Our Twin Cities Real Estate Blog

Sept. 21, 2021

Under Contract: 1658 119th Avenue NE, Blaine, MN 55449

Under Contract | List Price: $399,900
Welcome Home to a Private Oasis 

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Description: Acres: .57 | Beds: 4 | Baths: 3 | Sq Ft: 2,100+ | Garage: 4 | This pristinely maintained home sits on a completely private, maturely wooded lot set far back from the road. The beautifully landscaped yard offers multiple entertaining spaces, low maintenance perennial gardens, a large Azek composite deck and a charming bonfire pit set back in a cozy wooded area. The home has an open floorplan with vaulted ceilings and ample natural light. Updates include a newer washer/dryer, furnace, water heater, black stainless steel appliances, fresh carpet, paint, replaced roof, driveway, maintenance-free siding and more! The massive 1,200 square foot attached garage is insulated, heated, wired for 110 and 220, has cabinets, workbenches and attic storage with lights. There is an additional detached 10' x 20' storage building on a 20' x 20' cement slab, wired with 110 and lighting. Enjoy this beautiful wooded oasis located near tons of parks, lakes, restaurants & retail with quick and easy access to Central Avenue.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Sept. 17, 2021

Just SOLD: 8401 Groveland Road, Mounds View, MN 55112

SOLD | List Price: $299,900
Charming Home in Mounds View School District

We represented the seller of this property which sold in 3 days for $331,000 (110% of list price) and closed on 9-8-21.

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Description: Acres: .23 | Beds: 4 | Baths: 2 | Sq Ft: 1,900+ | Garage: 2 | This charming home has been nicely maintained, periodically updated by the original owner and sits on a flat, maturely wooded located in the highly desired Mounds View school district. The home is bright with natural light, featuring vaulted ceilings and an open layout. All of the ceilings and walls are freshly painted and the A/C is less than 2 years old. The charming gas fireplace has a convenient chute connected to the garage for easy wood transfer and storage. The lower level offers 2 additional bedrooms, a nice sized laundry room with a large bay window, a full bathroom, a spacious wrap-around family room and plenty of under-stairs storage. Exterior features include an attached 2-car garage with an electronic lift for storing above, a large tiered deck, a wide driveway, a storage shed, and a fully fenced, beautifully landscaped yard. Enjoy the one block walk to Groveland park, easy access to multiple highways and nearby restaurants and shopping.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST SOLD
Sept. 14, 2021

Just Reduced: 6008 Eden Prairie Road, Minnetonka, MN 55345

Active | List Price: $259,900
Perfect Starter Home in Glen Lake Area of Minnetonka

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Description: Acres: .24 | Beds: 1 | Baths: 1 | Sq Ft: 900+ | Garage: 1 | Welcome home to this absolutely charming, turn-key home that sits tucked back on a maturely wooded lot in the highly desired Glen Lake area of Minnetonka. This home is completely updated with modern finishes including Bamboo hardwood and tile flooring, newer carpet, white enameled baseboard, trim, casing, cabinetry and paneled doors, dark, modern hardware throughout, stainless steel appliances including a gas stove and more! Enjoy your private deck off the upper level bedroom or the recently built paver patio tucked between the home and the garage. A long driveway leads to the home allowing for ample parking and the yard is beautifully landscaped and maintained. Take advantage of Glen Lake Golf Course which sits directly across the street, multiple nearby paths for walking and biking, nearby breweries and restaurants and quick access to Highway 62, 494 and 7.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

Posted in JUST LISTED
Sept. 3, 2021

Just SOLD: 4021 Silver Lake Terrace NE, St. Anthony, MN 55421

SOLD | List Price: $1,530,000
Beautiful Walk-out Rambler on Silver Lake

We represented the buyer of this property which sold for $1,440,000 (94% of list price) and closed on 9-1-21.

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Description: Acres: 1.2 | Beds: 6 | Baths: 4 | Sq Ft: 5,700+ | Garage: 4

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To schedule a free equity analysis email or call us today at 952.222.SOLD (7653). 

Posted in JUST SOLD, Luxury Homes
Sept. 3, 2021

2021's epic rate of inflation for Twin Cities' home prices shows signs of seasonal cooling

By Nick Leyendecker, Co-Founder | Broker | REALTOR®

(Sources: You can track Twin Cities housing market trends here. You can track mortgage rates here. You can track home builder confidence here. You can track lumber prices here.)

As of August 30th, the median home price in the Twin Cities is up 17% YTD, an epic incline that falls in line with our forecast from back in February. With that said, lumber prices have corrected (although still above pre-pandemic levels), inventory has recovered (although still at a seasonally adjusted record low) and the seasonal correction in housing prices, which typically begins in June (but has been delayed the past two years due to pandemic induced dynamics) does appear to have begun as we head into a more relaxed, fall market. It should also be noted that pandemic and civil unrest induced migration patterns that were holding down price inflation for the inner luxury markets, have eased and that although the suburb markets have still been outperforming, the city markets have begun to recover. 

