November-December Open House
The most expensive listing in Edina currently is within the highly coveted Rolling Green neighborhood at 9 Merilane Avenue. At $7 million, the three-acre estate home with 12,000 square feet has everything you would expect—indoor pool, five fireplaces, six bedrooms—except a commensurate property tax bill. Just $49,000. Just? Well, yes, compared to the third most expensive listing in Edina at 6 Merilane Avenue. At less than half the price, a mere $3.497 million, the property tax bill is almost just as much as its neighbor down the street, $43,000. The tax assessor cometh! Listing agent for 9 Merilane is John Wanninger of Lakes Sotheby’s.
Location is king in real estate, right? Well, yes, as long as the price is right, too. Take the October close of the property at 510 Ferndale Road W. on Lake Minnetonka’s Gold Coast. Great location, to be sure, but the property was on the market for three plus years and incurred three significant price reductions, from its original listing at $5.45 million in June 2009 to $3.65 million in May 2011, a drop of 33 percent. The seller, William Wanner, paid $3.65 million in October 2003 and sold it for $3.5 million in 2012. There is some consensus opinion in the industry that lake prices have gone back to the price levels of the last decade, regardless of location. The listing agent was Meredith Howell and selling agent was Ellen DeHaven, both of Coldwell Banker Burnet.