New & Improved Housing Stock — and a Price to Go With
[Note to Readers: 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, the Linden Hills neighborhood in southwest 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: $859k
According to the Multiple Listing Service (“MLS”), the average list price for the 17 Linden Hills single-family homes currently on the market is $859k, including several newly built or extensively remodeled ones in the last few years.
That’s almost triple the median Twin Cities sales price now (around $300k).
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.”