Today I am in Austin, TX for a luxury home conference and had the opportunity to tour some beautiful homes currently for sale. While the Texas climate is completely different than Minnesota, I did find one thing that Austin and Minneapolis – St. Paul have in common… a river runs through them.
As most rivers do, they shape the future of any city. Without the Mississippi River, the Twin Cities as we know it might not exist – lumber and flour barons would never have come to the region to make their fortunes. I am sure the same goes for Austin and the Colorado River (not the one you are thinking of, this one is all Texas).
So, it should be no surprise that some of the highest priced real estate involves water. In Austin, million dollar luxury homes sit on top of limestone bluffs over-looking various man-made reservoir lakes on the river. With sweeping views of the landscape, how could you not love gazing out at this every morning?
Of course the really expensive homes must sit on the water. I am told by the agents here that waterfront homes double the price of the home, which is not too different than the Twin Cities. Homes on the Mississippi River, or any of our large lakes like Lake Minnetonka can result in millions of dollars more in a home’s price. The home below had stone steps literally taking you down into the river (really cool!) not to mention a nice breeze coming off the water.
Many times I find that not-so- luxury homes are still pretty expensive if they sit on the water. The current trend is to tear these houses down, and build a big luxury mansion in its spot. However the economy is slowing tear-downs in Minneapolis and the Metro area, with property owners rethinking the amount of money they want to sink into a large project.
Just remember, waterfront homes come with a heavy price tag so be prepared when its time to go shopping! Don’t suffer from sticker shock!