St. Paul Homes

With economy moving a continuous downward spiral, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke pleaded with lawmakers to approve a bill for $700 Billion dollars to dispose of “toxic” assets from financial institutes (sub prime mortgages).  The basis behind this bill is to do what is called a reverse auction to purchase the toxic assets from major lending institutes.  The mortgages are purchased in bundles (ex. 1,000′s of mortgages packaged together).  According to Jim Cramer interview, the host of Mad Money, the mortgages purchased this way would be considered assets.  With the packages maybe only 10% on non-performing loans, leaving 90% performing and viable. 

With taking the financial hardship off the lending intuitions from the non-performing assets, the lenders are now able to free up capital to lend more money.  The thought behind this would be in turn to help stimulate the economy.  With the government now in control of the sub prime mortgages, they can now renegotiate the terms of the loans to make them affordable and performing. 

What will this do to the real estate market place?

1. I have heard that it may help curtail the foreclosure/REO marketplace.  With the spiral effect of slowing the foreclosure entering the market place, home prices may then finally find a bottom number and begin to slowly over time begin to build steady and consistent equity.
2. More capital freed up by the lending institutions means more money to lend.  The over all effect of this would be a stimulus to economy.

It seems as though neither candidate wants to take a position to support or reject the bail out bill.  If they support they run the risk of alienating already financially strapped families that cannot afford an increase in taxes as well as people that feel that they are not responsible for irresponsible borrowing and lending.  If they reject it, we could see a further deterioration of the economy.

There is a lot more to learn about this bill over the next several days and I am sure this will be a focal point of the presidential debate on Friday 9/26.

Please feel free to post your thoughts on this issue.

Buying and Selling a home is a huge financial moment in a persons life.  Beyoned just the mortgage, buyers need to be aware of other potential high ticket items that could cut into their budget when buying a home.  Here is a quick estimate of some of the larger ticket items that can run you down when buying a home.  Sellers should also keep this in mind when negotiating with any potential buyers.  Please keep in mind that these are only estimates.

 Electrical

• Retrofit
  • attic ventilator-mechanical$300.00
  • baseboard heater (4′)$180.00 – $550.00
  • ceiling fan$250.00
  • doorbell system$100.00 – $120.00
  • dryer duct$125.00 – $175.00
  • hardwired smoke detector$75.00 – $125.00
  • exhaust fan-bathroom$160.00 – $175.00
  • exhaust fan-oven$250.00 – $300.00
  • exterior light fixture$125.00 – $250.00
  • fluorescent light fixture$180.00 – $250.00
  • ground-public system$90.00 – $120.00
  • ground-private system (with ground rods)$250.00 – $300.00
  • receptacle-conventional$125.00 – $150.00
  • receptacle-split$175.00 – $250.00
  • receptacle – exterior with cover$175.00 – $250.00
  • receptacle – replace conventional with GFCI$100.00 – $125.00
  • receptacle-CO/ALR (aluminum)$75.00 – $100.00
  • receptacle – stove/dryer$100.00 – $125.00
  • receptacle – rewire reverse polarity$50.00 – $75.00
  • tandard light fixture$125.00 – $200.00
• Upgrade
  • 100 amp (new panel)$1,200.00 – $1,500.00
  • 100 amp (existing panel)$750.00 – $1,000.00
  • 200 amp (new panel)$2,000.00 – $2,500.00
  • 200 amp (existing panel)$1,200.00 – $1,500.00
  • 120/240 volt circuit$250.00 – $500.00
  • breaker panel-main$750.00 – $900.00
  • breaker panel-auxilliary$125.00 – $300.00
  • circuit breaker (replace)$75.00 – $100.00
  • nob and tube wiring (replace)$7,500.00 – $12,000.00

 Garage/Driveway/Walkway

• Driveway
  • asphalt paving (existing base)$4.00 – $6.00/sq.ft.
  • asphalt paving (new base)$4.00 – $7.00/sq.ft.
  • asphalt (seal)$60.00 – $75.00
  • concrete (stamped)$6.00 – $10.00/sq.ft.
  • interlock brick/stone$8.00 – $10.00/sq.ft.
• Garage
  • detached carport$5,000.00+
  • etached wood frame-single$10,000.00+
  • detached wood frame-double$15,000.00+
  • detached block-single$20,000.00+
  • detached block-double$25,000.00+
  • removal of existing garage$1,500.00+
• Overhead Doors
  • automatic garage door opener$450.00
  • cladboard-single$600.00 – $800.00
  • cladboard-double$1,000.00 – $1,200.00
  • metal-single (one piece)$850.00
  • metal-double (one piece)$1,250.00
  • wood-single (one piece)$1,000.00
  • wood-double (sectional)$1,800.00

