Cashing in on Proximity to South Harriet Park;
Targeting “In-Between” Edina Home Buyers
“Ar·bi·trage” \ˈär-bÉ™-ËŒtrazh\ [noun]: the practice of buying something in one place and selling it almost immediately in another place where it is worth more.
–Merriam-Webster Dictionary
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.
Meanwhile, just blocks to the south, the dated, mostly ’50’s and ’60’s housing stock sells for substantially less: between mid-$300’s and mid- $400’s.
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
Voila!
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 . . .”
