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.
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 positive news is hat the average median price have increased by 6 percent. Foreclosure rates in Twin Cities real estate market has been around 35 percent, but the foreclosure rate of condos have remained at about 8 percent which is well below the national level.
Good deals will be bringing back home buyers in the spring, make sure you wait for the right time and right condo to purchase. One thing for sure, the real estate market will rebounds from dismal 2008.
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.
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 positive news is hat the average median price have increased by 6 percent. Foreclosure rates in Twin Cities real estate market has been around 35 percent, but the foreclosure rate of condos have remained at about 8 percent which is well below the national level.
Good deals will be bringing back home buyers in the spring, make sure you wait for the right time and right condo to purchase. One thing for sure, the real estate market will rebounds from dismal 2008.
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