Heating and Cooling

• Air Conditioner/Heat Pump
  • air handler 3-ton (vertical)$1,400.00 – $1,800.00
  • air handler 3-ton (horizontal)$1,800.00 – $2,000.00
  • central a/c existing duct$1,800.00 – $3,000.00
  • central A/C attic mounted; separate duct$10,000.00
  • compressor (replace)$1,500.00 – $1,700.00
  • ondenser (replace)$1,800.00 – $2,500.00
  • heat recovery ventilator (HRV)$1,800.00 – $2,500.00
  • heat pump$5,000.00 – $6,000.00
• Forced-Air System
  • air duct (new)$4,000.00
  • air duct (retrofit)$6,000.00
  • annual service$100.00 – $150.00
  • blower/motor$350.00 – $500.00
  • lean duct$180.00 – $300.00
  • convert oil to gas (1 story)$2,500.00 – $3,000.00
  • convert hot water to forced air (1 story)$7,500.00 – $10,000.00
  • electronic air filter$600.00 – $900.00
  • gas-mid efficiency$2,500.00 – $3,000.00
  • gas-high efficiency$3,500.00 – $4,500.00
  • humidifier-drum type$100.00 – $150.00
  • humidifier-flow through type$400.00 – $450.00
  • metal lin.ft.(existing chimney flue)$600.00 – $1,000.00
• Hot Water System
  • irculating pump$600.00 – $750.00
  • cast iron radiator$600.00 – $700.00
  • expansion tank$300.00 – $400.00
  • gas boiler-standard$3,000.00 – $4,500.00
  • gas boiler-high efficiency$6,500.00 – $10,000.00
  • removal of oil tank from basement$400.00 – $600.00
  • radiator/boiler removal$1,500.00 – $2,500.00
  • radiator$600.00 – $900.00
  • radiator valve$125.00 – $200.00

 Interior

• Ceiling/Wall
  • coustic ceiling (suspended)$5.00/sq.ft.
  • baseboard/door/window casing$3.00/lin.ft.
  • drywall over plaster$2.00 – $3.00/sq.ft.
  • plaster (over existing plaster)$2.00 – $3.00/sq.ft.
  • stucco / stipple$2.00/sq.ft.
  • walls (insulations/drywall)$3.00/sq.ft.
  • alls painting (3 coats)$1.00/sq.ft.
  • wallpaper$5.00 – $10.00/sq.ft.
• Doors
  • bi-fold-louver$800.00
  • bi-fold-panel$600.00
  • custom with casing /hardware$500.00
  • exterior – panel$1,000.00
  • interior panel$500.00
  • rench$1,000.00
  • patio$2,000.00
  • storm-aluminum$200.00 – $300.00
• Fireplaces
  • damper$150.00
  • brick replacement$400.00 – $1,000.00
  • gas insert$2,500.00 – $4,000.00
  • glass door$500.00
  • hearth extension$400.00
  • flue cleaning$150.00
  • metal box insert$1,000.00 – $2,500.00
  • masonry with flue rough-in$5,000.00
  • wood stove$1,500.00 – $3,000.00
• Floor
  • carpet-clean$100.00/room
  • carpet-outdoor$2.00/sq.ft.
  • carpet and underpad$5.00 – $10.00/sq.ft.
  • ceramic tile$5.00 – $10.00/sq.ft.
  • ardwood$5.00 – $10.00/sq.ft.
  • hardwood (prefinished)$10.00 – $15.00/sq.ft.
  • vinyl – sheet$3.00 – $8.00/sq.ft.
  • vinyl – tile$3.00 – $8.00/sq.ft.
• Insulation
  • rigid exterior (prior to finish)$1.00 – $1.00/sq.ft.
  • R20 – batt$1.00 – $1.00/sq.ft.
  • R20 – loose$0.00 – $1.00/sq.ft.
  • R32 – batt$1.00 – $2.00/sq.ft.
  • R32 – loose$1.00 – $4.00/sq.ft.
  • wall/roof cavity$1.00 – $4.00/sq.ft.
• Kitchen/Bathroom
  • kitchen cabinet$50.00 – $100.00/lin.ft.
  • kitchen counter-laminate$40.00/lin.ft.
  • kitchen counter-marble$75.00/lin.ft.
  • kitchen renovation$7,500.00
  • bathroom renovation$5,000.00
• Security System
  • alarm monitoring$30.00/month
  • alarm system$2,500.00
  • intercom system (retrofit)$1,500.00
  • wired system$1,500.00
  • wireless motion detectors$500.00
• Stairs/Railings
  • curved stair – oak$7,000.00+
  • spiral stair – oak$5,000.00+
  • standard stair – oak$1,000.00+
  • tair railing$40.00 – $60.00/lin.ft.
• Windows
  • awning$50.00/sq.ft.
  • awning/casement (replace)$45.00/sq.ft.
  • bay/bow$50.00 – $60.00/sq.ft.
  • casement$60.00/sq.ft.
  • double hung$50.00/sq.ft.
  • double hung (replace)$40.00/sq.ft.
  • skylight$750.00+
  • slider-aluminum$30.00/sq.ft.
  • storm-aluminum$75.00 – $175.00
  • thermal glass (existing frame)$30.00/sq.ft.

