John Murphy Reports

Medina Highlands is one of the premier townhome developments in the Twin Cities western suburbs.  The development consists of 68 units is located near Highway 55 and County Road 101 on the eastern edge of Medina next to the Elm Creek Golf Course in Plymouth, MN.

There are currently 6 Medina Highlands luxury townhomes for sale ranging in price from $435,500 to $589,000.   So far 2 Medina Highlands townhomes have sold in 2009.  One sold for $429,900 and the other sold for $497,500.   The former was  a bank owned property.

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There are currently 17 properties in foreclosure in Medina, MN right now.   The mortgage or judgement value is over $15.5 million.   These properties are houses and vacant land or lots.   Properties are in foreclosure in several neighborhoods including Wild Meadows, Bridgewater, Medina Highlands, North Ridge Farm, and Belle Terra.

Of course the biggest home in foreclosure is Denny Hecker’s.   TCF Bank is on the hook for $5.2 million on this one.

To receive the list of foreclosures click the link for Medina Foreclosures.

Medina, MN has seen closed home sales transactions increase 23% year over year through October.  So far this year 48 homes have closed whereas last year it was only 39.   I believe the main reason closed sales activity has increased because prices have dropped by 10% compared to one year ago.   This is a consistent pattern that we see throughout the Twin Cities.   Prices drop by 10-20% and sales start increasing!   Imagine that!

2009 YTD through October:

Median Sales Price: $582,500  (-10.4%)

Average Sales Price: $616,105 (-10.2%)

Average Days on Market: 209 (-8.7%)

Percent of Original Price Received at Sale: 89.6% (-1.6%)

Click the link for Medina, MN Home Sales statistics found at the Minneapolis Area Association of Realtors site.

In 2006-2007 the median and average sales prices in Medina consistently were in the $800,000 – $850,000 range.

The reality is that there have been few sales in Wild Meadows this year where it’s difficult to purchase a home under $800,000.    In Foxberry Farms, it was common to see several sales each year in the upper $700,000’s as well as in to the $800,000’s.   There have even been a few $900,000’s, but not this year.   In Bridgewater, homes used to consistently sell for between $850,000 -$950,000 but now it seems they have to go to the upper $600,000’s to mid $700,000’s to sell.   Medina Highlands is a beautiful luxury townhome community in Medina.   They used to sell in the upper $500,000’s to mid $600,000’s but now they appear to be selling in the mid $400,000’s to very low $500,000’s.

With more new construction competition coming from the likes of Pulte Homes’ Elm Creek Highlands development located in the Wayzata School District, this is likely to continue to keep the pricing pressure on homes in Medina.

I noticed in my research tonight that it appears there is another foreclosure coming in Medina Highlands which is a wonderful neighborhood in Medina with about 70 luxury townhomes built by Charles Cudd.

These townhomes usually offer 3 bedrooms, 3 baths and a 3 car garage.  They average about 2800 – 3000 total finished square feet.  At the peak they used to sell around $625-$650k, but in 2009 they are closer to $475-$520k.  Sometimes you can do better than this if you’re able to pick up a foreclosure like someone did this spring.

For more information about any of the foreclosures in Medina or Plymouth, or if you’d like to receive e-mail updates on foreclosures that might meet your criteria, feel free to subscribe at www.MedinaDistressSales.com.

If you’re seeking a great opportunity to purchase a bank owned luxury townhome in the Twin Cities, and particularly, the western suburbs, then you’ll want to sign up for this customized search at www.BankOwnedLuxuryTownHomes.com to receive VIP priority access to the best opportunities in the marketplace.  You’ll have access to the same information I can see along with photos and descriptions.
I am increasingly seeing more luxury townhomes also go back to the bank.  The definition of luxury is different for everyone, but I would put that number around $400,000 for a townhome.

There will be an opportunities coming up in the Charles Cudd neighborhood, Medina Highlands, as well as one in Plymouth called The Villages.

Just a reminder that the City of Medina is hosting several neighborhood meetings to dicuss comp plan issues with residents.

Tonight’s meeting is scheduled for the neighborhoods of Wild Meadows, Foxberry Farms, Cherry Hill, Belle Terra, Medina Highlands, Gramercy, Regency Estates, Independence, Holy Name, Medina Morningside and Park Ridge Estates.

Location: Hamel Community Building, 3200 Mill Drive in Uptown Hamel. The meetings are scheduled to run from 7-9pm.

For those with additional ideas and opinions regarding the County Road 116 issue, this would be an excellent time to voice your concerns with the Planning and Park Commissions. Remember, it’s the Park Commission that is responsible for the bike trails in the City. Perhaps they can help get the trail finished along County Road 116.