As part of an effort to redevelop a 61-acre site in St. Paul's Dayton's Bluff, which includes an old 3M Co. campus, the St. Paul Port Authority is selling four buildings for $1 to the new Ironton Asset Fund. But there's a big hitch.
Jim Stolpestad, manager of the Ironton Asset Fund, is ready to take on the challenge. To get the buildings, Stolpestad and his group have to come up with a plan for how to reuse the buildings and get leases signed with tenants who agree to hire a certain number of workers depending on the size of the space. They have to make a good-faith effort to hire St. Paul residents and pay them at least $11 per hour plus benefits. And he has to do it in one year. A tall order, right?
The $1 package includes Building 21, 3M's former corporate headquarters, which was built in 1939 with restrained Moderne styling. Preservationists consider it significant. The buildings qualify for state and federal historic tax credits. Many other buildings on the site already have been demolished.
The Ironton Asset Fund is a $10 million fund with about 22 investors investing in distressed assets. The fund's first purchase was the old Chittenden & Eastman Building on University Avenue in St. Paul, which will be converted into market-rate apartments.
The Port Authority calls it the largest redevelopment project it's pursued in 20 years.
"It's certainly the most exciting thing on our plate right now," said Monte Hilleman, the Port Authority's vice president of redevelopment.
The clock is ticking. If the plan doesn't materialize, the future of the four buildings is in question. But as an East Side native, where the project is actually located, he could have a good shot at accomplishing his task.
Read more at the Star Tribune.
Believe it or not, the City of Saint Paul is having a hard time finding buyers willing to pay as little as $1 to purchase homes in the Dayton's Bluff neighborhood.
The city bought 11 properties on or near East 4th. The most expensive one is $50,000 and the cheapest two are just $1. The catch is that homes need lots of work, and the city is expecting whoever moves in to spend around $100,000, or perhaps more, on renovations and upgrades. All a buyer has to do is be able to prove is that they can rehab the homes to meet city rules and preservation codes.
"This isn't just about providing shelter," City Council President Kathy Lantry said of the renovation project. "This is about people who want to invest in a home, and live there, and become part of a neighborhood."
The historic neighborhood has a lot of things homebuyers would want. It's close to downtown Saint Paul, it's close to bus routes and Interstate 94, and it's filled with unique homes.
Because interest is falling off, the city is considering paying for some of the renovations to give homebuyers a head start. In the meantime, potential homebuyers who have money to invest, a lot of patience, and some know how can get started for just a dollar. These are very likely not houses for first time home buyers.
There are many programs available to first time home buyers throughout the City of Saint Paul and in some cases, specific St. Paul neighborhoods.
In particular, the CityLiving Home Program offered by the Saint Paul Home Loan Fund makes home ownership affordable. Through a joint effort shared with the City of Minneapolis, St. Paul offers mortgage loans and home improvement loans through the program. CityLiving loans offer homebuyers an opportunity to purchase St. Paul homes at an interest rate that historically has ranked well below market rates. This program has helped low- and moderate-income families for 20 years. More than 10,000 people have purchased a home through the CityLiving program. Read more information about Saint Paul's CityLiving Home Program.
There is also the Invest Saint Paul program. This collaborative effort is intended to strategically channel city government and private resources into revitalizing and redeveloping four key neighborhoods of St. Paul. Those neighborhoods are Dayton’s Bluff, Frogtown, the East Side, and the North End. The goal of Invest St. Paul is to turn the tide of foreclosures and entice new residents into buying real estate in these areas.
The Make it Possible Program, or MPP, is a second mortgage product provided by the Family Housing Fund (FHF). Under the MPP, a 3% down payment is required of home buyers. Borrowers who qualify for a first mortgage representing 80% or less of the appraised value of the property through a private mortgage lender will be able to receive the difference of up to 20% of the remaining value in a second mortgage loaned at 3.5% payable over...
Dayton's Bluff is a neighborhood located on the east side of the
Mississippi in the southeast part of the city of Saint Paul, Minnesota.
The northern border of the neighborhood is Grove Street and the
Burlington Northern Railroad. The southern border is Warner Road. To
the west is Lafayette Road and Highway 3, and to the east is Highway
Dayton’s Bluff contains one of the widest varieties of history of any
Twin Cities’ neighborhood.
