Edina Neighborhood Defies Downturn
Investors like to say that “it’s not a stock market, it’s a market of stocks.”
In real estate, that translates to, “it’s not a housing market, it’s a market of houses — and neighborhoods.”
Anyone who wants evidence that there are plenty of pockets of strength in an otherwise soft market should check out Halifax Ave. in East Edina. In particular, a three block stretch that backs up to Minnehaha Creek has seen per square foot prices appreciate a whopping 84% in the last five years. Perhaps just as significantly, the price gains there appear to have accelerated the last two years.
What’s so special about Halifax?
Besides proximity to the Creek, the lots are especially deep — anywhere from 200 to 300 feet; the neighborhood is just south of the prized Country Club area; and there are still a handful of older, undersized homes that are ripe for redevelopment (“tear-down” is now officially out-of-fashion).
That last attribute, scarcity, is the most important of all.
The home buyers who’ve fared best the last few years are the ones who bought something that doesn’t –and won’t — have a lot of near-substitutes.
P.S.: Are you a prospective Buyer looking for a “Halifax”? Give me a call!