I was reviewing the townhome market in Woodbury Minnesota. I always want to know, what are people buying and what are they paying for current townhome inventory. Researching the market like this will reveal what townhome buyers like. People vote with they’re money and if you’re a townhome buyer, it is good to see what others are paying for a townhome in Woodbury MN. For a seller it is also good to know what your competition is doing so you can make the right choice when it comes to pricing your home.
What did I find when it came to Townhome Buyers in Woodbury
What I found was that because of the new townhome inventory, buyers are setting the market price. New townhomes in Woodbury Minnesota with 3 bedroom and 3 bathroom would run around $360,000 with HOA fees of $260 and taxes around $1500. The tax amount will go up as they adjust for improvements (the building) on the property. Now that doesn’t mean that previously owned townhomes are not selling in Woodbury.
Pros
The New Construction do offer a lot with location close to retail, East Ridge High School, the athletic center and more.
They also have nice layouts with private master bathroom and open concept kitchen and living room.
Cons
Some of the new construction townhomes don’t have the amenities that the previously owned townhomes have.
Bailey’s arbor has two swimming pools, tennis courts and miles of walking paths.
New Construction Active Townhome Numbers
Problem that Previously Owned Townhomes in Woodbury MN Face.
Garage space. There is a lot of townhomes for sale that were built with only 1 car garage. When I short sold some of these for less than $100,000 back in 2009 to 2011, it was worth it for a buyer to turn it into a rental. As for buyers these days, a 2 car garage is probably a must have for a buyer paying over $250,000
Bedroom/Bathroom layout. A lot of these townhomes were built from 1970 on up. Some have shared bathroom for the master. When the new construction has a private master bathroom, these older layout designs made it so multiple rooms share the main floor bathroom. When prices were lower over the past ten years these made great investment for rental properties.
Cabinets, floors, open concept, bedroom location. Money is not flowing as it was when interest rates were less than 4. Now people want what they want for the money they’re going to spend. When they compare the new construction townhomes to the older homes with wood colored trim, non-stone counter tops, dated kitchen island, 3 level living where the kitchen is up a level from the garage, lack of windows, and dated flooring.
When listing a townhome in Woodbury Minnesota, the sellers have to understand that there is a price ceiling and floor. With the new construction townhomes priced at $360,000 range, it forces sellers to understand that buyers are will compare they’re home to the new construction. That being said, there is buyers out there that prefer certain neighborhoods and houses and style of townhome and will pick the previous townhome over the new construction.
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