Home Buying in Minnetonka>Question Details

Dan Patch,  in Orange County, CA

It sounds like the Minnetonka market is heating up is this true? http://minnetonka.patch.com/articles/minnetonkas-rebounding-housing-market

Asked by Dan Patch, Orange County, CA Fri Jan 14, 2011

Help the community by answering this question:


Minnetonka School District is now up 5.3% for the trailing 12 months from today Jan 23, 2014
The average sale price is $515,000 up 6.2 %
The average price as measured by finished SQ FT is up to $170, up 8.1 %

0 votes Thank Flag Link Thu Jan 23, 2014
I would say yes, if your property is in the $200K-$400K price range. A recent listing of mine in Sherwood Forest sold in less than a week with multiple offers. I have a new listing in the area that I already have folks lined to see. The competition is fierce for first-time buyers as they battle it out with investors.
0 votes Thank Flag Link Sat May 11, 2013
Hello Dan - If you're looking for some FANTASTIC deals in Minnetonka, give us a call at 612-916-0278 or e-mail us at MikeandKim@TeamThomasHomes.com. If you'd like, we can place you on our "Best Buy" of the week. If you are a handyman, and have a little to invest, let us know...
0 votes Thank Flag Link Mon Jan 17, 2011
Hello Dan! Heating up may be a little strong...how about beginning to thaw? Here is what I see - PRICES: If they had been priced correctly to the market OR adjusted accordingly already - will remain fairly stable. There are still some that are sitting on the market or coming on the market at inflated prices and those will continue to need to be adjusted and affect our markets "price drops" or "sale price vs. asking price" averages.
BUYERS: I believe are tired of waiting. They believe, as do I , that they have seen the affordability moment already and aren't going to want to miss the boat entirely as they watch prices remain stable or improve (with demand) and interest rates tick up. With every tick ....their purchasing power goes down, so they are going to finally take their lumps with the sale of their current home and get to where they want to be. Minnetonka is a great stable community with great schools and amenities. Buyers are thinking long term and they will be the key to getting things moving. A "hot" market I am not sure we will see any time soon , and that is ok. We are seeing multiple offers and action on houses though that are : A) updated and in good condition and B) Priced appropriately for the location/lot. It is January in Minnesota....aren't we all dreaming of a little bit of heat? lorischneck@kw.com
0 votes Thank Flag Link Sat Jan 15, 2011
The price increases seen for 2010 vs. 2009 are all based on a difference in the type of house that is selling right now. I have created a blog post that discusses this in more detail: http://www.twincitiesrealestateblog.com/2011/minnetonka-home…

I think Minnetonka has fared better than many other areas but I don't see a housing rebound but rather just a firming up of the market. I believe REAL prices will oscillate +/- 5% from where they are today for 1-2 more years. Affordabilty (mortgage payment) has probably peaked but prices may dip a little more when rates start to increase since that will have an impact on affordability.
Web Reference: http://www.aaronsold.com
0 votes Thank Flag Link Fri Jan 14, 2011
To add to what the other agents have already written, Minnetonka is by all means a great area and may have weathered the storm slightly better than some other areas but I dont see it approaching the upswings quite yet. There are a lot of factors at work that are keeping prices suppressed and most of them have not yet been worked out. It is a great time to buy though.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Dan,

I saw this article you reference and got a good chuckle out of it. I wouldn't call Minnetonka a rebounding housing market. For an agent to say, as the article states, that confidence in the ecomony is back and it is going to be a great year, is a little naive in my opinion. I just don't see or hear buyers saying this, and in fact, most feel the opposite. While it's nice that an agent might "feel" that a market it doing well, the stats to me just don't show that rebound. I for one would not say that the local market has bottomed out. Let's see what rising inflation does, as well as the expected increase in foreclosures this year...then we can talk about the state of the local market. So to answer your question, No, I don't believe the Minnetonka market is "heating up". Sorry, I don't sugar coat things, just tell it like it is.
0 votes Thank Flag Link Fri Jan 14, 2011
According to the Minneapolis Association of Realtors, Minnetonka average December prices are off 3.2% compared to the same period last year, and closed sales (number of sales) off 4.8%. Single family inventory is down nearly 3%, but townhouse and condo inventory is up a whopping 17.3%. Average days on market are up 31.3%.

Based on those numbers, I would not say that the Minnetonka market is heating upl.
0 votes Thank Flag Link Fri Jan 14, 2011
Dan -

I live in Minnetonka so I watch the market even closer than other areas. It is a stable, sought-after area of the Twin Cities. There were less foreclosures and short sales in general than other areas of the Twin Cities so that has kept the home values stable and strong. If you are looking to purchase a home, Minnetonka is great city to consider. There are homes that are fully updated at a great value and others that are estate sales that would give you great opportunity to build equity. Schools are great and its a good place to raise a family. If I can help you with your search in anyway, please let me know. I would love to be available to you!

Brad Fox | Broker | Realtor

Dwell Realty Partners
C: 612.685.3890
O: 952.473.1716
0 votes Thank Flag Link Fri Jan 14, 2011
I'm a little biased, but I'm loving the Minnetonka Market right now. Prices fell pretty hard but I've seen a lot of action so far this year.
0 votes Thank Flag Link Fri Jan 14, 2011
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