June-July Open House
At press time, the most expensive residential bank foreclosure on the market is a $5.875 million property on Bohns Point Road on Lake Minnetonka. Repossessed by TCF National Bank, the property is located on one of the most exclusive areas of the lake, with 350 feet of lakeshore and 3 acres of land.
The original list price of this Nantucket-styled compound was $6.95 million, reflecting a price decrease of $1.075 million. While far from the most expensive listing on the lake (that honor goes to a $24 million listing on Bracketts Point Road), there are four other properties currently on the market located on Bohns Point, ranging in price from $2.95 million to $4.195 million.
At almost 9,700 square feet including a carriage house, the house is still listed $100,000 above its assessed tax valuation, with annual property taxes of $78,000. Listing agent is Ellen DeHaven, 612-817-5555.
Always considered to be one of the most desirable areas of Minneapolis, Lake of the Isles Parkway is experiencing some of the same price softness as the rest of the real estate market, and there are a number of listings for sale around the lake (10 at last count).
The listing by the Barry Berg Group at 2130 Lake of the Isles Parkway W. sold for $2.094 million in May—20 percent below its 2012 tax market valuation. Just across Lake of the Isles at 2737 Lake of the Isles Parkway E . is a bank foreclosure now listed at $1.1 million, down almost 20 percent from its January 2012 listing price and 45 percent under the tax market valuation for 2012.
Like the rest of the market, the high-end, highly desirable neighborhoods are just coming back from the bottom of the market lows.