For Sale Near Interlachen in Edina

Buy the Lot, Get the Home for Free

Beautiful property with west views of Highland Lake! Premier lot close to Interlachen golf course! Home is not available for showing.

--per MLS

"Home for sale, home not available for showing."

Huh??

It turns out that what's really for sale here is the land: according to Hennepin County, 70% of the $588k tax assessed value, or $413k, resides in the land. That compares with the usual 25% - 33%.

Is it worth it?

As I've blogged previously, to determine if the asking price is in the ballpark, multiply by 3.5, then subtract 20%.

In this case, 3.5 x $850k (list price) = $2.975M. Subtracting 20% from that is $2.38M.

If there is a precedent for $2.4M homes on the block . . . the asking price is right. (Twenty percent is typically how much new construction can overshoot prevailing, nearby prices.)

P.S.: sure looks like an aerial shot to me (discussed a couple posts back).

Aerial Shots

Photography Trends

It's still rare, but I'm seeing more instances of home photographs including aerial shots.

They're especially useful in a couple situations:

--the home is elevated and/or obscured by landscaping, so there are no good exterior shots available from street level;

--the home's spectacular physical setting and views are accentuated by an aerial shot (definitely true of the home pictured above).

--"the value is in the land," as they say -- that is, the home is underwhelming and/or the lot is especially attractive, due to its size, location, and features (walkout, for example).

--the home is so large that exterior front and rear photos don't do it justice.

Implicit in all of the foregoing is that the home's asking price justifies the added expense: anywhere from $50 to $300 extra, depending on the photographer and their equipment (cherry picker, long pole).

So, as a practical matter, the home's asking price usually has to be upper six figures before you see aerial shots.