Community Corner
Sold: Recent Home Sales in the Mendota Heights Area
No residential real estate changed hands last week. How does that compare to past years? Stephanie Fox does the numbers.
Last week, no residential properties closed in Mendota Heights, Mendota or Lilydale, but a year ago, six changed hands. The properties that sold back in 2010 ranged from a high-rise condo in Lilydale, listed at $169,900 and ultimately selling for $150,000, to a four-level split home in Mendota Heights, listed at $499,000 and sold for $480,000.
Why were homes selling briskly last year and not this year? Last year, buyers were trying to beat the April deadline to get the first-time home buyer’s tax credit. In the same week in 2009, with no tax credit available, only one home closed, a lender-owned three-bedroom, three-bathroom home on Cheyenne Lane that sold for nearly $55,000 under the original list price of $349,900.
No one argues that the tax credit had an impact on the real estate market nationally and locally, encouraging even those homeowners who were not eligible for the tax credit to sell to an eager buyer and move up to a better home. Activity, it seems, is contagious.