Racquetball

The Twin Cities luxury housing market is exploding. Plus: 4 price lists

Photo: 8710 Photography, courtesy of Nathan Landucci

Mind-blowing lists are just one indicator of the boom in the Twin Cities luxury real estate market.

What is happening: Every year there are more and more luxury priced activities (anything above $1 million).

  • “This segment has shifted from a buyer’s market to a seller’s market with less than four months’ supply,” says David Arbit, director of research for Minneapolis Area Realtors.

By the numbers:

  • Sales of luxury homes have increased by 25% in 2020, then by another 50% in 2021.
  • Luxury listings now average 100% of their asking price. Before the pandemic, it hovered around 95% of requests, says Arbit.
  • In 2020, luxury homes were on the market for an average of 73 days. In 2021 it was 72. Now they fly off the market within 20 days on average.

And after: Home prices in the luxury market are only going up as demand increases and inventory dwindles.

Data: NorthstarMLS; Graphic: Axios Visuals

The most expensive Twin Cities homes on the market:

1. 700 S. 2nd St., Unit W100 (Minneapolis) — $7 million

  • Specifications: 2 bedrooms, 3 bathrooms, 4,370 square feet.
  • Features: Three parking spaces, private elevator, multiple fireplaces, guest suite, outdoor sauna, stunning views and a 3,000 square foot terrace.

2. 1 Bald Eagle Island (White Bear Lake Township) — $6.6 million

  • Specifications: 5 bedrooms, 9 bathrooms, 9,714 square feet.
  • Features: Movie theater, racquetball court, private island (!), chef’s kitchen and much more.
  • Read our full home space tour.

3. 1719 W. Franklin Ave. (Minneapolis) — $4.85 million

  • Specifications: 4 bedrooms, 6 bathrooms, 6,883 square feet.
  • Features: View of Lac des Iles, resistance pool, home office in the master suite, outdoor living spaces, wine cellar and elevator.

4. 20 Ln Park. (Minneapolis) – $4.75 million

  • Specifications: 4 bedrooms, 5 bathrooms, 4,098 square feet.
  • Features: On Cedar Lake, curved walls, glass block windows, full master suite on the third floor and a master bath with heated floors and steam shower.

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