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.
Even with the current down market, the Minneapolis condominiums market has likely seen bottoming of prices, the reason inventories of downtown Minneapolis condos that are under $400,000 is dwindling and very few new construction is happening in the market. Many experts are seeing price stability in North Loop and Mill District area where prices can be affordable at $300,000.
But if you are thinking about selling your Minneapolis condominiums remember the average days on the market has increase 28 percent over last year to 108 days. But the inventories have declined for downtown as available condos for sale have declined by about 30 percent.
One positive news is that the aver median selling price has increased 6 percent. Even with many short sales and foreclosure auctions at a rate of 35 percent, the Twin Cities real estate market have remained better than rest of the country. The price have been below the national level by less than 8 percent.
Although the market is low at this point the spring will bring new wave of home buyers who are looking for good deals in this buyers market, make sure you have patience to wait out for the right buyer at the right price. The real estate market will rebound from the lows. - 15224
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.
Even with the current down market, the Minneapolis condominiums market has likely seen bottoming of prices, the reason inventories of downtown Minneapolis condos that are under $400,000 is dwindling and very few new construction is happening in the market. Many experts are seeing price stability in North Loop and Mill District area where prices can be affordable at $300,000.
But if you are thinking about selling your Minneapolis condominiums remember the average days on the market has increase 28 percent over last year to 108 days. But the inventories have declined for downtown as available condos for sale have declined by about 30 percent.
One positive news is that the aver median selling price has increased 6 percent. Even with many short sales and foreclosure auctions at a rate of 35 percent, the Twin Cities real estate market have remained better than rest of the country. The price have been below the national level by less than 8 percent.
Although the market is low at this point the spring will bring new wave of home buyers who are looking for good deals in this buyers market, make sure you have patience to wait out for the right buyer at the right price. The real estate market will rebound from the lows. - 15224
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