Hanhassen Homes For Sale On Land Formerly Owned By The Artist Formerly Known As Prince
Prince’s Paisley Park Song (& Home) Laid the Foundation For A New Kind Of Living Community
Prince’s 1984 song, “Paisley Park,” described a utopia, a sanctuary defined by the same qualities he strived for in his songs: harmony, structure, and spiritual calm. There would be nothing magical about it — nothing unexplainable or unattainable — just good people living a good life. He envisioned this place (which he then began building three years later) as somewhere everyone could feel like they belonged, where there were no bad people, and everyone you saw was smiling, peaceful, and secure.
The description matched much of what Prince had to say about Minnesota, especially Chanhassen where he grew up. It wasn’t much of a surprise, then, when he picked Chanhassen as the site for his vision of Paisley Park, his sprawling Minnesota home and studio complex; he had a strong sense of security in the Twin Cities area and deep Chanhassen roots.
Chanhassen Real Estate Developers Honor Prince By Making His Minnesota Home The Inspiration For A New Community
Since Prince’s unexpected death in 2006, Chanhassen real estate developers and local planning committees have worked to find common ground with representatives of the late musician’s estate. The end-goal of these discussions has been the creation of a development following Prince’s Paisley Park vision: somewhere that honors local royalty
Now — just two miles away, on an 188-acre parcel formerly owned by the artist formerly known as Prince — a local Chanhassen real estate developer has begun building a 156-unit housing development with streets named in his honor and a design that roughly follows his vision for what “community” really meant.
What Plans To Build Prince’s Paisley Park Vision Mean For Other Chanhassen Homes For Sale
The Chanhassen real estate market is categorized as a kind of sparse suburbia where a staggering 87% of residents own their own homes (compared to about 63% of the U.S. population and 71% of Minnesota residents). Currently, the majority of residents surveyed state that there is sufficient variety and selection available among Chanhassen homes for sale, and that there are relatively few vacant or unoccupied Chanhassen, Minnesota homes. What’s more, though the Chanhassen real estate market is not in poor shape, it isn’t booming either, with home values increasing on par with the rest of the country.
Together, these characteristics suggest that the sudden availability of 150+ new Chanhassen homes for sale might create a surplus of Chanhassen real estate inventory. That said, early price indications and pre-construction listings for the development — named “The Park” — suggest sale prices ranging from $600,000 to $900,000. Given that the appraisal value, list price, and final sale price of most Chanhassen homes for sale is less than $400,00, the new Chanhassen real estate created within The Park may not compete for the same buyers interested in buying existing Chanhassen homes for sale.
Working With A Knowledgeable Chanhassen Real Estate Agent Will Be More Important Than Ever As Development Continues
Nevertheless, any time there are significant changes in the local real estate market, it’s important to consider how those changes may impact your personal goals
If you are a current Chanhassen resident, and your home has a view of or access to Lake Anne and the surrounding wilderness that will be changed by The Park’s ongoing development, the property value of your home may diminish, and you should examine whether you will be at risk for going underwater on your mortgage. Likewise, if your home abuts Galpin Boulevard (where the new community resides), an increase in road noise and traffic near your home may also diminish the value. However, as Chanhassen homes for sale within The Park begin to sell, the appraisal value of other Chanhassen real estate may increase due to the presence of the more expensive homes in the list of comparable sales used by the appraiser.
Consequently, as development on The Park continues, it will become increasingly more important to work with a knowledgeable real estate agent regardless of whether you plan to buy or sell Chanhassen real estate. Contact The Exceptional Home Team today to learn more about what we can do for you!
