LIGER - Napoleon Dynamite’s favorite animal. 

LIBOR - London Interbank Offered Rate

Even though Napoleon Dynamite was funnier before every thirteen year-old on the planet was quoting it, we found a way to work it into this post.  It wasn’t easy.

Lame attempts at humor aside, the LIBOR indexed Adjustable Rate Mortgages are gaining in popularity.  They normally have slightly lower start rates than the more traditional Treasury-indexed ARM’s, and they often carry the increasingly popular interest-only payment option.  Here’s a couple more links to help you read up on LIBOR arms:

More on the LIBOR here from today’s Houston Business Journal [Bizjournals.com]
LIBOR Index [HSH.com}

St. Paul Mayor Keeps promise to not raise property taxes. Sort of. OK not really. [Pioneer Press]
The Star-Tribune’s Take On The Great ‘Bubble’ Debate [Startribune.com]
Philadelphia Homeowners Are Betting their Homes for Superbowl Tickets [CBS News]
Open Houses Can Be Dangerous [brownstoner]
Forbes Weighs in on ARM vs. Fixed Rate Mortgages [Forbes.com]
Shhh! Mortgage Rates Dipped Again. Don’t tell the experts. [CBSmarketwatch]

108 49th Street East, Minneapolis
$399,900 Sunday 1-3
[calculate the payment]
This South Minneapolis home has made a couple of appearances on HGTV.  Looks nicely done with the exception of the ‘marblecake’ nursery.

1016 Laurel Ave. Saint Paul
$364,900 Sunday 1-2:30
[calculate the payment]
Admittedly a little ‘barny’(or whatever) but with very nice woodwork and beamed ceilings within.  Nice looking backyard garden with a classic detached 1 car for your vintage model T.

4848 4th Ave South, Minneapolis
$270,000 Sun 1-3
[calculate the payment]
We’re a sucker for these vine-covered Tudor’s near Minnehaha.

4508 Harriet Ave South, Minneapolis
$350,000 Sunday 12:30 -2:30
[calculate the payment]

Great Woodwork, built-ins, and period cabinetry in this classic Minnepolis craftsman bungalow from ‘22.

4435 Baker Road, Edina
$339,900 Sunday 1-3
[calculate the payment]
Very nicely done interior with all the upgrades, big lot, back yard for entertaining. Busy street puts this at an attractive price.

A sure sign that spring will eventually come: The 2005 Minneapolis & Saint Paul Home Tour (Sat & Sun May 8th), which seeks distinctive and inspirational homes for its annual showcase, will be accepting nominations through February 18th.  From the city of Minneapolis website:

"The Home Tour is a celebration of city living that brings thousands of home enthusiasts together for a weekend of sharing remodeling ideas and new rental and ownership opportunities. The tour showcases a wide variety of homes, from Queen Anne Victorians to hip downtown condos and lofts. Last year, more than 10,000 people visited the 50 homes on the tour"

2005 Minneapolis & Saint Paul Home Tour Website
Nomination Form [PDF]

Fresh off the bidding war that erupted [jalopnik] over the former Manchester United star’s 1997 BMW, we now have the first marital home of David and Victoria "Posh Spice" Beckham on the block over at eBay.

It’s only ten minutes from the ‘football’ stadium, so if you like the idea of drunken soccer hooligans dropping by at all hours demanding a tour, bidding on the 3 bedroom Manchester home starts at £450,000.00. (Roughly $850,000)

Considering the BMW sold for about 7 times its actual value, anything less than 6 Million will be a real disappointment.

View the listing here [eBay]
More on the Sale Here [Femalefirst.co.uk]

Let’s add this to the ever growing list of suspect resources available to estimate the value of your home:

The National Association of Home Builders has a home price estimator on its website.  At first glance, the excel-based calculator (with the clunkiest interface we’ve seen in a while) looks like it has far too few variables to even come close to being a useful tool to estimate value. Undeterred, we thought we’d give it a quick test drive anyway to see how it stacks up against a couple of recent appraisal’s that have come across our desk.

The first test case is a new Rambler with 2 bedrooms, 2.25 baths, a pool, and 3200 square feet.  Located in the Shoreview area, our appraiser estimated its value at $650,000.

Estimator Says:  $307,000. This doesn’t surprise - It’s a very nice home with lots of amenities and a high level of trim. There is no way to reflect this in the estimator, so it is no wonder it missed the mark - but by $340,000?

The second test case is a recently updated circa 1922 bungalow in St. Paul with 1,000 square feet, 2 bedrooms and 1.5 baths.  Appraised at about $180,000

Estimator Says: $122,409. Picked this one because we thought the calculator would have a pretty good shot at coming close here. A well maintained and recently upgraded property in a very average Twin Cities neighborhood.  $122,000 does not even get you close to this house in a below average area.

Okay, I think we can stop there.  As we expected - not very impressive - just far too few data points for it to even have a chance.  You’d be better off taking the sales price and simply adding 8-10% per year for every year you’ve owned. 

