A recent feature in the Star Tribune highlights how Wayzata is at the top of the list for well paid executives and their families when relocating.
Wayzata has always been renowned for being home to an opulent real estate market, but recent trends uphold and even extend that reputation, with the enclave standing as the epitome of upscale living boasting a lifestyle that is second to none.
From its strong resale values to its charming small-town ambiance, Wayzata offers residents an unparalleled quality of life that sets it apart as the most coveted address in the region.
Amazing views, upscale dining
The Panoway Plaza and Lakewalk further enhance the waterfront experience, providing a charming destination for leisurely strolls, outdoor dining, and community gatherings.
In addition to its natural splendor, Wayzata boasts a diverse array of dining options, ranging from cozy cafes to upscale restaurants.
Whether craving artisanal cuisine or international flavors, residents can satisfy their culinary cravings without ever leaving the city limits.
The vibrant dining scene adds to the town’s allure, offering a taste of luxury and sophistication at every turn.
Education second to none
Education is also a top priority in Wayzata, with access to top-rated Wayzata Schools that consistently rank among the best in the state, with access to top ranked private schools in close proximity as well.
Families can rest assured knowing their children are receiving a world-class education, setting them up for success in the future.
The commitment to excellence in education further solidifies Wayzata’s reputation as a premier destination for families seeking the best for their children.
The market for homes in Wayzata Schools is worthy of it’s own article, which will be addressed in a subsequent article that is forthcoming.
Price per Square Foot Compared
According to recent data from the NorthStar MLS, Wayzata has claimed the top spot as the most expensive city in the metro area in terms of median price per square foot.
Data courtesy Daniel Gustafson Coldwell Banker / NorthstarMLS.
In 2023, the median price per square foot for properties in Wayzata soared to an impressive $391, far surpassing neighboring cities.
Orono placed second at $272 per square foot, while Edina and Shorewood recorded $235 and $244 per square foot, respectively.
This staggering price point underscores the desirability and exclusivity of the Wayzata real estate market.
Exceptional Lifestyle
One of the primary draws of Wayzata are the exceptional lifestyle offerings.
Residents are not only investing in a home but also in a vibrant community that prioritizes quality living.
The village boasts low crime rates, providing a safe and secure environment for families to thrive.
The quaint small-town feel fosters a sense of community and belonging, where neighbors become friends, and local businesses flourish.
Located along the picturesque shores of Lake Minnetonka, Wayzata offers unparalleled waterfront living for anyone who calls it home because of the access afforded to residents.
Residents enjoy easy access to boating, fishing, and water sports, immersing themselves in the tranquility and natural beauty of the lake.
The Gateway to Lake Minnetonka
Leading the charge for Wayzata real estate values are those that abut Lake Minnetonka.
Historically purchased and occupied by captains of industry like Daytons, Pillsburys and the like, Ferndale Road and Bushaway Road have some of most expensive real estate in the State of Minnesota and really bouy all the rest of the properties in Wayzata.
One such recent example is 405 Bushaway Road, which was listed with Coldwell Banker at $10,995,000 and closed after 101 days on the market at $10,000,00, or an eye popping $1,476 per square foot.
The description indicates it was built by John Kraemer & Sons in 2021 on 1.15 acres with 125 feet of shoreline on Wayzata Bay.
Another recent example of Lake Minnetonka property in Wayzata is also located on Bushaway Road, a small cottage that was historically for the gardener of the larger home across the street–the listing indicates it was designed by architect Harry Wild Jones and built in 1919.
It too was listed for sale with Coldwell Banker in 2023 and traded after 53 days on the market for $3,525,000 for 1,596 square feet, or $2,209 per foot.
The property has 463 feet of south and south east facing lakeshore on Gray’s Bay.
Views of Lake Minnetonka
The next best thing to having direct lakeshore when you live in Wayzata is having views of Lake Minnetonka.
Popular neighborhoods that have these kinds of views include the Widsten Townhomes, Wayzata Place condominiums, and the East Neighborhood behind the Hotel Landing.
