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lake minnetonka

Most Expensive Condos for Sale in the Twin Cities 2011

They may not exist in vast numbers, but currently there are 51 condominium units available city wide priced over $1 Million. Here is the top five countdown for most expensive luxury condominiums in the Twin Cities area:

  1.  Phoenix on the River in Minneapolis – trying to live up to its luxury billing, the most expensive unit for sale in the Twin Cities could be yours for a mere $4 Million. It is located across the river and has fantastic penthouse views of downtown. With 3 bedrooms/5 bathrooms and over 6200 square feet this condo unit is under construction so right now it is only a dream.
  2. The Harrington House in Wayzata– this three bedroom/three bath unit has over 4400 square feet, with amazing views of Lake Minnetonka. A few years ago these units were topping $5 Million,  but this unit is listed for great price of $3.9 Million.
  3. Washburn Lofts in Minneapolis – $3.5 Million: Built in 2004, this 2 bedroom/3 bath condo unit has 4200 finished square feet and takes up the entire penthouse level. The night time views of the Minneapolis skyline are nothing but stunning, featuring 270 degree views of Minneapolis and the Mississippi River. Did I mention that is comes with its own terrace?
  4. Phoenix on the River– did I forget to mention that this development holds not only the number one spot but number four as well? This under construction unit has 4 bedrooms/4 baths and over 5800 square feet, but is a little cheaper at $3.5 Million
  5. The Manhattan House in St. Paul – oohhhh, this one is really pretty, not to mention the fantastic views! Located in downtown, this two level penthouse has 2 bedrooms/4 baths, and over 5000 square feet and is probably my favorite of the five. It will cost you just under $3 Million, but hey, that’s pocket change, right?

View More Information about these Luxury Condo Units:

[idx-listings linkid=”161245″ count=”5″ showlargerphotos=”true”]

 

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Minnesota Twins Owner Bill Pohlad Buys $5.2 Million Home on Lake Minnetonka

Looks like Bill Pohlad, one-third owner of the Minnesota Twins, bought a very expensive home on Lake Minnetonka late last month. The home, while carrying a heafty price tag of $5.2 Million, is actually pretty small when compared to the other huge mansions that sit on the Lake Minnetonka shoreline.  It was built in 1951, has 2 bedrooms, 2.5 baths, and just over 2300 square feet.

What makes it so expensive? Well, for one thing, it sits on a 3 acre pennisula jutting out into Lafayette Bay and has 1600 feet of shoreline. Yep, you heard me right – 1600 feet. That means this new home owner has panoramic views like you wouldn’t believe, and pretty much all the privacy he wants.

Lake Minnetonka Home Sells for $5.2 Million
2417 Woodwinds Lane , Minnetonka Beach, MN

Looks like Mr. Pohland can now boast that he “owns his personal private island”.

 

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Lake Harriet Minneapolis MN

What’s Going on in Lake Minnetonka?

Real Estate Update for Lake Minnetonka

Today I thought it would be good to give a market update for those who live around Lake Minnetonka to show what has been happening over the last year. Below are some details and graphs to help explain the current market, with colors for graphs indicating year of data.

Median Sales Price

For the last three years, Median Sales data for Lake Minnetonka has stayed relatively the same. While 2009 saw a 12.6 % decrease from 2008, the market has rebounded slightly this past year with median sales prices increasing…good news for luxury homes around the lake. Some of the hardest hit areas in sale price over the last year have been Excelsior and Wayzata, with Spring Park having the largest increase.

Lake Minnetonka Median Sales Price for Luxury Homes
Lake Minnetonka Median Sales Price

 

Housing Supply and Days on the Market

The housing supply, or current inventory of homes for sale in Lake Minnetonka, is considered healthy if it is around 5-6 months. As you can see, for the last few years, expensive homes in the area have been no where near that number. Currently at 23.9 months, it will take almost a full year to sell all of the current homes on the real estate market. This number takes into account all homes surrounding lake Minnetonka so each individual town will have a different number. For instance, Excelsior has seen the largest increase in housing supply, with Greenwood and Tonka Bay coming in at a close second, but on the other end, towns like Minnetonka Beach, Wayzata, and Orono have seen a decrease in housing supply.

Number of Months to Sell Lake Minnetonka Inventory
Lake Minnetonka Housing Supply
Amount of Days on the Market Lake Minnetonka Homes Sell
Lake Minnetonka Days on the Market

With home sellers, one of the most important real estate statistics they want to know is how long it will take to sell their home. For Lake Minnetonka homes, it’s going to take awhile. Over the last year, it has taken an average of 244 days for a home to sell (Agents call this “Days on the Market” or “DOM”).  The price of homes in an area will greatly effect the DOM, so naturally the more expensive the home, the longer it will take to sell due to the fewer number of buyers able to purchase a luxury home. For Lake Minnetonka, the towns with homes taking the longest to sell are Tonka Bay, Deephaven, and Minnetrista.

  

 New Listings Vs. Closed Sales

The amount of New Listings that have hit the market over the last year for upper tier homes around Lake Minnetonka  have decreased 20% from the amount in 2009. So far this year, Mound and Orono hold the records for most homes to come onto the market, but for the most part, sellers are deciding to wait out the market before selling. The decrease in available homes means that buyers have less to choose from, but in the same instance, the number of homes that have sold in the last year has increased. So I guess having less homes makes it easier for buyers to make a choice, but most likely, with the percent of the original list price received by home sellers declining in many Lake Minnetonka towns, buyers are just finding homes more affordable than in 2008.

