Though $1 million-plus properties often take years to find a buyer, most eventually do. That segment of the market was also the one where sellers had to offer the biggest discounts, on average receiving only 96.2% of their original list price compared with 99.5% for houses priced from $250,000 to $350,000.
During March, the five-county metro had about 540 $1 million-plus houses for sale, including the area’s most-expensive current Regional Multiple Listing Service posting for an $18.5 million Edina house on more than 15 acres, according to Sotheby’s agent Julie Regan. In the past 12 months, there were nearly 1,300 seven-figure sales in the metro.
2770 Gale Road, which was listed by John Adams Real Estate/Compass, is on 8 acres with 655 feet of Lake Minnetonka shoreline. (Spacecrafting Photography/Spacecrafting)
But he never lived out that dream, dying unexpectedly in November 2023 as crews were putting the finishing touches on the house. In all, 92 companies and more than 1,000 workers each month helped bring Lothenbach’s vision to life, according to builder John Kraemer of John Kraemer & Sons.
The mansion’s new $55 million price tag is about half of what it would cost to build today, the agents say. The would-be buyer will also enjoy an entirely new home without enduring the yearslong design-and-build process.
“No one has objected to the value,” John F. Adams said, noting construction costs and land prices have soared in the seven years since planning on the home initially began.
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