QUARTERLY NOTE: 3rd QUARTER 2023

Velie Real Estate: Now More Than Ever

Established Expanding Exceptional…leans on Experience

While the business of real estate has traveled down a winding and unpredictable path the last couple of years, the luxury market has continued to increase its share of our market place. We are also continuing to experience low inventory, high interest rates and elevated building costs. Some of the newer high end condominiums in Minneapolis and the Western suburbs are selling at $1,000.00+ per square foot. More and more homes sold over 1 million dollars are cash transactions and the higher the price, the higher the percentage of cash purchases.

What seems to be changing in the market is that buyers are looking at prices with a sharper pencil. We are seeing more selling price adjustments. The ability for younger buyers to trade up or enter into the market is increasingly more difficult due to the fact that the interest rates have continued to stay high and climbed beyond our expectations. (One recent development in the mortgage business is that a number of lenders are agreeing to convert some of or all of an existing mortgage to an assumable mortgage. This can be a game changer). Add on to that there are now problems in the Middle East and the word “uncertainty” comes to the forefront of thoughts and discussions. Through all of this, it is still a good time to buy or sell real estate. What you do need though is help from real professionals with experience, knowledge and expertise that are able to simplify and bring a calm and clear understanding as to the best strategies to yield the results that you want and deserve.

Continuing on that theme, we have recently been having a number of discussions in the form of consultations with families and wealth managers as to what the best way may be to get children or the next generation into homes of their own, including help with down payments or having parents pay for the home and have their children pay a lower mortgage interest directly to the parent or trust. We are also consulting on real estate opportunities and possible sales or purchase in the coming spring market.

Please do not hesitate to contact us anytime with questions, thoughts or opinions. We have been doing this for decades and would be happy to discuss anything on your mind concerning real estate.

We would also like to take this opportunity and thank all of our clients for helping make what is turning out to be our best year we have ever had in real estate! Your trust and continued very positive word of mouth comments mean the world to us and we are forever grateful.

Our Listings

145 Smith Avenue, Orono | $1,695,000

There are very few better locations in the western suburbs than the home on the hill off Orono Orchard Road 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!

5454 Mayview Road, Minnetonka | $925,000

Just west of 494 in the city of Minnetonka is a clear, deep, perfectly beautiful body of water surrounded by majestic wetlands, wildlife and parks known as Glen Lake. This home at 5454 Mayview Road looks southwest through floor to ceiling windows above sloping prairie grass rolling down to 150ft of some of the most spectacular shoreline in the western suburbs. The main floor vaulted ceilings accentuate the panoramic views along with 2 bedrooms, huge closets with cedar ceilings and 2 baths with heated floors including the primary looking out to the endless changing colors and sounds. Stroll out to the screened porch and 2 adjacent decks with cable railings for non interrupted views. The lower level has 3 more bedrooms or use one as a studio, exercise room or office. This level also has a walkout cement patio steps leading to the Minnesota Native Landscapes designed dry and wetland prairie grasses. Complete with its own she shed please come see one of Minnetonka's finest!

6324 Wood Hill Lane, Independence | $959,000

3011 Brooks Lane, Minnetonka Beach | $2,195,000

6642 Aster Trail, Victoria | $1,395,000

2785 County Road 24, Medina | $1,099,000

Decker Velie