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 these condos were conversion or factory and warehouse buildings that had stable foundation and solid structures for the conversion. Some of these Minneapolis condominiums can range from $400,000 in the lower end to over $1,800,000 for a luxury penthouse condos. There also number of high rise new developments and luxury condos with spectacular view of the skyline are available.
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.
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.
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. - 16003
Many of these condos were conversion or factory and warehouse buildings that had stable foundation and solid structures for the conversion. Some of these Minneapolis condominiums can range from $400,000 in the lower end to over $1,800,000 for a luxury penthouse condos. There also number of high rise new developments and luxury condos with spectacular view of the skyline are available.
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.
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.
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. - 16003
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