Live or hang out in the North Loop? If you are still considering gyms for your new year’s resolution, the search is over! There is no shortage of fitness options if you live in the North Loop neighborhood.
Here at CFG, we love local businesses. We recently checked out our neighbor way down across the street for their Tuesday night introductory course. If you’re not familiar with Alchemy - check out their fitness ides and what they have in store for you in both their North Loop and now Northeast locations!
What we liked about the 40 minute introduction course every Tuesday night is that we got a 20 minute overview of their fitness philosophy, tour of their facilities and a thorough explanation of what to expect from their instructors. For example, no class will be the same thing twice. They change it up every time so that they keep you engaged and on your toes. For the latter half of the 20 minutes, we got a taste of the Alchemy workout (normally either 10 or 20 minutes). Our A5 was five minutes of high intensity workout (repeating 3 burpees, 6 air squats, 9 lunges) with a yoga warm-up and cool-down.
Check their website for their bi-weekly 40 minute introductory course and we’ll continue to provide you information on our North Loop neighborhood finds!
On January 27th, Cindy Froid attended the press conference to learn more about General Mills $3M birthday gift to Minneapolis. The money will be spread over a three-year period to RiverFirst, the master vision and project plan for preserving and reinvigorating public parks, trails and spaces along the Mississippi River. You can read more about this project on General Mills’ blog Taste of General Mills. As a member of the Capital Campaign Committee for the Parks Foundation Board, Cindy is very excited about this news!
We are pleased to welcome Lynn Burn to the Cynthia Froid Group (CFG). Lynn’s home and real estate focus is in downtown Minneapolis. She has years of expertise on Grant Park Condos, and is extending her services to focus on Riverwest Condos and Skyscape Condos. Lynn is joining us shortly after the addition of Jay Ettinger in the last quarter of 2015. While Jay continues to serve the North Loop market, CFG’s strategic addition of Lynn will enable us to continue to provide the best service to our clients downtown as we continue to grow and evolve.
She has key qualities that make her an excellent real estate professional: persistence, knowledge, and passion. Lynn’s ability to advocate for her clients in a real estate transaction enables her to continually exceed the expectations of her clients. Like CFG, Lynn is committed to truly representing her client’s best interests and finding a fit that works for them in the complex downtown housing market.
Being actively involved on the social committee at her condo homeowners’ association complements her personally and professionally. She’s also engaged in the community, volunteering at the Basilica of St. Mary’s, and gives back by donating a portion of her income to the Modo Yoga Karma Charity whenever she closes on a listing!
In her free time, Lynn enjoys practicing hot yoga and exploring the Elliot Park neighborhood with her family and their dog Georgie.
CFG is proud to be the neighborhood experts in downtown Minneapolis, including the Mill District, Elliot Park and the North Loop neighborhoods. We are thrilled that Lynn is now part of our team and we look forward to helping our clients with their real estate needs throughout 2016!
Lynn’s Contact Information is m: 612.803.0912 | e: firstname.lastname@example.org
by Rick Fitgerald, Alerus Mortgage
It was inevitable.
We knew that the Federal Reserve could not keep rates the Federal Funds at ZERO percent. And the ¼% rate increase last week was a clear sign that the Fed believes we are a strong and growing economy.
So, what does rising interest rates mean for you as a buyer? You will have a higher monthly payment or diminished purchasing power.
First, take a look at the numbers if you have an increased payment:
Assume you finance $300,000 in today’s current market for an owner occupied 30 year fixed rate at 3.875%. Your monthly principal and interest payment is $1410.71 per month.
Assume the same amount financed at 4.875% – just a 1% increase in rates. Your monthly principal and interest payment is $1587.62.
This is an increase of $177 per month, an extra $2,124 per year, or an additional $63,720 over the life of the loan.
What does a 1% increase mean to your purchasing power?
Assume you want to keep your monthly principal and interest payment at $1410 per month – which is what you can obtain in the current market. Again, assume a 1% increase in interest rates to 4.875%. Your loan amount is reduced to $266,569 – a decrease in purchasing power of $33,430!
I cannot predict the future but I do believe rates are moving up. Seeing rates in the high 4 percent range (4.75% -5%) in the next 12-18 months is not out of the question. We have been having solid job growth of $200,000+ per month. More people working means more people have money to spend. Spending causes inflation – and it is the Federal Reserve’s mandate to control inflation.
As you can see – rising rates increase the monthly payment or reduce potential homeowner’s purchasing power. This could eliminate some buyers from purchasing and keep them renting. An already tight condominium market for renters could get tighter.
Are you considering an investment in rental property? Rates are still historically low. As indicated in the numbers above the cash flow benefits from an investment property or purchasing power you can obtain in the current market will change with rising rates. Take advantage of the market now. If you would like to discuss details for a property purchase we are here to help.
Rick FitzGerald, Mortgage Banker, Alerus Mortgage