The history of the area goes back over 1,000
years when the Hopewell Native Americans used the area as a sacred
burial ground. On the edge of the southern and highest part of Dayton's
Bluff today, a series of seven large aboriginal burial mounds remain in
Indian Mounds Park, overlooking the Mississippi River and the central
part of the city. The park features walking paths, playgrounds and a
In 1857, Lyman Dayton, a well-known land and railroad speculator from
Vermont, platted an "addition to St. Paul" on the Eastern border of the
city. The area was separated from the early settlement along the river
by a ravine, but this inaccessibility did not deter Dayton. A handful
of other businessmen also built large and costly houses in the area.
Farther to the south, beyond present day I-94 in the Mounds Park area,
river-oriented residential development was also occurring. The earliest
settlers had a spectacular view of the growth of the city at the Lower
Levee and along E. Seventh Street. The area has since been referred to
as Dayton’ Bluff, named after the man who built the first large home
Located on the east side of St. Paul, Dayton's Bluff has a particularly
high concentration of 19th century homes within its boarders. In the
early 1800's, Dayton's Bluff was one of St. Paul's first affluent
suburbs, as is evidenced by the many Victorian, Italianate and Queen
Anne styles of architecture. Overall, most of the homes in Dayton’s
According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, new posted listings for homes in St. Paul MN, decreased in February. There were 480 new listings in Saint Paul throughout the month, compared to the 602 homes put up on the market during February 2008. That is a decline of -20.3%. In contrast, there were 548 new listings in January 2009. The Merriam Park neighborhood and West 7th neighborhood of St. Paul experienced increases in posted new listings, while rest saw their listings decrease.
For the year to date posted new listings in St. Paul, the picture looks just a little different. For February and January, there were 1,027 new listings, compared to the 1,164 during the same time frame of 2008. That’s a -11.8% reduction. The Greater East Side, Merriam Park, and West 7th neighborhoods saw a rise in listings up to +17.4%; other Saint Paul neighborhood listings dropped.
There were many homes sold in Saint Paul in February compared to 2008. There were 202 homes sold throughout the month, a full +27.0% increase over the 159 homes sold in February of 2008! Rates at which homes were selling varied from neighborhood to neighborhood, with the biggest differences seen in West Side/Cherokee...
The first St. Paul real estate market analysis for the year of 2009! New posted listings for homes in St. Paul, Minnesota, decreased in January according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During the month, there were 548 new listings in Saint Paul, compared to the 562 homes put up on the market during January 2008. That is a decrease of just -2.5%. It was a mixed bag when the posted new listings are broken out by neighborhood, as some big increases while others saw decreases. Here is a breakdown of new listings by Saint Paul neighborhood:
The number of homes sold within St. Paul, Minnesota, in January 2009 is higher than the same month of 2008, a trend that has been running for a few months. There were 170 homes sold throughout the month, a +7.6% increase over the 158 homes sold in January 2008. Closed sales on homes for January 2009 in Saint Paul by neighborhood:
The prices of homes sold in St. Paul have continued to fall. The average sales price of a home sold in January was $111,222, a negative change from the $205,897 of January2008. That is a decrease of -46.0%. Only the West 7th neighborhood saw an increase in real estate prices in January. The percentage...
This is the final St. Paul real estate market analysis for the year of 2008. According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, new posted listings for homes in St. Paul, Minnesota, increased in December. There were 399 new listings in St. Paul, compared to the 351 homes put up on the market during the same month of 2007, which adds up to an increase of +13.7%. Unlike November, lots of neighborhoods in Saint Paul saw increases in new listings. The increase is a little unusual, because December is obviously a month full of holidays and most people don’t want the hassle of putting their house up on the market.
There were 6,859 new listings of homes for sale in St. Paul that were posted within the 2008 year. That is a decline of -8.8% from the 7,520 homes listed throughout the year of 2007. The neighborhoods of Mac-Groveland, St. Anthony / Midway, and West 7th experienced the greatest declines in new listings. The Phalen and West Side / Cherokee neighborhoods have been the only St. Paul neighborhoods that saw boosts in new listings compared to 2007.
