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Selling Your Luxury Home in the East Metro Twin Cities MN

Want to know more about selling your Luxury Home in Minnesota?

I was on the phone with a another Realtor and we’re going over some of the comparable Luxury homes in the area for the east Metro of the twin cities in the million dollar-plus range.

It made me thing about this little bit even through I do Comparative Market Analysis (CMA) for my listings in the area and for the new construction Luxury Homes that I work with.

It was a very interesting conversation because on the market on the eastside of the Twin Cites Metro is very different than the West Metro, north or south.

The West metro homes are way more I closer to Minneapolis so there’s a lot more I drive to purchase a home over there which pushes purchase price from a million plus up and same thing with Edina, Minnetonka,  and Plymouth. There is also less undeveloped land on the Westside of the twin cities.

On  the eastside of the metro it is further away from Minneapolis by 45 minutes versus 20 minutes from the Westside metro unless your talking about Orono or Victoria or Chanhassen.

With this being said, the driving distance and the land available is a factor in your going to sell your Luxury home and the reason why is because right now if you want to build your own dream or your own house that is completely custom, which the latest thing is the indoor sports courts, the custom four season porch with barn beams and the rustic elegant look, more simple look to the house and luxury home but yet age distressed look  is what people are wanting now a days.

That being said if your luxury home is older and you’re looking to sell in the east Metro area, I went and researched back and what’s different between 1 Million to 1.5 Million and 1.5 million. On the westside of the metro we have comparable homes in ranges 2 to 5 million.

On this side of the metro (eastside) unless you have a unique home that is 10,000 SQFT or is  riverfront or lake front it is harder to get about 1.5 Million for your home.

I know you may have built the home for 2.2 Million or purchased it for 1.5 million and put 300k  into, but the truth of the matter is that there is still land available and once the bridge goes through on hwy 36 (by Stillwater) and WI land is even cheaper, you’ll see more Luxury Neighborhoods Wisconsin.

 

It is also less to license cars as I found out from a guy who has a $150,00 BMW I8 and he only pays $45 to register where here in MN we go on the price of the car.

If you’re looking to sell your luxury home in the eastside metro, and your over the 1.5 million mark more in the east Metro, were not talking about Dellwood and Grant that is more northeast  metro; I am talking about Lake Elmo, West Lakeland, or Afton and we will have to find that unique buyer for you since so few homes have sold over 1.5 Million and here is my research telling why.

There has only be 6 homes that have sold for over 1.5 million on the books in the east metro since 2010.

Since 2000 including the real estate boom 27 homes of  1.5 million or more  have sold in these areas.

Now let’s calculate the difference (since 2000) of being under 1.5 million ( 1 Million to 1.5 million)  in the east metro for luxury homes and your looking at 109 houses sold.

To sell that home that you paid over 1.5 million for, we’re going to have to find the right buyer or your going to have to go under 1.5 million.

Also, there is only about 25 to 75 buyers looking to purchase in the 1.5 million range and there is roughly 200-400 homes for sale in this range not including that these buyers can build almost anywhere in the Twin Cites compared to buying your home.

I know anyone could call me up today and I can find them a lot from 200k to 500k and build there own dream which has everything they want for 1.5 million versus buying yours which may not.

Thanks for reading and watching and please feel free to contact me with any questions.