The $10,000 Cedar Lake Cabin (But, Good Luck Buying it For That)

Hennepin County:  “Land Value $164,800; Building Value $9,700”

Number of Bedrooms:  0.

–MLS

Test your knowledge of today’s Twin Cities housing market, and guess how much this Spartan-looking, 400 square foot cabin in South Minneapolis is listed for:

A. $89k
B. $149k
C. $249k
D. $299k

Before I give the answer, here are a couple clues:

–The home is located just west of Cedar Lake, in a neighborhood where homes fetch $600k to more than double that.

–According to Hennepin County, the 50′ x 127′ lot accounts for 94% of the home’s value.

–There are at least a dozen new homes and major remodels in progress within 3 blocks.

Just in case there’s any doubt . . . the correct answer is “D. $299k.”

Bonus Question:  how long did it take to sell?

Answer:  four days.  The house — er, land — came on the market last Friday (May 19), and was under contract by this Tuesday (May 23).



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