From the category archives:

Lake Minnetonka Real Estate Updates

Lake Minnetonka Real Estate Update – July 2007

Lake Minnetonka Real Estate Update – July 2007

Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. So bring your boat, and your check book, because one of the best lakes in Minnesota is up for sale….via homes, that is!

1 Million – 2 Million : The most active high-end price range just got more active this month. Whereas June saw 135 active listings, July was ever more so with a whopping 149 homes for sale! Pending sales are currently at 15 because two from June closed in July. However, where previous months saw 10 or more homes closing, July only had these two.

2 Million – 3 Million : This bracket remained steady, currently at 48 active listings. There are now seven homes waiting to close, with one sale reported for July.

3 Million – 5 Million : The upper brackets finally saw more listing activity this month with currently 16 active listings. One new home went pending this month, with the three from last month closing in July.

5 Million + : The uber-bracket of Minneapolis real estate currently has 9 homes for sale, gaining one new listing from last month at a price of $5.75 Million. No homes have been put under contract nor did any sell this past month either. One of the most expensive homes in the Metro area, listed at $14.9 Million was taken off the market.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 20.9 Months (up seven months from January and one full month from May) for Previously owned homes. Of the homes above $5 Million, half were listed in 2006, and one has been on the market since 2005.

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Lake Minnetonka Real Estate Update – June 2007

Lake Minnetonka Real Estate Update – June 2007

Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area.

1 Million – 2 Million : Finally the most active luxury price range is stopping to take a breath. There are currently 135 active listings, down one from last month. The total real estate waiting to close is 17 homes. Eleven of the homes from last month successfully closed.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 49 active listings, four more than last month. As each month goes by for 2007, more homes get listed than are selling. There are now six homes waiting to close, with one sale reported for June.

3 Million – 5 Million : The upper brackets saw less activity this month with two homes being withdrawn from the market. There are currently 11 active listings. One new home went pending this month, keeping the total of pending homes at 3, while one home sold.

5 Million + : The uber-bracket of Minneapolis real estate currently has 9 homes for sale. The one pending sale from February finally closed at $7 Million.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 20.9 Months (up seven months from January and one full month from May) for Previously owned homes. It seems that Luxury Homes are taken longer and longer to sell as we get deeper into 2007.

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Minneapolis Most Expensive Home

The most expensive home in Minneapolis is back on the market. Coming in at $15.9 Million, the home is listed by Sky Sotheby’s Realty on Lake Minnetonka. The grand estate sits on over 5 acres with 300 feet of waterfront!

The home does not lack competition for a high priced home as there is another estate for sale in the same area at a listing price of $14.9 Million. This home too sits on over 5 acres but has about 800 feet of waterfront surrounding the lovely home.

And not to forget about third place, the next luxury home is priced at $8 Million.

All three homes are located on Lake Minnetonka, the premier location to live for affluent clientele.

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Lake Minnetonka Real Estate Update – May 2007

Looking to buy a luxury home in Minneapolis? Well, the Metro areas most expensive lake to live on , Lake Minnetonka, is probably the most popular location for high-end homes. The most active price range of 2007 has been the $1-2 Million market. With so many choices, it is quite a task to decide on which home to buy. Don’t worry, if you can afford this price range, you can choose to be picky.

1 Million – 2 Million : Spring is the season for listing and this month did not disappoint, being better than April. There are now 136 active listings, up 5 homes from last month. That’s a lot of homes considering the price range! Seven more homes were added to the pending pile, bringing the total to 16 homes waiting to close. Ten of the homes from last month successfully closed in May, the most so far this year in one month.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 49 active listings, five more than last month. There are four homes waiting to close. Only one home out of the six pendings from April closed this month, and that for $2.625 Million.

3 Million – 5 Million : The upper brackets saw more activity this month. There are currently 15 active listings, up 5 from last month. Three homes are left pending from last month and two were put back on the market.

Million + : One new home was listed for sale, making the grand total 8 active. The one pending sale is still pending from February and no sales were recorded in MLS. Another uber-expensive home is now on the market at Bohns Point for $14.9 Million.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 19.8 Months (up six months from January) for Previously owned homes. It seems that Luxury Homes are taken longer to sell as we get deeper into 2007.

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Lake Minnetonka Real Estate Update – April 2007

If you are looking to buy or sell a home in Minnetonka, it appears that the market is letting us know a little secret. Homes currently priced between $1 – 2 Million are selling like hotcakes. Well, maybe not that fast, but more homes are selling in this upper-tier range than any other. There are many types, styles, and sizes to choose from so get out there and buy your new home!

1 Million – 2 Million : Spring is the season for listing and this month did not disappoint.. There are now 131 active listings, up 31 homes from last month. That’s a lot of homes considering the price range! In addition, eight more homes were added to the pending pile, bringing the total to 19 homes waiting to close. Five of the homes from last month successfully closed in April.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 44 active listings and had a better month for homes going under contract. There are six homes waiting to close.

3 Million – 5 Million : There are currently 10 active listings, up 1 from last month. Three homes were added to the count for pending homes bringing the total up to 5, but alas, zero sales.

