Home Selling in Edina>Question Details

James J Lee,  in Edina, MN

What is the best way for a home owner to sell a prime lot in Edina Mn?

Asked by James J Lee, Edina, MN Thu Apr 25, 2013

I Have contacted most of the builders in the area,
And I will need to buy a home in Edina after I sell this lot.
See http://www.5929InEdina.net for more Info.
Thanks

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Answers

8
Contacting the builders is a great idea. If you want the name of a couple I have worked with, let me know. In addition to what you have already done, to achieve top dollar, expose it to the real estate market - MLS.

Good Luck,

Bruce.
1 vote Thank Flag Link Thu Apr 25, 2013
James,

The builders should buy but Its most important to put it on the MLS as the price my warrant an independent homeowner as experienced builders are used to getting lots at much lower cost thru networking and banks.

Hope this helps.
0 votes Thank Flag Link Mon Jul 29, 2013
Hi James,your asking price of $450,000 reflects a need for you or a buyer to go thru the subdivision process with the City of Edina which takes considerable time and money and only certain builders are interested in doing that. Right now the city of Edina is looking at changing many of the lot requirements especially with the smaller 50 ft wide lots in east Edina. The setbacks may also be changing and the lot coverage ratios may be reduced too. As a local Edina real estate agent since 1981 I office at Remax Results on Vernon avenue and I can be reached at Keys2 edina.com or at todd.kellogg@results.net,I would be happy to assist you further.
0 votes Thank Flag Link Sun Apr 28, 2013
Hi, James!
I'd like to say the best/only way to do this would be to use an agent to help you. But, the market is such that you may not need to do that. You might be able to get by with what Chris is suggesting here.

I would caution you that, there are legal issues at play here, so make sure all of the appropriate legal issues are addressed in the proper way.

Good luck~
0 votes Thank Flag Link Fri Apr 26, 2013
I normally would agree with the others James if it was not for the fact I looked at the Edina market a couple month's ago for an investor. There is only maybe 3 or 4 main players in that market just dominating right now. My guess is you could drive the neighborhoods in one afternoon and simply drop off your contact info and that is ALL the marketing you would need to do. Like I said it will just come down to price. If you hire a realtor that is just commission that goes out of your pocket. It will actually make this a harder sale for you profit wise.

Pretty rare when a realtor says FSBO is the right thing to do, but yes I am saying it right now. You may think builders are just trying to undercut you, but in reality I don't think a normal buyer would be that much different. The cost to build is the same, so these buyers are looking at the 800's to see what the finished product looks like. $450,000 is just way too much. There is no room to build, which means the comps would have to be coming in at 1.2M or something. When I was looking a couple months ago that was not the norm.

Hopefully that makes sense. I don't know what you want to buy in Edina after this sale, but hey maybe new construction is what YOU should do hahaha!

Good Luck James

~Chris
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Thu Apr 25, 2013
Hi James,

Sounds like you have taken some great steps forward already. The missing pieces are the marketing an experience agent provides, the MLS listing and follow through to get it done. Its too hard to go through all of that in a forum like this. Try it for a while and if you get stuck call.

Best of luck with this,
Tom
0 votes Thank Flag Link Thu Apr 25, 2013
James,

The easiest answer is to find a great agent to help you market your property to the largest potential client base.

Dan Warnest
2011-2012 Coldwell Banker Burnet "New Agent of the Year"

http://www.danwarnest.com
0 votes Thank Flag Link Thu Apr 25, 2013
In Edina the Builders really do control the market. The only reason why they would not buy from you is because the lot is overpriced. It should actually be pretty easy to do.
0 votes Thank Flag Link Thu Apr 25, 2013
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