Recipe for Multiple Offers: 1928 Fremont Ave. South

21% Over Asking Price!

Take an A+ location in Minneapolis' tony Lowry Hill neighborhood, strategically located in between Downtown Minneapolis and picturesque Lake of the Isles.

Add a huge, 4,800 square foot all-brick triplex.

Then put it on the market for $314,900 -- a whopping $351,600 below tax assessed value of $666,500.

What do you get?

Lots of Buyer interest -- and ultimately a sales price well above the asking price, or in this case, $380,547.

The deal closed last week.

And yes, it was a bank-owned foreclosure; it was first listed 3 years ago -- as a potential short sale -- for $695,000.

I discussed some of the shenanigans that took place when it first came (back) on the market in October in this post, "Hmm . . . I Wonder Where That Lockbox Key Went??"

Now, THAT's Patience

But, Does She Have Grandkids Yet?"

The duplex at 21xx Irving Ave. South just Northeast of Lake of the Isles in Minneapolis' Kenwood neighborhood originally came on the market in Spring.

Spring, 2007 -- that is.

Asking price: $1.2 million.

After some short intervals off the market, and a couple intervening price reductions, it's still for sale today.

Current asking price: $900,000.

Given that the current tax assessed value is $614,000, and that assessed value these days often serves as a de facto ceiling on prices -- especially for properties needing updating -- you'd guess that a little more patience is in order.

P.S.: Even if the "value is in the land, " as the Listing agent is claiming, $900k still appears to be a rich price.

P.P.S.: Perusing the listing history on MLS, I noticed that the Seller appeared to be on their second agent.

Then I looked more closely: same agent, but different last name (she apparently got married).

THAT's how you know something's been for sale forever.

Beautiful Built-in's, Buffet, Millwork

What do Realtors have in mind when they say a home has gorgeous built-in's and millwork?

Rooms like the one pictured above.

It doesn't get more aesthetic than this!

(The beautiful dining room is located at 2401 Humboldt, in Minneapolis' Kenwood neighborhood; Steve Havig at Lakes Area Realty has the listing).

"Location, Location, Condition"

"Not a Drive-By"

Quick, test your knowledge of Twin Cities real estate, and guess how much the single family home pictured above is listed for:

A. $149,000
B. $249,000
C. $419,900
D. $599,900

Give up?

Here are three more, very significant clues: 1) the home has been completely remodeled; 2) it's located in Minneapolis' tony Kenwood neighborhood (just east of Lake of the Isles, and close to downtown; 3) appearances to the contrary, it's over 3,000 FSF.

Correct answer: D

As they say, "the curb appeal is deceptive" (also commonly billed as "not a drive-by").

P.S.: and yes, curb appeal matters: the home has been on the market for over one year.

City Lakes Too Crowded? Try a Park Instead

Where: 17xx Morgan Ave. South in Minneapolis' Kenwood neighborhood

What: 4 BR/4BA home with 4,337 FSF built in 1925 (and completely renovated since)

When: listed March 8 (11 days on market)

How much: $1.9 million

Who: listed by Mike Nash and Sherrill Kruse (broker: Edina Realty)

Minneapolis doesn't have a Park or Fifth Avenue, where people who "have arrived" live in glorious penthouses.

Instead, it has lakes -- specifically, Lake of the Isles, Lake Calhoun, Cedar Lake and Lake Harriet.

The homes overlooking these lakes are amongst the nicest in the area, and can (still) easily fetch $3 million or more.

(Note: other city lakes include Lake Nokomis, Lake Hiawatha, Brownie Lake, Wirth Lake, Grass Lake, and Diamond Lake. However, homes on these lakes typically don't trip seven figures.)

The only catch -- besides the price tag and property taxes -- is that such lakeside homes come with lots of traffic, particularly in the summer months when everyone else likes to enjoy the lakes, too.

So, a nice alternative to overlooking a lake is overlooking a park -- like the home pictured above.

The park in question, Kenwood Park, is located just north of Lake of the Isles, and about a mile southwest of downtown Minneapolis.

Oh -- and the glorious grounds in back in back of the home -- including an architect-designd summer home -- are just as impressive as the view in front.