POTW | Victory Neighborhood
By David Arbit on Monday, February 22nd, 2016
Quietly tucked away in the northwest corner of Minneapolis lies the Victory Neighborhood. The neighborhood was once home to many factory and mill workers in the early 1900s. After WWI, the city built Victory Memorial Parkway—a beautiful living memorial to the soldiers who gave the ultimate sacrifice. Today, that parkway is part of the wonderful Grand Rounds Scenic Byway system.
Residential values in Victory—shown above on a price per square foot basis—have historically trended above those of its broader Camden Community. That remains the case so far in 2016.
This community was hard hit by predatory lending practices before and during the housing bubble. Partly as a result, the percentage of all sales that were either foreclosures or short sales surged to over 60.0% in 2009. In January 2016, only about 25.0% of all sales fell into that “lender-mediated” category.
The price range that tends to sell the fastest is the roughly $160,000 and up bracket, where it takes a median of 26 days for listings to go under contract. That’s compared to a median of 38 days for all Victory price ranges.
When it comes to absorption rates, Victory is sandwiched in between the Camden Community and the entire City of Minneapolis. In other words, Minneapolis as a whole is the strongest seller’s market out of all these areas, Camden is closest to a “balanced” market and Victory is right in the middle.
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