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The Optimistic Side of Minneapolis’ Downtown Condo Market

Matt Loskota, an agent with Edina Realty who works in the downtown condo market, brings some perspective to the downtown scene:

It’s a new market

Marketers call it the product lifecycle. Every neighborhood goes through it, and Downtown Minneapolis is still on the upward curve. Once we mature a bit, the numbers will have a bit more meaning.

Until then, activity is still good. Showings for listings in our office are ahead of last year for roughly the same number of listings. New construction continues to sell, and not everyone is singing a sad song.

He may be onto something here. There is little new ground being broken at this point, so inventory comes from an ever-decreasing number of new units together with resales. Once you can’t buy something brand new for the cost of a used unit, pricing will enter a new phase. At least, until the market changes and new developments start taking shape.

3 thoughts on “The Optimistic Side of Minneapolis’ Downtown Condo Market”

  1. I love the optimists, unfortunately in todays economy it seems the real estate industry is the last hold out.

    I only read the linked article but the questions that come to mind for me regarding the condo market are:

    1. What is the price movement trend?
    2. How many of the sold units are occupied?
    3. What is the rent vs buy economics…in other words; what could you rent that same condo for downtown?
    4. What is the average listing period vs single family homes?

    Condos are the web 2.0 of real estate, they are shiny and new, but is any one really making any money on them?

    Many were initially marketed to a young hip demographic, with terms like “lofts” and “flats” bandied about. As that market has collapsed language has changed to reflect the new movement towards empty nesters and the “maintenance free” aspect.

    With rising gas prices the long term market for downtown condos will definitely stabilize but I don’t expect to see anything short term. Inherently the condo market will survive but its nice to see some of the inflated marketing driven price premiums being weeded out.

  2. Does anyone know what the appreciation rate is on new condos? Are the pre-owned ones selling at all? I would think builders would hold the price pretty steady to keep the momentum in the slow market. Or have a slight premium. Which would mean that the pre-owned units would not be selling. Especially since the majority of new buildings still have a number of open units.

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