Real Estate News

Lakeview Golf Course Orono MN - Luxury Development

Lakeview Orono Development Map

Lakeview Golf course is officially the Lakeview Luxury development featuring 46 luxury 2+ acre lots spread across the old 136 acres which will include a 4.5 acres park on the north end of the development off N Arm Drive.  After many meetings with city officals and local community input, the development has been fined tuned so that the feel of Orono’s open spaces, serene living and small town feel will be represented in the Lakeview development.   Prairie Restorations, Inc has been working with the developers create a plan to preserve the native species of plants as homes are built.  Matching the existing native life of the area with Prairie Restorations insight they are planning to bring over sixty acres into harmony with the wetlands, rolling hills and wildlife.  This area of the state in not new to Prairie Restorations as they have been involved with restoring Minnesota landscapes since the late 1970s and have done work in Orono as well with examples of their work just down the road at the 12 acre luxury orono estate on 3020 Watertown Road.  

Lakeview Orono Luxury Development...

2015 1st Quarter Summary for the Lake Minnetonka Luxury Home Market

2015 1st Quarter Summary for Lake Minnetonka's Luxury Home MarketWarmer than normal spring temperatures contributed to the April 5th ice out date on Lake Minnetonka; 19 days earlier than last year!   The warmer temps also brought a total of 30 real buyers to the Lake Minnetonka luxury home market during the 1st quarter of 2015, a 7% increase over the 1st quarter of last year.  The closed transactions had an average of 315 days on market, a year over year increase of 128%.  The increase was supported by the additional of homes on the market over last year's 1st quarter.  As we mentioned in the 2014 year-end review, the $800k to $900K price range remains extremely active fueled by the continued lower interest rates.  However, for the first quarter of 2015 the $900K to $1M price range set the mark as the highest percent of original list price received at 98.3%.  The local luxury market as a whole stands at 90% of original list price received for 1st quarter.   The absorption rates increase by 50% from the start of the year to 22.27 months with the $800K to $900K...

2014 Year End Review for the Lake Minnetonka Luxury Home Market

2014 Year End Statistics for the Lake Minnetonka Luxury MarketThe best phrase to describe the 2014 Lake Minnetonka Luxury market (the top 10% of sales in the local market) is the continuation of 2013's recovery.  Below are the main talking points for the luxury market starting with a surprising stat.  There were 190 buyers who closed on homes in the luxury market for the year, this equated to a 10% drop in the total number of buyers compared to 2013.  The $1.5M to $1.75M price range was the most affected with the drop as only 8 buyers closed in this range, a 65% decrease from 2013 and the largest percentage drop in the luxury market price ranges.   Staying in that price range, the supply of homes remain the highest at 22 months of inventory as we head into 2015.  On the bright side, the $2.5 million and above price range brought in 26 buyers, an 85% increase over 2013.  The Median and Average sale price for the 2014 Lake Minnetonka luxury home market remained mostly flat at $1,199,000 and $1,489,000 respectively.  The statistics for percent of original price received experienced a slight increase of 1.34% to 90.2% while days on market dropped to 185, the lowest level since 2006.   $800K to $900K continued to be the most active price...

Lake Minnetonka Luxury Home Buyer Statistics

Lake Minnetonka Luxury Home Market BuyersAbove is a recap, as we head into the fall market and the Parade of Homes tour here, on the number of real buyers who purchased homes in our Lake Minnetonka luxury real estate market over the past 12 months.   Luxury home market is broken into 8 prices ranges on the chart that total the 178 luxury home buyers over the past 12 months.  178 buyers equates to a 17% drop year over year ending September 1st.  Factors that hampered the market included the prolonged extremely cold winter and record breaking rainfall 2nd quarter rainfall.  With the slow start to 2014 the market was never able to rebound.  The hardest hit price range was the 1.5M-1.75M which experienced a drastic 54% drop in buyer activity.  On the other side of the coin, the 1M-1.25M price range provided a slight but positive 3% increase of real buyers.   Not featured on the chart was a 5% increase in median sales price and a 17% decrease in days on Lake Minnetonka luxury market year over year.  For additional information on the Lake Minnetonka market, real time pricing trends and more click on ...

Lakeview Golf Course Orono MN - Residential Development

Plog post update: Lakeview Golf Course Orono MN - Luxury Development

Planning is underway for the residential development of Orono’s Lakeview Public Golf Course.   Since the 1950s 142 acres of land, located just west of North Arm on Lake Minnetonka, has been home to the Lakeview 18 hole public golf course. 

