Orono: A long way to go to regain value

  • Updated: February 1, 2014 - 2:00 PM

The least expensive and the most expensive markets have suffered the worst throughout the downturn. Prices fell the most in these markets and have rebounded the least. In the Orono area, which includes sales in Long Lake and a few other Lake Minnetonka communities, annual sales were flat last year after rising sharply since 2009. While prices were up in 2013, that market has had trouble regaining losses it suffered when many upper-bracket houses went unsold for months, even years. Properties in the Orono area took nearly 170 days to sell, more than twice the metrowide average, forcing sellers to offer steep discounts. Because of their high prices and lengthy market time, there’s also a much deeper supply of houses. At the current sales pace, it would take close to seven months to sell all the homes in Orono, compared with three months metrowide. Hennepin County Assessor James Atchison said Orono and Wayzata are often thought of places where housing is ultraexpensive, but that’s not the case. “You have to think about the makeup of the housing stock,” he said. “Wayzata actually has very little lakeshore.”

ADVERTISEMENT

more from real estate

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters