What’s the Catch? (Hint: There’s 2)

Where: 31xx East Calhoun Parkway in South Minneapolis
What: 5 BR/4 BA with 4,500 FSF on .29 acre lot
How Much: originally listed for $925k on 9/21; just dropped to $825k yesterday
Who: Broker – Edina Realty; Agent – James Keane

Even in a soft market for upper bracket homes, a 4,500 square foot home, on a .29 acre lot — overlooking Minneapolis’ Lake Calhoun, no less — stands out.

So what’s the catch, besides what some might say is the plain curb appeal?

Looking for Catches
The home doesn’t appear to be dated or run-down; in fact, the interior pictures are actually quite flattering.

And no, it’s not a foreclosure or short sale.

So what, then?

There is a high-rise tower immediately to the north looming over the home (and no, it’s not in the pictures).
Not a huge deal, perhaps, but not exactly an amenity, either,

Catch #2
The other catch — at least until the taxes catch up to the lower valuation? (Like many expensive Twin Cities homes now, this one is listed for well below the tax assessed value.)

An almost $17,000 annual property tax bill.
In truth, property taxes are a looming issue for many, many other upper bracket homes as well, but particularly in Minneapolis (by way of comparison, you’d expect an $800k Edina home to have a $10,000 property tax bill, give or take).
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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