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1065 Edgewood Hills Rd
Wayzata, MN

1065 Edgewood Hills Rd

1.6M
4 bd • 4 ba • 5,633 sf

This analysis was generated by artificial intelligence on 2/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

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0:00 / 0:00
List Price

$1,599,900

Price/Sq.Ft

$284

Year Built

1970

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Large Square Footage: With 5,633 sqft, the home offers ample living space for families or those who value room to spread out. • Desirable School District: The property is located near Orono schools, which have ratings of 7/10 and 8/10, making it attractive to families with school-aged children. • Inclusion of Appliances: The property comes equipped with a range of appliances, including stainless steel options, a wine cooler, and ENERGY STAR qualified models, adding convenience and potential energy savings. • Multiple Rooms: The listing mentions a variety of rooms, including bedrooms, a dining room, exercise room, family room, game room, great room, kitchen, office, and sunroom, providing flexibility for various lifestyles.

The Bad

• High Price Compared to Median Sold Price: Without specific data on comparable sales in Wayzata, it's challenging to definitively assess the property's value. However, at $1,599,900, the price is likely above the median sold price for the area, potentially limiting buyer appeal. • Limited Information on Property Condition: The absence of a detailed property description makes it difficult to evaluate the home's condition and potential maintenance needs. A thorough inspection is essential. • Climate Risks: While flood and fire risks are minimal (1/10), the property faces minor risks related to air quality (2/10) and heat (2/10), potentially impacting comfort and energy costs. • Lack of Recent Sales Data: The most recent sale was in 2024. More up-to-date comparable sales data is needed to assess the current market value accurately.

The Ugly

• Significant Price Reduction: The property was initially listed at $3,999,900 and then reduced by 60% to $1,599,900. This drastic price cut may signal underlying issues with the property, such as overpricing, condition problems, or market challenges. • High Estimated Insurance: The estimated annual insurance cost of $5,759.64 is substantial and could indicate potential risks associated with the property, such as age, location, or construction type. • Older Construction: Built in 1970, the home may have outdated systems, materials, and building codes, potentially leading to costly repairs or renovations. • Lack of Property Description: The absence of a detailed property description raises concerns about transparency and may hide potential issues that buyers should be aware of.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers Seeking a Large Home in a Well-Regarded School District: The home's 5,633 sqft and proximity to Orono schools (rated 7-8/10) make it suitable for those prioritizing space and education. • Buyers Comfortable with a Home Built in the 1970s: Individuals who appreciate vintage architecture and are prepared for potential updates or renovations. • Buyers Seeking a Home with Modern Amenities: The inclusion of stainless steel appliances, a wine cooler, and an air-to-air exchanger appeals to those who value contemporary features. • Buyers Looking for a Home with Multiple Living Spaces: The presence of a family room, game room, great room, and sunroom caters to those who desire versatile areas for relaxation and entertainment.

Not For

• Buyers Seeking a Newly Constructed Home: The property was built in 1970, making it less appealing to those who prefer modern construction and updated building codes. • Buyers on a Strict Budget: The price of $1,599,900 and estimated annual insurance of $5,759.64 may be prohibitive for buyers with limited financial resources. • Buyers Seeking a Rental Property with High Cash Flow: Given the median rental rate for a 4-bedroom home ($2,880) and the high purchase price, achieving a strong cash flow may be challenging. • Buyers Sensitive to Climate Risks: While flood and fire risks are minimal, the minor air quality and heat risks may deter those with respiratory issues or heat sensitivities.
Demographics
Area Median Income

$131,068

Property History

Price History
Ownership Timeline
$1,550,000Financed
Jul 23, 2024
Gordon H Ritz Jr, Anne Larsen Simonson Revocable TrustCustom One Homes Llc
Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Nov 15, 2016
Anne Lerson Simonson, Anne Larsen RitzAnne Larsen Simonson, Anne Larsen Simonson Revocable Trust
Warranty Deed
Non-Arm's Length Transactions

Property Taxes

$18,279
2024 Tax Assessment
16.8%from previous year
Assessed Value$1,698,500
Tax Rate1.08%

Market Insights

Real-time analysis of the local housing market

January 2025
Buyer's Market

In 55391, buyers currently have an advantage. Home prices are trending lower than usual and properties are staying on the market longer, giving you more options and better negotiating power.

$917,500
$326/sqft
7.9%
Change from last month
Your price: $1.6M (+74%)
Your price/sqft: $284/sqft (-13%)
88
7 sold last month
2.3%
Change from last month
64 days
Average for homes in this area
13.1%
Change from last month
This property: 21 days (-67%)

Sale Price Distribution

Last month
0
Over Asking
homes
1
At Asking
homes
6
Under Asking
homes
Total: 7 homes sold

If you're buying a home in 55391, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.

Sale Time Distribution

Last month
3
Under 30 Days
homes
Your property
2
30-90 Days
homes
2
Over 90 Days
homes
Total: 7 homes sold

Many homes in 55391 are selling fast, if you're buying plan to act quickly.

Risk Assessment

Climate Risks

airMINIMAL

1 bad air quality days per year

heatMINIMAL

7 extreme heat days per year

98th percentile: 98°F

windMINIMAL

Insurance: Recommended

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• Aging Infrastructure: Built in 1970, the property may require significant upgrades to plumbing, electrical, and HVAC systems, potentially incurring substantial costs. • High Insurance Costs: The estimated annual insurance of $5,759.64 is significant and could increase further based on individual risk factors and coverage levels. • Market Volatility: The property's price history, including a 60% reduction from its initial listing, suggests potential pricing instability and the need for careful market analysis. • Limited Property Description: The lack of a detailed property description makes it difficult to assess the home's specific features, condition, and potential issues, necessitating a thorough inspection.
Insurance
Annual Cost

$5,760

$480 per month

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Schools

Orono Intermediate Elementary School

Public•Grades 3-5
7/5
Elementary
2.7 mi
Get more information on GreatSchools

Orono Middle School

Public•Grades 6-8
7/5
Middle
2.7 mi
Get more information on GreatSchools

Orono Senior High School

Public•Grades 9-12
8/5
High
2.8 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (4 bed)

$2,880

Get a detailed estimate on Zillow®
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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$1,599,900
Price/sqft
$284
Layout
4 bd•4 ba
Days on market
21 daysat time of analysis

Stats in the Area

Based on 2 comparable properties nearby

Average Price

$2,548,500

37.2%

Your price is 37.2% below average

Median Price

$2,675,000

40.2%

Based on 2 recent sales

Price per Sq.Ft

$419

32.2%

Your price is 32.2% below average $/sqft

Comparable Properties

450 Peavey Lane, Wayzata, MN 55391
Price: $2,675,000
Sq.Ft: 6,256
Beds/Baths: 5/5
$/Sq.Ft:
$42850.5%
Sale Date: 2/21/2025
450 Old Long Lake Road, Orono, MN 55391
Price: $2,422,000
Sq.Ft: 5,891
Beds/Baths: 4/5
$/Sq.Ft:
$41144.8%
Sale Date: 11/6/2024

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