There was a higher number of homes sold within St. Paul, Minnesota, in December 2008 than in 2007. There were 217 homes sold during the month, +5.9% more than the 205 homes sold during December of 2007. There were 3,046 closed sales in Saint Paul...
New posted listings for homes in Saint Paul, Minnesota, decreased during November according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Throughout the month, there were 398 new listings in St. Paul. In the previous year, there were 481 new listings during November. That is a -17.3% reduction in new listings, comparatively. The only neighborhoods of St. Paul which saw increases in posted new listings of homes for sale were Phalen and Merriam Park. A drop off in new listings is to be expected now and over the next few months as the winter season really starts kicking up snow.
Saint Paul’s new listings of homes for sale from for the year-to-date from January through November are at 6,460. That is a decrease of -9.9% from last year’s 7,169 for the same time frame. Southeast, St. Anthony / Midway, and West 7th neighborhoods are continuing to experience great declines in homes being listed for sale. The Phalen and West Side / Cherokee areas have been the only Saint Paul neighborhoods to see boosts in new listings through the month of November.
And now the part that you’ve been waiting for: the good news. The number of homes sold within St. Paul, Minnesota, during November...
New listings for homes in Saint Paul, Minnesota, fell again during October according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. Throughout the month, there were 515 new listings in St. Paul. During October of 2007, there were 603 new listings. That is a decrease of about -14.6%. Normally, I list the neighborhoods here that saw the greatest decreases in new listings, but there are many which saw decreases of 20% to over 45%. The only neighborhoods which saw any significant increase of new listings were the Phalen and Merriam Park neighborhoods of Saint Paul.
Posted new listings of Saint Paul real estate for the year to date were at 6,062 from January through October. That is a decrease of -9.4% from last year’s 6,688 during the same time period. Merriam Park, West 7th, and St. Anthony / Midway continue to experience great decreases in new listings. The Phalen neighborhod and West Side / Cherokee neighborhoods are the only ones to have seen any increases in new listings for the year to date.
Now for a really good number: The amount of homes sold within Saint Paul, ...
The City of St. Paul has been working hard to ensure that it stands out as a community that not only cares for the environment, but sees the money saving value green technology potentially offers. I went back through my previous posts to find all of the ones I wrote about how Saint Paul has been evolving towards a more earth-friendly community. I even surprised myself with how many I found!
Working backwards, there was the article I wrote about a Macalester College student who was recently recognized as an environmental leader; a great story about youths in Dayton’s Bluff being honored for their anti-littering work; and a recycling collection program at the Como Park Zoo. Additionally, the City of St. Paul works hard to preserve its urban canopy and has committed a large percentage of its lands for green spaces. Finally, more activities occurring in St. Paul emphasize the benefits of an eco-friendly lifestyle, most recently with the 2008 Minnesota Solar Home Tour and the Eco-House at the Minnesota State Fair.
Phew, that’s a lot! It should come as no surpise, then that the rest of this post will discuss two new green living practices in which the City of ...
The Dayton’s Bluff neighborhood of Saint Paul is an area full of beautiful sights. It is built along the edge of the majestic Mississippi River valley. It has a stellar view of the downtown skyline, which twinkles with different colors lights each night. And then of course, it has a good view of the setting sun. As an added bonus, many of the homes built here are fine examples of good architecture.
Yet hundreds of homes in Dayton’s Bluff stand vacant as a result of a foreclosure crisis. Dayton's Bluff activists are working towards changing that.
Community leaders are hosting a Dayton’s Bluff Vacant Home Tour this Sunday that they hope will rekindle the same enthusiasm for the neighborhood that a two-day version of the home-tour event in early May did. About 300 people visited 12 vacant homes in the Dayton’s Bluff neighborhood at that time. Many rode a trolley to and from the 12 vacant houses and duplex units on display.
The results? Seven of the 12 residences eventually were sold. Sales are pending on two others. Once they have sold, that would be a 75% success rate.
Many of the houses have been standing empty with deferred maintenance and will require fixes. Buyers that are willing to do the work will find themselves among other...