Lake Minnetonka New Home Listings March 2010 to February 2011
Lake Minnetonka New Listings

 Closed Sales over the last year for Lake Minnetonka luxury homes has increased 11% for those near or above a million dollars, with homes $500,000+ having over 22% more closed sales.

Closed Sales March 2010 to February 2011
Lake Minnetonka Closed Sales

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Most Expensive Comtemporary Designed Homes in the Twin Cities

Contemporary styled homes, or as others might call them “Modern”,  are not the first choice for most home owners in the Twin Cities. Many do exist, but are scattered throughout the Twin Cities. The square construction and angular design are unique, but some times don’t fit the wooded surroundings. With a limited number of buyers that actually like Contemporary Homes in Minneapolis, they aren’t easy to sell.

Below are three of the most expensive Modern homes in the Twin Cities:   

contemporary home at 603 Parkview Terrace, Golden Valley

603 Parkview Terrace, Golden Valley

 Priced at $1.8 Million, this 6400 square foot home was built in 2007 and is currently listed with Remax Results. Its rooftop deck overlooks Wirth Park which is just minutes from downtown Minneapolis. 

 

contemporary lake minnetonka home

19845 Manor Rd, Deephaven, MN

   Located in Deephaven near Lake Minnetonka, this 2004 constructed home is listed for $1.45 Million by Coldwell Banker Burnet. It boasts almost 4000 square feet and sits on 1.25 acres of land.  

   

contemporary minneapolis home for sale

2100 W Lake of the Isles, Minneapolis, MN

 Coming in as the most expensive Contemporary home currently for sale, this 5500 square foot home is listed at $3.195 Million with Lakes Sotheby’s International and sits on the Northwest side of Lake of the Isles in Minneapolis.     Sold for $2.61 Million

 

[idx-listings linkid=”117244″]

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How to Buy a Home on Lake Minnetonka

Lake Minnetonka Sailboats

Sailboats on Lake Minnetonka

If you are looking for the premier place to live in the Twin Cities, then look no further than Lake Minnetonka. Located just 8 miles west of Minneapolis, or 20 -30 minutes depending on traffic, residents have access to numerous highways to get them around town and enjoy the best of both worlds – quiet lake living combined with all the local big city amenities.

Buying a Lake Minnetonka home can be a little overwhelming at first due to the shear size of the lake. With over 140 miles of shoreline and numerous bays, real estate options are endless. Some buyers narrow down their choices by choosing the town on the lake they wish to live in– Wayzata, Shorewood, Deephaven, and Excelsior are the most popular Lake Minnetonka eastern towns, with Orono, Spring Park, and Tonka Bay covering the center of Lake Minnetonka, and Mound, Minnetrista, rounding out the western side.

Some buyers look to the house as the number one determining factor on where they will be living. Most of the waterfront homes cost $1 Million and more so be prepared to spend some money on your home. Home styles differ greatly around Lake Minnetonka– Cape Cod, Victorian, Cottage, Modern, Cabin, Lodge, just to name a few. Most of the lakefront homes have their own docks, but some neighborhoods have deeded access to a bay, giving home owners the same opportunity for boat storage on community docks. With boating, fishing, skiiing, and all the fun lake living has to offer, docks are a major “must have” for life on Lake Minnetonka.

Exposure could be important to finding the perfect Lake Minnetonka home. Do you like sunrises or sunsets best?Want both? Then figuring out which way your future home faces could help the home purchasing decision. Lake Minnetonka waterfront homes have fantastic views, especially in the fall when leaves change color, and if you like to garden, consider the amount of tree coverage on the lot, as that will greatly affect what types of plants you will be able to grow.

But the number one action to take when buying Lake Minnetonka waterfront property is to search the current homes available for sale. Make notes on what you like and don’t like and start narrowing down the choices. Before you know it, you will have a handful to see and soon will be on your way to owning your own piece of lake paradise. Happy shopping!

Search Lake Minnetonka Homes for Sale

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Most Expensive House on Lake Minnetonka

Lake Minnetonka has its share of expensive luxury homes that are currently for sale, most of them being in the multi-million dollar range, and it always comes as no surprise that the most expensive home in the Twin Cities is located on the lake. Currently the top honor goes to a listing with Coldwell Banker Burnet in Orono that is priced at $11.5 Million. 

Most Expensive Lake Minnetonka Home for Sale

1655 Bohns Point Road, Orono

Located on the prestigious Bohns Point, the home features sweeping views of Lake Minnetonka on 3 acres of lakeshore. With over 9000 square feet, including a 1 bedroom/1 bath carriage house, the home has 7 total garage stalls. Make sure you can pay the taxes. They come in at a staggering $75,000 per year! 

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Luxury Home Master Bathrooms

Last Chance to View the Twin Cities Luxury Home Tour

If you forgot about the Minneapolis-St. Paul-Lake Minnetonka Luxury Home Tour, aka the Twin Cities, then you have one more weekend to get off the couch and out of the house to view some major architectural homes for sale. Half of the homes surround Lake Minnetonka, and the rest are mostly in Edina, Prior Lake, Credit River Township, so there should be no excuse that the homes are too spread out.

If you have been on the tour in the past few years, you might have already visited a few of the homes as they are repeats, but hey, sometimes it’s fun to keep dreaming. I have always like the home in Credit River Township, so it might be interesting to see it again, but I know I just have to visit the home on Palmer Pointe in Minnetrista.

Tickets cost $20 at Caribou Coffee, or $25 at the luxury homes, but if you only want to see one or two of them, you can always just go the $5 route for each single home. Let me know which homes you liked the best!

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