An inside look at some of the expensive houses for sale in Minneapolis

For a certain class of homebuyers, there is no shortage of options these days.

Opportunities are aplenty for those who can afford the most-expensive house on the market in Minneapolis: a $7.5 million contemporary new build perched along the upscale shores of Lake of the Isles.

“No expense was spared,” said Julie Regan, the listing agent for the 9,139-square-foot modern home amid many older, stately neighbors. “It has ultra-high-end finishes and features, from the top to the bottom.”

That home is one of more than 50 single-family houses priced at more than $1 million in Minneapolis as of mid-March, according to Regan. On top of that, there are dozens of multimillion-dollar condominiums and townhouses also for sale. And there are more potential sales as well that are not through the Regional Multiple Listing Service (RMLS), like a $68 million estate on Lake Minnetonka that’s been privately listed since last year.

As of March, across the five-county Twin Cities metro, there were 1,292 sales priced at more than $1 million in the past 12 months, including about 130 in Minneapolis alone.

During February, there were enough houses in the metro priced at more than $1 million to last nearly five months, the deepest supply of listings in any price range, according to the RMLS. In contrast, there was less than a two-month supply of houses priced from $250,000 to $500,000.

Though $1 million-plus properties can take many months — sometimes years — to find a buyer, that segment of the market is still outpacing all others. So far this year, seven-figure sales are up more than 20% compared to last year.

The Twin Cities had about 540 houses for sale at the $1 million-plus price range during March, including the area’s most-expensive current RMLS listing for $18.5 million in Edina. Here’s a look inside some of these high-priced homes:

The thoughtfully designed, hi-tech house replaced a much older one in 2018. The seller, an executive who is moving out of state for work, commissioned the house specifically for its prime site.

“It has the most striking treetop views over Lake of the Isles and toward the downtown skyline,” Regan said. “To get new construction on Lake of the Isles is a rarity.”

TEA2 Architects designed this home as well as the $68 million listing on Lake Minnetonka. This $7.5 million home has a number of rare state-of-the-art features, like triple-glazed Loewen doors and windows with built-in screens. There’s also a whole house Generac generator and a 100% snowmelt system to keep exterior patios and sidewalks clear without having to shovel.

It sports a custom-built, three-stop hydraulic elevator with upgraded finishes. A mud room with a wash sink opens to a private dog run. A sunken theater area boasts custom seating and $100,000 in equipment. And for more entertainment, there is a regulation length, two-lane Brunswick bowling alley with an automatic bumper system and lane-cleaning machine.

Another feature not often seen in the city: A three-car garage prepped for a future car lift to fit even more vehicles. There are also four charging stations for electric cars, multiple in-wall vacuum locations and a pressure washer with a “spot-free” car wash system. Epoxy coats the walls and floors, and the garage has an independent air-conditioning system.

“It’s like you’re at a Porsche dealership,” Regan said. “It’s super high-end.”

Regan said the sellers invested more than $600,000 in architectural, engineering and other design services for the house. If it were built today, she said, it would cost far more than the $7.5 million list price.

“It’s really a once-in-a-lifetime opportunity,” Regan said.

Debbie McNally, a sales agent who specializes in upper-bracket listings in the metro, can attest to wealthy buyers having plenty of options.

Many flock to the suburbs, particularly along Lake Minnetonka, for acreage and privacy. But within that rarefied buyer pool, there’s a small but determined subset committed to the city, McNally said.

“There are still a lot of people who would not live anyplace else,” she said.

Of the lavish condo options, most sit along both sides of the Mississippi River in and around downtown Minneapolis. In the city’s newest and swankiest condo towers — the Four Seasons Hotel Private Residences and the Eleven on the River — the entry price is more than $1 million. Currently, there are a couple of units priced at more than $6 million on the upper floors of both towers.

A family that’s buying one of McNally’s current Minneapolis listings, already lives in the same neighborhood but just needed a bigger house.

Another of McNally’s Minneapolis listings — a $2.1 million house on 1785 Logan Avenue S. — went pending after being on the market for several months.

Though new houses in the Minneapolis are few and far between, some of the other most-expensive listings are also recently built or only a few years out from major renovations.

Sales agent Jeff Dewing recently listed a 7,600-square-foot house built in 2020 on the south shore of Lake Harriet. That house is for sale at $4.89 million, but he also has a 1920s-era house at 2119 Lake of the Isles listed for $3.895 million.

For traditionalists, Ellyn Wolfenson’s $4.599 million house at 2388 West Lake of the Isles Parkway is one of the most distinct listings in the area. It’s an iconic, Cotswold-style “cottage” also built in the 1920s with a eye-catching thatch-style roof that was fully renovated in 2020.

Upper-bracket buyers aren’t immune to the current economic uncertainties, though. Many of those buyers have been a bit more cautious, McNally said, adding they will only buy houses that are in perfect condition.

“People are nervous about the economy and tariffs and the political situation,” she said.

Take the 7,400-square-foot, fully renovated Arts and Crafts-style house on Lake Place, one of the most desirable streets in Minneapolis. After it sold in 2017 for $2.175 million, it was on the market again in July 2023 for $2.949 million.

After several price reductions and hundreds of days on the market, a small change made all the difference. The millwork on the home was painted in bright colors. A new coat of a more neutral color and some updated listing photos immediately caught homebuyers’ eyes.

“The showings went though the roof,” McNally said. “And we got tons of showings and got an offer.”

A sale is now pending at $2.374 million.