Posted by Michael Kraines
Craig Blixrud – Current State of Eden Prairie Real Estate
Minnesota is comprised of land that was once part of the Northwest Territories and the Louisiana Purchase. There are 87 counties in Minnesota.
 
In 1976 the average value of a house sold in Eden Prairie was about $41,000.00. In 2016 it was $274,000.00. Prices peaked in 2005 and during the Great Recession bottomed out in 2009. Today we are at 2004 values.
 
Distressed sales: Historically about 3% of homes sold. During the recession it hit 28.1% in 2010. Today
the number is 4.7%.
 
Back in the ‘70s many homes built were split entry with about 1200 finished square feet.
These are valued today around 300K. ‘80s homes saw a lot of two story construction of about 2000 finished square feet, ‘90s were larger at about 2500 sq. ft. and often a three car garage, 2000s were growing above 3000 sq. ft., and 2010 construction exceeds 4000 sq. ft. featuring many high-end finishes.
 
Today the inventory is down. There has been little construction in recent years. Homes below 500K have mostly recovered in value since the recession while those above have yet to do so.
 
Who is selling? Retirees and those relocating. Often there will be multiple offers on homes.
 
Focus of home inspections tend to be radon, moisture, and deferred maintenance.
 
What’s in: Taupe—earth tones. Smart homes—lights, thermostats, garage door, security, cameras—all WiFi enabled. Reusable and renewable materials, indoor air quality, multipurpose rooms, walkability to services and businesses, and energy conservation.
 
Boomers: some choose to retire in place, some downsize, some leave the area. We are seeing more multi-generational housing. Millennials experienced a time where home values declined and are less likely to see a home purchase as a safe investment. They may weigh the big vs. tiny options and focus more on mobility in housing.
 
Through the decades homes have appreciated 4% annually.
 
Announcements
  • John Brown has resigned from the EPAM club. He is retiring to Florida.
  • Election of new EPAM Rotary board was to put to vote and passed.
  • Stella with Rotary youth exchange will be here July 10th for four weeks. Needs a host family for each of the four weeks. We have two committed and need two more. If you are interested please let Jeanne know. Also looking for one week internships in hospitality or service industries. If your business could provide Stella an opportunity please make it known.
  • The Rotary Foundation: We have over 24K pledged on our way to our goal of 31K. Still have a number of members yet to donate. Goal: every member donates every year.
  • Polio Plus goal is $2650.00. Happy Fives support this and again this year we are encouraging members to bring in that spare change that is left around the house.
  • June 11th is the EP Noon club Rib Fest at Starring Lake. Raffle tickets can be purchased for great prizes.
  • Golden Eagles will be celebrated next week at St. Andrews. Hear about some remarkable student accomplishments. Please arrive by 7:00 to assist with set up. Program starts at 7:30
Vocational: Bob Starr
Bob was born 8/15/52 in Youngstown Ohio. His father ran a soft drink bottling business. He worked  here as a freshman in high school making $1.60 per hour unloading trucks, received a .10 raise when he became a loader and later doubled his wages with a sales route. Of his graduating class in Youngstown less than 1/3 of the kids went to college. Bob attended Youngstown State College studying accountancy. His family assumed that he’d work at the family business after graduating but a professor piqued an interest in the IRS and he landed an opportunity to work for the IRS in Rochester Minnesota and later with their Minneapolis office. After 8 years with the IRS Bob left for a career in private industry. Eventually he worked for Price Waterhouse who has a staff of over 233,000 employees. Today Bob is retired but continues to do tax consulting and advisory work. He also serves on the Board of Directors of Northeast State Bank.
 
Happy Fines
  • Irene Kelly
  • Becky Deelstra: Volunteers and the help with the Chicken Challenge.
  • Dan O’Brien – Happy for no reason.
Visitors 
Doug Johnson – Edina Noon Rotarian
John Kohner - Eden Prairie Noon Rotarian
Ale Pena Gonzalez – Exchange Student
Interns - Stella Lindbergh and Carter Mason