Demographics + New Construction + East Edina = Sold!
In a market where new construction is supposedly dead, and high net worth Buyers are thought to be licking their wounds, some developers are still finding strong demand for their product.
Case in point: 5420 Park Place in Edina.
Built “spec” (speculative, as in no upfront buyer) by a local boutique builder, Great Neighborhood Homes, this 4,000 FSF craftsman just sold —before it hit the market. List price: $1.5M.
What did it have going for it?
Multiple, overlapping selling points (see diagram):
–A location in coveted East Edina, on a large lot close to Minnehaha Creek
–New construction with quality finishes, classic design, and minimal maintenance
–A size (4 BR/4BA; 4,000 FSF) and floor plan that appeals to a wide range of Buyers, including families with small children as well as empty nesters interested in a condo alternative.
Build it right, in the right spot . . . and they’ll (still) come.