722 Widsten Circle in Wayzata has expansive long water views beyond Big Island to Excelsior, in a low maintenance town home environment.
Many buyers of these types of properties redesign and remodel them on the inside with highly regarded architects and top builders doing the work.
If and when they come to market they are highly desired and typically move relatively quickly.
In the case of 722 Widsten Circle, it was sold before hitting the MLS for $3,500,000 and included 5,025 square feet, or $697 per foot and was again another Coldwell Banker listing.
The property was also re-sold a short time later for even more with a different broker.
Luxurious Neighborhoods
Harrington Road is also a very desirable location, located to the west of downtown Wayzata and leading to Lookout Point, a peninsula of land that juts into Lake Minnetonka and seperates Wayzata Bay from Browns Bay.
Originally part of the 160 acre John Stevens Harrington inn and farmstead, the peninsula is home to some of the most expensive homes in the State of Minnesota with and without lakeshore.
One classic example is 525 Harrington Road, which closed after 63 days on market for $3,300,000 after being listed with Coldwell Banker.
The home boasts 4,049 square feet, 4 bedrooms, and 4 baths, and traded for $815 per foot.
The listing describes peek-a-boo views of Lake Minnetonka and remarks “how special it is to live inside Harrington Gates.”
Walkable Wayzata
The impact on being able to walk to Lake Minnetonka and downtown Wayzata cannot be underscored enough.
Buyers and sellers place significant premium on being able to walk to the restaurants and Panoway Plaza.
One recent example is 330 Central Avenue South, within easy walking distance of Lake Street, Panoway Plaza, and all the shops and restaurants Wayzata has to offer.
The property is a 1 bedroom, 1 bath structure with 1,118 feet, was listed with Coldwell Banker, and closed at $825,000, or $738 per square foot.
The listing also indicates it is within walking distance of the Wayzata Yacht Club, and real community amenity for those wishing to sail and build friendships with those who race on Lake Minnetonka.
Outer Neighborhoods
Several neighborhoods are still part of Wayzata proper, but are unlikely to be truly walkable to the Panoway Plaza, shops, and restaurants when examined in reality.
These neighborhoods have typically consisted of more affordable homes when compared with other areas of Wayzata, however there is some momentum occuring in tearing these more modest homes down and replacing them with more modern and luxurious structures.
One example of a more modern home in the Holdridge neighborhood is 1630 Holdridge Circle, which traded in 2021 for $2,000,000 and was listed with Coldwell Banker.
Affordable Options Still Remain
While there are many luxurious condo options in Wayzata, one of the most affordable and walk-able options in Wayzata are the Barry Avenue Condos.
Located in the heart of Wayzata, they are still relatively affordable, especially when compared with the multitude of other options like Wayzata Blu, The Regatta, and the Landing Condos.
205 Barry Avenue South, Unit #302 was listed by Coldwell Banker, and traded above the asking price at $295,000 for 900 square feet featuring 2 bedrooms, 1 bath, and 1 parking stall for $328 per square foot.
The listing information indicates that the condo had ben completely updated with marble backsplashs, white cabinetry, new flooring, and a fully new bathroom.
In conclusion, Wayzata stands as the crown jewel of the Minneapolis St. Paul metropolitan area, offering a lifestyle of unparalleled luxury and sophistication.
With its strong resale values, low crime rates, small-town charm, proximity to Lake Minnetonka, vibrant dining scene, and top-rated education choices, Wayzata continues to attract discerning homebuyers seeking the epitome of upscale living.
As property values soar and demand remains high, Wayzata remains a symbol of prestige and exclusivity in the Twin Cities real estate market.
Author and Publisher of Wayzata.com Daniel Gustafson is a licensed Reatlor with Coldwell Banker in Wayzata. Sold properties sourced from public data sources and NorthStarMLS, linked to and published under broker reciprocity agreements. Gustafson is not representing he has sold all of these properties, and this information should not be taken as legal or investment advice. For more information on Daniel Gustafson, visit LakeMinnetonkaRealEstate.com or call 952-473-1000. Coldwell Banker fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
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