Nov 11, 2007 2:50 pm US/Central
City Challenging Lakes As Minnesota Getaway
BLOOMINGTON, Minn. (AP) ―
Like many Minnesotans, Larry and Nancy Hummer have a weekend getaway retreat. But instead of a cabin on a lake, theirs is a 14th-floor pied-a-terre with floor-to-ceiling glass windows overlooking this Twin Cities suburb.
The Hummers, from Kiester, are among a growing number of baby boomers, empty nesters and upwardly mobile professionals who live in small towns, farms and rural communities but seek out the bright lights of the big city on weekends.
"It is becoming more prevalent," said Tom Lund, senior director of real estate development for Opus in Minnetonka. "I think we'll continue to see it for a long time."
A 2006 survey by the National Association of Realtors reported that more than 50 percent of all vacation homes are in resort or recreational areas and that two-thirds of vacation home buyers wanted to be close to a river, lake or ocean. The poll also found that more than 20 percent own more than one vacation home and that 34 percent also own two or more investment properties.
Even so, more than 20 percent of those who bought investment property last year bought condominiums such as the units in Reflections at Bloomington Central Station, the all-glass Bloomington high-rise building where the Hummers created their urban retreat.
In part, the Hummers were drawn to the city by family. They spend about six days a month in the Twin Cities, visiting with their three daughters.
"We love the Guthrie, the Ordway, the D'Amico restaurants," said Larry. "We just saw the Georgia O'Keeffe exhibit at the MIA. And we've gone to a lot of Timberwolves games, but now that (Kevin) Garnett's gone ..."
A big lure for them was having the Hiawatha light-rail line to downtown Minneapolis steps from their lobby door.
"We had heard about California farming couples who would get a small place in San Diego or on Wilshire Boulevard in Los Angeles," said Mary Hummer, "and it just sounded right for us."
The idea was right for Zo and Gary Karlstad, too. The retirees love their full-time condo in Grand Forks, N.D., but they bought a condominium on the east bank of the Mississippi River and now have a place to camp out while they visit their children and grandchildren in Stillwater.
"We thought it would be fun to be closer to them, but not on top of them," Zo said. "It's worked out beautifully that way."
Fran Davis, a sales manager for Coldwell Banker Burnet in Minneapolis, says that the Twin Cities offer the kind of accessibility that you can't get in New York and Chicago, including a growing array of options for food and entertainment.
"In many cases it's an early purchase for a future home," Davis said. "But for others it's a way to balance their hometown activities with the convenience of taking advantage of the arts and culture."
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