Attention Remodelers, Investors: Cedar Lake Home $500k(!) Below Seller’s Cost
Where: 3515 Cedar Lake Ave. in Southwest Minneapolis, overlooking Cedar Lake and the downtown skyline.
What: 5 Bedroom, 4 Bath Italianate Style, 3-story home with 4,200 finished square feet on a gorgeous double lot.
When: Open this Sunday (October 7) from 12 p.m. to 1:30 p.m.
Who: Hosted by Ross Kaplan of Edina Realty — City Lakes, listing agent.
How much: $900k.
No, that’s not a typo: $900k is the asking price for this stately 1920 home overlooking Cedar Lake and the Downtown Minneapolis skyline.
That’s a stunning $500k(!) below the Seller’s $1.4 million cost ($1.295M purchase price + $100k in improvements); and more than $400k(!) below the home’s tax assessed value.
That leaves plenty of upside to remodel, or, redevelop the gorgeous lot with new construction.
In fact, given the lot size (90′ x 140′), there’s potential to subdivide, and build 2(!) new homes.
“Not So Fast . . .”
Of course, that’s only if the new owner doesn’t want to add value by updating the current home.
There’s so much to enjoy and appreciate here already: the updated Kitchen with Canadian granite and stainless appliances; the gracious Living and Dining Rooms made for entertaining; the barrel-vaulted Mezzanine-level Family Room; a versatile 3rd level perfect for teenage kids, guests, or Studio/Office space; and the private flagstone patio in the backyard.
Architecture buffs will appreciate this home’s fine details both inside and out, including acanthus leaf cornice moldings, coved ceilings, Adamesque wall treatments, and custom leaded-glass sconces.
Outdoor enthusiasts will love the proximity to the Kenilworth Trail and Midtown Greenway; Uptown’s restaurants and shopping are just minutes away.
You simply won’t find a better opportunity, in as stunning a location, in the Twin Cities housing market now.
Note: the Dining and Living Rooms (above left and below) are shown virtually staged.