POTW | CARAG Neighborhood

By David Arbit on Monday, March 28th, 2016

March28_16-01

 

 

 

 

 

 

Local trivia aficionados might appreciate learning that CARAG stands for Calhoun Area Residents Action Group. The CARAG neighborhood extends from W 31 St. down to W 36 St. between Hennepin and Lyndale. It’s bordered by Lowry Hill East to the north, the Lyndale Neighborhood to the east, East Harriet to the south and ECCO to the west. If you aren’t familiar with all that Uptown has to offer, welp, you probably need to get out more.

 

CARAG is one of the more affordable neighborhoods in Uptown. Both the median sales price and the median price per square foot both come at a discount compared to the broader Calhoun-Isle Community. However, it’s important to remember that Calhoun-Isle prices are skewed heavily by Lowry Hill, Kenwood and sales of the highly coveted lakes properties (Cedar, Isles and Calhoun).

As those shopping for homes in this competitive area already know too well, there are only 11 homes on the market in CARAG under “active” status, four of those are single-family; six are condos; and one is a townhome.

 

That makes sense, since there are only 0.3 months supply of townhomes in the neighborhood. That tells us townhomes are in strong demand and short supply. Things improve marginally for single-family, with 1.8 months of supply. And condo sellers in this market should know they have almost 3.0 months of supply to contend with—hardly an oversupply, but the closest segment of any to “balanced.”

Interestingly, there seems to be a mild inverse relationship between prices in CARAG and prices in Lowry Hill East. Starting in the middle of 2007 through present day, prices in these two communities seem to be doing the opposite of one another.

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