Where: Minneapolis' Fulton neighborhood in SW Minneapolis (one block north of the Minnehaha Creek)
What: 2 BR/1 BA; 1,080 FSF. Year built: 1924
When: on market yesterday (June 8)
How much: $124,900
Who: listed with Coldwell Banker Burnet
It's never a good sign for prospective Buyers when you arrive at a showing to find several parties milling around in front, waiting for their Realtors, to tour a just-listed home (conversely, it's always a very good sign for the listing agent).
And that was in addition to the two groups already looking around inside.
Yet that's exactly the scene I encountered this morning when I showed up to screen the home pictured above for a client.
So what's all the commotion about?
While the home is anything but sexy -- 2 BR, 1 Bath, extremely dated -- the price more than makes up for it. In fact, at $124,900, it's easily $50,000 less than similar, nearby homes (and $114k under the assessed tax value!), even without a garage.
How much do you want to bet that that gap closes -- or disappears completely -- once the inevitable multiple offer feeding frenzy takes hold?
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