What are buyers paying for a tear-down in Morningside?

What are buyers paying for a tear-down in Morningside?

Minneapolis, MN · Member since 2014 · 33 posts · 7 votes
What are buyers paying these days for a tear-down opportunity in the Morningside neighborhood of Edina, Minnesota? This is a prime area for tear-downs and I see new construction in that area going for $1.5m and up, but not clear what price they are acquiring them for. I have a lead on a property there and would be interested in other people’s recent experience. Thanks
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Real Estate Agent · Minneapolis, MN · Member since 2016 · 361 posts · 296 votes
8y

I've tried looking for those myself, and the "safe" margin is 33% of ARV (in this case, acquire for roughly $500k)

If the builder is aggressive, they could go for perhaps 40% but any higher and they risk losing money.

If you have addresses, enter them into the County Map here and you can find the Last Sold price.

https://gis.hennepin.us/Property/map/

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  • Real Estate Agent · Minneapolis, MN · Member since 2016 · 361 posts · 296 votes
    8y

    I've tried looking for those myself, and the "safe" margin is 33% of ARV (in this case, acquire for roughly $500k)

    If the builder is aggressive, they could go for perhaps 40% but any higher and they risk losing money.

    If you have addresses, enter them into the County Map here and you can find the Last Sold price.

    https://gis.hennepin.us/Property/map/

  • Investor · Bayside, NY · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    Using, public records are available for search, particularly when properties change hands.

    I don't know much about Edina, but googling for info. it directed me to: 

    Hennepin property records

    Then you enter lot numbers what you are looking for. They are tearing down properties in my area, and putting up new ones, and I'm able to search the public records and find out how much the developers paid for the property.

  • Minneapolis, MN · Member since 2017 · 353 posts · 223 votes
    8y

    I would go on zillow to look in the area and see what nearby places have sold for.  I would look at the knockdown sales and listings and research what those previously sold for to get an idea.  

  • Minnetonka, MN · Member since 2016 · 2 posts · 1 vote
    8y
    If you have addresses you are interested looking up but the sale is not posted by hennepin county, I can look it up for you for free. I can lookup how much property is sold recently like days old.
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