You would think that in one of the “worst markets” we have seen in a long time that there would be no way a record sale could ever happen in Minneapolis. Well, like I have said numerous times on my blog, the high end market marches to a different drummer.
Back in March, I reported that 2427 E Lake of the Isles Parkway in Minneapolis was on the market with Sky Sotheby’s Realty for a whopping $5.5 Million. Well two days ago it hit the MLS as SOLD, and at a record price of $4.859 Million, making it the highest priced home to ever sell in Minneapolis.
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Wozers, thats quite a bit of money! I think I'll have to drive by there later on this weekend and take a peek at what 5 million looks like.
When investing in real estate, if you want to get a bargain, get property that will cost you a bit of sweat equity. Properties that are in move in condition are usually more costly than those that need a little bit of work.