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.

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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