Teardowns1

Pent-up demand and low interest rates, combined with increased demand for desirable neighborhoods and school districts have been driving a teardown craze which has been going on for a number of years. Two neighborhoods at the epicenter of this craze are the Minneapolis Linden Hills neighborhood and the city of Edina.

My experiences with teardowns in both of these neighborhoods as well as the Minneapolis Longfellow neighborhood last week made me curious to dip in deeper into teardowns listed on the MLS built since 2015. Red markers below are sold, orange pending, and green active and available for sale.

Teardowns-map1

Although they are scattered throughout the metro, the highest concentration is still in the Edina and Linden Hills neighborhoods. As I was chatting with a builder in the Linden Hills neighborhood, he said they get contacted regularly by homeowners wanting to sell their home but the market is starting to slow down as it gets saturated… not surprising given how many have already been built and sold in recent years. I was amazed that 67% of the comps I pulled for a coming Edina listing were built in the last 3 years… my listing will be in the historic Country Club district, the only part of Edina NOT marked by teardowns.

Thinking you might like to buy a new house in an established neighborhood? They actually are available at different price points, but $400-$500k is the really price point for 'affordable' new construction homes in the city or in new developments. In the higher price ranges, most builders no longer do 'spec' homes but custom build to suit their buyer.

Teardown chart

Check the maps below to see where to find new construction teardowns by price range… then contact us if you would like to learn more or take a look! Interesting to see the concentration of new construction teardowns in the Longfellow neighborhood, as well as some clusters in St. Paul Mac-Groveland neighborhood.

Teardowns-maps by price range

Sharlene Hensrud, RE/MAX Results - Walkable Neighborhood Realtor

HomesMSP Team - SharleneJohnAngela Edina Realtors

RELATED POSTS

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

December 2016 real estate market update… inventory continues to shrink

In my December 2015 update I reported that the supply of inventory had bottomed out. Well, this year's supply is even lower. It bottomed out 26.3% below last year! Because of strong sales months supply of inventory was even lower… 30.4% below last year, with only a 1.6 months supply. That means that if inventory.

Read More

Regional Guide to Schools

It seems hard to believe that today is back-to-school for many area schools! If you have school age children, schools can be one of the most important considerations in choosing a new location…whether moving across the country or across the metro. Schoolhouse is the regional guide to public, private and charter schools in the metro area.

Read More
Nokomis Hardware

Minnehaha… great first-time homebuyer Minneapolis neighborhood on the LRT that once was the home of a zoo

First-time homebuyers have long searched for Nokomis area homes for sale because of their affordability and charm. Most of the homes were built in the early 1900s… in comfortable neighborhoods that still have have local businesses like a corner hardware store and neighborhood market you can walk to. The Minnehaha neighborhood is one of four.

Read More