Was: $1.5 Million; Now: $599k

Where: 142xx Trace Ridge Road in Minnetonka, just west of 484
What: 4 BR/5 BA with 4,650 square feet on a .79 acre lot
How (much): list price is $599k
When: originally listed at $1.5 million in 2005
Who: co-listed by Mark Jelinek and Michael Mohs of Edina Realty (Mark is a colleague in the City Lakes office)

There may be a home on the market in the Twin Cities that’s listed at a lower percentage of its tax assessed value (47%) or at a deeper discount from its original asking price (more than 60% off) — but I’m not personally aware of it.

Two caveats for prospective Buyers:
One. It’s a short sale. That means one or more banks have to agree to reduce the mortgage(s) on the home.
Short sales can be a long shot (sorry, bad pun), but if the listing agent has lots of experience dealing with them (Mark does) . . . the odds go up considerably.
Two. At least until a lower purchase price knocks down the annual property taxes, the current tax bill is a whopper (over $16k, about double what would typically go with a $600k house).
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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