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Minneapolis Real Estate Blog

This couple just purchased a condo in downtown Minneapolis  The evolution of urban living in Minneapolis is taking another interesting turn, here's what we are finding: part of the buyer market is purchasing for part time living purposes and weekend stays versus full time condo living.  These types of buyers are looking for a smaller condo or loft tucked somewhere in an ideal neighborhood within Minneapolis.  They are looking for an urban cabin.

An Urban Cabin?  Say what?

   Over the past 2-3 years the buyer market has changed and become dynamic.  Suddenly the idea of purchasing a condo downtown for full time use doesnt nessesarily make sense for every buyer.  As the baby boomer generation begins the cycle of downsizing from their palacial single family homes in the burbs to high density areas of the city

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Through the boom of the early 1980s when downtown was a skyline of cranes busy working on multiple Minneapolis Condo developments numerous buildings surfaced such as The Crossings which tied the skyway system together on the north end of the city.  There was also the crossings_condos_400dramatic Loring Green East and West at the south end of Nicollet Mall which was a massive project consisting of well over 500+ total units.  On the other side of the river a 170 year old Kajima Corporation started work on La Rive in Northeast Minneapolis. 

  These buildings have stood the test of time but with anything starts to become dated as soon as construction is complete. 

  Recently homeowners associations have become keen to updating their common area elements with greater

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  Plans are under way for a future Trader Joe's to unfold in the Uptown area along Lyndale and 27th St in the coming months.  The only thing stopping the Minneapolis real estate development taking place are city and neighborhood approvals.

traderjoes_550

The Proposal
A new 14,000 square foot Trader Joe’s grocery and liquor store on the corner of 27th Street and Lyndale Avenue in the Wedge area of Minneapolis. This is just outside of Lyn-Lake and the core of Uptown. Currently the site is home to four buildings with two separate owners.

One owner has been in the neighborhood since the mid 60s, the Geurts family.  They own the Sunnyside Up Cafe/Coin Laundry building, the building that’s home to a tee-shirt shop and the building that’s home to Planet Soccer.  They feel

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  Yesterday I wrote an offer for a buyer client on a Minneapolis Condo that we knew the seller already had multiple offers.  Multiple offers in this real estate market you ask?  Yes and the trend will begin to ripple across the market as we see new listings drop (-16.1%), pending sales increase (11%) and closed sales increase (8%) year over year.

  The North Loop condo was priced right--arguably under market value, in a financially healthy building with good resale trends.  There were already 3 offers on the condo and our strategy was to offer 5% above list price with zero closing costs and non-refundable earnest money to combat the fact that the buyer was financing some of the purchase price as opposed to a cash offer to sweeten the deal.

writing an offer  So

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Peavey Plaza  The future of downtown Minneapolis looks busy-really busy when you factor the amount of residents the city is predicting will begin calling downtown their home over the next 15 years. 

  In a bold move today the Downtown City Council released a plan of action that charts the progress for development in the urban core of the city. 

  For decades, suburbs have captured growing shares of the job and retail markets. But the next successful economy, when it arrives, may turn the tables by placing higher value on the efficiency and proximity that traditional big-city downtowns can offer.

  Downtowns come with ready-made templates for compact living, working and shopping -- all without the need for long, costly car trips. And they provide the critical

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  Last week was quite busy in the Minneapolis Condo market-two very large purchases were made.  One in multiple offers at the Washburn Lofts in the MIll District and the other at Phoenix on the River.   

  Washburn Lofts was part of the Washburn-Crosby Mills from long ago that was turned to lofts in the early 2000s before the Minneapolis Condo boom took hold of the area--the Mill District was still coming together as a neighborhood from a previous life as a heavy industrial area.  The extremely well appointed, multi million dollar unit under contract in the building is on the top floor which includes an outdoor terrrace that measures roughly 3200 square feet.  The lot has fantastic downtown and riverviews of the city making it a rarity in the upper

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izzys_ice_cream_minneapolis_599  The sign of our times: another highly successful local company is in the works to develop a vacant city lot in the Mill District.  Some of the most amazing ice cream in the twin cities through the years has consistently come from Izzy's Ice Cream.  An icon to St Paul residents the owners of Izzy's have putin an offer to purchase a vacant lot at 1100 2nd Street South in the Mill District of downtown Minneapolis

  The plan is to build a headquarters beginning in 2012.  Owners Jeff Sommers and Lara Hammel have been working with David Salmela, local architect extraordinaire, on the plans which calls for a 1.5 story building.  The lot is located to the east of Gold Medal Park next to the Guthrie and Bridgewater Lofts.

  The city recently took offers

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ids_center_minneapolisThe landmark building of downtown Minneapolis is the IDS Center which opened its doors in 1973.  If you include a 16 foot garage which houses the window washing equipment, at 792 feet it is truly the tallest building in the city.  If you include the communications spires on the top of the roof the structure rises to a total of 909 feet.  Originally developed for Investors Diversified Services which is now Aperiprise it now houses a collection of legal firms and family offices.  The 57-story IDS became the tallest skyscraper in Minneapolis when it surpassed the height of the 30-story Foshay Tower in 1972 while under construction, ending that building's 43-year reign over the city skyline. Construction of the building was followed with great interest, and…
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  Local real estate broker United Properties announced the sale of three parcels at 10th Street and Nicollet Mall to retail giant Target not too long ago.  Prior to this the site had enjoyed years of speculation, rumors and setbacks that prohibited anything from moving forward on the site.

  During the heyday of the condo boom this site was to be the future home of a massive condo project called The Nicollet that was to reach 56 stories into the sky.  Plans called for some office space but mainly condominiums.  The attraction at the time was location of being right downtown, having a skyway connected building and the views from the height of the tower.    

  Currently Target does not have definitive plan for the site but rumors are starting to

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  The subject heading reads list an update on Facebook or Google+, its not every day that you hear about a condo building in Minneapolis getting solar panels.  But thats exactly what is going on over at the Lofts on Arts Avenue right off 3rd Ave downtown in the Stevens neighborhood.  The condo owners of the building decided to spring for solar panels which will cover most of the roof of the building.  Doing an improvement of this size is not cheap.  The homeowners association saved quite some time for a major capital improvement like this--and they needed a majority to approve the spending measure.  Tough the panels have not been installed as of yet, (9.20.11), here is the plan:

  The homeowners want to be able to create a system that will generate

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