Tag: Wayzata Real Estate

Gimme Shelter: A Prairie School Carriage House Rental in Wayzata

April 3rd, 2025

Tucked under a canopy of trees along one of Wayzata’s most storied corridors, a hidden gem awaits at 250 Bushaway Road #C—a Prairie School-style carriage house available now as a rare month-to-month rental. Listed at $2,999/month, this architectural stunner brings history, serenity, and modern comfort together in one unforgettable home.

Originally designed in 1912 by famed architects William Gray Purcell and George Grant Elmslie, the home is a masterclass in Prairie-style design. Think clean horizontal lines, richly crafted millwork, and a natural connection between indoor and outdoor spaces. The structure—once part of a grand estate—has been lovingly converted into a private residence, offering 1,051 square feet of bright, open living.

Inside, the two-bedroom, one-bath layout is both practical and elegant. Hardwood and tiled floors run throughout the upper level, where sunlight pours through generous windows into a warm, inviting living room. The kitchen features stainless steel appliances and clever cabinetry that flows seamlessly into the shared living/dining space—ideal for quiet nights in or entertaining guests.

While the home itself is historic, the amenities are current: central air, in-unit laundry, and plenty of storage. There’s even assigned off-street parking, a must-have for those living so close to downtown Wayzata.

Outside, the location truly shines. Nestled in a private, wooded two-acre setting, the home is just minutes from Lake Minnetonka, Wayzata Beach and Marina, and the area’s vibrant shopping and dining scene. Grab your morning coffee from Starbucks, stroll the lakefront, or pop into grocers and boutiques—all less than five minutes away.

Pets are welcome too—with two cats or one small dog (under 10 pounds) permitted per rental terms.

Whether you’re testing the waters of Wayzata living, remodeling nearby, or seeking an artist’s hideaway, this home offers a flexible lease and an unbeatable setting in one of Minnesota’s most coveted ZIP codes.

Available now. Showings by appointment. Gimme shelter? This one’s the real deal.

Daniel & Elisha Gustafson with Coldwell Banker have the listing.
From Silver Screen to Storefront: Demolition Nears for Historic 641 Lake Street East

March 27th, 2025

WAYZATA — A familiar chapter in Wayzata’s downtown story neared its final page yesterday morning, as construction crews gathered in front of 641 Lake Street East—the soon-to-be-demolished former home of Caribou Coffee and Jewelweed. With the structure slated for demolition this spring, the team gathered curbside to coordinate next steps, ushering in a new phase of development for a site that has long held a special place in the community’s collective memory.

The redevelopment, led by Marquee Place, LLC, will replace the existing one-story commercial building with a new two-story structure reaching 30 feet—the maximum height allowed in the C-4B Lake Street District. While the new building complies fully with current zoning requirements and does not require a public hearing or City Council approval, its significance runs deeper than the administrative paperwork might suggest.

This parcel is part of a broader legacy tied to the Carisch family, who first made their mark on Lake Street in 1932 with the opening of the Wayzata Theater at nearby 619 Lake Street East. Designed by renowned architects Liebenberg & Kaplan, the theater was a glowing Art Deco gem known for its neon-lit marquee—a beacon that drew locals for decades. It screened its first film, The Tenderfoot, and soon became a cherished anchor of downtown Wayzata life.

The theater eventually closed in 1985, but the Carisch family’s connection to the community continued. In its place, they developed the block-long “Marquee Place,” a nod to the iconic theater marquee that once illuminated Lake Street. The current redevelopment at 641 Lake Street East, also under the Marquee Place name, carries forward that legacy.

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Though modest in scale—the existing building stands at about 22 feet—the upcoming construction reflects a continued commitment to thoughtful redevelopment rooted in Wayzata’s history. Select renderings prepared by Mohagen Hansen Architecture show a modern structure that fits within city guidelines, with clean lines and street-facing transparency that will activate the pedestrian corridor.

According to city records, the design review application was officially deemed complete and approved by the City of Wayzata on November 25, 2024. No variances or design deviations were requested. The transition marks not just the next chapter in commercial development, but a quiet tribute to the Carisch family’s longstanding influence on Wayzata’s downtown fabric.

Questions about the project can be directed to Community Development Director Alex Sharpe at 952-404-5312 or asharpe@wayzata.org.
Wayzata Sees Surge in Building Permits and Revenue in 2024

January 31st, 2025

AI rendering of new construction home in Wayzata.

The Wayzata City Council accepted the city’s latest building activity report at its meeting on January 28, 2025, highlighting a significant increase in both permit applications and revenue compared to the previous year.