This Sunday, there will be a free home tour in the Dayton's Bluff neighborhood of St. Paul. On October 26 from1:00 to 5:00 p.m., vacant homes will be the focus of the tour. Potential home buyers who would like to take the tour can board the tour trolley, without having to worry about the drive!
Maps with the home information and locations can be picked up at the Dayton’s Bluff Community Council at 798 East 7th Street at the start of the tour. Participants also can get coffee and hot apple cider at this location for a pick-me-up.
The neighborhood of Dayton’s Bluff is a wonderful place to live. It has a Historic District, fantastic parks, great people, and is very close to the city’s downtown. What’s more, with the high cost of gas and the cost of living, homes in Dayton’s Bluff Saint Paul are close to employment, entertainment, and shopping.
The Dayton’s Bluff Vacant Home Tour held earlier this spring was a tremendous success, with about 300 people attending. Since that time, eight of the twelve homes on the tour have been sold. This fall home tour will also have some great deals on some great homes, so come and take a look!
For more information, call 651-772-2075 or visit www.daytonsbluff.org.
Yesterday, I wrote a blog post about some youths working to make a difference in the environment of Dayton’s Bluff neighborhood of Saint Paul. I ran across an article today about yet another young person working to make the world a cleaner place to live, within St. Paul and beyond. This time, he hails from the Macalester neighborhood of Saint Paul.
A student from Macalester College was honored in San Francisco this week with a Brower Youth Award. The award recognizes six North American environmental leaders between the ages of 13 and 22. 21-year-old Timothy DenHerder-Thomas will receive a $3,000 award and participate in skills-building and mentoring workshops.
DenHerder-Thomas believes that becoming more earth-friendly as a society doesn’t need to be a story of hardship and personal sacrifices. Instead, he has demonstrated that climate solutions are opportunities for economic profit and local community building.
He is responsible for spearheading the creation of the Clean Energy Revolving Fund at Macalester College in Saint Paul, which is a financial pool for campus initiatives that funds profitable sustainability projects that repay the fund and help it grow. It is now nearing $100,000 and yielding over 30% annual returns.
About 40 youths that spent their summer cleaning Saint Paul’s Dayton’s Bluff neighborhood were honored recently by the Dayton's Bluff Community Council. Ranging in age from 9 to 17 years old, the kids hailed from summer programs at the Margaret and Dayton's Bluff recreation centers.
The youngsters took time out of their care-free days of summer to clean up trash and put up anti-littering signs around St. Paul's Dayton's Bluff neighborhood. They spent days cleaning up trash from 20 seven-block areas.
"We have a lot of youth here who really care about the community," project coordinator Erin Sobaski said.
Community organizer and 31-year neighborhood resident Karin DuPaul says that the programs at the recreation centers give youths direction and help them build pride for their neighborhood.
The litter pickup was "a good opportunity to show a different side of themselves," said youth worker Colin Moore, one of two youth workers who supervised the kids each day throughout the summer. The kids didn't even seem to mind picking up other people's trash.
"They were thrilled to be given a sense of responsibility for their own neighborhood," Moore said.
The litter-cleaning group hopes the effects of the neighborhood cleanup will last. And new connections between teenagers have spawned new teen groups, such as a break-dancing group at the Dayton's Bluff center.
What a great way to teach younger generations...
Changing from what has been happening in recent months, new listings of homes for sale in Saint Paul, Minnesota, rose during September according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During the month, there were 621 new listings in St. Paul. Throughout September of last year, there were 602 new listings. That is equal to an increase of about +3.2%! The Phalen and Highland Park neighborhoods of St. Paul experienced the greatest increase in new listings during September at +44.3% and +32.4% respectively. On the contrary, the West 7th and Merriam Park neighborhoods saw declines in new listings of -45.0% and -50.0% respectively during September.
Posted new Saint Paul real estate listings from January through September for the year to date were at 5,543. That is a decrease of -8.9%. The month of September’s rise in new listings helped to raise that number up a bit that from August’s -10.2%. If the trend continues in October for new listings in Saint Paul, the real estate market might be on par with posted listings for last year. Saint Paul's Merriam Park and St. Anthony / Midway had the most extreme decrease in new listings. The Phalen and West Side / Cherokee neighborhoods have seen moest increases...