If you’d like to run your own home through the estimator, here’s the link. 

Everyone is encouraged to post their results in the comments section below - let’s see if a larger sample size can redeem the horrible results our test cases returned.

Linklube
The Sum Of All Parts: What Your Home is Worth [Behind The Mortgage]
Twin Cities Regional Price/Value Data for 2004 [Twin Cities MLS]
Search Prices and Appreciation info by City, State Etc. Nationwide [Kiplinger.com]
The Roaring 2000’s - Twin Cities Home Prices Surging [Behind The Mortgage]
More Twin Cities Real Estate Data, Charts, and Graphs [MPLS Realtor Assoc.]

Well heeled (we’re guessing) Uptowners may have a new option for housing in the near future.  According to the Southwest Journal, Local developers Stuart Ackerberg and Clark Gassen have proposed a 12 story, mixed-use development to occupy the parking lot behind the old Walker Library building.  The developers have promised to "minimize the visual impact" of the twelve story condo development which also will include green space, retail/restaurant space, a five story office complex, an expanded Lagoon Theater, and below ground parking. No word on when the condos will be going on sale, but it could be soon - they plan to break ground (pending, of course, local zoning approval and ring kissing) as early as May.

Also notable is the proposed design - in that the 12 story structure is "twisted" to minimize the shadow it would cast on the adjacent greenway.  Anybody have any artist concept drawings?  We’ll keep you updated as this develops…

The Biggest Thing Since Calhoun Square [Southwest Journal]

"Millions of Americans became stockholders in the late 1990s, just in time to experience the biggest bear market in a generation. Does the same fate await millions of first-time homeowners?"

That’s the big question posed in this recent article in the Wall Street Journal’s RealEstateJournal.com and though it raises some interesting questions, a couple of portions left us scratching our heads.  For instance, the article calls into question the numerous policy initiatives aimed at encouraging home ownership by reducing or eliminating the need for a down payment:

(more…)

This just in.  Sort of.  Star-Tribune columnist [Backfence] and blogger [The Bleat] James Lileks has recently authored a 176 Page book giving 70’s era home decor a well deserved ripping.  If you’ve ever looked back on family photos (or your own decorating choices) from this era and recoiled in "what-were-they-thinking" horror and amusement, this book is right down your alley.

It’s Entitled Interior Desecrations: Hideous Homes From The Horrible 70’s, and (though we have yet to get our hands on a copy), if it is anything like the content we found here via Lileks website, it should be great and will be gracing our coffee table soon.

Here’s a recent review via the Washington post: Ugly Is as Ugly Was [Registration Req’d]

Inexplicably, Lileks own newspaper gives the book the short shrift. A search over at Startribune.com for ‘Interior Desecration’ turned up only this: Mountains, from the Root

Related Linklube
Interior Desecrations [Amazon]

While New Yorkers might have ‘Peanuts’ fan and famous wrapper-of-objects Christo in Central Park [Curbed], we’ve got our own group of high-concept artists right here in the Twin Cities.

The Art Shanty Project. In an event that could only be found in Minnesota, a group of local artists are bringing their versions of high-art (which include, apparently, the "projection and articulation of red-hot objects") to the much maligned Ice Shanty:

"The Art Shanty Project (ice fishing shanty + art gallery = Art Shanty) features thirty-seven courageous artists, who will brave the Minnesota cold to build Art Shanties, present exhibitions, performances, and activities on the frozen waters of Medicine Lake. These offerings will help anyone suffering from cabin fever or art withdrawal to survive the winter."

Other notable highlights and activities at the exhibition (we did not make these up):

• Art Shanty Yoga: These basic hatha classes will be taught in the "Meditation Shanty" and will focus on asanas, or poses, that can be performed in the limited confines of the tiny building. Class size is limited. Extremely limited.
• Cooking With Snow. Surrounded by snow and not a thing to eat? We’ll fix that as we share some age-old snow recipes as well as some brand new.
• The Chance Shanty.Embraces all types of gaming fun including a slot machine exterior and a giant spinner game of fishing fun! Go inside the pulltab/lottery ticket encrusted interior, munch on a fortune cookie or add your own fortune to the fortune/chance wall. Fortunes! Chance! Fishing! Fun! You WILL be a winner.
• The Virus Shanty.  Virus will explore art and leisure activities, justification and reasoning techniques through the projection and articulation of red-hot objects.
• Ice Knife! A form of terrorist architecture designed to cut through the mallowhimsy of the Saint Paul Winter Carnival, leaving no pilgrim untouched by its icy edges.

Eat Your Heart Out New York.

Related Linklube
Art Shanty Projects Website [Maps, Event Calendar and Descriptions]
The Gates by Christo and Jean-Claude [New York Urban Art, or something]
Star-Tribune Article on Exhibit [Startribune.com]
More Medicine Lake Weirdness [Medicine Lake Flash (sketchy website music warning)]
Build Your Own Ice Shanty [Grove.net]