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 . . .