Landscaping/Deck/Patio/Fence

• Deck
  • pressure treated/cedar$15.00 – $25.00/sq.ft.
  • custom designed & built$50.00 – $75.00/sq.ft.
• Fence
  • chain – link (4 ft.)$10.00 – $15.00/lin.ft.
  • wood – cedar (5 ft.)$15.00 – $25.00/lin.ft.
  • wood – presure treated (5 ft.)$10.00 – $20.00/lin.ft.
  • reset post in concrete$75.00
• Landscaping
  • Sprinkler system$1,000.00
  • retaining wall-concrete$50.00/sq.ft.
  • retaining wall-wood$40.00/sq.ft.
  • lay soil & sod$2.00 – $5.00/sq.ft.
• Patio
  • concrete$15.00 – $20.00/sq.ft.
  • flagstone/fieldstone$20.00/sq.ft.
  • interlock brick/stone$10.00 – $15.00/sq.ft.
  • patio stone$6.00/sq.ft.
• Porch
  • flooring$7.00/lin.ft.
  • railing$200.00
  • skirting$20.00/lin.ft.
  • steps-concrete$500.00
  • steps-wood$300.00

Miscellaneous

• General
  • central vacuum (retrofit)$1,000.00 – $2,000.00
  • central vacuum (canister only)$1,000.00 – $1,500.00

Plumbing

• Bathroom
  • basin-pedestal type$350.00
  • basin-vanity$250.00
  • bathtub-replace-retile$2,500.00
  • shower connection$250.00
  • shower stall -plastic$900.00 – $1,900.00
  • shower stall-ceramic tile$2,500.00 – $3,000.00
  • toilet-flush mechanism$125.00 – $150.00
  • toilet-replace$400.00
  • toilet-replace seal$125.00 – $250.00
  • toilet-unclog$125.00 – $200.00
  • tub enclosure-ceramic tile$2,500.00 – $3,000.00
  • tub enclosure-plastic$600.00 – $1,200.00
  • whirlpool bath/faucet$4,000.00
• Kitchen
  • dishwasher$650.00 – $900.00
  • garbage disposer$200.00 – $400.00
  • range hood$350.00 – $500.0
  • sink – porcelain$750.00 – $850.00
  • sink – stainless steel$600.00 – $750.00
• Private Plumbing System
  • laundry tub and waste pump$500.00 – $800.00
  • septic tank (1000 gal.)$2,500.00 – $5,000.00
  • septic tank cleaning$180.00
  • sewage waste pump$1,500.00 – $1,700.00
  • well-shallow$30.00/lin.ft.
  • well-deep$40.00/lin.ft.
  • well-submerisble pump$1,200.00
  • well-suction / jet pump$600.00 – $900.00
• Upgrade
  • hoss bibb$120.00 – $150.00
  • hot water tank (40 Gal Electric)$450.00 – $500.00
  • hot water tank (40 Gal Gas)$600.00 – $800.00
  • laundry tub /connection$350.00 – $500.0
  • main water service$175.00 – $200.00/lin.ft.
  • main shut-off valve$175.00 – $300.00
  • sump pump$175.00 – $250.00
  • supply lines-1 story; up to 2 baths$1,800.00 – $2,500.00
  • temperature and relief valve (replace)$60.00 – $90.00
  • water softner$900.00 – $1,500.00
  • waste drain lines$2,500.00 – $4,000.00

