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 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 upto $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.
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.
