly painted and features new carpet throughout!  The kitchen boasts all new stainless steel appliances, new countertops , sink and faucet, and new flooring. New doors have been installed in the home as well! The complex  is beautifully maintained, has 2 outdoor heated pools, and is close to parks and trails. Freeway access is minutes away, and major shopping is close by. Pets and rentals allowed (see rules and regulations for details.)  Garage #49. Directions: Old Shakopee Road to Rhode Island, South to home on the right side.

Bedrooms: 2

Bathrooms: 2.00

Square feet: 960

Price: $130,000

For more information about this property, please contact Jon Hoffmeister at (952) 942-3480 or jon@hoffmeisterhomes.com. You can also text 2754726 to 67299.

See more listings at: http://www.results.net/jon.hoffmeister

MLS ID: 4593907

5510 River Bluff Drive Bloomington, MN 55437

Property Site: http://tour.remax-northcentral.com/home/8H86EA

This English Tudor Style home is a picture of both warmth and elegance featured in an open floor plan. This home was the 1983 “Idea House” which was a showplace to display all the best ideas in design and architecture of the time. The entire house takes advantage of passive solar energy and the rooms are well lit with an abundance of southwest facing windows. Additional spotlights and accent lighting help to accentuate the various design elements throughout the home.

 

The impressive qualities of this home begin at the foyer with marble tile that continues into the hallway, laundry room and bath. The foyer has a floor to ceiling feature of a hand-carved, etched glass panel with accent lighting. A skylight brings additional light into this area. Another prominent feature is the vaulted ceiling in most of the main floor rooms, which is made of solid chestnut paneling that was imported from France.

 

The formal living and dining room area features a massive bricked fireplace wall with a beautiful built-in stained glass window. There is an 8-foot sliding door that leads to a 16x11 deck overlooking the beautifully landscaped back yard and pond. The dining area has a bay window.

 

The kitchen features authentic pegged wood floors. The cabinetry, with leaded glass doors, was designed to look like built-in furniture. There is accent lighting above and below the upper cabinets, and also around the center island. The kitchen was updated in 2010 with Cambria countertops and Electrolux appliances. The informal dining area of the kitchen overlooks the stunning 2-story atrium that drops to the lower level in a half octagon shape.

 

The family room is open to the kitchen, and features a wood-burning fireplace in a beautiful brick wall, which features a rough-hewn wood beam mantle. The family room has access to the screened porch.

 

The large screened porch boasts a vaulted ceiling of beaded west coast Douglas fir, a ceiling fan, and redwood flooring. From the porch you can go out to the redwood deck, which is a great spot to enjoy treetop views of the pond.

 

The owner’s suite takes up one entire end of the first floor starting with the bedroom, which has a brick wood-burning fireplace. The next area is a dressing room, bathroom, spa suite with a walk-in closet, separate shower/rest room, his and hers vanities, and an elevated, sunken Kohler spa tub with ceramic tile surround. An Anderson garden window finishes off the tub area. From the owner’s bath, you can go out to the porch to relax and enjoy views of the pond.

 

At the other end of the main floor is a flexible use room with crown molding, a built-in desk, and cabinetry. This space could be used as a home office, den, bedroom or guest room. Located just outside of this room is a ¾ bath.

 

Finishing off the first floor is the laundry/mudroom located at the garage entrance, featuring a front-loading Electrolux washer and dryer set.  For convenience, there is a coat closet, another closet with shelving for additional pantry storage, a storage bench, upper and lower cabinetry, and a sink with counter space. The windows in this room overlook the front yard of the home.

 

The lower level is also very impressive, starting with a huge amusement room and the lower level of the 2-story atrium. Set in the corner of this area is a cozy sunken conversation pit with a gas fireplace and built-in seating. From the amusement room you can head out to the patio and enjoy the hot tub. On the opposite side of this level is the billiard room with a drop down boxed-light feature with beveled glass over the pool table. Situated in the middle of these 3 areas is the bar/kitchenette that has countertop seating available for both rooms, and includes a sink, and under counter microwave and refrigerator. A neon light over the bar is another custom feature. This entire area has crown molding. Down the hallway from the amusement room we have 3 additional bedrooms with ample closet space, and a full bath.

 

The outside of the home was designed with the same attention to detail. A cedar shake roof sets this home apart. The 3-car garage has built-in cabinetry, plenty of windows for natural lighting, and a finished floor. The driveway and circle turnaround are designed with interlocking brick pavers. Washed aggregate adds a unique look to the sidewalks and steps. The retaining walls and outdoor lighting enhance the landscaping elements, which boast a variety of plants for seasonal color variations. The focal point of the back yard is the scenic pond, which stays aerated to keep its lovely appearance.

 

The home is in the prestigious neighborhood of River Bluff Estates, located near the Minnesota Valley Country Club in West Bloomington.

 

 

Bedrooms: 4

Bathrooms: 3.00

Square feet: 4,218

Price: $529,000

For more information about this property, please contact Jon Hoffmeister at (952) 942-3480 or jon@hoffmeisterhomes.com. You can also text 2536364 to 67299.

See more listings at: http://www.results.net/jon.hoffmeister

MLS ID: 4557521

Pay More or Less

Paying more for your house payment does not make your home more valuable. It does mean that the mortgage rate may be higher than it has to be.

