June 26, 2005
Downtown Minneapolis condo trend is booming
On June 16th, 2005 there was an article published on the Minnesota Public Radio website that talked about the growing condo trend in downtown Minneapolis. The article talks about one Texas developer who plans to build 1,000 units near the new proposed Twins stadium site and if the stadium isn’t build they plan on building 3,000 units in the warehouse district. An example of the type of properties being built is the Bookmen Lofts, which from reading the article seem really nice. The Bookmen Lofts have underground parking, a fitness center, high ceilings, track lighting, stainless steel kitchen appliances and plenty of windows. These nice properties come at a cost though; the average price is $400 to $500 per square foot. Even with prices that high the market is still growing strong.
In our group we talked about the issue of affordable housing in Minneapolis. The prices of the condos range from 150k to a couple of million dollars. Those prices may not be affordable to everyone but these condos are being marketed towards young professionals that work in the downtown area. To these individuals they are going to be willing to pay for the convince of living and working in the downtown area.
I don't know how these condos can be marketed to the young professionals as I rather doubt the younger population will be able to afford these condos. However, good for them if they are already making the kind of salary that would be needed.
I think overall it's great that better and upscale housing is being added to the downtown Minneapolis area. If I could sell my home right now, and if everyone else had moved out, I'd definitely consider one of these condos for my residence ... oh, never mind, I probably couldn't afford the mortgages!
Posted by: Debbie at June 27, 2005 4:28 PM