New Construction In Southwest and Edina
The screen shots aren't the greatest looking but they get the point across and that is all I am trying to do. I did a search for sold properties built after 2013 in the highlighted areas. I call this area Southwest Minneapolis and the edge of east Edina. There were 320 total sold homes and the vast majority of those homes are just west and east of Xerxes. That is very interesting. I know that area is the borderline for the Edina school district. I used to work that area a lot more, but its very hard for the under $300,000 home over there and a lot of my buyers during that time period were in the $300,000 or less. But nevertheless, home prices and land prices have gone up a lot in that area.
If you look farer east to Armatage, Kenny and Lynnhurst there still is a lot of new construction properties being built. Not nearly as many as on Xerxes, but still a good number. So there is a lot of comparable data for banks to use to justify appraisals and lending in those neighborhoods. Also, new homes attract other buyers that want to buy new homes so you end up getting buyers that are putting down $200,000 on a $700,000 house. Those big houses are taxed at a higher rate and generate more money for the city and the neighborhoods with the new homes. That money goes back into the neighborhood schools, parks, lakes, and libraries and roads. So if you can find low priced homes in areas with a lot of new construction homes, then you can ride the wave as they say.