Through the end of 2024, the city issued 619 permits, a 25% increase from 497 in 2023. This jump in building activity translated into a substantial rise in permit-related revenue, with total income from permits reaching $822,350.63—an increase of over $234,000 from the $588,277.74 collected in 2023.

Permit Report Powerpoint Download

Among the most notable figures, the total valuation of permitted construction projects for 2024 exceeded $71.3 million, compared to just over $47.4 million in 2023. The increase was largely driven by commercial and residential developments, including major building projects that contributed to the city’s economic growth.

Mechanical, plumbing, and exterior permits also saw steady growth. In total, 183 mechanical permits were issued in 2024, compared to 149 in 2023. Plumbing permits rose from 117 to 161 year over year, while exterior permits climbed from 73 to 96. The city also conducted a total of 1,198 inspections in 2024, reflecting an increase in construction activity requiring regulatory oversight.

City officials noted that the surge in permits aligns with broader development trends in Wayzata, as demand for new housing, renovations, and commercial spaces remains strong.

As Wayzata continues to grow, city leaders will monitor development patterns to ensure sustainable expansion while maintaining the community’s character and charm.
Prime Bushaway Road Lot Offers Rare Opportunity to Build Dream Home

January 16th, 2025

Located along prestigious Bushaway Road, a rare 2-acre lot has become available, offering a remarkable opportunity for discerning buyers to craft a custom home in one of Wayzata’s most storied neighborhoods. This exclusive property, surrounded by elegant estates, combines privacy, natural beauty, and unparalleled access to the vibrant Wayzata lifestyle.

Located just minutes from the shores of iconic Lake Minnetonka, this lot provides a tranquil retreat while remaining conveniently close to downtown Wayzata. Known for its exceptional dining, boutique shopping, and the scenic Panoway Plaza, Wayzata offers residents a lifestyle that seamlessly blends sophistication with small-town charm.

“This is more than a piece of land—it’s an invitation to design and build a home that reflects your vision, in a setting that embodies luxury and community,” said Daniel Gustafson, a top realtor specializing in Wayzata and Lake Minnetonka area properties.

Students will appreciate access to the highly ranked Wayzata Public Schools, consistently recognized among Minnesota’s best, as well as an abundance of private school options nearby. The community itself is a hub of activity, with year-round events such as James J. Hill Days and a wide array of clubs and organizations that foster connection and camaraderie.

Open to any builder, the property offers the flexibility to choose your own team or tap into a network of the finest builders and architects in the state. “We’re proud to offer access to the very best in the industry,” Gustafson added. “Our exclusive referrals include renowned professionals who are experts at turning dreams into reality.”

Bushaway Road, steeped in history and lined with mature trees, has long been one of Wayzata’s most distinguished addresses. With downtown Minneapolis just 11 miles away, the property provides the ideal balance of seclusion and accessibility, appealing to those seeking both convenience and an elevated lifestyle.

For more information on this one-of-a-kind property or to arrange a private showing, contact Daniel Gustafson at Coldwell Banker Realty by calling (952) 473-1000. This is an opportunity that discerning buyers won’t want to miss.

Editor’s Note: Daniel Gustafson, a top realtor in the Lake Minnetonka and Wayzata area, is also the publisher of Wayzata.com.
Lothenbach Family Office in Wayzata Sold for $17.475 Million

January 8th, 2025

Lothebach Family Office. Image copyright Wayzata.com.

The Lothenbach Family Office, a prominent property at 401 East Lake Street in Wayzata, has been sold for $17,475,000, marking a significant transaction in the city’s commercial real estate landscape. The property, had been owned by 401 Lake, LLC, and was purchased by Fish Base LLC, based in Plymouth, Minnesota. The deal, finalized on December 20, 2024, includes both the land and the 10,594-square-foot building, which has been used for general retail purposes.

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This prime Lake Street location adds to the dynamic business environment of Wayzata, a city known for its upscale shops and restaurants. The buyer’s intended use for the property remains undisclosed but will likely align with the area’s retail focus.

Remembering Bob Lothenbach

The sale of this property coincides with reflections on the legacy of Robert John Lothenbach, the former owner of 401 Lake, LLC, who passed away unexpectedly on November 14, 2023, at the age of 64. Bob Lothenbach was a visionary entrepreneur, founder of Imagine! Print Solutions, and a celebrated figure in the thoroughbred racing community.

Raised in Bloomington, Minnesota, Lothenbach’s career began humbly, working at local print shops before founding his printing empire in his garage in 1988. His company grew to national prominence, earning him accolades, including induction into the Printing Industry Hall of Fame. Beyond business, his passion for horse racing led to the establishment of Lothenbach Stables, one of the country’s most successful thoroughbred operations.

