Top home sales redefine luxury

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Most Twin Cities real estate agents would consider $20 million in sales a good year.

Jeffrey Dewing, partner in the Dehaven Dewing Real Estate of Coldwell Banker Realty in Wayzata, hit $20.875 million in just two of his transactions. They were enough to give him the top two spots in ranking of 2021 Top Home sales.

Businessman Tom Pohlad sold his 8,374-square-foot home at 2209 Huntington Point Road E. in Wayzata in for $10.375 million after buying it for $7.25 million in 2017.

Pohlad held the lead until Dec. 3, when Rep. Dean Phillips sold his house at 3650 Northome Road in Deephaven for $10.5 million. That’s more than three times more than he paid 10 years ago for a previous home on the that same Lake Minnetonka site, which he tore down to build the new one.

John Wanninger of the local offices of Lakes Sotheby’s International Realty, who tracks luxury market sales, says that the two homes illustrate a serious shift in local culture, one reflected in the growth in luxury car dealerships and high-end restaurants.

“I think this is the emergence of the eight-figure market,” he said.

For years, when it comes to real estate, Minnetonka is the one lake in a world of its own.  The Top 10 lists long have included multimillion-dollar teardowns, and now those new homes are coming to market. We aren’t the Hamptons yet, but we’re attracting athletes, executives and others who can choose to live anywhere and often choose several locations.

Dewing is humble about his success and highly protective of his clients.

“Probably the best word is grateful,” he said of his work in luxury sales. He also is candid about what it takes to put big deals together.

“They’re complicated and a lot of work,” he said.

And while a lot of companies focus on online convenience, he and his partner Ellen DeHaven have opened a boutique office in downtown Wayzata.

DeHaven, a regular on the annual Top 10 list, sees a lot of clients buying luxury homes here as vacation places and spending even more on primary residences in the states luring them with low or no real estate taxes.

No matter how you do the math, the changes in the market add up to a new definition of luxury.

“The land of hot dish is growing up,” Wanninger said.

2021 Top Home Sales

Sales closed or scheduled to close in 2021 in the 16-county metro area, based on information from the Minneapolis Area Realtors, Minnesota Department of Revenue, Realtor.com, individual agents and brokers.

1. $10.5 million, 3650 Northome Road, Deephaven: Four-bedroom, six-bath, 8,374 -square-foot house, built in 2013 on 2.59 acres along Lake Minnetonka.

Closed: 11-10-21

Listed by: Jeffrey Dewing, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

Sold by: Meredith Howell, Coldwell Banker Realty, Wayzata.

2. $10.375 million, 2209 Huntington Point Road E., Wayzata: Five-bedroom, seven-bath, 8,374-square-foot house, built in 2012 on 1.35 acres with 160 feet of shoreline along Lake Minnetonka.

Closed: 8-2-21

Listed by: Jeffrey Dewing, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

Sold by: John F. Adams, Compass Realty, Wayzata

3. $5.595 million, 1280 Bracketts Point Road, Wayzata: Four-bedroom, six-bath, 6,703-square-foot house, built in 1987 on 1.84 acres, with 300 feet of shoreline along Lake Minnetonka.

Closed: 5-14-21

Listed by: Brian Benson, Compass, Wayzata, (sold with Coldwell Banker Realty, Wayzata)

Sold by: Erik Myhran, Coldwell Banker Realty, Wayzata

4. $5.385 million, 1640 Bohns Point Road, Orono: Five-bedroom, six-bath, 7,000-square-foot house, built in 2004 on 0.94 acre, with 200 feet of Lake Minnetonka shoreline.

Closed: 7-16-21

Listed by: Ellen Phelps, Coldwell Banker Realty, Wayzata

Sold by: Susan Hewitson, Fazendin Realtors, Wayzata

5. $5,327,074, 2501 Crosby Road, Wayzata: Five-bedroom, eight-bath, 6,663-square-foot house, built in 2020 on 2.43 acres.

Closed: 6-28-21

Listed by: Jeffrey Dewing, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

Sold by: Carla Lopez, Coldwell Banker Realty, Minneapolis Lakes

6. $5.3 million, 10675 Cavallo Ridge, Eden Prairie: Five-bedroom, eight-bath, 12,558-square-foot house, built in 2013 on 4.97 acres.

Closed: 2-26-21

Listed by: Ryan Platzke, Coldwell Banker Realty, Eden Prairie

Sold by: Gwendolyn Marty, The Snyder Team, EXP Realty, Oakdale

7. $4.85 million, 2315 Huntington Point Road E., Minnetonka Beach: Four-bedroom, five-bath, 5,258-square-foot house, built in 2016 by Denali Custom Homes Inc. on 0.54 acre.

Closed: 5-27-21

Listed by: Jeffrey Dewing, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

Sold by: Ellen DeHaven, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

8. $4.35 million, 4595 Merrywood Lane, Minnetrista : Five-bedroom, five-bath, 6,162-square-foot house, built in 2002 on 2.8 acres, with 270 feet of Lake Minnetonka shoreline.

Closed: 11-19-21

Listed by: Helen Gunther, RE/MAX Results, Wayzata

Sold by: Sarah Polovitz, Compass, Savage

9. $4.2 million, 2665 Maple Ridge Lane, Excelsior: Four-bedroom, six-bath, 7,520-square-foot house, built in 2002 on 1.62 acres, with 152 feet of shoreline on Lake Minnetonka.

Closed: 10-8-21

Listed by: Julie Regan, Lakes Sotheby’s International Realty, Edina

Sold by: Chris Rich, ReMax Results, Wayzata

10. $4.175 million, 2560 Cedar Ridge Road: Eight-bedroom, six-bath-bath, 6,458-square-foot house, built in 1935 on 1.89 acres, with 210 feet of shoreline on Minnetonka.

Closed: 5-27-21

Listed/Sold by: Ellen DeHaven, DeHaven Dewing Real Estate, Coldwell Banker Realty, Wayzata

RELATED:

Pohlad home fetches year-high $10.37M

Dean Phillips’ Deephaven home sells for $10.5M

Correction: This article has been revised to state that Brian Benson listed the home at 1280 Bracketts Point Road in Wayzata.

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