June/July 2009 Open House
HOT LISTING
The Wayzata home of jailed businessman Tom Petters hit the market in early May. Considered an asset to be sold to provide restitution to the victims of his alleged $3 billion Ponzi scheme, the 9,348-square-foot house is listed for $7.75 million. Standout features of the luxe Bushaway Road manse include a towering, two-story foyer, seven bedrooms, a wine room, library, lakeside pool, and a 830-square-foot guest house. Top of the list: 250 feet of Wayzata Bay shoreline. Listed by Ryan Burnet, Coldwell Banker Burnet; call 612-925-8405 for a tour.
Boomlet in the Bust
Here’s the upside of a still-limping real estate market: Primo conditions for first-time homebuyers (or any buyers who aren’t selling). According to the Minneapolis Area Association of Realtors, there were 4,407 pending Twin Cities home sales at the end of March—up a healthy 13.7 percent from March 2008 and slightly higher than realtors saw in March 2007. Of the month’s pending sales, 53.5 percent were lender-mediated foreclosures and short sales.
SOLD!
Photo by Landmark Photography & Design
In February, a doctor couple sold their palatial Orono home—featured on Midwest Home’s 2008 Twin Cities Luxury Home Tour—for $3.175 million. The sellers originally priced the property, with its breath-taking east views across Crystal Bay into the backyard of the Lafayette Country Club, at $5.49 million. But in this market, it wasn’t to be. David Leavenworth is the new owner of the 5,800-square-foot custom house by Stonewood, with its own Monticello-esque conservatory, Carrara-marble-draped chef’s kitchen, and applied crown molding—not to mention the unbelievable views. (Sale completed by Ryan Burnet, Coldwell Banker Burnet.)
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