Active | List Price: $389,900
Meticulously Maintained Walkout Rambler

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Description: Acres: .26 | Beds: 4 | Baths: 2 | Sq Ft: 2,300+ | Garage: 2 | This is a rare opportunity to own a beautiful, well designed, walkout rambler on a quiet cul-de-sac. The home is offered for sale by the original owner who has meticulously maintained and periodically updated the home since construction. The main floor is bright and open with vaulted ceilings and smooth flow from the kitchen through the living and dining rooms and the deck. There are three bedrooms and two bathrooms on the main floor including a private owner's en-suite with a full private bath. The lower level features a large family room, a generous 4th bedroom with plenty of natural light pouring in through daylight windows, a spacious laundry room and plenty of storage space. A sliding door walks out to a concrete patio space and sprawling, flat backyard with a storage shed. Updates include all new flooring in the kitchen, dining and entryway, a newer roof, A/C and water heater. The location provides quick access to Radisson Road, restaurants, retail, parks and golf courses.

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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).

Under Contract | List Price: $319,900
Well Maintained Rambler on Large, Flat, Wooded Lot

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Description: Acres: .35 | Beds: 3 | Baths: 2 | Sq Ft: 1,400+ | Garage: 1 | This well maintained and periodically updated rambler sits on a large, maturely wooded flat lot. Hardwood floors span the entire main level which features 3 bedrooms and a spacious living room with natural light pouring in through a large bay window. The lower level offers an updated family room serviced by a ¾ bathroom and ample storage space. Enjoy the sprawling, private backyard space from the deck or covered patio space off the garage. Updates include fresh paint throughout, new insulation and soffits, a newer furnace, water heater and dishwasher. Enjoy easy access to retail, restaurants, trails and highways and a playground just across the street.

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SOLD | List Price: $449,900
Spacious, Turn-key Home on a Private, Maturely Wooded Cul-de-sac 

We represented the seller of this property which sold in 8 days for $455,000 (101% of list price) and closed on 8-31-23.

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Description: Acres: .38 | Beds: 4 | Baths: 2 | Sq Ft: 2,400+ | Garage: 2+ | This turn-key home sits on a private, spacious lot nestled in a quiet, maturely wooded, cul-de-sac in a highly desired neighborhood, walkable to parks, paths, Dodge Nature Preserve, restaurants, shopping and fitness. The home has been updated inside and out with fresh paint, all new flooring, a newer furnace, a newer AC unit and more. The upper level offers a bright and spacious living room, two bedrooms and an updated bathroom featuring a large, tiled walk-in shower. The kitchen is bright with white cabinetry, a double wall oven and gas cooktop. Enjoy the lower level family room including a cozy wood burning fireplace as well as 2 lower level bedrooms, a full bathroom and a large laundry room that walks out directly to the backyard. The 624 SF garage offers plenty of space for a workshop and storage. Mature trees and landscaping surround this home providing a canopy of natural privacy. The property has easy and quick access to 62, downtown St. Paul and downtown Minneapolis.

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SOLD| List Price: $264,900
One Level Living in Updated Townhome on The Ponds Golf Course

We represented the seller of this property which sold in 6 days for $285,000 (108% of list price) and closed on 8-17-23.

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Description: Beds: 3 | Baths: 2 | Sq Ft: 1,500+ | Garage: 2 | Enjoy one level living in this extremely well cared for and freshly updated townhome on The Ponds Golf Course. Beautiful nature and golf course views are experienced from the primary suite, from the sunroom and from the deck while mature trees also provide privacy. The perfect balance of privacy and views gives this unit an advantage over other units in the community. Some updates and features include fresh interior paint throughout, newer carpet, tile flooring, vinyl plank flooring, recessed lighting, ceiling fans, a smart Ring doorbell, a charming gas fireplace, steps down providing easy access to the crawl space which has abundant room for storage, a finished garage and more! The floorplan is bright and open with vaulted ceilings and large windows. A generous primary suite features a private bathroom and large walk-in closet. The deck was re-done by the association in 2023 and the roof was replaced in 2015.

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SOLD | List Price: $824,900
Stunning 2-story on a Maturely Wooded Lot in the Highover Neighborhood

We represented the seller of this property which sold for $824,900 (100% of list price) and closed on 8-15-23.

