Buying a Minneapolis Condominiums

Posted on February 6, 2009 @ 2:27 am
by K. Kim

Greater Minneapolis St. Paul area is largest metropolitan area in the region and the state of Minnesota and has become popular among home owners. You can find Minneapolis’s North Warehouse District and North Quadrant Region and St. Paul’s Lowertown as the hot bed of Minneapolis condominiums where you can find many condos along the Mississippi riverfront.

Many of these condos were conversion or factory and warehouse buildings that had stable foundation and solid structures for the conversion. Some of these Minneapolis condominiums can range from $400,000 in the lower end to over $1,800,000 for a luxury penthouse condos. There also number of high rise new developments and luxury condos with spectacular view of the skyline are available.

Even with current recession, the market probably has seen the bottoming of prices. The inventories of condos under $400,000 have been dwindling and no now development is happening anytime soon. Many local experts are seeing price bottoming in Mills District and North Loop areas where prices are affordable at about $300,000.

If you are thinking of selling your Minneapolis condominiums keep in mind that the average days on the market is about 108 days, about 28 percent above last year. The inventories have decrease for downtown and available inventories for sale have decreased about 30 percent.

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.

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.

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