There are lots of great programs for first time home buyers
and for those who are looking for their next home.
I’ve put together some of the information below to give home buyers
what they need to know in order to check the programs out.
Please take a look below!
CityLiving Home Programs
The City of Saint Paul
offers mortgage loans and home improvement loans through its CityLiving Home Program
, a joint effort shared with the City of Minneapolis
. CityLiving loans offer homebuyers an opportunity to purchase St. Paul
homes at an interest rate that is generally below market rates. More than 10,000 people have purchased a home through the CityLiving program over the past 20 years. Here are the qualifications the program expects:
- Maximum household income for 1-2 people is $77,000
- Maximum household income for 3 or more people is $84,700
- Maximum purchase price limit is $254,100
- 3% grant available for down payment or closing costs with a slightly higher interest rate
The City Living Program also offers homebuyer education and counseling through what is known as the Home Stretch Program
Coordinated by the Minnesota Home Ownership Center
, Home Stretch helps to educate people about the home buying process so they can avoid common mistakes and predatory lending.
Due to its abundance of historic homes, Saint Paul's Dayton's Bluff neighborhood has been named one of the nation's 50 best places to buy an old house by none other than This Old House magazine. The magazine's staff gathered data about candidates from experts on old houses, state and local preservation groups and homeowners to make its decision. It was Dayton’s Bluff's commitment to the preservation of historic homes that bumped it onto the shortlist.
Dayton's Bluff in St. Paul is a large historic district with about 18,000 residents. The neighborhood overlooks downtown and the beautiful Mississippi River valley. Many of modest homes here were built during a growth spurt in the 1880s. Dayton's Bluff is a diverse urban community with plenty of restaurants, shops, and galleries.
Saint Paul has designated 600 houses and other buildings within this neighborhood as historic. There are also other vintage properties to choose from, including Italianate, Queen Anne, Colonial Revival, and Arts and Crafts houses. While many have been lovingly restored, there are many fixer-uppers.
Selling prices range from $20,000 for an abandoned property to $50,000 for a historic house in need of work to $300,000 for a restored Queen Anne. This year, the average sale price of Saint Paul real estate in ...
St. Paul officials have put some money down on two new loan programs to help homeowners facing foreclosure and buyers unable to secure financing. The city's Housing and Redevelopment Authority board has approved putting $625,000 into funds for two mortgage incentive programs that will leverage dollars from private organizations. The money will help current homeowners refinance out of bad mortgages and provide an incentive for people to purchase vacant or foreclosed properties in Saint Paul.
The $625,000 comes from the Invest St. Paul program, a $17 million initiative to improve four struggling neighborhoods. Because of lowering property values, home vacancies, and mortgage foreclosures, the neighborhoods of Frogtown, North End, Lower East Side and Dayton's Bluff have been targeted for the project. The money will unlock $15 million divided equally between the Make it Possible and Sustainable Home Ownership programs. The Make It Possible program provides second mortgages, which eliminate the need for private mortgage insurance. The Sustainable Home Ownership program is a contract-for-deed program that gives buyers time to repair credit scores before moving into a conventional mortgage. Both of these programs will be administered by Dayton's Bluff Neighborhood Housing Services. The Family Housing Fund and University Bank are contributing more than half of the $15 million.
It's just one more idea with which ...
Dayton's Bluff neighborhood can be located on the east side of the Mississippi in the southeast portion of St. Paul, Minnesota. The northern border of Dayton’s Bluff is Grove Street and the Burlington Northern Railroad. The southern border is Warner Road. To the west is Lafayette Road and Highway 3, and to the east is Highway 61.
Dayton’s Bluff is home to some of the deepest history of any Twin Cities’ neighborhood or community. The history of this area goes back over 1,000 years when the Hopewell Native Americans used the area as a sacred burial ground. On the edge of the southern part of Dayton's Bluff, a series of seven large aboriginal burial mounds remain in Indian Mounds Park. They overlook the Mississippi River and the center of the city. This popular park features walking paths, playgrounds, and a picnic area.
In 1857, a well-known land and railroad speculator from Vermont named Lyman Dayton platted an addition to the City of St. Paul on its Eastern border. Though the area was separated...