Cashing in on Proximity to South Harriet Park;
Targeting “In-Between” Edina Home Buyers
“Ar·bi·trage” \ËˆÃ¤r-bÉ™-ËŒtrazh\ [noun]: the practice of buying something in one place and selling it almost immediately in another place where it is worth more.
It may not be the conventional definition of “arbitrage,” but something a bit like that is currently happening adjacent to Edina’s very hot South Harriet Park neighborhood.
After years of price run-ups there, tear-downs (bare land!) now command $600k-$800k, with new construction fetching up to $2.5 million.
Make that, “dated housing on huge, .25 acre lots.”
The obvious developer play?
Build new homes that target “in-between Buyers”: specifically, those priced out of South Harriet Park new construction (starting at $1.5M), but who still want the open floor plans, high-end Kitchens and other amenities typical of new homes — all in a convenient, East Edina location.
Introducing: 6024 St. Johns Avenue
Behold 6024 St. Johns Ave. — Regal Homes’ gorgeous new construction with 5 BR’s, 4 Baths, an open floor plan, over 4,000 finished square feet, and a 3-car garage (see, “modern amenities”).
The home’s exterior and Kitchen are shown at top and above, respectively.
List price is $935k; the Seller is represented by Edina Realty’s Cristina Young.
Added bonus: local favorite Snuffy’s, a hamburger joint just down the street.
See also, “Buyer’s Agent: ‘Need a Lot/Teardown Up to $900k in East Edina’“; “What’s Selling . . . East Edina“; “Tear-Down Economics“; “Tear-Down Prototypes“; “Tear-Down Economics, Circa 2012”; and “You Know It’s a Tear-Down When . . .”