NON MLS: The Lake Minnetonka Real Estate Blog

Here is your Lake Minnetonka Real Estate Market Report for October 2020:

The following properties sold:

It’s the time of year when people who are thinking about making a move in 2019 are out kicking tires at open houses. If you have a property to sell, now is the time to get that property on the market. The thing about real estate—true in the Lake Minnetonka market as well—is that real is that real estate is a slow moving train. It takes a while to get on the train, it takes a while to get off the train. The reason for this is that it takes a while to get a train up to speed and to stop. 

As I write this post I have a vision of Harrison Ford in the Fugitive leaping off a yellow school bus as the train barrels down on him. 

The point I’m trying to make is that in real estate, things don’t always happen immediately but given enough time they do. If you are thinking about making a move, you need to prepare for that event to occur. One of the easiest ways you can start to prepare is to do some reasearch on the internet—viewing homes and market reports online is a great way to do so. 

Another thing you can do is start going to open houses to see what you like, see what you don’t like, both as you think about leaving your existing place and acquiring your next place. What about this house in terms of how it is presented to market is done correctly? What is done incorrectly? How should that impact how I present my home to the market.

Another great way to start thinking about your move is to engage a trustworthy and experienced Realtor. In spite of all the internet resources, use of a real estate professionals remains at an all time high.

If you are contemplating a move, feel free to call or text me anytime to discuss.

Any interest in land whether present or future estate can be assigned including purchase agreements drafted and signed as part of the traditional sale process. An experienced agent can sniff out a bogus purchase agreement where the buyer seeks to tie up a property and then change the terms of the deal after the fact.

One of the biggest clues you may get in terms of having a buyer assign a purchase agreement is the insistence that the transaction is all cash and quick close, but the buyer doesn’t provide any legitimate proof of funds or any earnest money. A true quick close, all cash buyer who seeks the property without a contingency stands head and shoulders above a cash offer which morphs into a hard money load from a car finance guy. I had a 100% cash offer morph into financing, and the pre-approval provided was from a convicted mortgage fraudster—which is why it is so important to check and double check all the claims made by someone who states a transaction is all cash, or that they are able to secure financing.

The end result of jumping the gun by signing an all cash offer is that the property is all tied up. I have seen purchase agreements get assigned from builder to agent to newly formed LLC in a matter of days, with little asset verification—it can really spell trouble for a seller to sell to a buyer who has questionable ethics.

On the other hand assignment does have a legitimate purpose if one is a buyer—a large commercial transaction perhaps should stand on it’s own and have the business entity lease the property creating two going concerns that have cash flow. Assignment also can work when a buyer has acquire a purchase agreement on a property that is under it’s market value—which is great for the buyer and bad for the seller.

When in doubt, a non-assignment clause in a purchase agreement can prevent unscrupulous buyers from abusing this ability to transfer the future interest in the property. A sizeable down payment that is non-refundable is also advisable as a seller, as is triple verification of funds—making sure that claims made by a buyer whether for cash or mortgage are accurate.

Judgements can also come into play with the assignment of real estate contracts, so it’s very important to understand the balance sheet of a potential buyer or assignee. Consulting your attorney and Realtor throughout these processes is highly recommended.

As always, if you have a question about real estate, whether buying, selling, or something else, feel free to give me a call at (952) 473-1000.

Immediate buyer need for an updated or new rambler or two story home in Edina, St. Louis Park, Minnetonka, Wayzata, South Plymouth, and Eastern Orono up to $1.1 million.

• Prefer newer or updated
• 3800+ sf
• 4 beds
• 3 baths
• 3 car garage
• Prefer rambler but open to 2 story
• Large kitchen a must
• Back yard large enough for big dog
• Not a fan of light colored wood finishes

Call Dan Gustafson at (952) 473-1000.

Buyer seeks Non MLS Edina Country Club from $1.2 - $1.5 million. Please call Dan Gustafson at (952) 473-1000.

Immediate buyer need: 2 bdrm, 2 bath, 1 level living townhome in Chanhassen, Excelsior, or Minnetonka priced in the $250-$275 range if move-in ready or low $200s if needs updates. Call Dan Gustafson at (952) 473-1000.

There were 143 closed sales of single family homes on Lake Minnetonka in 2018. The prices for Lake Minnetonka Real Estate varied greatly with the smallest transaction being $335,000 for a modest home with channel lakeshore on Black Lake to $11,327,240 for the Southways Estate on Bracketts Point / Browns Bay in Orono. While this post does not address Lake Minnetonka Condo Sales, it should be noted that access to Lake Minnetonka was had for as little as $63,500 for a studio condo in the Lakewinds Yacht Club Complex in Mound.

While I won't go through every sale that happened on Lake Minnetonka, I will touch briefly on the top 10 most expensive homes on Lake Minnetonka and real estate transactions that occurred in 2018:

NON MLS Lake Minnetonka offering in Minnetrista with 153' feet of Lakeshore. Home is 5,768 feet with 6 bedrooms, 6 baths. Remodeled structure is flawless with high end details and finishes including a breathtaking view of Lake Minnetonka through walls of windows. Crisp white interior with black accents, formal and informal dining rooms, spacious great room, endless Lake Minnetonka views. If you would like more information on this property or other NON MLS Lake Minnetonka listings, please reach out to Dan Gustafson at (952) 473-1000.

Buyer seeks property up to $1,750,000 in the Minnetonka area including Wayzata School District boundary between 494 and 101 / Bushaway, Woodland, Deephaven, Greenwood, northern Shorewood etc.  They do not want to much further east than 494 or south of 7. Excelsior is too far west.  School district is not important.  NEED 4 KID’s bedrooms on one level.  Master suite can be on main or with kids.  Yard and neighborhood preferred but will consider other options for the right house.  They do not want a major remodel or build project.  Open to different styles.  If you or someone you know has a property like this they would like to sell please reach out to Dan Gustafson at (952) 473-1000.