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Description: Highover Neighborhood | Acres: .40 | Beds: 5 | Baths: 4 | Sq Ft: 3,700+ | Garage: 3 | This custom 2-story is offered by the original owner who has consistently updated both the home and grounds since construction. The home is thoughtfully set on a quiet, flat, maturely wooded lot in the coveted, Highover Neighborhood. The main floor is bright and open with walnut floors throughout, high end woodwork, a gas fireplace surrounded by built-ins, large windows and a large laundry room with built-ins that serves as a 2nd office. The chef's kitchen includes double ovens, granite tops, a large island with overhang, a walk-in pantry and walks out to a deck overlooking the private, well landscaped backyard. There are 4 bedrooms up including a primary suite with vaulted ceilings, a sizeable walk-in closet, and a private bath with double vanities, shower and soaking tub. The lower level features a bright, spacious family room with a fireplace surrounded by built-ins, a guest bedroom, a 3/4 bath and plenty of room for storage. The very usable backyard is private and well landscaped.

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Active | List Price: $1,195,000
Sprawling, Canal Front Home with Two Primary Suites

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Description: Acres: .52 | Beds: 4 | Baths: 3 | Sq Ft: 3,200+ | Garage: 3 | Welcome home to this privately situated home on a generous, half acre, corner lot with expansive views from an end of the Nevada Canal. The floor-plan is bright, spacious and open with 9'+ ceilings and vaulted ceilings throughout. The home is centered around the massive, covered lanai space with a new pool cage, a new outdoor kitchen and an in-ground pool. There are two primary suites including an owner’s wing which offers a large walk-in closet, a luxurious private bath and direct lanai access. The south wing offers a generous laundry room with room for storage, a full bath that doubles as a pool bath with lanai access. There are three additional bedrooms including a second primary suite with a private bath, walk-in closet and lanai access. Enjoy entertaining in the spacious living spaces and the updated kitchen featuring granite countertops, a tile backsplash, stainless appliances and a massive center island with breakfast seating. The beautifully landscaped grounds offer multiple areas to lounge including a deck dock, a charming front porch and a generous 3-car garage. Enjoy quick access to the restaurants and retail of Cape Coral and a 45 minute boat ride to Fort Myers Beach.

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SOLD | List Price: $1,649,900
Frank Lloyd Wright Inspired, Mid-Century Modern on a 10+ Acre, Lakefront Estate

We represented the seller of this property which sold for $1,750,000 (106% of list price) and closed on 7-5-23.

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Pine Tree Lake | Acres: 10.4 | Beds: 5 | Baths: 6 | Sq Ft: 7,700+ | Garage: 4-Car | Shoreline: 1,000+ ft

As one of Mahtomedi School's premier estates, this recently restored, Frank Lloyd Wright inspired, mid-century modern masterfully integrates with its 10+ acre setting along the shores of a private, recreational lake (known for its privacy and great fishing). The rare, dynamic plot of land features a range of usable elevations with incredible views, more than 1,000' of waterfront, its own private lagoon for fishing in the spring, its own private beach, multiple outdoor patio spaces, and limestone roads to transport you to it all by ATV. Having took 5 years to complete, the sprawling, walkout rambler is a thoughtful marriage of art and science that captures sunlight and expansive lake views from almost every room. The home is loaded with high end finishes and architectural features (see supplements and images for more detail). A former workshop has been converted into a main floor guest suite with its own kitchen, bedroom and full bath. The 4-car garage is insulated, heated and cooled.

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By Nick Leyendecker, Co-Founder | Broker | Luxury Real Estate Advisor

(Data 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. You can track showing volume here.)

The seasonal tailwinds almost always bring home prices up in the spring from their winter downturns and this spring is no different in that regard as the Twin Cities' median home price moved up 3.6% in April. What is different this year, is that for the first time since 2011, home prices were down YOY in April. The higher interest rate regime which began in January of 2022, has caused a significant contraction in sales volume (this is the lowest sales volume we've had in April since 2008) and put a dampening on the bidding wars. With record low inventory, home prices are holding up but this market is not likley to have enough steam to take out the June highs from 2022. If that forecast turns out to be correct, this will mark the end of an epic, 11 year bull market that caused home prices to rise 133%.

The Median Home Price: The Twin Cities' median home price moved up 3.6% in April to 368,000 but is down (.5%) in April for the first time since 2011 as higher mortgage rates continue to have a contractionary affect on the housing market.

