Question #2:  Calculate How Much per Square Foot


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.  🙂

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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