Even though fixed rates may never again be as low as they are currently, an adjustable rate mortgage may provide the lowest cost of ownership depending on how long a borrower plans to own a home. There are different types of ARMs but the one in this example is a 30 year mortgage with the rate fixed for five years and can adjust every one year after that based on independent indexes.

Another feature of a FHA ARM is the maximum rate change in one period is 1% and the maximum lifetime cap is 5% over the initial rate.

In the example below, the payment on the adjustable is $153.48 lower for the first five years or 60 payments. Another interesting thing is that lower interest rate loans amortize faster than higher interest rate loans. In this example, the ARM has a lower unpaid balance at the end of the first five years by $4,239.

The total savings on the ARM at the end of the first period is $13,477. If a borrower felt confident they would sell the home prior to the breakeven point of 8.5 years, the ARM would produce a lower cost of housing even if the mortgage rate escalated the maximum at each adjustment period.

To help determine whether you pay more or less, consult with a trusted mortgage professional and your real estate agent to learn the advantages and disadvantages of different programs. To try your own comparison, check today’s rates at the Freddie Mac Mortgage Rate Survey and plug your numbers into an Equity Accelerator

Basic Legal Documents

Many times, young adults feel “bullet-proof” and don’t consider the urgency to get involved or spend the money to take care of certain legal aspects of their lives because they think they’re going to live forever.  Since no one is guaranteed longevity of life, if you want to be in control of who gets what and who is in charge now based on an untimely incapacitation or death, it is important to investigate these basic legal documents.

Will – This is a legal instrument that specifies your desires to care for your minor children and to distribute your personal property after you die and who will manage the process.  Anyone who has property and minor children needs a will.

Living Will – This legal instrument specifies your intentions regarding end of life decisions or to designate an individual to make those decisions on your behalf.  Many times, a person who had been diagnosed with a terminal condition or who is facing a serious surgery or hospitalization might feel a sense of urgency to have this document.

Power of attorney – This document allows you to appoint someone you trust, not necessarily an attorney, to handle important legal and financial matters for you if you are unable to make decisions for yourself.  The time limit can be for a specified period of time or indefinitely.

Trust – This arrangement involves an entity called a Trustee who takes control and manages property for someone else’s benefit called a beneficiary.  When property is placed in a trust, the trust becomes the owner of the property.  There are different types of trusts and a qualified advisor can explain and recommend which type would be best suited for your situation.

HIPPA Release Form – The Health Insurance Portability and Accountability Act, known as HIPPA, was created by Congress to protect the privacy of a person’s health information.  Health care providers are prohibited from discussing any aspect of your medical information with anyone who is not directly involved in your care.  To allow friends or family who do not have legal responsibility for you to have access to this information, this release form is necessary.

Most of the issues affecting these types of documents are determined by state law.  Since they are legal documents, it is recommended that you seek sound financial and legal advice.

Monthly Skinny: April

Are You Ready?

For whatever reason you’ve delayed buying a home, it may be time to reconsider that decision based on today’s conditions and what is expected to happen in the future.

Rents are continuing to increase to the point that in most markets, it is significantly less expensive to own than to rent.  Even after you factor repairs into the equation, the low interest rates, principal accumulation due to amortization, appreciation and tax savings lower the monthly cost of housing.

Low inventories coupled with strong demand cause a rising effect on prices.  Another reason for higher values is that builders, especially in certain price ranges, have not ramped up new home starts to keep up with the demand.

Recently, the Federal Reserve announced that they intend to start raising rates. Most experts agree that higher interest rates are a foregone conclusion; it is just a matter of when it will happen.

A $300,000 home today could cost considerably more one year from now.  With a 20% down payment, if prices go up by 3% and the interest rates increase by .5%, the principal and interest payment at 3.625% would be $1,094.52 for 30 years compared to $1,198.05 at 4.125%.

The question is not necessarily “can you afford the additional $103.53 more per month that you’d have to pay for the home during the 30 year term?”  More importantly, “How would you feel about having to pay more because you weren’t ready to make a decision and what would you have spent it on if you didn’t have to pay a higher payment?”

Home Too Big Now?

Once the kids are grown, have careers, relationships and get a place of their own, parents find that they may not need their “big” home like they did before. Their lifestyle may have changed and the house just doesn’t “fit” anymore.

Benefits of a smaller home:

• Easier to maintain 
• Lower utilities
• Lower property taxes 
• Lower insurance
• More convenient location
• Convenience of a single level
• Possibly more energy efficient
• Possibly lower maintenance

Moving from a larger home frees equity from the previous home that can be invested for retirement income, purchase a second home, travel, education or just to have a nest egg for unexpected expenses.  The profit on the home, in most cases, will be tax-free up to the exclusion limits set by IRS.

There will be expenses involved in selling a home as well as the purchase of a new home.  These will lower the amount of net proceeds available to invest in the new home.

Like any other big change in life, it is recommended that you take your time to consider the possible alternatives and outcomes.  Your real estate professional can provide information that can be valuable in the discernment process such as what your home is worth, what you will net from a sale as well as alternative properties for your next stage in life.