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Wednesday, March 10, 2010

Oh, Yeah: There's a House, Too

Where: 28xx Benton Blvd.
What: 4BR/3BA home with 3,400 FSF; built in 1921
How much: asking price $1.050M
When: originally listed July 20, 2009
Who: listed by Coldwell Banker Burnet

Normally, the land underneath a home accounts for one-quarter to one-third of a home's tax assessed value.

So, for a home worth $300k, the land would likely be valued at $75k - $100k.

And then there's this home, set on an almost one acre lot backing up to the Kenilworth Channel (connecting Cedar Lake and Lake of the Isles, southwest of downtown Minneapolis):

Land value: $819k
Building value: $214k
Total tax assessed value: $1.033M

If there's a (habitable) home in the Twin Cities with a higher land-to-building ratio . . . I'm not personally aware of it.

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