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Monday, February 2, 2009
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 up to $1,800,000 for luxurious penthouses condominiums.
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.
The average days on the market for Minneapolis condominiums to sell is around 108 days which is above 28 percent from last year. Available inventories for sale and inventories in downtown area has declined to about 30 percent, which bodes well for sellers.
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 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.
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.
The average days on the market for Minneapolis condominiums to sell is around 108 days which is above 28 percent from last year. Available inventories for sale and inventories in downtown area has declined to about 30 percent, which bodes well for sellers.
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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