“Location” x 3
Quick! Test your knowledge of today’s Twin Cities housing market, and guess how much this Spartan-looking, 400 square foot cottage in South Minneapolis is listed for:
A. $89k
B. $149k
C. $249k
D. $400k
Before I give the answer, here are a couple clues:
—-The property is located just west of Cedar Lake, in a neighborhood where homes fetch $600k to more than triple(!) that.
—-According to Hennepin County, the home sits on a 50′ x 127′ lot (the standard lot size in Minneapolis is 40′ x 120′). Translation: it could easily be a teardown.
–The interior (such as it is) was completely updated last year.
—-There are at least a dozen new homes and major remodels in progress within 3 blocks.
Just in case there’s any doubt . . . the correct choice is “D. $400k.”
See also, “True or False: To be a Teardown, a Property Must Be in Poor Physical Condition“; “The $10,000 Cedar Lake Cabin (But, Good Luck Buying it For That)“; and “Guess How Much?.”
