Condo glut downtown?

A buddy of mine lives over in the warehouse district by 4th Ave North. While he’s a renter, there’s mostly condo lofts in that area, and boy are there a lot of them – and seemingly For Sale Signs on every corner. He mentioned that there’s a condo glut over there, and a cursory glance on Edina Realty’s website indicates that seems to be the case (Edina Realty’s Map Property Finder is a nice tool, you can zoom in on any part of the map as much or as little as you want and it will list all the properties in that area – great for targeting specific blocks). The local markets appear to have slowed down this summer and become more of a buyer’s market. Even in my suburban neighborhood there are 8-10 properties that have been on the market for more than a month, where they used to get snapped up within days of going on the market.

Higher mortgage rates seem to be contributing to this, but also prices that esclated too quickly also seem to be contributing.

We walked over to the Metrodome from his house along 1st St/2nd St and Washington Ave, and the transformation of that neighborhood from abandoned industrial to mostly residential seems nearly complete. It’s quite amazing that 10 years ago, most of that wasn’t there.

1 Comment so far

  1. Erica (unregistered) on August 15th, 2006 @ 11:24 pm

    I expect Uptown will be able to handle the new condos, and I think that the stuff going up along Hiawatha (and the LRT line) will be fine. But I really wonder how downtown could possibly fill all the condos that have gone up. Condos are better than abandoned warehouses, but are there really that many people to fill them?

    I hear the time to buy will be a year from now.

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