Where: 2905 Benton Blvd, Minneapolis
How much: $739,900
Tax value (’09): $849,900
Original asking price: $925,000
Originally on market: 4/28/09

One year ago, this home likely would have fetched in the mid-$800’s (I should know: I sold a very similar home, with fewer updates and farther from the lakes, for $790,000).

Fortunately for my Seller, at the time Benton was priced at $925,000. Located between Minneapolis’ Cedar Lake and Lake of the Isles, it has 4 BR’s, 4 Baths, and over 3,000 square feet. Nearby homes are worth anywhere from high six figures to north of $3 million.

Today, this home is suffering from a double-whammy of weak upper bracket demand, and excess market time. As Realtors and would-be Sellers both know, overshooting the correct asking price in a declining market often requires aggressive price cuts later on.

At $739,000, I think the Seller has now dropped enough to make this home a compelling value . . .

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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