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.
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.
