Wayzata is a premier suburb located 11 miles west of downtown Minneapolis. With a population of 4,500 people, Wayzata is a tight-knit community which is known for its vibrant downtown and picturesque setting on Lake Minnetonka. A popular destination for visitors, Wayzata’s downtown is home to a number of specialty shops, boutiques, professional services, and restaurants.

Monday, October 05, 2015

POTW | Crocus Hill Nbhd

If you find yourself strolling down a cobblestone street surrounded by beautiful, historic mansions near the bluffs overlooking downtown St. Paul, there’s a good chance you’re in Crocus Hill. Even though it’s not a valid pre-defined area in Matrix, it spans from Lexington to 35E and from St. Clair to Summit. The following visuals are derived from a custom user-drawn area within Infosparks. It’s also worth knowing that Crocus Hill is wholly contained within the official Summit Hill Neighborhood of St. Paul, one of several neighborhoods hosting the Twin Cities Marathon this past weekend.

Home sales in the area have been on their own marathon of sorts, reaching levels during the summer months not seen in over 10 years. Note that this is only single family home sales activity.

Crocus Hill buyers pay a slight premium to acquire properties compared to Summit Hill, at least on a per square footage basis. The most recent numbers show Crocus Hill homes selling for $184 per square foot while Summit Hill homes sell for $177 per foot. For the second half of 2014, however, Summit Hill prices were more in-line with those in Crocus Hill.

Median sales price, unlike price per square foot, does not factor for square footage. In other words, even if the price per square foot figure was constant between the two areas (at, say, $200), the median sales price in Crocus Hill will still be higher because those homes tend to be larger and thus have more of those square feet. The Crocus Hill median sales price over the last 12 months is $594,500 while the Summit Hill median sales price is $430,000.

Looking at sales activity by price range for single family homes, the $500,000 – $1,000,000 price range is once again dominating in terms of unit volume. This segment has surpassed the $250,000 – $500,000 range, which is now the second most popular price tier.

from Minneapolis Area Association of Realtors » Blog

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