The residential housing market was riding high in spring 2007.
The bursting of the housing bubble, and the worst American economic downturn in decades, was still some months off at that point.
Home values peaked across the land that May. At the time, according to real estate aggregation website Zillow, there were about 1,100 codes (out of 43,000-some in America) where more than 10 percent of the properties were valued at $1 million or more.
Zillow called these rarefied swaths of prime real estate America's "million-dollar ZIP codes."
Back in 2007, the Twin Cities region was home to six of them. Edina boasted two: the 55436 zip, which spans from Highway 169 east to Highway 100 in the west; Highway 62 serves as the southern border, while its northern edge zigzags along Interlachen Country Club and Meadowbrook Golf Course.
The zip code's seven-figure Edina twin in 55424 sits adjacent to the east, a rectangular tract sandwiched between Highway 100 and France Avenue.
The metro's other four million-dollar ZIPs from 2007 were cloistered in the western suburbs. The largest, in terms of geographic area, was 55340, which hugs Highway 169 on its eastern-most side and spans west into the communities of Hamel and Medina. The rest were clustered further south in the area around Lake Minnetonka.
The recession put a hurt on the worth of fabulous residential real estate, both nationally and locally. By 2014, the number of million-dollar zip codes in America had dropped to 950. Edina's 55436 was no longer in the mix. Neither was 55340, to its northwest.
But million-dollar ZIPs have roared back during the past three years, surpassing their pre-recession pinnacle in 2007. As of May 2017, according to Zillow's most recent analysis, America is the land of nearly 1,300 such zip codes, of which seven are located in the Twin Cities.
The current asking price for a 12-acre "Orono Estate," situated in 55356, is $2 million. A 2013-built custom home in Excelsior's 55331, featuring 107 feet of lakefront glory, can be yours for $3.75 million.
Closer in, located within "walking distance to 50th & France and Edina Country Club," sits a 4,500-square-foot pad beckoning for a new owner who lives to entertain. The house in the million-dollar ZIP code 55424 "features an expansive backyard with fireplace and patio" and can be had for $1.15 million. The Hilltop Lane residence, Zillow shows, last sold via foreclosure auction in 2009 for $850,000.
Below, check out Zillow's map of Minneapolis-St. Paul's "million-dollar zip codes," past and present.
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