So where do you start?

1. I think an important starting point is to simply drive around the lake exploring.  Because Lake Minnetonka is so large, it has many different towns around it.  Each of those towns has different things to offer and different personalities.  Wayzata on the east side is very different than Mound on the west side.  Excelsior is a sleepy place, except on summer weekend nights when Lord Fletchers is open.  Driving around and checking out the areas will help you first hone in on what part of the lake you are interested in.  You should also review the distance from your work and family.  While Wayzata is close to the city, Excelsior is 15 minutes further west.
2. While the property prices are much lower and interest rates are at rock bottom, the process for securing a mortgage has gotten much more difficult that years past.  Your second step should be to research and find a mortgage broker that you trust, enjoy, and will able to get your loan completed and closed on time.  Lately many house deals are not getting closed because the financing blows up at the 11th hour.  Make sure you have a dependable mortgage person that you can trust.  If you don’t get that feeling with the first person you meet, find another until you do.
3. Researching Lake Minnetonka homes for sale requires some special skills.  Many of these homes are very different from each other.  They have dock rights, lake frontage, deeded access, etc.  You need to find and work with a real estate agent that has expertise in Lake Minnetonka houses.  When you are driving around, write down names of agents that have a lot of signs out there.  Also stop in the local real estate office in the town your are interested in and ask the manager who their top buyer’s agent is.  Call these and meet them for coffee.  Find out which one really does know the area.  Find out which one sells a lot of homes in the area.  Probably as important, find out which one you enjoy and want to work with.  You will be spending some considerable time with this agent, you want like them.
4. Use your newly found real estate agent to teach you more about the communities around the lake.  Confirm that your exploration has helped you make a decision on which town to concentrate your search on.
5. Have your Realtor set up a search in the MLS for you with the criteria of the homes that you are looking for.  Make sure that this search automatically sends you an email whenever a house hits the market that meets your parameters. This way you will be on top of the ever changing market and can make a quick decision to put in an offer on something or not without wasting time.
6. Lastly, be engaged in the process.  Partner with your real estate agent to become a team and find that home you have always wanted.  When you do, make an offer and ride the excitement.

Buying Lake Minnetonka homes is not difficult, but doing some work ahead of time to be sure that you are ready, will make the process go smoother and will be more enjoyable.

The home is reported to have 32,000 square feet of space in the main house and another 10,000 square feet in the “secondary” structures.  It sits on almost 13 acres with 1700 feet of shoreline on a peninsula on the tip of Brackets Bay on Lake Minnetonka.  Currently owned by James and Mary Jundt of Scottsdale Arizona, the taxes are $210k per year!  The home features 9 bedrooms, 16 bathrooms, and a 12 car garage.  It has multiple indoor and outdoor pools, a tennis court, riding stables, a 15,000 bottle wine cellar, tea house, smoking room, and a caretaker cottage.

This is only the 2nd time since 1918 that this home has come up for sale.  The price was set at $53,500,000 (although the tax assessed value of this Lake Minnetonka home is only $17 million).  It stayed on the market for 435 days and does not appear to have sold as the listing expired in October 2009 and the tax records show the Jundt as still owning it.

The Lake Minnetonka properties include 13 that are priced at over $3 million, 39 are less than $1 million and 13 are below $600k.  All are on the lake.  Prices have dropped considerably and now is the best time ever to buy that dream home on the water that you always wanted.  With interest rates low and buyers have more control over the process, many customers are getting into the market.

The most expensive home on the tour is a 5900 square foot house on almost 3 acres on Lake Minnetonka.  This East Coast-style home was built in the 1930s and has an asking price of $5.4 million, down from almost $6.5 million this time last year.  It is located in Woodland and features 4 fire places, seven bathrooms, but only 4 bedrooms.  It features Panoramic views of Spirit Island, Wayzata Bay, virgin maple forests and untouched wetlands.   Extras include: cook’s kitchen, his and her baths and dressing rooms, wine cellar, exercise room, separate offices.

If you would like a personal tour of this or any other homes in the Lake Minnetonka area, please contact me.

Although the home is difficult to see from the roadside, it was a popular destination for Lake Minnetonka charter boat operators that would point out the home when cruising their customers.  The lakeside view is quite impressive with multiple decks and balconies.  The property has a modern feel to it with creme trim and gray wood siding.  Despite the economy, Lake Minnetonka Real Estate is still selling as this is the 2nd home to sell for more than $5 million in the last 2 years.

Petters was recently convicted of a $3.65 billion Ponzi scheme along with his co-defendants.  Despite maintaining his innocence and claiming he knew nothing of the fraud, he was sentenced to 50 years in prison.

The judge in the case said that Petters appeal to allow his family to remain in the properties was not sufficient to show that they will not be able to find alternative housing.  Proceeds from the sales of the homes will go to the victims of Petters’ $3.5 billion Ponzi scheme that was orchestrated by Petters Co, Inc.  After a 6 week trial, Petters was found guilty of 20 counts of fraud.  He is scheduled to be sentenced in April, where the prosecutors are seeking a life sentence, similar to Bernie Madoff.