Home Inventory: The home inventory level in the Twin Cities moved up 3.7% in April to 6,353 units (homes, condos and townhouses). That level is only up 1.3% YOY and remains historically, very low.

Pending Home Sales: 4,025 homes came under contract in the Twin Cities in April. That is up 7.5% MOM but down a whopping 28.8% YOY. That is the lowest level of April sales volume since April of 2008, as higher interest rates continue to have a contractionary impact on the housing market.

New Listings: 5,224 new listings hit the Twin Cities housing market in April which is up 3.3% MOM but down 27.2% YOY. Generally speaking, home owners who are locked into a sub-3% mortgage remain resistant to trading out to a 6% mortgage leaving the market with only the most motivated of movers.

Mortgage Rates: The average 30-year fixed mortgage rate (for the week ending May 11th) of 6.35% is down 1.2% MOM and up 19.8% YOY. The cycle peak thus far for 30-year fixed rate was 7.08% back on October 27th of 2022 and long term rates have been cooling since then.

Home Builder Confidence: “The NAHB/Wells Fargo Housing Market Index in the United States rose by 5 points to 50 in May 2023, easily beating market consensus of 45. This marks the fifth consecutive month of growth and the highest level since July of the previous year, due to strong demand for new construction driven by limited housing supply. However, builders are still facing challenges in meeting this demand due to shortages of building materials like transformers, as well as tightening credit conditions for residential real estate development and construction, influenced by the Federal Reserve's interest rates hikes. The gauge for current single-family home sales was up 5 points to 56, while the home sales over next six months sub-index increased 7 points to 57. In addition, the gauge for prospective buyers rose 2 points to 33.” -National Association of Home Builders

This concludes my Twin Cities housing market insight for May of 2023. 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.

-Nick Leyendecker

Sources: NorthstarMLS, Infosparks Data, Hedgeeye Risk Management, FreddieMac.com, Nasdaq.com, TradingEconomics.com, fred.stlouisfed.org, The National Association of Home Builders

SOLD | List Price: $489,900
Midtown Lofts' Premier Corner Unit

We represented the seller of this property which sold for $489,900 and closed on 4-28-23.

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Description: Midtown Lofts | Beds: 3 | Baths: 2 | Sq Ft: 1,600+ | Garage: 2 | As one of Midtown Lofts’ premier corner condos, this unit is in mint condition and loaded with high end features. Abundant windows allow natural light to pour into the living spaces which feature high ceilings, an open floor plan, hardwood floors, a gas fireplace and an updated kitchen with high-end finishes and stainless appliances. The main floor offers 2 bedrooms including a primary suite with a custom closet system & private access to the updated walk-thru bath. The spacious, upper loft is flex space which could serve as a primary suite with all four sun exposures, a ¾ bath, walk-in closet and access to the large, private rooftop terrace with expansive views of the city. Two heated, secured parking spots are included along with additional storage, a bike rack and a car washing station. Enjoy the courtyard with a water fountain & organic herb garden, direct access to the Greenway and prime walk-ability. Rentals are allowed for specific reasons, see association docs for detail.

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SOLD | List Price: $499,900
Beautiful 5 Acre Hobby Farm in Oak Grove

We represented the seller of this property which sold in 5 days for $500,000 (100% of list price) and closed on 1-19-23.

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Description: Acres: 4.8 | Beds: 3 | Baths: 3 | Sq Ft: 2,500+ | Garage: 3 | Welcome home to nearly 5 acres of dry, wooded privacy featuring a well maintained home and a 60x30 pole building. The main floor offers a primary suite with private bathroom, new flooring, a renovated kitchen with center island storage, beautiful granite countertops, new appliances and a 1/2 bathroom. The grand family room has a vaulted ceiling, a floor to ceiling brick fireplace and walks out to the bright and open sunroom and large cedar deck. The 2 upper level bedrooms and generous loft style family room are serviced by a full bathroom. The lower level walks out to the garage and offers tons of additional space awaiting your finishing touches. Additional features include new carpet, a new water heater, maintenance-free siding, a new roof, Anderson windows, storage sheds, an oversized heated and insulated 3-car garage with bonus storage attached and more. Enjoy the maturely wooded surroundings offering abundant wildlife, privacy, plenty of open flat space and perennial gardens.

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