Helgeson/Platzke Real Estate Group
“Here’s the Eden Prairie real estate market right now: If you’re a seller, and your home is under $600 thousand, then we’re going to sell that property quickly, with multiple offers, and for three to four percent above market value.
“We start to see a slowdown around the $800 thousand mark. At that price point buyers are looking for nicer amenities and within specific neighborhoods, so the presentation has to be perfect.
“At the $1 million mark, that’s where homes start sitting on the market for upwards of six months. There’s a lot more inventory in that price range than there is demand for it, so when buyers are spending that much they can afford to get really selective – or simply decide to build a new house.
“COVID put a damper on the national real estate market, and Eden Prairie certainly wasn’t exempt. I personally have 38 clients who had planned on selling in the spring, but decided to put it off because they didn’t want the possibility of people tracking the disease into their homes during showings. Still, as 2020 wore on, we saw an increasing number of people willing to sell.
“But 2020 impacted the Twin Cities real estate market in another major way: the protests. Because of them we’re seeing more and more people moving from downtown into suburban communities like Eden Prairie. Zillow showed an eight percent decrease in Minneapolis home sales throughout September alone.
“During the fall we saw the cooling effect of COVID wearing off at the same time that demand increased as the result of civil unrest. In just the past two months showings for our inventory have increased by 30 percent as compared to last year. October’s traffic looked every bit as busy as a spring month’s.
“Assuming that COVID goes away and depending on how the election went, I’m anticipating a strong market as sellers become increasingly confident in 2021. And Eden Prairie isn’t just going to benefit from larger trends. Our close proximity to the cities and the airport has always made Eden Prairie’s homes desirable. Our schools are second to none, the construction of the Light Rail has made commuting here even easier, two new hotels were just built, and the growth of the Eden Prairie Center has created a good buzz as well.
“Eden Prairie is going to stay a nice little city for a realtor like me to work in.”
“Eden Prairie has remained a growing community since the 1980s, and Wooddale Builders was hugely active throughout much of that development – especially in the Bear Path, Entrevaux, Riley Creek, Settlers Ridge and Sonoma Ridge neighborhoods.
“We’ve found that ‘empty nesters’ who are relocating want light, open spaces with sweeping views that bring nature into their homes. In the past two years we have introduced some smaller developments that will offer the empty nester homes which are so greatly needed in the community. Stable Path townhomes will go for up to $700 thousand, while the upscale villas of Highland Oaks will go for $1 to $1.5 million. For the most part developments like those are representative of any new construction that is going on in Eden Prairie.
“But there’s really not a lot of land left in Eden Prairie in 2020. Because of that, most of our business here has been remodeling the homes built in the 1990s and 2000s.
“All the way through the ‘90s, homeowners wanted oak and cherry wood everywhere, paneled cabinet doors, and crown molding with ornate designs such as leaves or egg-and-dart. Today’s trends are moving away from heavy, muted colors like tobacco and amber. Light and clean have come into style, and if there’s any ornamentation at all it’s only minimal. Oak, interestingly enough, has remained popular for flooring.
“Millennials are especially fond of transitional style, which to them means mid-century modern or farmhouse aesthetics. That’s why we’re seeing a lot of reclaimed beams, rough sawn lumber, and stone going into both new construction and current remodels. Industrial accents with brushed steel and exposed brick are in high demand now as well. And when they do build new homes, millennials are choosing to include more rooms dedicated to their children – not just bedrooms and bathrooms, but also lounges, homework spaces and sports courts.
“A lot of the millennials’ parents are content to keep their homes the way they are, but just as many are embracing modern trends – or at least aware that if they ever want to sell, they’re going to need a remodel that covers more than paint and carpeting. We just brought a 6,200 square foot home on the River Bluffs into the new millennium by gutting all three of its floors right down to the sheetrock, and it’s the third remodel of that scope we’ve done this year.
“I believe the light and clean styles of 2020 will age a lot better than so many heavy wooden accents of the past decades. Then again, who’s to say what 2040 will bring?”