QUARTERLY NOTE: 4th QUARTER 2023
Velie Real Estate: Now More Than Ever
Established Expanding Exceptional…leans on Experience
The 4th quarter of 2023 brought to close a record year for Velie Real Estate Sales. The market was certainly filled with turns and uncertainties including higher interest rates, inflation and the Israel/Hamas war. We did however see some leveling off of prices and with the inventory still at low levels, serious buyers (especially cash buyers) and sellers were generally able to come together and close on transactions that benefitted both sides.
So let us take a moment to thank all of our friends, clients and supporting contributors that cover the gambit from just asking curious questions to those that engaged our services to help them sell or buy property. It's what we do. There is no greater compliment than people trusting us to help them with their most valuable possession. Thank you again, and we look forward to the new year.
Turning our attention forward
The real estate "boom" will happen in 2024 between late January to August 30th. The majority of properties will be bought and sold during that time period. The market will slow to a snail's pace starting November 1st. The Federal Reserve has talked about lowering interest rates more than a few times in the coming months. The current administration, as would any administration, will do all that it can to give the perception that the housing market, inflation and the cost of doing business are all under control. Starting in September, we will see an onslaught of political advertisements and traditionally people tend to pull back during an election cycle due to the uncertainty. If you are planning on selling your home in 2024, we recommend getting it on the market sooner rather than later.
Featured Property
145 Smith Avenue, Orono: $1,595,000 (Under Contract)
There are very few better locations in the western suburbs than the home on the hill off Orono Orchard Road known as 145 Smith Ave. Practically every inch of this home has been completely rebuilt and/or renovated in the newest and highest quality of counter tops, appliances, floorings and endless design features including raised ceilings to bring in the open and multi level concepts that accompany only todays finest built homes. Consider an outdoor sport court and newly lined swimming pool as just more reasons to see this home in order to believe it! 4+ Beds/6 Baths on almost 1.8 acres; 5 minutes to Wayzata, 8 minutes to Orono Schools, and a short pitch to the golf course, makes no time like the present to come see luxury living for yourself!
Next Up
415 Indian Mound, Wayzata
One of the very best locations in the town of Wayzata and part of an eight-unit boutique property, this 2 bedroom/2 bath stunning condominium, priced at around $1,000,000 is about to come to market for the first time! This first floor southern facing condo allows the natural light to warm the beauty of the sunroom and continues to spill through the living room that opens to the large white and gray Chef's kitchen. The primary bedroom with its ensuite bath includes an impressive separate dressing space with vanity and large walk-in closet. The rooftop view of Lake Minnetonka along with 2 underground garage spaces with storage makes this one of the most sought-after condominiums in Wayzata.
It’s a Wonderful World
If you’d like to discuss anything about real estate:
Decker.velie@cbburnet.com
Bjvelie@cbburnet.com