Ok, remind me to check with this guy before I ever post anything again about condos in Minneapolis and/or living in downtown Minneapolis. Minneapolis Guy is Matt Loskota, an Edina Realty manager in downtown Minneapolis. He knows the downtown market, especially condos. Check out this Condo Count Report for all the deets on any townhouse, loft or condo building in or near downtown.
Some interesting information in the report:
(1) If I'm reading this right, there were about 3,000 units (townhomes, lofts and condos) in 30 buildings downtown before the recent building boom. The building boom added 4,700 units in 50 new buildings, for a total of 7,700 units in 80 buildings. In addition, there are about 500 units in 11 buildings near downtown, for a total of 8,200 units in 91 buildings. That's more than I would've guessed.
(2) There are plans for an additional 3,000-4,000 units (I thought I had heard 4,000 somewhere -- maybe in the forums at Minnescraper? -- but I'm not sure where). None are beyond the planning stage right now, but if they all were built, that would bring the total units to between 11,000 and 12,000 total in and near downtown Minneapolis. Wow.
(3) If 2008 absorption rates follow 2007 rates, there are approximately 11 months of previously owned inventory on the market now. I'm no real estate expert, but given the predictions for the economy, I have to believe that the 2008 absorption rate will be slower than 2007, so I'm guessing there is at least a year of inventory out there. In addition there are 2 years worth of newly built inventory available. That's a lot of units available, so I'm guessing the list of cancelled projects will continue to grow, and there will also be some projects that change from condo to rental or from residential to commercial. Already, that's what's rumored to be happening with a project in my neighborhood, 46th and 46th, where construction stalled last spring. Apparently the former luxury condo development will now be luxury rental development.
(4) There are 3,293 units in the Proposed Projects list, in 13 projects. At this point, it appears that 130 of those units are sold, leaving about 3,150 units in the proposed stage. That's a lot of units waiting for commitments. I'll be surprised if half of those actually get built.
This is a great list, and a terrific resource if, like me, you're interested in the downtown residential real estate market. I'm definitely going to follow the Condo Count Report every month. Nice work, Minneapolis Guy!
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Thanks for the props. I posted a quick answer to your question on my blog - but here it is:
Downtown is indeed for more than DINKs and empty nesters. We see plenty of both, in addition to single folks. To be honest, we don’t see too many families, but I do have a friend lives in Grant Park with his family of 5 and loves it.
Taking a quick look, there are currently 6 listings under 350 that fit your criteria. They’re mostly in older buildings, which generally have higher assoc. fees (old buildings need maintenance).
The issue for families is that modern life requires more space than it used to - and space Downtown, as in most downtowns, sells for more than city neighborhoods…sells for more than suburbs…sells for more than exurbs.
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