Buying a Minneapolis Condominiums
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 the new high rise developments and luxury condos have beautiful views of the city along the river. Warehouse and factory building have been turned into condos because they have stable structures that provide solid building structures for the condominiums. Some of these range from $400,000 in the lower end to over $1,800,000 for luxury penthouse condos.
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.
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.
One thin for sure, the real estate market will rebound with rebound of the economy. Right now the market maybe at the lower end at this point, new buyers will be into the market beginning with spring where many buyers move or buy new homes. Make sure you have patience to wait for the right property at right price and right location.
Many of the new high rise developments and luxury condos have beautiful views of the city along the river. Warehouse and factory building have been turned into condos because they have stable structures that provide solid building structures for the condominiums. Some of these range from $400,000 in the lower end to over $1,800,000 for luxury penthouse condos.
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.
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.
One thin for sure, the real estate market will rebound with rebound of the economy. Right now the market maybe at the lower end at this point, new buyers will be into the market beginning with spring where many buyers move or buy new homes. Make sure you have patience to wait for the right property at right price and right location.
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Right time to purchase a Minneapolis condominiums, please review Minneapolis Condominiums, and Minneapolis Condominiums
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