Lake Nokomis – HGTV Episode

 An episode of My House is Worth….What? was on HGTV over the weekend(www.hgtv.com). I taped this show shortly after my daughter was born last year. Watching the show again reminded me how valuable thoughtful improvements are when selling your home. Finding a property in Southwest Minneapolis that offers a 40’s and 50’s vintage look along with today’s updates and finishes are gold.

This property was located in Nokomis, which is one of the three sailing lakes in Minneapolis. Lake Harriet and Lake Calhoun, other highly desirable lakes, are just within miles of Nokomis. Living close to the lakes, even on the parkway, increases your property value. These three lakes of Minneapolis are desirable areas due to the “walk-ability” factor. The neighborhoods consist of mostly residential properties, some commercial space and plenty of park and trails for recreational purposes.

Folks living close to the Minneapolis Lakes enjoy the ease of life, for example some simply bike or walk to the grocery store and don’t have to rely on their cars or garages. The Minneapolis Transit system offers bus pick-ups every 6 blocks, so getting to work is easy and greatly reduces the stress of winter driving in Minnesota. Even though everyone in Minnesota owns an SUV….driving is still slow during the snowy days and commute at times your commute to and from work can take twice as long.

Minneapolis: Best Biking Cities: http://www.mnrealestatedirect.com/news_details.php?news_ID=107

I’ve noticed a huge trend these past few years. Home owners are willing to live in less sq footage in exchange for a shorter commute to work, an urban lifestyle and recreational opportunities just a short bike ride away. The home owners that I taped in an episode of My House is Worth…What? enjoyed the fact that they could walk down the street from their house for a nice dinner, pick up some materials at the local hardware store and bike around the Minneapolis Lakes and get a 10 mile workout in without even starting the car.

So, what are the real estate numbers in regards to Lake Nokomis? The Median Price range stands at 189K, down about 10% from this time last year. For those selling, they should expect to receive an offer within 95% of their list price, up from 94% this time in 2008. Year to date inventory of homes on the market in Nokomis is up by 10% and closed transactions are have increased 20%. It’s a two part story, median prices are down, but inventory and closed deals are up. What does this mean? We’re on our way out of the housing downturn and Nokomis is one of the leading areas.

(statistics from Minneapolis Area of Realtors: www.mplsrealtor.com)

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