Property review: 7416 132nd St Hugo

Here is an old farmhouse property currently listed for $995k. It was just reduced from $1.2M. In my opinion they have another at least $300-$400k to go before the property sells.

There is an old house on the property and several outbuildings. The house is a tear down with a non-functional floor plan. The outbuildings are in rough shape. The one hay barn has some character and may be of some value but its not heated or finished. Otherwise the property is just the value of the land. 30 acres in the Mahtomedi School District is tough to come by and there haven’t been too many large parcels to compare but $30k-$40k/acre is usually reserved for lakeshore or the best or parcels.

One of the last large parcel sales I recall in #832 ISD was in Grant - 30 acres sold for $410k in 2021 - 11425 Julianne Ave N. This was a great lot. There’s been some appreciation since then but not almost triple the value. If you look at Washington County, large 10+ acre parcels in excellent rural locations are getting close to $20k an acre. This parcel has a good location, but thats mainly driven by the fact that its in the Mahtomedi School District, otherwise it would be a fair location.

So, I think this one will struggle to sell…lets see what happens.