Roof/Eave/Flashing/Chimney

• Chimney
  • Chimney extention$150.00 – $250.00/lin.ft.
  • chimney repointing$7.00 – $10.00/brick
  • concrete cap (single flue)$100.00 – $250.00
  • Concrete cap (double flue)$200.00 – $400.00
  • reline flue$40.00 – $50.00/lin.ft.
• Flashing
  • chimney flashing (sloped asphalt)$250.00 – $400.00
  • chimney flashing (flat built-up)$350.00 – $500.00
  • metal cricket at chinmney$250.00 – $400.00
  • parapet wall flashing$30.00/lin.ft.
  • reflash skylight$400.00 – $600.00
  • valley flashing$20.00 – $30.00/lin.ft.
  • wall flashing$5.00 – $6.00/lin.ft.
• Flat Roofs
  • roll roofing asphalt (90lb)$1.00 – $2.00/sq.ft.
  • 4 ply (tar and gravel)$5.00 – $10.00/sq.ft.
  • single ply membrane$5.00 – $10.00/sq.ft.
• Gutters
  • gutter cleaning$150.00
  • gutter/downspout -aluminum$6.00 – $8.00/lin.ft.
  • gutter/downspout -galvanized$5.00 – $6.00/lin.ft.
  • downspout extension$15.00
  • soffits/fascia (Aluminum)$15.00/lin.ft.
• Sloped Roofs
  • asphalt shingle (over existing)$1.00 – $2.00/sq.ft.
  • asphalt shingle (strip & re-shingle)$3.00 – $4.00/sq.ft.
  • asphalt shingle (high quality)$4.00 – $6.00/sq.ft.
  • cedar shake/shingle$6.00 – $9.00/sq.ft.
  • clay tile$15.00 – $20.00/sq.ft.
  • concrete tile$8.00 – $12.00/sq.ft.
  • wood shake/shingle$5.00 – $7.00/sq.ft.
  • Slate tile$30.00 – $50.00/sq.ft.

Structure/Exterior

• Exterior Door
  • aluminum storm door$350.00
  • metal insulated door$650.00 – $750.00
  • patio door-replace$750.00 – $1,500.00
  • patio door-brick wall (6ft)$2,500.00 – $3,500.00
  • patio door-wood wall (6ft)$2,000.00 – $3,000.00
• Structure
  • addition (foundation to roof)$90.00 – $120.00/sq.ft.
  • basement entrance$5,000.00 – $10,000.00
  • basement main beam$2,000.00
  • basement support post/foundation$500.00
  • excavation/waterproofing$120.00 – $150.00/sq.ft.
  • foundation cracks (excavation method)$500.00 – $1,000.00
  • foundation cracks (injection method)$400.00
  • lintel (masonry wall)$500.00 – $750.00/lin.ft
  • lower basement$200.00 – $400.00/lin.ft
  • remove bearing wall$2,000.00 – $3,000.00
  • remove partition wall$800.00 – $1,600.00
  • re-support floor joist (sistering)$300.00 – $500.00
  • roof sheathing (replace)$5.00 – $7.00/sq.ft.
  • underpinning$300.00 – $500.00/lin.ft

*All estimates were provided by Pillar to Post

Swimming Pool/Hot Tub

• General
  • pool-vinyl lined (16 ft. X 40 ft.)$10,000.00+
  • pool-concrete lined (16 ft. X 40 ft.)$15,000.00+
  • pool heater$2,000.00
  • pump/filter$1,500.00
  • hot tub fiberglass$5,000.00+

I was looking through the MLS today to see what has happend in the Twin Cities area housing market with the amount of foreclosure in the below highlighted areas.  Here is some food for thought if you are looking to buy a home.

-In the below highlighted area Foreclosures Priced from $100,000 and below there are 500+ homes for sale

-In the below highlighted area Foreclosures Priced from $100,000-$200,000 and below there are 500+ homes for sale

-In the below highlighted area Foreclosures Priced from $200,000-$300,000 and below there are 154+ homes for sale

-In the below highlighted area Foreclosures Priced from $300,000-$400,000 and below there are 60+ homes for sale

-In the below highlighted area Foreclosures Priced from $400,000+ and below there are 44 homes for sale, the highest being at $2.5 Million)

To view a list of Foreclosure Homes Click Here

With the whirlwind of stuff happening when either buying or selling a home it is easy to forget to change your address for some very important places. I have complied a list of places you should make sure to contact when you are planning a move. This moving checklist can save you time and energy. If you think of anymore to add please feel free to post a comment.

Post Office

Friends and Relatives

Work

Bank

Finance Companies

Investment Firms

Insurance Company

Telephone Service Provider

Cable Company

Internet Service Provider

Utilities

Schools

Doctor

Dentist

Lawyer

Accountant

Church Organizations and Clubs

Car Dealership

Newspaper/Magazine Subsriptions