5 Million + : This month saw the loss of the most expensive home as it was withdrawn from the market ($16 Million price tag). One new home was listed for sale, making the grand total 7 active. The one pending sale is still pending from February and no sales were recorded in MLS.


According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 18.6 Months (up five months from January) for Previously owned homes and 27.3 months for New Construction. To compare, homes below the 1 Million mark, range between 7-9 months of supply. It is also taking luxury real estate longer to sell, about 20.6 months (average) in fact for the Minneapolis area.

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Lake Minnetonka Real Estate Update – March 2007

If you are thinking about living on Lake Minnetonka, make sure you bring your checkbook, trust accounts, inheritance, and anything else you can think of to finance the homesite. But sometimes price just doesn’t matter once you’ve see the sunrise over the crystal blue waters, or heard the birds chirping and the breeze whistling through the trees.

So if you plan on buying or selling in the Lake Minnetonka area, here is a breakdown of market statistics for the month of March:

1 Million – 2 Million : Spring must be here as there was a dramatic increase of listings this past month. There are now 113 active listings, up 17 homes from last month and 32 more than January. In addition, six more homes have gone pending, bringing the total to 16 homes waiting to close. Two of the homes from last month successfully closed in March.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 38 active listings, up from 26. Of the five homes pending last month, three had deals fall through and were placed back on the market, and the other two closed.

3 Million – 5 Million : There are currently 9 active listings, 2 pending homes, but zero sales. Of the 5 pending homes last month, two are still pending, one has been placed back on the market, and two had deals fall through and were not re-listed. I am sure the home owners are taking some time to regroup before trying again. Selling an expensive home is not an easy task!

5 Million + : Finally, a little bit of activity in the extreme upper bracket! Two new homes were listed for sale, making the grand total 8 active. Of the 2 pending sales in February, only one is pending. The other home sold at a great price of $5,250,000 Million.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 16.3 Months (up three months from January) for Previously owned homes and 26 months for New Construction. New construction luxury townhomes are having a hard time selling, but are doing better than in February. Instead of taking on average 102 months to sell, the time frame is now 78 months! To compare, homes below the 1 Million mark, range between 7-9 months of supply. It is also taking luxury real estate longer to sell, about 18 months (average) in fact for the Minneapolis area. Please remember that the higher priced a home is in the Luxury market, the longer it usually takes to sell! It takes a special type of buyer to purchase a high priced home. Now that Spring is here, it looks like activity for Minneapolis Luxury homes will continue to increase!

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Lake Minnetonka Real Estate Update – February 2007

The Lake Minnetonka area is known for its beautiful lakes and surrounding wildlife. This month I think I found my dream home on the lake…too bad it is listed in the $2 Million range (just a bit out of my price range). Here is a breakdown of market statistics for the month of February:

1 Million – 2 Million : Once again, the most homes are for sale in this price range. There are currently 96 active listings, up 15 homes from last month. In addition, 12 homes are in pending status and waiting to close. Only 1 home sold, and that at $1.8 Million.

2 Million – 3 Million : February only saw two more homes listed than January, currently at 26 active listings. Five homes are now pending, and there was 1 sale at $2.15 Million.

3 Million – 5 Million : This group of upper tier homes saw a little more activity. There are currently 5 active listings, 5 pending homes, but no sales.

5 Million + : No real activity this month. The same 6 homes are for sale as in January and the 2 pending sales are roll overs as well. No homes have sold.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 15 Months (up two months from January) for Previously owned homes and 25 months for New Construction. New construction luxury townhomes are having a hard time selling, taking on average 102 months to sell! To compare, homes below the 1 Million mark, range between 7-9 months of supply. It is also taking luxury real estate longer to sell, about 18 months (average) in fact for the Minneapolis area. Please remember that the higher priced a home is in the Luxury market, the longer it usually takes to sell! It takes a special type of buyer to purchase a high priced home.

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Lake Minnetonka Real Estate Update – January 2007

Known for its Luxury Homes, Lake Minnetonka and the surrounding Minnetonka areas, have some wonderful properties for sale. I have broken down by price range the current statistics:

1 Million – 2 Million : By far the most upper bracket homes listed are in this price category, currently 81 active listings. There are still 12 homes pending to close, but in addition, 3 homes did close in January.

2 Million – 3 Million: The second most listed homes are in this category with 24 active listings. Currently there are 2 pending sales, however, no homes closed this month.

3 Million – 5 Million: With only 4 active listings and 2 pending sales, the 3-5 Mil luxury home market is the least active.

5 Million + : The extreme real estate upper bracket and the most luxurious was busy this January with 6 active listings, 2 pending sales, and one record closing. The most expensive home was listed for $16.9 Million by Sky Sotheby’s and is the highest priced listing in the Twin Cities. The record sale of the month was for $12,250,000!

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 13 Months for Previously owned homes and 24 months for New Construction. To compare, homes below the 1 Million mark, range between 6-8 months of supply. It is also taking luxury real estate longer to sell, about 16 months (average) in fact for the Minneapolis area. Please remember that the higher priced a home is in the Luxury market, the longer it usually takes to sell! It takes a special type of buyer to purchase a high priced home.

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