Breaking news in the world of real estate: The Minneapolis City Council has issued a one year moratorium on teardowns/new construction and large additions in the Linden Hills, Fulton, Lynnhurst, Armatage, and Kenny neighborhoods.
Read more about it here: http://www.startribune.com/local/minneapolis/249089251.html
Although the moratorium is temporary (at least until a March 20th City Council meeting), it may potentially have major effects on home values, not only in SW Minneapolis but also in Edina and the surrounding areas. In the past 12 months, new construction has accounted for nearly 35% of new listings in Linden Hills. That number does not include the smaller houses that were purchased (and subsequently torn down) to make way for the larger homes.
I will be updating the blog with new information as it comes available. Stay tuned.