The Median Home Price: With record low housing inventory, record low mortgage rates and inflating prices for goods and services in the construction sector persisting through the pandemic, the seasonal correction in home prices from last winter was stifled while the seasonal boom was maximized, resulting in a 12% YOY net increase (from peak to peak) for the median home price as compared to an average of 8.7% for the Twin Cities during the 7 years preceding the pandemic. As of August 30th, the median home price in the Twin Cities sits at a new record high of $350,000.

Home Inventory: As of August 30th, there are 7,915 active homes, townhouses and condos for sale in the Twin Cities market which is a seasonally adjusted, record low (down 22% year over year and down 38% over two years). Month's Supply of Inventory also sits at a seasonally adjusted record low at 1.4 months down from 2.0 months, YOY. As you can see by the chart below, inventory had already trended to record low levels preceding the pandemic and then pandemic inspired, inflationary dynamics caused the situation to exacerbate.


Mortgage Rates: Mortgage rates remain virtually unchanged YOY and currently sit at 2.87% for the average 30-year fixed conventional mortgage which is just above the all time record low of 2.65%. Mortgage backed securities aside, The Federal Reserve's balance of U.S. treasuries has grown 130% in the past 12 months. So fair since the beginning of the pandemic, the Federal Reserve's entire balance sheet has more than doubled from $4 trillion to more than $8 trillion. So long as the Federal Reserve continues on with this unprecedented monetary intervention (using an ever expanding supply of US dollars to buy unprecedented volumes of treasuries and mortgage backed securities), mortgage rates are likely to remain historically low.


Lumber Prices: As economic pause / lock-down induced supply chain stresses have eased, so has the price of lumber which has come down almost 70% since it's peak back in May. With that said, the lumber price currently sits at $535 per 1,000 board feet which is still 40% above the 2019 average. I think this scenario is evidence that certainly some of the inflation that we have witnessed has been transitory but unless the monetary environment changes, a more pronounced and steady rise in the price of goods and services is likely to be part of the post-pandemic, "new normal". This dramatic correction in lumber prices will help to bring the cost of building back down to a feasible level for some area which could take a little bit of the pressure off of the inventory level down the road but if the price of lumber continues a steady underlying rise, builder confidence will continue to erode.

Home Builder Confidence: The NAHB housing market index in the US dropped to 75 in August 2021, the lowest since July 2020 and well below market expectations of 80. Builder confidence has been in steady decline since November of 2020. Builders have cited concerns about elevated levels of price inflation and ever stretching home affordability as primary factors for the decline in confidence.

Looking Forward: If the historical cycle repeats as it usually does, we are expecting a recovery from the Labor Day lull and a pretty strong market for the remainder of September, followed by a correction in home prices of 3 - 6% for closed sales from November thru January. During that period, buyer activity will certainly slow dramatically but so will the rate of new listings so we are expecting home inventory to decline over that time to at or near a new record low, setting up for another strong spring market for price growth in 2022.

This concludes my Twin Cities housing market insight for August of 2021. Please don't hesitate to call us at 952-222-SOLD if you would like to go more in depth on a particular market segment or dive into the current fair market value of a property that you currently own or manage.

Posted in Market Insight
Aug. 12, 2021

Just SOLD: 371 Water Street, Excelsior, MN 55331

SOLD | List Price: $1,500,000
The Bird House Inn is a Rare Live and/or Work Opportunity in the Heart of Excelsior

We represented the seller of this property which sold in 27 days for $1,485,000 (99% of list price) and closed on 8-11-21.

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Description: Prime, Excelsior Village Location | Acres: .44 | Structures: 2 | Units: 6 | Kitchens: 4 | Garage Stalls: 4 | Off Street Parking Spaces: 17

This is a rare opportunity to live and/or work in the heart of the Excelsior village at the Bird House Inn property which is currently operating as an owner occupied Bed & Breakfast / VRBO property / Event Space. Run the business as a classic B&B, convert to a lucrative, lower maintenance VRBO model or operate as a hybrid. The property features a 6 bed, 5 bath, 3,000 square foot B&B structure and a 3 bed, 1 bath, 1,300 square foot cottage which is currently used as an owner's residence featuring an open floor plan, a chef's kitchen and a 2 car, attached, heated garage with a drain and 100 amp service. All of this is set on a beautiful, private, .44 acre lot along prime, historic Water Street with an abundance of flat, green space and off street parking for up to 17 vehicles. The property has been vigorously maintained and extensively improved by the current owners. Some of the improvements to the B&B structure include a brand new foundation, a new 1" water main, new 100 amp electrical service and completely renovated bathrooms with heated floors and high end finishes. The cottage was originally constructed in 1990 but has undergone full renovation in 2007/2015.

