Looking to buy a luxury home? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. But there are also some big hitters out there with nine homes priced over $5 Million.1 Million - 2 Million : Seeing a huge slow down this month, with only 143 homes currently for sale around Lake Minnetonka. No new homes have gone pending, but eight of last months pending sales closed in the month of October.
2 Million - 3 Million : This bracket saw a huge decrease in active listings. There are 34 active homes for sale meaning six homes have been pulled from the market since September. Only one home in this price range sold in October.
3 Million - 5 Million : Always the bracket to be active or slow, October saw four of last months homes put under contract. This brings the active list down to 16, with one sale as well.
5 Million + : The uber-bracket of Minnetonka real estate currently has 9 mega listings. Obviously this bracket takes a very special buyer with some change hanging around. In fact, one such buyer was found this month and is currently waiting to purchase a listing for just under $7 Million. I will update you next month on the final sales price.
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