Bob was equally devoted to his family and philanthropy. His four children, Clare, Audrey, Michael, and Ryan, were the pride of his life, and he dedicated his foundation to supporting children’s literacy and equine welfare. His achievements in horse racing earned him multiple honors, including induction into Canterbury Park’s Hall of Fame in 2023.

The sale of 401 East Lake Street reflects the end of a chapter in Wayzata’s commercial history and the enduring influence of Bob Lothenbach’s entrepreneurial and community spirit.

Source: “Robert John Lothenbach Obituary,” Morris Nilsen Funeral Chapel, accessed January 7, 2025, https://www.morrisnilsen.com/obituary/robert-john-lothenbach/.
Wayzata School District Real Estate Market Report for October, 2024

October 6th, 2024

Homes for Sale in the Wayzata School District.

Market Snapshot, Wayzata Schools:
Volume (September): $832,194,423
Median Sales Price: $685,000
Median Price per Square Foot: $228
New Listings (September): 1,680
Months of Supply: 2.6 months
Median Days on Market: 22 days

The Wayzata School District continues to stand out as one of the most competitive real estate markets in Minnesota. With a median sales price of $685,000, strong buyer demand, and limited inventory, homes are selling faster than ever. If you’re thinking about making a move, there’s no better time to take action—and you’ll want an agent who knows the ins and outs of this market.

Strong Buyer Demand and Limited Inventory

The district remains a top destination thanks to its renowned schools and high quality of life. Buyers are eager to secure homes here, pushing the average property to sell within just 22 days. With only 2.6 months of supply on the market, inventory remains tight, especially in high-demand areas like Wayzata, Plymouth, and Orono.

View the hottest listings in Wayzata Schools:

I’ve helped countless families navigate this fast-moving market, and the key is preparation. Whether you’re a buyer or seller, understanding the pace of the market is essential to making informed decisions.

Luxury Properties and High-End Demand

Lake Minnetonka and the surrounding areas continue to attract buyers interested in luxury homes, ranging from $1.5 million to over $10 million. These exclusive properties offer prime lakefront views, sprawling estates, and modern amenities. Despite higher price points, these homes are moving quickly due to strong demand from out-of-state buyers and local professionals alike.

Having worked with numerous high-net-worth clients in the luxury market, I understand what it takes to stand out in this competitive space. Whether you’re looking to buy or sell a premier property, you need a partner who can expertly navigate these high-stakes transactions.

Seller’s Market: Maximum Value for Sellers

With 1,680 new listings in September and dollar volume topping $832 million, it’s a great time to be a seller in the Wayzata School District. The combination of limited supply and eager buyers is driving up prices and leading to multiple-offer situations.

If you’ve been on the fence about selling, now is the time to act. I’ve helped sellers in this market achieve exceptional results by accurately pricing homes and crafting strong marketing strategies. In a market like this, the right approach can make all the difference.

Investment Opportunities and Strong Rental Market

With such strong demand, there are excellent opportunities for investors, particularly in the rental market. Families looking to rent in the district for access to its top-tier schools are driving up rental demand. Well-positioned properties can yield solid returns, both in terms of rental income and long-term appreciation.

I’ve worked with numerous investors in identifying key properties that offer high potential for growth. Whether you’re looking for a single-family rental or an investment property in a prime neighborhood, I can guide you to the best opportunities.

Looking Ahead: The Future of the Market

With only 2.6 months of supply, rising prices, and ongoing demand, property values are expected to continue increasing in the Wayzata School District. Whether you’re buying, selling, or investing, it’s crucial to work with someone who truly understands this dynamic market and can help you maximize your investment.

Time to move? Let’s talk

Considering a move in the Wayzata School District? Let’s connect and explore your options in this thriving market. Call or text Daniel & Elisha Gustafson at (952) 473-1000 to start a discussion today!

Daniel & Elisha Gustafson are Realtors affiliated with Coldwell Banker in Wayzata. Info deemed reliable, but not guaranteed. All real estate services and marketing materials comply with the Federal Fair Housing Act, which prohibits discrimination based on race, color, national origin, religion, sex, familial status, or disability. We are committed to promoting equal housing opportunities for all individuals. If you have any questions or concerns regarding fair housing practices, please contact us for more information.
Price Reduced on Minnetonka Townhome, Open House This Weekend

September 27th, 2024

A stylish townhome in Minnetonka just saw a notable price reduction, making it an even more attractive option for prospective buyers. Originally listed at $499,000, the 2-bedroom, 4-bath property is now priced at $474,900. The townhouse, offering 2,051 square feet of modern living space, features upscale finishes and an inviting atmosphere.

