Buying a Minneapolis Condominiums
Posted on February 6, 2009 in the Real Estate category
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The largest metropolitan area in the state of Minnesota is the greater Minneapolis St. Paul area and it has become popular place for new home owners. The hottest areas for Minneapolis condominiums are North Warehouse District, North Quadrant Region, and St. Paul’s Lowertown, you can find many condo developments along the Mississippi river.
Many of these condo conversions occurred in warehouse and factory builders where stable structures provided solid foundation for the condominiums. There are also high rise new constructions and luxury condos with spectacular view of the city that are available. These can range anywhere from $400,000 all the way up to $1,800,000 for luxurious penthouses condominiums.
Currently the real estate market has been in down mode for the past year and the Minneapolis condominiums market has seen the bottom of the price declines. The inventories of condos under $400,000 in recent months have been dwindling and few constructions are being brought to the market. Some experts are agreeing that price has stabilized in North Loop and Mill District where they are affordable at around $300,000.
The average days on the market for Minneapolis condominiums to sell is around 108 days which is above 28 percent from last year. Available inventories for sale and inventories in downtown area has declined to about 30 percent, which bodes well for sellers.
The good news is that the average price have increased 6 percent. Although foreclosure rate about 35 percent in great Twin Cities real estate market, the Minneapolis condominiums have remained at about 8 percent far below national levels.
Good deals will be bringing back home buyers in the spring, make sure you wait for the right time and right condo to purchase. One thing for sure, the real estate market will rebounds from dismal 2008.
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2 Responses to “Buying a Minneapolis Condominiums”
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Will you be buying these condos to then lease out? I’ve never invested in a condo and I’m wondering what their investment potential is. I currently only purchase single family homes which I then lease out. I would be interested to know what you do with these. Thanks!
I think you’re right. The housing market has been down but is sure to come back up relatively soon, especially with the tax credits being offered for home purchases. The credits apply to condo purchases as well, so this is a solid long term investment. This is the right time to move to a condo in Minneapolis, or to purchase one for renting out to others.