Days on Market: 1
Percentage of Asking Price: 100%
Where: 5231 Washburn Ave. South in southwest Minneapolis’ Fulton neighborhood.
What: 5 Bedroom/4 Bath new construction with 3,680 finished square feet.
When: on the market June 6; sold June 7 (closed August 7).
How much: listed and sold for $825,000.
Who: listing agent — Charlie Marggraf; selling agent (representing buyer) — Stephanie Chandler. Broker for both: Edina Realty.
Once upon a time — like maybe 6-8 years ago — new construction in Minneapolis’ Fulton neighborhood (immediately south of Linden Hills) was few and far between, and to hit high six figures, the home had to back up to Minnehaha Creek.
Today?
Fulton is studded with new construction, and even new homes not on the creek — like 5231 Washburn, two blocks north — regularly fetch high six figures.
Neighborhood Momentum
What accounts for the neighborhood’s popularity?
Proximity to Lake Harriet, excellent public schools, and a smattering of smaller, older homes that, ironically, are cheap enough to be bought for just the price of the land (guess what happens next?).
As the process of teardown-and-new construction gets repeated, prevailing prices on the block gradually bump up, paving the way for even more expensive homes.
If you want to see for yourself, just spend a little time driving such Twin Cities neighborhoods as Morningside and South Harriet Park in Edina, Browndale in St. Louis Park, and Fulton and Linden Hills in Minneapolis.
You’ll easily notice 15-20 such streets in transition.
Just like the 5200 block of Washburn.