The home, located at 17785 Valley Cove Court, Minnetonka, MN 55345 boasts a bright and airy interior, with a sleek white kitchen equipped with granite countertops and stainless steel appliances. A spacious deck overlooks peaceful, wooded views, providing the perfect spot for a morning cup of coffee. A recently finished lower level offers additional living space, adding to the home’s versatility and charm.

Located in a prime location, the property is across from Bennett Park and just minutes from popular spots like Deephaven Beach, Grays Bay Boat Ramp, and LifeTime Fitness. Nearby favorites like Caribou Coffee, Lakewinds Co-op, and Snuffy’s Malt Shop make this an ideal location for homeowners looking for convenience and community amenities. Families will also appreciate the townhome’s location within the highly regarded Minnetonka School District, with Groveland Elementary and Minnetonka Middle School East close by.

An open house will be held this weekend, with showings available Saturday from 10 a.m. to noon and Sunday from noon to 2 p.m. For football fans, the Minnesota versus Green Bay football game will be on in the background during Sunday’s open house.

Interested buyers are encouraged to stop by to experience this standout home in a prime Minnetonka neighborhood. Stop out and meet Daniel & Elisha Gustafson of Coldwell Banker Realty in Wayzata, who have the listing.

Daniel Gustafson & Elisha Gustafson Realtors
Wayzata Real Estate Market Sees Mixed Trends in July 2024

September 10th, 2024

The Wayzata real estate market showed a variety of trends in July 2024, with notable fluctuations across key metrics. In this article, we’ll take a deep dive into the latest numbers, highlight notable sales, and explore the most recent data from the Minneapolis Area Realtors, providing an in-depth look at what’s happening in this small but active market.

New Listings

New listings in Wayzata surged by 40%, from 10 in July 2023 to 14 this year, reflecting renewed seller confidence. Year-to-date, new listings have increased by an impressive 63.5%, signaling a healthy influx of available homes.

Closed Sales

However, closed sales showed a contrasting trend, dropping 23.1% from 13 last year to just 10 in July 2024. Despite this decline in monthly closings, the year-to-date figures tell a more encouraging story, with a 13.9% increase in closed sales for the year so far, from 72 in 2023 to 82 in 2024.

Wayzata Download

Sales Price

Price movements showed even more variability. The median sales price fell sharply in July, down 42.6% from $2,825,000 in 2023 to $1,622,500 in 2024, largely due to a higher number of lower-priced homes entering the market. Nonetheless, the median price for the year has risen by 8.1%, reaching $1,067,500. The average sales price for July also dipped slightly by 7.4% to $2,197,682, while the year-to-date average of $1,572,992 reflects only a modest 1.5% decrease from the previous year.

Price Per Square Foot

The price per square foot climbed by 5.9% for the month and 16.6% year-to-date, indicating continued strength in the value of Wayzata properties. However, homes are spending more time on the market, with the average days on market increasing by 104.3%—from 69 days last July to 141 days this year. This longer selling period may be tied to the significant rise in inventory, which grew by 76%, giving buyers more options and leading to a more balanced market.

Percent of Original Sale Price

Sellers are also benefiting from improved sale conditions, receiving 102.9% of their original list price on average, up 3.4% from last year. This suggests that buyers remain willing to meet or exceed asking prices, despite some of the market’s price fluctuations.

Notable Sales

161 Ferndale Road South closed for $6,738,417 on July 31, 2024, Edina Realty was the listing broker.

1030 Lake Street East closed for $5,394,400 on July 31, 2024 as well, Coldwell Banker was the listing broker.

Additional Market Data Available

Wayzata Market Report 9-13-2024 Download

Small Market, Big Numbers

Because Wayzata is a smaller and more specialized market, these swings can sometimes seem dramatic compared to larger, neighboring cities like Plymouth or Minneapolis. Overall, the market remains active, with new listings and year-to-date closed sales trending positively.

Ready to Buy or Sell?

For more information about the local market or to explore buying and selling opportunities, call Daniel & Elisha Gustafson today, or visit their website specializing in Wayzata Real Estate & Wayzata Homes for Sale.

Get a property valuation

Information deemed reliable but not guaranteed. Source: Minneapolis Area Realtors. Daniel Gustafson is the publisher of Wayzata.com, and a licensed Realtor affiliated with Coldwell Banker in Wayzata, MN.
Wayzata Real Estate Market Sees Remarkable Growth in April 2024

May 23rd, 2024

The Wayzata Real Estate market experienced a dramatic surge in activity and prices in April compared to the same period of time in 2023.

As we move further into 2024, the latest market data reveals significant trends and shifts that are shaping the local housing landscape.

