Twin Cities Weekly Market Update

Here is a weekly update on some notable properties that closed last week and my thoughts on them.

1.  3314 Saint Paul Ave, Minneapolis.  This property sold for $625,000 and also closed $65,000 above list price. 
2. 2201 Newton Ave S, Minneapolis.  This property sold for cash at a list price of $1,300,000.
3. 5305 Kingsberry Drive, Edina.  This property did not sell for cash but it sold $15,000 above list price and was a pre foreclosure at $765,000 sales price.  I was really surprised to see this because I haven’t seen foreclosure listing in the market for years.  For the size I think it was a fair price at only $200 per square foot.
4. 5504 Zenith Ave S, Minneapolis did not sell for cash, but it sold $57,000 above list price in multiple offers.
5. 1274 Como Boudevard E, Saint Paul.  This property was listed for $675,000 and closed for $705,000, on only 1657 sq ft or $407 per square foot, which is still a lot higher than the $192 average in Como neighborhood.
6. 18032 Gleaming Court, Lakeville.  This property was listed for $525,000 and sold for $80,000 above the list price at $605,000.  Even at that price it was $173 per square foot which still less than the $181 per sq ft average in Lakeville
7. 19801 Deerbrooke Path, Farmington.  This home was listed at $540,000 and sold for $600,000.  I am just amazed at how high these prices are going.

So I am still seeing a lot of cash offers and lot of above asking price sales.  If you are buying this season really do your homework before hand on what type of house you want and where you want to live.  Once you get that narrowed down determine your max price so you can work within that area and price range.  Make sure you do your due diligence on inspection so you know what you are getting into.