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:
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.
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.
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
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With winter quickly approaching in the Twin Cities, luxury home prices remain stagnant and overall continue to fall. Popular areas such as Edina and Lake Minnetonka are holding on, but as it happens ever year around this time, buyer activity decreases with the coming cold.
Twin Cities Price
Inventory for upper bracket homes across the Metro area remain high as home sellers keep properties on the market in hopes of finding that one buyer who will purchase their home. Typically luxury inventory hits rock bottom around Christmas and New Years, as sellers concentrate on other things as buyer interest declines. As spring approaches, sellers get back on the selling wagon when buyers perk up from a winter of slush. With such a vast difference in locations across town, it is obvious that a micro analysis would need to be done for each specific city to see how the luxury market fares individually.
Regional Inventory for Twin Cities
But probably the second most important statistic for home owners, behind price, is the number of days it takes for a home to sell in today’s real estate market. Known as Days on the Market (DOM), luxury homes are seeing some good news! The average amount of time a luxury home sits on the market, that being for homes priced above $500,000, is steadily declining in the Twin Cities. Currently sitting around 140 days, the contributing factorsmost likely result from a declining of the number of homes on the market (meaning less choices for buyers) and a decrease in overall prices.
Twin Cities Days on the Market Luxury Homes
If you are interested in a free micro market analysis of your home, please contact me !
Lake Harriet in Early Fall
This week I was out and about Minneapolis taking some photos of the city in early fall. One great fact about living in Minneapolis is there are lakes everywhere for the public to enjoy, and Lake Harriet is always full of people taking advantage of the views – fisherman, joggers, walkers, people with dogs, bikers, and yes, even photographers.
Learn more about Lake Harriet and Search Homes for Sale
Luxury Grand Hotel
Looks like the Grand Hotel in downtown Minneapolis has sold for $33 million to Pebblebrook Hotel Trust. According to Business Wire, the new owner plans on investing $4.5 million into building renovations. The building will continue as a top luxury hotel for Minneapolis.
The building was originally opened in 1915 as the Minneapolis Athletic Club, built by Bertrand and Chamberlin. Its short stature of 12 stories can be attributed to a 1920’s height restriction.
Hope everyone has a happy 4th! Hopefully I can catch some great photos this year.
Fireworks over Downtown Minneapolis, Copyright 2009 Jennifer Kirby
I was reading today about a Luxury Mansion in Florida being listed for sale at a staggering price of $75 Million. Problem is, the house is not entirely finished. In fact, it doesn’t go much past the studded walls. The unfinished 90,000 square foot home includes a roller rink in the basement, home theater, bolling alley…oh, the list goes on. Needless to say, but selling an “as-is” home is pretty difficult. Buyers have a hard time envisioning the final product, and many will discount the home even more.
The article got me wondering if there were any new construction homes listed in the Twin Cities MLS database that were priced above a million dollars and being sold “as-is”. I was able to find one on Long Lake with 5200 square feet of unfinished space that is for sale for $1.1 Million. It originally started out at $2.2 Million, but with the market crash, and the simple fact that it is not finished, I am not surprised it hasn’t sold yet. Once a potential buyer also looks at the $18,000 yearly property taxes, they might think twice about buying the home. Oh, and did I forget to mention that the home is now lender owned?
