POTW | Chaska
By David Arbit on Monday, September 26th, 2016
As you may or may not have noticed, it’s a moderately significant golf week. The Ryder Cup is taking place at the Hazeltine Course in Chaska and golf legend Arnold Palmer—dubbed the “King of Golf”—sadly passed on September 25, 2016. So grab a lemonade and let’s pour the “tea” back in POTW. Just in case 12 attempts at swatting a small white sphere into a slightly larger hole 18 times in mosquito-laden humidity wasn’t exciting enough, have no fear, this will include some hard and fast market data.
Single family, previously owned traditional properties command a 25.7 percent premium in Chaska compared to the Twin Cities metro area as a whole. While this particular market segment has fully recovered and reached new highs for the metro, that is not quite the case in Chaska. Home prices in the city are still about $15,000 below their prior peak.
On a square-footage-adjusted basis, however, Chaska tracks very closely with the entire metro area. Buyers are offering and sellers are accepting $123 per foot in Chaska and $125 per foot for the whole region.
And now let’s try something a little different. The above chart compares the entire city of Chaska and the area within a 1-mile radius of the Hazeltine course. There does seem to be a premium placed on properties within a mile of the golf course. Homes within close proximity of the course fetch $125 per square foot versus $120 in the city as a whole.
Additionally, it took a median of nine showings for a property to go under contract within the 1-mile radius of the course versus twelve showings before a property went under contract in the city. This tells us that—as a whole—it takes fewer showings to sell homes closer to the golf course than it does in the entire city, which is on par with expectations.
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