Top Transactions: Update leads to quick sale in Prior Lake.

Byline: Anne Bretts

Editor's note:The Top Transactions feature focuses on the latest top home sales in the Twin Cities area, as well as noteworthy new listings, new residential developments and housing trends.Finance & Commerce checks certificates of real estate value filed with the Minnesota Department of Revenue as well as data from the Northstar Multiple Listing Service, Realtor.com, county records and other sources.

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When a job relocation meant a move for the longtime owners of a waterfront home at 16430 Park Ave. SE in Prior Lake, a quick sale for $1,035,000 was a happy ending to their time on the water.

For Jim Slater, president and CEO of Slater Realty Group of Coldwell Banker Burnet in Wayzata, their story was a familiar one.

Slater has sold 50 homes in the area in the last five years. He believes there are only three reasons people leave the lake: relocation, retirement and divorce.

He also knew that getting even a well-maintained home sold after more than a decade off the market would take more than vacuuming and adding a few new throw pillows.

The five-bedroom, four-bath home totals 12 rooms and 3,806-square feet of space, including a two-car garage, all tucked into a narrow, 0.28-acre site. Its location on the eastern shore of the upper lake means clear views of the sunsets on the water.

The median home price in the neighborhood is $389,250. Taxes on the home were $13,424 for 2019.

The home sold for $730,000 when it was built in 2001 and $950,000 in 2007, just before the recession. After more than a decade, those owners called Slater to handle the sale.

They also were hoping to move the price point up.

"I updated it to what buyers expect in a million-dollar home," Slater said. That proved a challenge, however.

"All the top contractors are so busy," he said. Still, he didn't want to put it on the market until it was ready. He budgeted two months to make the house as compelling as the sunsets.

An...

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