Question #2: Calculate How Much per Square Foot
Quick!
Test your knowledge of today’s Twin Cities housing market, and guess how much this cute, 2 Bedroom/1 Bath South Minneapolis rambler with 864 FSF (above ground) is listed for:
A. $89k
B. $149k
C. $249k
D. $385k
Before I give the answer, here are a couple clues:
–The home is located between Cedar Lake and Lake of the Isles;
–It’s close — but not TOO close — to the upcoming Southwest Light Rail corridor;
–The listing agent is very good (I did a deal with her a couple years ago), is active in the area, and lives nearby;
–According to Hennepin County, the home’s tax assessed value is $348k;
–The best (only?) “Comp” or “Comparable Sold Property” sold for $350k — in a weaker market — and isn’t as nice (I showed it to a client who passed).
–Nearby, surrounding homes sell for between $800k and $4M(!).
Just in case there’s any doubt . . . the correct answer is “D. $385k.”
As they say, “Location x 3” (or something like that).
P.S.: And yes, “sold price” isn’t the same as list price.
Sometimes it’s higher. 🙂
