Property Overview & Key Characteristics
This home at 253 River Road presents a compelling proposition centered on its exceptional lot size. Built in 1971, the house itself is modest at 1,281 sq ft, placing it around the average for living space in its Minnetonka neighbourhood and city-wide. Its assessed value follows a similar pattern, being fairly typical for its immediate area. The true standout feature is the land: a 21,788 sq ft lot that ranks in the top 2% within Minnetonka and the top 1% across the entire city. This means you're acquiring a property with a lot size more than triple the local area average.
The primary appeal lies in this land value proposition. It suits a buyer who prioritizes outdoor space, privacy, and future potential over a large, move-in-ready house. It's an ideal fit for someone with a vision—whether for extensive gardening, adding substantial additions, or eventually redeveloping the lot. The home last sold between $450k-$500k in 2021, suggesting a market value significantly higher than its current assessed value, likely driven by the premium lot.
Frequently Asked Questions
1. Is the house in good condition for its age?
The provided data doesn't detail interior condition or updates. As a 55-year-old home, a buyer should budget for a thorough inspection to assess the roof, foundation, mechanical systems, and any needed modernizations.
2. Why is the lot size so significant?
The lot is exceptionally large for an urban setting. This offers rare privacy, space for recreational features like a pool or sport court, and long-term flexibility that smaller lots cannot provide. It's a scarce asset that typically appreciates well.
3. How does the assessed value relate to the likely selling price?
The assessed value for tax purposes ($43.10k) is administrative and not a market valuation. The 2021 sale price of $450k-$500k is a far more relevant benchmark, with current value influenced by market trends and the unique lot premium.
4. What is the neighbourhood like?
The home is on a street where property sizes vary, but its lot is among the largest. Neighbouring homes on Avalon Road and adjacent bays are very close, suggesting a mature, established community. The "around average" rankings for the house itself indicate it fits the area's general character.
5. Can I get the exact historical sale prices?
The precise sale prices are not publicly listed in detail. The listing service offers to provide the exact sold price history manually via email upon request, at no cost and without marketing spam.