POTW | Lind-Bohanon Nbhd
By David Arbit on Monday, August 17th, 2015
The beautiful Camden community of Minneapolis has a lot to offer, including some of the most robust real estate appreciation AND some of the most affordable properties anywhere in the city. Tucked into the northeast corner of Camden, the Lind-Bohanon neighborhood is no exception. Values have nearly doubled in only two years (from $60,000 to $108,000).
And yet, at a median sales price of $108,500, values are still well below their 2006 peak of $167,000. In other words, property values have another 55.0 percent increase to go before they just break even with 2006 levels.
This community was fairly hard hit by the foreclosure and short sale crisis. As you can see, however, foreclosures and short sales comprise a shrinking slice of the sales pie while traditional activity has recovered and is now the dominant segment in this market.
Absorption rates in the neighborhood are fairly tight, indicating that sellers have strong pricing power in this particular market. That is especially true when compared to Minneapolis as a whole or the Twin Cities region as a whole.
Homes are selling in less time than in the past, as cumulative days on market decreased almost 20.0 percent down to just 45 days on the median.
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