Buying a Minneapolis Condominiums
One of the areas that have become popular with first time home buyers are the greater Minneapolis St. Paul housing market. This area is the largest metropolitan area in the state of the Minnesota and upper Midwest region. Along the Mississippi riverfront you will find a hot bed for Minneapolis condominiums. Areas like St. Paul's Lowertown, North Quadrant Region, and North Warehouse Districts are very popular with condo buyers.
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.
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.
Although the market is low at this point the spring will bring new wave of home buyers who are looking for good deals in this buyers market, make sure you have patience to wait out for the right buyer at the right price. The real estate market will rebound from the lows.
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.
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.
Although the market is low at this point the spring will bring new wave of home buyers who are looking for good deals in this buyers market, make sure you have patience to wait out for the right buyer at the right price. The real estate market will rebound from the lows.
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Right time to purchase a Minneapolis condominiums, please review Minneapolis Condominiums, and Minneapolis Condominiums
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