New & Improved Housing Stock ” and a Price to Go With!
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]
Once upon a time ” OK, until around a decade ago ” the Linden Hills neighborhood in Minneapolis was known for its eclectic blend of housing stock.
So, mixed in with the upper bracket homes overlooking Lake Harriet and Lake Calhoun always seemed to be an equal number of “cottage-y,” older homes further away from the lakes that were relatively affordable.
Not so much.
Average(!) List Price: $847k
According to the Multiple Listing Service (“MLS”), the average list price for the 35 Linden Hills single-family homes currently on the market is $847k, including several newly built or extensively remodeled ones in the last few years.
That’s more than triple the median Twin Cities sales price now (around $270k).
All of which helps explain why nearby Minneapolis neighborhoods like Lynnhurst, Fulton, and Kenny, as well as St. Louis Park’s adjacent Minikahda Vista neighborhood, are also doing very well.
Call it, “the spillover effect.”
River Creek Runs Through It”
Unsurprisingly, that “what-is-it-close-to?” phenomenon can help identify future up-and-coming neighborhoods.
Exhibit A: Fulton in Southwest Minneapolis, adjacent to not one but two super hot Twin Cities neighborhoods, as well as host to one of the prettiest stretches of Minnehaha Creek, as it flows east from Lake Minnetonka to the Mississippi River.
Fulton lies just south of Linden Hills (note: contrary to popular perception, the Linden Hills-Fulton southern boundary isn’t 50th Street, but 47th Street).
Meanwhile, on Fulton’s west flank (just across France Avenue) is Edina’s South Harriet Park neighborhood, home to possibly the highest concentration of upper bracket new construction in the Twin Cities.
Get Ready for . . . Minneapolis’ “Kenny” Neighborhood
In fact, Fulton has become sufficiently popular (and expensive) that it’s arguably creating its own spillover neighborhood(s).
One obvious beneficiary: Minneapolis’ “Kenny” neighborhood, immediately to Fulton’s south ” and sharing that same idyllic stretch of Minnehaha Creek.