Question #2: How Long Has it Been for Sale?
Test your knowledge of the Twin Cities housing market, and guess how much this single family home just northeast of Lake Calhoun in Minneapolis’ Uptown neighborhood is listed for:
A. $150,000
B. $237,500
C. $399,900
D. $1.1 million
Answer: “D.” (believe it or not)
While the listing touts the home’s R6 (high density) zoning and redevelopment potential, the small lot (45′ x 123′) would hardly seem amenable to high-rise construction.
In fact, the tax assessed value of just the land — $135,100 — is another giveaway that the home’s list price is not exactly . . . uhh, realistic.
Three more related factoids that should come as no surprise: 1) the home has been for sale for over one year; 2) the “Agent Remarks” field on MLS discloses that the listing agent is related to the Seller; and 3) a sizeable percentage of MLS listings expire or cancel (the statistic is clouded by homes that re-list after an interval off the market and subsequently sell, but is still about one-third of all listed homes).