Lakeview Golf Course Development Plans - Orono MN

For the past couple years the Lakeview Golf Course has been exploring every option to combat the increasing number of golf courses and rising taxes.  In 2013, Lakeview Golf Course decided to bring their thoughts of developing the 142 acres of land before a city meeting for residential and council input.  Their goal was to alleviate the dwindling margins from the course by rezoning the land in order to develop residential homes.

Since then, months have passed with multiple city meetings discussing all sides of the idea.  After listening all sides, the Orono City Council, at the beginning of this year on January 13th, approved the zoning change in land use from Parks Recreation and Open Land to Rural...

Radon - the Silent Killer

MN Dept of Health RadonIn January 2014, Minnesota law began requiring sellers to disclose any known radon test results in the home to all potential buyers as well as providing state documentation on the facts and risks of radon.   Radon is known as the “silent killer”.  It is an odorless, tasteless, invisible gas that causes lung cancer and health issues to people across America and Minnesota is no exception.

How does Radon affect you and your family?  The Surgeon General states that radon is the second leading cause of lung cancer in the U.S.  Health risks dramatically increase in persons whose homes contain high levels of Radon.  

Radon is continually released from the ground into the air, which quickly disperses, causing little to no harm to individuals.  The danger occurs when the gas is released from the ground into your home and is trapped in the home’s interior in concentrated amounts.  

It is impossible to completely avoid radon, as it is found in most of the world.  Statistics show that the average test results for radon across the U.S. is 1.3 pCi/l.   In Minnesota, two out of every five homes have radon levels that ‘pose a significant health risk’.  The EPA suggests that when radon levels reach...

Preferred Doctor Loan Program

Preferred Doctor Mortgage Program

Medical physicians and even interns and residents may qualify for a great new loan program with a low down payment. This program is exclusive to medical physicians and those that meet certain criteria can purchase a home for as low as 5% down with a mortgage amount up to $1,000,000.  While traditional mortgage loans require 20% down payment in order to avoid paying mortgage insurance, this special loan program for Doctors requires no mortgage insurance.

Here is a link to more information about the Preferred Doctor Program.


Orono MN - Housing Market Summary 2013

2013 brought much improvement to the Orono housing market.  Sellers and Buyers remained optomistic that the overall economy and Orono housing market would continue on with the improvements made at the end of 2012.   Strong buyer demand in Orono housing matched with the small 2.3% decrease in listings pushed Orono’s 2013 median sales price up 32.5% while the average days on market fell to 168, lowering the number of months of housing inventory by 31% over the previous year.  Builders in 2013 had been trying to keep up with buyer demand, however, due to the amount of demand and the lack of new construction inventory the % of original asking price for new construction remained above 100%, ending with the 12 month median at 103.8%.  Despite the overall low inventory, Orono's total sales for the year increased by 8.7% to 175.  

Orono MN - The Lakeshore City

As we look forward over the next 12 months to the direction of the local housing market, we will be following a couple key factors.   First, the Fed's continued pull back of quantitative easing which, when paired with economic data, will impact current interest rates.  Secondly, keeping an eye on the housing affordability index will be important.  The housing affordability index, which is based on the median housing...

Woodland Cove - Lake Minnetonka's Newest Residential Development

Woodland Cove - Minnetrista Development490 Acres of land on the western side of Lake Minnetonka off Halsted Bay is the site of Minnetrista’s new residential development, named Woodland Cove.  The development is located on Kings Point Road off Hwy 7, west of County Road 44.   The development will consist of approximately one thousand residential lots, constructed over five phases.  Lake access and dock rights will be available through the homeowners association.  Amenities include a shared clubhouse, featuring a kitchenette and patio, a neighborhood pool and playground.  With the developments rollout, the current land owner is reserving phases four and five which will include the lakeshore lots along Halsted Bay.

Currently, the development is in the phase one.  This initial phase is planned for 214 residential lots, 174 single family lots and 40 multifamily, on 123 acres and will be located in the center of the Woodland Cove Development.   Phase one infrastructure started late fall of 2013 and the builder is on schedule to constuct the model village which consists of 7 model homes.  These model homes will be open for the 2014 spring market and the Parade of Homes and prices will range from $185K - $400K.  

David Abel, the community...

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