What are buyers paying for a tear-down in Morningside?

[DuWayne Jones]

What are buyers paying these days for a tear-down opportunity in the Morningside neighborhood of Edina, Minnesota? This is a prime area for tear-downs and I see new construction in that area going for $1.5m and up, but not clear what price they are acquiring them for. I have a lead on a property there and would be interested in other people’s recent experience. Thanks

[Nathan Platter]

I've tried looking for those myself, and the "safe" margin is 33% of ARV (in this case, acquire for roughly $500k)

If the builder is aggressive, they could go for perhaps 40% but any higher and they risk losing money.

If you have addresses, enter them into the County Map here and you can find the Last Sold price.

https://gis.hennepin.us/Property/map/