It’s known as the “Jewel of Lake Minnetonka,” and it graces the northern shore of the largest lake in Hennepin County. The Wayzata real estate market holds some high-demand Minnesota lakeshore, and Wayzata Bay offers some of the best muskie fishing in the entire state. Wayzata homes are popular among Minneapolis area home buyers, partly because of its ideal location just twenty minutes west of Minneapolis along MN Highway 12. Lake Minnetonka itself certainly creates a more-or-less permanent demand for property in this community. The Wayzata housing market remains one of the most resilient Minneapolis real estate markets largely because of the school district known nationwide for its rigorous academics.
Wayzata has its origins as a tourist area, and the spectacular flower gardens, parks, beaches. and upscale boutiques in a quaint lakeside area still attract visitors from everywhere. They come to enjoy all of Lake Minnetonka’s water sports, as well as the Luce Line recreational trail that runs through the north end of the city. They also come to purchase homes in an area that is recognized by several national publications as one of the best places in the nation to live. If you are considering a home purchase in the Twin Cities, this place is worth a visit. If you come to play here, there is a good chance that you will want to stay here.
Then and Now…
Wayzata is the gateway to beautiful Lake Minnetonka and has many luxury homes, quaint shops and restaurants. Wayzata was originally inhabited by the Sioux Indian tribes and the name of the town came from the Indian word “Waziya” which was their god of the North, who blew cold winds from his mouth. In 1852 two early settlers came and settled in the present site of Wayzata and over the next few years the town grew with the addition of a sawmill, general store, post office and schoolhouse.
In 1857, James J. Hill, brought the Northern Railroad to Wayzata and the town began to flourish as a summer and weekend resort area. There were daily trains from Minneapolis to Wayzata that left passengers off at the dock of the Lady of the Lake steamboat which took them to other towns and homes on Lake Minnetonka. The Wayzata Depot, with its gorgeous lake views and flower gardens, is still in use today by the Greater Wayzata Chamber of Commerce and the Historical Society and is a reminder of the history that surrounds the area.
The area remained a quiet weekend and vacation spot until the 1930’s when US Route 12 was paved out to Wayzata. Being more accessible on a daily basis was a turning point since Wayzata could now be enjoyed on a full time basis by permanent residents. Wayzata annexed land from Minnetonka, Plymouth and Orono in the 1950’s which doubled its size.
Today ,Wayzata still boasts the same spectacular views of Lake Minnetonka, and with its many luxury homes and quaint downtown shops and restaurants it is a wonderful place to live and visit.
Buy a House in Wayzata
According to the Northstar Regional MLS statistics, there are only 67 single family Wahyzata homes for sale. This is not a huge market, and the turnover is slow, so if you find the right home, you may need to be decisive. Rates are incredibly low, and the prices probably won’t get any better than they are right now. Keep in mind that the Wayzata real estate market did not suffer as much as other parts of the state when the housing bubble burst recently.
It’s a poorly kept secret that this is a good time to buy, here as elsewhere. This is especially true for Wayzata lakeshore and luxury real estate because the “credit crunch” made it difficult to obtain larger mortgages. However, jumbo loan underwriting is loosening up, and the rates are dropping to more closely match those for conventional loans. This is a window of opportunity that may soon start to close. Don’t make the classic investor’s mistake of waiting until prices go up before you start to buy.
Wayzata MN Homes on Lake Minnetonka
At the time of this post there were only one dozen single family Wayzata lakeshore properties for sale. Average asking price was $3,908,886, and a handful for sale between the Ferndale Bridges and also on Bushaway on Browns Bay priced in the $5-7M range. Also, there are some condos for sale on Gleason Lake for under $500K.
If you are relocating to Wayzata, we know you will enjoy this area as much as we do. Give us a call, and we will do everything possible to make your Wayzata home shopping experience enjoyable and productive. We know this market and community, and will help you locate a neighborhood and home best suited to meet the needs of you and your family.
Possibly Related:
