Test your knowledge of the Twin Cities housing market, and answer the following multiple choice question: Where is the to-be-built home pictured above and below located — and what is the asking price? A. Edina’s South Harriet Park neighborhood; asking price: $1.2 million. B. Edina’s Morningside neighborhood; asking price: $875k. C. Between Diamond Lake and...Read More
“Let’s Go Kill Build Something!” Substitute “build” for “kill,” and you’ve got a pretty succinct explanation for today’s (very) robust market for new construction. Namely, with the economy recovering (at least for many consumers) and housing inventory continuing to scrape record lows, Buyers with the means are throwing in the towel waiting for their dream home...Read More
Tear-Downs Spread to Less Expensive Neighborhoods, Busier Streets Literally one day after the Golden Valley home pictured above sold for $77,000 last month ($2k over ask), the new owner listed the to-be-built new construction on MLS (photo, below). Asking price: $449,900 for 5 BR/4 Baths and almost 2,900 finished square feet. Not a bad bump,...Read More
New Home Premium vs. Busy Street Discount Take a rejuvenated Twin Cities housing market and a dearth of buildable lots in desirable, close-in locations, and what do you get? New construction on busier streets like Xerxes (South Minneapolis/Edina), France Ave. (ditto), and Minnetonka Boulevard (St. Louis Park). New Construction Boom Are such homes a good deal? It...Read More
Realtor Name-Dropping After almost a decade attending Edina Realty “Exceptional Properties” meetings — held weekly at an upper bracket Twin Cities home — I figure I’ve now heard my colleagues sing the praises of something like 2,000 homes, cumulatively worth a cool $3 billion or so (and have pitched a few of my own listings at such meetings). And yet, I...Read More
