SW MINNEAPOLIS - Did we overpay? (real estate, work, new house)

[becky609]

Hi,
A lot of you helped me out when we were deciding where we wanted to move from NYC. We finally bought in SW Minneapolis(about 6 months ago) and found a single family home(approx 1350sq ft) that was just right for us - new kitchen and bath, 2bed/1bath, a finished basement, a small yard with a deck, hot tub and Sauna. We were so happy about the house and the fact that we came from NYC - we didn't haggle at all and paid the asking price of $315,000 since the house was on the market just 4 days. I am now making some improvements to the house and deck for about $5000-6000$.

I do love the area and we intend to live here another 3-4 years - we are so close to the southdale mall, 50th&France and 3 blocks from Lake Harriet, parks, lake Calhoun is close by......Recently I checked for homes in this area and their prices(which I should have done earlier I guess) and am wondering if we overpayed. It is a moot question but one that bothers me nonetheless.......somebody put my mind at ease

[Sarah Maske]

Becky,

If you want to send me a direct message telling me more specifics, like where you are exactly, I'd be happy to run the comps for you. I work in SW and some of what you're saying above doesn't sound too out of line. It's going to depend on comps in your radius for solds the last six months.

Sarah

[Slig]

Wow, it is definitely no lie that you pay for the neighborhood. I bought a house with very similar specs, 1380 sq ft, 3 bed 1 bath and almost completely remodeled but with an unfinished basement. My home is about 3 1/2 miles northeast of yours. The main difference is that I paid $175,000 less than you.

[BarbaraMN]

I'm in Southwest Minneapolis as well. My first reaction to your price and not knowing anything more specific than in your post is that you probably paid a fair price, especially with a new kitchen and bath. But, it's impossible to say without knowing the exact location as that has a huge effect on value.

I don't think you'll regret living in Southwest!

-B

[ozzie679]

Originally Posted by BarbaraMN

I'm in Southwest Minneapolis as well. My first reaction to your price and not knowing anything more specific than in your post is that you probably paid a fair price, especially with a new kitchen and bath. But, it's impossible to say without knowing the exact location as that has a huge effect on value.

I don't think you'll regret living in Southwest!

-B

I had the same reaction. A matter of a few blocks can make a difference in home prices. But you can't go wrong with SW.

[becky609]

We live in the 40's and Xerxes. I didn't realize that it made such a big difference block to block...

Thanks everybody

[Sarah Maske]

I'm glad to see others with the same opinion! It was good chatting with you Becky!

S

[Camden Northsider]

Originally Posted by becky609

Hi,
A lot of you helped me out when we were deciding where we wanted to move from NYC. We finally bought in SW Minneapolis(about 6 months ago) and found a single family home(approx 1350sq ft) that was just right for us - new kitchen and bath, 2bed/1bath, a finished basement, a small yard with a deck, hot tub and Sauna. We were so happy about the house and the fact that we came from NYC - we didn't haggle at all and paid the asking price of $315,000 since the house was on the market just 4 days. I am now making some improvements to the house and deck for about $5000-6000$.

I do love the area and we intend to live here another 3-4 years - we are so close to the southdale mall, 50th&France and 3 blocks from Lake Harriet, parks, lake Calhoun is close by......Recently I checked for homes in this area and their prices(which I should have done earlier I guess) and am wondering if we overpayed. It is a moot question but one that bothers me nonetheless.......somebody put my mind at ease

Yes - but don't worry, you're not alone - all of your neighbors, and everyone else that lives in SW, overpaid as well. However, it's likely that SW will continue to be viewed as a very desirable place to live with a prestigious reputation for years to come so you'll likely not ever find yourself losing money.

However, personally I just can't believe that SW offers that much more than other areas of Minneapolis with similarly beautiful homes and yards/ great schools/ low crime/ adjacency to lakes, parks, shopping, highways, etc. but have much more affordable home values - if housing prices in my neighborhood were equivalent with those of SW (your house in my area would likely go for roughly half of what you paid), I would still choose our neighborhood.

With that said, it is great that you love the area that you purchased a home in and that you, like an increasing number of families nowadays, realize that you don't need a big new house and big yard out in the suburbs to be content with your situation - it sounds like you have a beautiful home and good for you for choosing "city living".

[becky609]

Thank you everybody - I love you guys - there is still a little niggle but my mind is mostly at ease. Thank you Sarah for taking that extra time. When you are new to an area I guess you question all your real estate decisions. I think I am in love with Minneapolis in general, coming from NY I didn't expect to switch loyalities so soon - I made new friends pretty soon and it is one of the most child friendly places I have ever been to...

Thank you once again....

[PhDmommy]

Hi,
My husband and I will be purchasing a home in your area in the next month or so. From what we are seeing, the price you paid is not out of line. A friend of mine just told me that when we finally decide on a home and purchase it, we should just say to ourselves, "We love it!" and be happy. There will always be better deals, we should just pick the best one that we can and go for it. Sounds like you have a nice place. Hopefully, you will be happy there.