Minneapolis Beats Edina
No, that’s not a wild basketball score — it’s 2010 per square foot selling prices.
For the first time in my knowledge, home prices in Minneapolis — specifically, Southwest Minneapolis — bested prices in Edina (I’m leaving 
out the very swanky homes ringing Lake of the Isles and Calhoun).
What’s that about?
I’d guess three things:
One. Bigger, more expensive homes have been a tough sale in today’s economy — and Edina has lots more of them than Southwest Minneapolis.
Two. Demographically, there’s less demand for large homes as Baby Boomers age and downsize — exacerbating factor #1.
Three. There is a palpable trend towards walkable, urban neighborhoods. That favors higher-density Southwest, and hurts more suburban areas (arguably, the majority of Edina — or at least western and southern Edina, vs. say, Morningside, Country Club, and South Harriet Park).
Will that trend continue in 2011?
One factor decidedly in Edina’s favor: the area’s most reasonable property taxes, due to the city’s mature infrastructure, office parks (corporate revenue), and high-end housing stock.
P.S.: while I’d never compare Minneapolis’ public schools over all to Edina’s, Southwest’s — including Southwest High School, and the two Lake Harriet campuses (Upper and Lower) — hold their own quite nicely.