View the latest listings in Wayzata by clicking here:

Surge in New Listings and Closed Sales

One of the most notable changes is the sharp increase in new listings.

In April 2024, Wayzata saw 25 new properties come onto the market, a staggering 316.7% increase from the mere six new listings in April 2023.

This influx of new listings provides a broader selection for potential buyers and reflects growing confidence among sellers in the current market conditions.

Closed sales also doubled, rising from 3 in April 2023 to 6 in April 2024, representing a 100% increase.

This uptick in closed transactions indicates strong buyer demand and a competitive market where homes are being snapped up more quickly.

Significant Price Appreciation

Home prices in Wayzata have seen remarkable growth over the past year.

The median sales price soared by 71.4%, climbing from $525,000 in April 2023 to $900,000 in April 2024.

The average sales price also experienced a dramatic rise, increasing by 147.0% to reach $1,327,500 from last year’s $537,534.

This price surge underscores Wayzata’s desirability and the high value placed on properties in our community.

Price per square foot rose by 11.3%, indicating that buyers are willing to pay more per unit of space, a trend that aligns with the overall price increases.

Market Efficiency and Inventory

The speed of sales has notably improved, with the average days on market dropping by 62.2%, from 45 days in April 2023 to just 17 days in April 2024.

This rapid turnaround reflects a hot market where buyers need to act quickly to secure their desired properties.

The inventory of Wayzata homes for sale nearly doubled, increasing by 95.2% from 21 homes in April 2023 to 41 homes in April 2024.

Despite this increase, the months’ supply of inventory is still tight at 5.5 months, up 44.7% from the previous year’s 3.8 months.

A balanced market typically has around six months of inventory, so Wayzata is edging towards equilibrium but remains a seller’s market.

Wayzata-7 Download

Key Takeaways for Buyers and Sellers

For sellers, this is an opportune time to list your property, as high demand and rising prices can lead to lucrative deals.

Preparing your home to meet buyers’ expectations and pricing it appropriately is crucial to capitalizing on current market conditions.

Buyers should be prepared for a competitive market. Acting swiftly and being ready with financing can make a significant difference.

Despite rising prices, the increase in inventory provides more choices, potentially easing some of the competitive pressures.

Conclusion

The Wayzata Real Estate market in April 2024 demonstrates robust growth and dynamic activity.

With significant increases in listings, sales, and prices, both buyers and sellers are positioned to benefit from the current trends.

As always, working with a knowledgeable and experienced realtor can help navigate this evolving market landscape to make informed and strategic decisions.

For more detailed insights and personalized advice, feel free to reach out. Together, we can make the most of Wayzata’s vibrant real estate opportunities.

Daniel Gustafson is a luxury realtor in Wayzata, Minnesota, known for his expertise and exceptional service in the local real estate market. Gustafson is affiliated with Coldwell Banker Realty.

Data provided by Minneapolis Association of Realtors. Information deemed reliable but not guaranteed. Activity for one month can sometimes look extreme due to small sample size.
Wayzata School Board to consider potential acquisition of office building

February 2nd, 2023
Join Elisha Gustafson for an open house at 900 Horn Drive in Minnetonka, Sunday February 5th, 2023 from 11-1. Come visit this fabulous Starter home in the Wayzata School District.

The Wayzata School Board will hold a closed session on February 6th to consider the purchase of an office building located at 13305 12th Avenue North in Plymouth.

The meeting will take place on February 6th, shortly after a School Board Work Session, according to the Agendas put out by the school.
- 12th Avenue North
The current Administration building is located on the Gleason Lake Elementary Campus on the border of Wayzata & Plymouth; it’s a one story brick office building from approximately 1950 with limited parking.

No indication was made as to whether or not the Administration would move to the new location.

Stay tuned to Wayzata.com, your Wayzata School District needs new office space leader.

Laura Moore and Nick Leviton from Colliers have the listing.

Tag: Wayzata Real Estate

Strong Buyer Demand and Limited Inventory

Luxury Properties and High-End Demand

Seller’s Market: Maximum Value for Sellers

Investment Opportunities and Strong Rental Market

Looking Ahead: The Future of the Market

Time to move? Let’s talk

New Listings

Closed Sales

Sales Price

Price Per Square Foot

Percent of Original Sale Price

Notable Sales

Additional Market Data Available

Small Market, Big Numbers

Ready to Buy or Sell?

Get a property valuation

View the latest listings in Wayzata by clicking here:

Surge in New Listings and Closed Sales

Significant Price Appreciation

Market Efficiency and Inventory

Key Takeaways for Buyers and Sellers

Conclusion