Recent trends may make this a good time to buy townhomes in Eden Prairie.
Jamestown association is a Rottlund-built neighborhood of 96 homes built in the early 90′s. The association is located close to the south east corner of Dell and Highway 5, near the Chanhassen/Eden Prairie border, and is situated close to more expensive single family homes. Because of the close proximity to Highway 5, the initial buyer perception is that the neighborhood might suffer from road noise. However, most buyers realize that the sound berms and trees do a good job of abating noise. All are two-story slab-on-grade townhomes with one or two-car attached garages. All have two bedrooms upstairs, a full bath upstairs, laundry upstairs, and a half-bath down. This particular style of townhome is very popular, and you will see that Rottlund built many of these neighborhoods throughout the suburbs.
- One car units sold and closed over the last year (6/25/06-6/25/07) averaged a sale price of $167,000. * The previous year saw the same units close at a price of $172,750.* This constitutes a drop of 3.3%.
- Two car units sold and closed for the last year at an average price of $182,500.* For the same period the previous year, the same style averaged a final sale price of $193,933, for a decrease of almost 6%.
Great Time to Buy Eden Prairie Townhomes
Almost all sectors of the regional real estate market saw stratospheric price gains during the early part of this decade. Many markets have all but plateaued; the Jamestown townhomes followed the same general trend. While no one can predict the future, it is important to note that Eden Prairie is fully developed and offers little in the way of land for building new entry-level side by side Eden Prairie townhomes, so the supply will tighten as population grows. For the buyer, this means a great opportunity for purchasing townhomes in Eden Prairie at great prices, with the opportunity for possible equity gains in the future. Over the long term, Eden Prairie townhomes have performed extremely well as real estate investments.
*data from Northstar Regional MLS statistics, and is deemed reliable but not guaranteed.
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