Good to know I am capable of parroting Powayseller…
“the reason that Minnetonka median home prices are so much lower than Irvine’s is simply due to supply and demand.”
“The point I am trying to drive across here is that there appears to be a measurable difference between the number of people that want to purchase a property in Irvine (nice weather year round), versus those that want to purchase a property in Minnetonka (nice weather May-September, crappy weather the rest of the year).”
One of the points I was trying to make is that those statements are fallacies not backed up by income statistics or availability of housing inventory. Although I will agree with you that Irvine is a more desirable place to live (otherwise I would move to Minnetonka), demand is measured in dollars, and Minnetonka has the same amount of dollars available to purchase housing as Irvine does. There is not so many fewer homes available in Irvine than Minnetonka to justify a median home price that is more than double.
