BIG Edina Discount

Great Value Overlooking Lake Edina

Where: 4904 Poppy Lane in Edina

What: 4 BR/3BA walkout rambler with 4,200 FSF and pool overlooking Lake Edina

How (much): $699k

Who: listed by Steve Stewart; broker is Edina Realty

Historically, homes in Edina enjoyed some of the best appreciation in the Twin Cities -- and weathered economic downturns much better.

Not this recession -- especially for upper bracket Edina homes (and true of upper bracket homes throughout the area).

Exhibit A would be this sprawling rambler overlooking Lake Edina.

Originally listed at $1.1 million a year ago, the price was just reduced Monday from $825k to $699k -- now a whopping $180k below the tax assessed value ($880k).

I saw the home earlier this Spring, and thought it was a value $100k higher!