Cedar Lake Steal?

Where: 16xx Cedar Lake Parkway, just northwest of Minneapolis' Cedar Lake

What: 2,500 sq. foot. contemporary overlooking the lake
How (much): list price is $247,900

When: (re)listed January 22

Who: co-listed by Teams International and RE/MAX Associates

You could easily spend $1 million-plus (still) for a home overlooking Cedar Lake in Southwest Minneapolis.

So, it's attention-getting when a home just off the lake is for sale for only $248k -- down from $549,000 when it first hit the market in October, 2008. That's less than half(!) the $522,500 tax assessed value.

So, what's the catch?

It turns out that there are several.

They include a wood exterior that's in such bad repair that mold is evident on several interior walls; a plastic swimming pool -- practically full -- positioned below a major roof leak (one of several that were visible); and an incoherent floor plan with only one bathroom in the whole house (and that practically in the middle of the Kitchen).

So, it's a pass, right?

At least for my client.

However, even if the house is a 'goner -- likely in my opinion -- the land alone is still worth the asking price.

Apparently, someone else agreed: the listing agent's front desk said the bank-Seller (a shock, I know) has just accepted an offer.

Cedar Lake Contemporary

Open Sunday 1-3 p.m.

Where: 2812 Sunset Blvd, two blocks from Cedar Lake in Minneapolis

What: Architect-designed Contemporary with dramatic vaulted ceilings, 4BR/4BA and 4,000-plus FSF. Perfect for empty nesters who don't want to squeeze into a townhome, or families with teenage kids who'll love the huge, finished lower level. Compares well with million-plus homes just a little bit closer to the lake.

How much: $599,000

When: market time = two days (came on Friday)

Who: listing agent - Ross Kaplan (612-925-7701); broker - Edina Realty

It's a cliche when Realtors use phrases like "Outstanding opportunity," "Hurry! Don't Miss Out," "Priced to Sell," etc. (ever see a home where the Realtor admitted that it wasn't "priced to sell"??)

So I don't.

But what I do tell prospective Buyers is that my track record speaks for itself: I've sold a dozen homes within a few blocks of Cedar Lake the last few years, and my statistics are the equal (or better!) of any Realtor active in the area: my clients' homes sold for, on average, 98%-plus of list price, and took an average of 11(!) days to sell.

So, if you're looking for something like this home, you may want to stop by tomorrow, or call me to set up an appointment.

Sooner, rather than later.

Stairmaster

The Anti-Rambler

Where: 3504 W. 22nd St, just west of Cedar Lake

How much: $799,000

What: 4 BR/2 Bath Contemporary with 2,433 FSF

Listed by: Cotty Lowry (broker: Keller Williams)

When: on market since June 18

Frequently, the best way to market a home is to visualize who the likely Buyer is -- then market to them.

Sometimes, the opposite works, too: imagine who isn't going to buy the home.

That's easy in the case of 3504 West 22nd st. (pictured above), just west of Minneapolis' Cedar Lake: anyone not in great shape, or who's already dealing with middle age aches and pains.

That's because this house is the most "vertical" home I've ever been in; I had to stop to catch my breath climbing stairs before I even got in the home -- and there were at least as many more inside.

Call it the "anti-rambler."

To the listing agent's credit, he acknowledges the issue with a little humor ("OK, so it has a few steps -- all the better to keep you in shape").

And even though the range of prospective Buyers is narrower for a home like this, frequently the effect isn't so much a huge discount, but longer market time.

It certainly helps that this home is less than a block from Minneapolis' Cedar Lake, and has stunning views of downtown.