POTW | Ventura Village Neighborhood
By David Arbit on Monday, April 11th, 2016
Ventura Village is a small neighborhood in the northernmost corner of the Phillips Community. It lies just south of I-94, separated from Elliot Park only by the freeway. Franklin Avenue is the primary commercial corridor serving the community. Ventura Village has a diverse population base, is steps from downtown recreation and jobs, is well connected to transit and transportation and offers an affordable housing stock.
Home prices in Ventura Village track fairly closely with those of the broader Phillips Community. Most recently, in March 2016, the median sales price was $170,000 in Ventura Village and $144,750 in Phillips. That’s for only single-family properties.
On a price per square footage basis, however, home values in Ventura Village are significantly outperforming those of its surrounding community. Buyers are spending about $125 per square foot in Ventura Village compared with $93 per foot in Phillips.
Being located in such a high-density, mixed-use area steps outside of downtown Minneapolis means a large share of the activity in this community will be in multi-family developments such as townhomes and condominiums. Sure enough, for the 12-month period ending in March 2016, only five sales were single-family while eight were classified as townhomes or condos.
This area faced heavy foreclosure and short sale activity from 2009 through 2013. By Spring 2014, the lender-mediated sales activity began to subside rapidly.
The above bar graph illustrates this shift quite well. Rolling 12-month sales in the healthy traditional market have increased 100.0% over the last year, while lender-mediated activity has decreased.
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