This property is located within the Downtown Excelsior Historical District and as such, any exterior changes to the structures are potentially subject to recommendations from the Heritage Preservation Commission. Measurements within this listing are deemed accurate but are not guaranteed. The buyer is responsible for verifying all measurements. Skies in property photos may be edited.

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To schedule your free equity analysis email or call us today at 952.222.SOLD (7653).

Posted in JUST SOLD, Luxury Homes
Aug. 2, 2021

Just SOLD: 5600 Parkwood Lane, Edina, MN 55436

SOLD | List Price: $1,695,000
Stunning Mediterranean with Resort Style Backyard

We represented the buyer of this property which sold for $1,650,000 and closed on 7-26-21.

Description: Acres: .62 | Beds: 5 | Baths: 5 | Sq Ft: 6,100+ | Garage: 3

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To schedule a free equity analysis email or call us today at 952.222.SOLD (7653). 

Posted in JUST SOLD, Luxury Homes
July 14, 2021

Just SOLD: 2183 Sargent Avenue, St. Paul, MN 55105

SOLD | List Price: $449,900
Turn-key, Beautifully Renovated Home with Original Detail and Charm

We represented the seller of this property which sold in 5 days for $495,000 (110% of list price) and closed on 7-14-21.

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Description: Acres: .14 | Beds: 3 | Baths: 2 | Sq Ft: 1,500+ | Garage: 2 | This turn-key Mac-Groveland home is beautifully renovated with preserved original detail and charm. Beautiful, original hardwood floors span the main and upper levels along with crown molding, original door trim & hardware. There are 3 bedrooms, a full bathroom, a 3-season porch and multiple storage closets on the upper level. The main level features 2 additional porches, a living room with a gas fireplace, formal dining, a half bath and a recently renovated kitchen including granite counters & stainless steel appliances including a new, 5-burner gas range with double oven and dishwasher. The spacious, flat yard is fully privacy-fenced and features a large, stamped concrete patio and large 2-car garage. Additional updates include new windows, split A/C, a new garage door, updated electrical, a freshly stained fence, lap siding and window trim. Enjoy the short walk to restaurants, retail, the river & paths and just a short drive to Grand Avenue and downtown St. Paul or Mpls.

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To schedule your free equity analysis email or call us today at 952.222.SOLD (7653).

Posted in JUST SOLD
July 12, 2021

Coming Soon: 215 10th Avenue S #533, Minneapolis, MN 55415

Coming Soon | List Price: $449,900
Luxury Bridgewater Lofts Condo in Prime Downtown Location

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Description: Bridgewater Lofts | Beds: 2 | Baths: 2 | Sq Ft: 1,100+ | Garage: 1 | Welcome to Unit 533 of the Mill District’s Bridgewater Lofts building. Hardwood floors span the open floorplan featuring tall ceilings and floor to ceiling windows. The unit is filled with high end features including granite countertops, stainless steel appliances, a gas range, a murphy bed in the second bedroom and more! The primary suite features a massive walk through closet and a luxurious private bathroom with a double vanity, separate shower and jetted tub. There is 1 garage stall and storage included in the underground, secure garage. Enjoy your private balcony or venture to the common spaces including a rooftop pool & hot tub, patio space with a bonfire area, totally renovated community room or state of the art fitness center, all offering fantastic views of the city. The building is completely secure, has on-site management and is within walking distance to the Vikings stadium, Trader Joe’s, Guthrie Theatre, walking paths, many restaurants and sits across from Gold Metal Park.

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For more information or to arrange a private showing of this listing, email or call us today at 612.888.HOME (4663).

July 2, 2021

Just SOLD: 17645 48th Avenue N, Plymouth, MN 55446

SOLD | List Price: $699,900
Beautiful, Walkout Two Story in Wyndemere Farms Community

We represented the seller of this property which sold in 2 days for $720,000 (103% of list price) and closed on 6-30-21.

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Description: Wyndemere Farms | Acres: .32 | Beds: 5 | Baths: 4 | Sq Ft: 4,200+ | Garage: 3 | This pristine two-story is loaded with higher end finishes and set on a sizable lot in the maturely wooded Wyndemere Farms community with access to a private park and pool. Both the home and grounds have been well maintained and periodically updated by the current owners. The floor plan is bright, spacious and open with southern exposure flooding the home with natural light from dawn to dusk. The main floor features a mudroom, hardwood floors, extensive built-ins, a tiled fireplace, spacious laundry, a large deck and a chef's kitchen with granite and double ovens with expansive views of the backyard and landlocked wetland. In addition to a lofted family room, there are four bedrooms up including a luxurious owner's wing with a walk-in closet, double vanity, separate tub and walk-in shower. The lower level is perfect for entertaining with a massive great/theater room, a stone fireplace, a mini-bar and walks out to the immaculately landscaped back yard featuring a paver patio.

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To schedule your free equity analysis email or call us today at 952.222.SOLD (7653).

Posted in JUST SOLD, Luxury Homes