Then: $11.5 Million
Now: $5.5 Million

No, that’s not a typo:  this Orono home is now listed for $5.5 million, a whopping $6 million below its original (2010) list price of $11.5 million (serious change in the Midwest — or anywhere else for that matter).

Is it well-priced now?

I have no idea — I don’t know the neighborhood.


However, it’s also the case that estate-type properties like this are inherently unique.

As a result, there really are no Comp’s (“Comparable Sold Properties”), which Realtors and Appraisers alike rely on to establish value.

Which means . . . to a large degree, fair market value is whatever the Buyer and Seller agree it is.

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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