Description: Acres: 0.28 | Beds: 3 | Baths: 2 | Sq Ft: 2,500+ | Garage: 2.5 | With a prime location near Ridgedale and The Shops at West End, this rambler sits on a flat and fenced lot in a quiet neighborhood two blocks from trails, bike paths and Willow Park. The main level has a spacious kitchen, hardwood floors, all three bedrooms and walks out to a patio and landscaped backyard. The detached, over-sized 2 car garage has additional space and a connected workshop that was completely updated in 2012 with new subpanel electrical, flooring, walls, insulation and lighting.
This rambler is located in a prime area in Minnetonka Schools near various shops, restaurants, parks, and more. The main level features 4 bedrooms and a completely updated full bath with modern finishes. The main level has excellent natural light, hardwood floors, a fireplace, large windows and walks out to the back porch area. The porch leads to a completely flat backyard. Enjoy convenient living in a nice Minnetonka neighborhood with a spacious basement that awaits your finishing touches!
This home was completely rebuilt to 2018 codes by Pillar Homes and set in a prime location, a block from SLP High School. Interior updates include a new electrical system, plumbing system, heating system, a/c, water heater, water softener, drywall, doors, trim, flooring, carpeting, paint, completely updated bathrooms, a brand new kitchen with beautiful cabinets, a center island, stainless appliances, granite and more. Exterior updates include all new windows, doors and maintenance free siding.
We are proud and grateful to have been able to organize and volunteer at an arts and crafts event today at Suite Living Memory Care & Assisted Living in Vandais Heights, MN.
A big thanks to our friend, Audrey McElwain at Suite Living for helping us put it together. Their facility and staff are excellent and the people we had the pleasure of visiting with today were so beautiful and special!
Home Builder Confidence: In November, home builder confidence nationwide fell 12% to 60 which is a two-year low. That is the largest decline in home builder confidence since February of 2014. Aside from February of 2014, the only other time that home builder confidence has fallen that significantly in a single month was in October of 2001, due to the attacks of 9/11. (source) (chart)
While anything above 50 is still considered a positive rating, the market has been showing signs of stretched affordability and the dynamic of pinnacle home prices combined with rising mortgage rates has begun to create some uncertainty among the home building community.
Mortgage Rates: Mortgage rates continued upward volatility in October with the average for a 30-year fixed conventional mortgage ranging from 4.7% to 4.9%. In November that upward volatility continued as that rate has hit a new 7-year high two weeks ago of 4.95% but then pulled back last week to 4.81%.
As of their last meeting, The Federal Reserve remained committed to another rate hike in December and continued liquidation of their bond position. So long as the Federal Reserve remains committed to tightening while the U.S. government continues to borrow to finance deficit spending, I expect this upward pressure on long term interest rates to continue.
Closed Sales: Closed sales were up a marginal 2% month over month with 5,265 closings in October but were still down more than 20% from August. That is up 4% year over year and up 13% from five years ago.
New Listings: As expected, new listings were down another 12% in October with 6,012 listings hitting the market. That is a 9% increase year over year and down 3% from five years ago.
Homes for Sale: The home inventory level finally fell in October after a 9 month incline. We ended October with 11,785 homes for sale. That is down 9% month-over-month but up 2% year-over-year. Overall inventory is still down 30% from five years ago.
The Median Home Price: The median home price in the Twin Cities was up a marginal 1% month over month in October but remained in a downward trend from August. That is up 8% year over year and up 36% from five years ago.
Pending Sales: Pending sales, a leading indicator for future closings and have been predictably in decline since May due to the seasonal downturn in market activity. In October, 4,771 homes came under contract which is down 1% month over month, down 1% year over year and up 10% from 5 years ago.
Description: Acres: .52 | Beds: 6 | Baths: 4 | Sq Ft: 4,400+ | Garage: 2 | This spacious home sits on a private and fully fenced lot with a patio, deck and shed. The property has a unique opportunity of utilizing the walkout lower level as a complete mother-in-law suite with 2 bedrooms, a family room, bath, its own private entrance and a second full kitchen. The upper level has four bedrooms, laundry room and a spacious master suite with a walk-in closet, large bathroom and whirlpool tub. Enjoy this open living space that overlooks a private and peaceful backyard.
Description: Acres: .21 | Beds: 3 | Baths: 4 | TFSF: 3,300+ | Garage: 2 | This luxurious, walkout end unit has windows on 3 sides and all living facilities on the main. The home is tucked into a private setting in a prime, quiet location. The main floor features high ceilings, a beautiful chef's kitchen, a wall of windows with nice views, a large master suite and high end finishes. The lower level features two more suites, large windows, a private entrance and plenty of entertaining space. Outdoor space includes a maintenance free deck, a lower level patio and lawn.
Description (from the listing agent): Nicely remodeled 5 bdrm, 4 bath walkout two story nestled on a gorgeous wooded lot in a prime Minnetonka neighborhood next to Bent Tree and Ridgedale Shopping Center. Open floor plan with kitchen/dining/family room including wood flrs and gas log frplc. Custom finished LL by Lecy Bros with custom wet bar and theater room complete with surround sound. Upper level includes 4 bdrms. Wonderfully landscaped fenced yard with walkout paver patio and the perfect deck for the morning coffee.
Description: This is a rare opportunity to own a spacious 2-story on a private, maturely wooded lot in a cul-de-sac with lake views. Walk directly from your fully fenced backyard onto the beautiful Rice Lake walking trail that connects to the regional bike trail system. The home has been very well cared for and updated by the current owners. The main floor is bright and open with a large kitchen and a sun room. There are 4 bedrooms up including a private master suite. The basement is bright and spacious.