When you look at the market statistics for Chaska for 2007 and compare them to 2006, you will find that:
1) listings were down 7.6%
2) Closed Sales were down 25%
3) The average sales price increased by 1.3%
4) The average days on the market were 152 days
5) The sold price compared to list price was 94.8%, down from 97.1% in 2006.
What this tells us is that while listings were down some, buyers were not buying in Chaska as much as they did in previous years. It is also interesting so see that sellers have still been asking for above market prices, but buyers haven't been buying until those sellers bring their list prices down quite a bit.
The 312 is definately going to help the area as it will be easier for residents to commute and it is expected to bring in future business ventures. I have spoken to many home owners who are so glad the 312 is open. Only time will tell how this effects the real estate and rental markets.
What is most important is that sellers price their homes right from the beginning in order to attract buyers quickly. With a 25% drop in closed sales this last year, I don't see 2008 being any better. Home prices haven't declined in Chaska, for the most part, so buying an investment property there would have to be a really good deal. They can be found, you just have to look for them. Your best bet might be to look into foreclosures in Carver County...right now, these are the best deals around. If there is anything else I can help you with, please don't hesitate to ask!