A Senior Vice President of Investments for Merrill Lynch & Co, Peter Eckerline, bought the property at the end of January. He paid $3.52 million and plans to do some upgrades to the property. Eckerline topped the Winner’s Circle/Business Journal’s list of Twin Cities wealth advisers in 2008, when his team managed approximately $1.5 billion in total assets.

The home was taken back in foreclosure from Hecker by Wayzata based TCF Financial Corp, which held the mortgage. Hecker lived in the property from 2003 to 2009.  In Hecker’s bankruptcy filing, he listed $18 million in assets and $767 million on debts.  He is facing lawsuits from multiple sources and even an on-going federal fraud investigation.

Larger, multi-million dollar properties are increasingly ending up in foreclosure as their residents feel the effects of the economic downturn.  This misfortune for others is creating amazing opportunities for buyers looking at Lake Minnetonka Homes for Sale.  If you are interested in buying lake shore real estate right now, prices are  still dropping and there are some fantastic deals out there.  Give us a call.

The number of single-family homes in December 2008 was 134 homes on market, 22 being new listings. December 2009 saw the total number of homes on the market drop 10.4% to 120. Alternatively, townhouse and condo inventories saw a 32% increase between December 2008’s 25 units and December 2009’s 33 units. New market listings in December ‘09 were down 22.7% to 17 over the previous year. This change for new market listings follows the year-to-date trend: 443 in 2008 down to 425 in 2009.

Closed sales for December 2009 rose slightly while closings year-to-date saw a remarkable increase. In December ‘08 and year-end of 2008, the numbers of closed sales were 7 and 12 respectively. Closed sales for December ‘09 rose 71.4% to 12 with the year-to-date at 157 closings, a 51% increase over the previous year.

The median sales price for December 2008 to December 2009 dropped from $285,900 in 2008 to $139,900 in 2009. The median sales price for the year-to-date decreased 13.2% from $207,500 to $180,200 in 2008 and 2009 respectively. However, the percent of sellers receiving the original list price increased 13.8% from December 2008’s 83.8% to 95.4% in 2009. For the year-to-date in 2009, 89.2% percent of sellers in Mound received the original listing price (not accounting for previous listing prices), which decreased slightly by 4.2%.

The average number of days a home sat on the market fell by 50.8% from 235 days in December 2008 to 116 days in December 2009. These number likely are related to the dramatic decrease in median sales price over the previous year.

Mound has the most listings (single family and townhouse / condo units) by month and year-to-date, closed sales, and sellers receiving their original listing price (December ’09) on the market in the Lake Minnetonka area. If you’re a first time homebuyer looking for a property near the lake, let the Minnesota Real Estate Team help you answer any tax credit questions by attending their free mn first time homebuyer seminar. Or if you’re an investor looking to capitalize on the rental market in Mound, The Minnesota Real Estate Team can help you with all of your minnesota investment property needs.

In November 2008, the single-family detached inventory for Deephaven was 37 homes on market, five being new listings. In November 2009, the number of homes on the market changed 24.3% to 28 and of those, four were new listings. The new listing difference amounts to a 20% decline over the previous year. This change follows the year-to-date trend with fewer new listings added to the market: 106 in 2008 dropping to 100 in 2009.

While the ratio of new listings to closed sales for November 2009 is positive, the year-to-date change is negative. For closed sales in November ‘08 and at the year-end of 2008, the numbers were two and 44 respectively. Closed sales for November ‘09 jumped 100% to four with the year-to-date at 36 closings, a negative 18.2% change over the previous year.

The median sales price for November 2008 rose 10% from $602,500 to $662,500 in November 2009. The median sales price for the year-to-date also rose 10.7% from $492,500 to $545,000 in 2008 and 2009 respectively. The percent of sellers receiving the original list price rose a considerable 24% from November 2008’s 76% to 94.3% in 2009. The overall year-to-date percent of sellers in Deephaven receiving the original list price increased slightly by 2.5% from 89.2% in 2008 to 91.4% in 2009.

The average number of days on the market before a home sold fell 75.9%; from 299 days in November 2008 to 72 days in November 2009. The year-to-date average days on the market in 2008 were 135. Numbers for the year-to-date 2009 currently aren’t available for Deephaven, however, the average days on the market until a property sold in the Lake Minnetonka area are up 19.2% from 2008’s 181 days to 216 days.

Deephaven’s close proximity to the Twin Cities and it’s abundance of beaches (the city has six!), nature trails, and parks makes this community especially prized, which explains why so few new listings hit the market every year. When a property is listed, you’re going to need a real estate agent that knows the market.

The mn real estate team can help you find your dream home in this lakefront community. If you’re looking to purchase a home, but not sure where to start, The Minnesota Real Estate Team offers free classes to help minnesota first time home buyers just like you!