Reselling Townhomes Northfield Vs. Woodbury (Hastings, Dundas: days on market, sales, rental)

[odem03]

My wife and I have two townhomes in mind.

One for 184,000 in Woodbury, and one for 149,000 in Dundas (just outside of Northfield).

This is NOT going to be our final home, so the ability to resell this property has to play a big part in our decision.

My wife feels that a townhome in Woodbury has a better chance to resell than a townhome in the Northfield area. I don't agree. I truly think that it's a coin flip. Townhomes are a risk in either situation, and the fact that townhomes are to the point of being overbuilt in Woodbury could possibly work against its resale value.

I want to live in Northfield so- obviously- I am biased (and 149,000 is much better than 184,000), but we can't seem to see eye-to-eye on this.

She calls Dundas "the middle of nowhere" (no offense meant), but I think that the Northfield area has just as much to offer as Woodbury

Any advice?

Thanks in advance.

[Minnehahapolitan]

I'm no realtor, but I would agree with you. Woodbury is closer to the city, but it has a crapload of choices and it is developing quickly, so you would prob. be competing with new construction when you wnt to sell. Northfield is pretty far out, it is more exurban. Northfield is a sought-after town, but it isn't growing at break-neck pace. Also, as the cities expand, they get closer to Northfield. I have the feeling if there is a choice one day between Elko and Northfield, people will go the extra ten or so miles out. Hopefully that makes sense, it is kinda hard to explain. My two cents.

[TimtheGuy]

Northfield area is not Northfield. How many potential buyers does Dundas have? Not too many IMO. I would stick with Woodbury if I were you or buy in Northfield proper.

Better yet check out Hastings (kind of in the middle of the 2).

[golfgal]

Dundas is basically across the street from Northfield now and I am assuming the townhomes are around KMart and that area? I would say that you will see less competition in Northfield for a resale but like others have said, Woodbury is more convienent. The BIG plus Dundas has going for it is that the property taxes are probably less so for townhome buyers that might be a consideration. The other plus with Dundas is that the rental market is good in that area so if you can't sell it you will be able to rent it out easily for your current mortgage payment. There are many professors and other staff at St. Olaf and Carleton that look for a year rental when they first come to town or for visiting faculty. Northfield/Dundas has pretty much everything you need for day to day living now so that is nice too and it is only a quick hop up 35 for anything else.

[cavewoman]

As I have said, not a Northfield fan, but I happen to love Dundas.
The liquor store is better than Norhtfield, you can shop in Norhtfield, which is what they want you to do... and you do not have to deal with the small town folks who think they are in their own Utopia.
I'd buy in Dundas with less traffic and growing area.

[Alt Dach]

I would think Northfield.People there are more likely to have money no matter what-while Woodbury would be much more affected by economic downturns.

[cavewoman]

Yep, I say Northfield to.

[Sarah Maske]

Here's the statistics - perhaps this will help you make your decision. This is from the board of Realtors "The 100" list.

* Comparing Northfield area Woodbury from July 2007 and July 2008

Woodbury:
new listings down 15.4%
closed sales down 10.8%
average sales price down 4.5%
average amount received of the sales price down 2.4%
average DOM (days on market) up 14%

Northfield area:
new listings down 18.6%
closed sales down 25.4%
average sale price down 12.7%
average amount of sales price received down 3.6%
average DOM up 21%

Hope that helps,
Sarah

[cavewoman]

wow that is great information., where did you get it?
Guess I was wrong again.
oops sie

[Sarah Maske]

The Mpls Association of Realtors posts data for over 200 Twin Cities areas. This data is compiled based upon MLS active, sold and pending listings. It is great data to use and I use it regularly with my clients.