The emergence of the Eleven sales gallery

Once relying on architectural drawings and floor plans, paint chips and cabinet designs, the Eleven condo project in the Mill District of Minneapolis is now giving Buyers clarity with a technologically driven sales gallery that blends precision details and materiality within a simulated condominium environment.    

Sales galleries are nothing new in the Minneapolis condo market. Since the 1990s, developers have been selling condos off of floor plans long before their buildings were finished. The Eleven tower, designed by world class architects Robert A.M Stern, developers saw an opportunity to showcases new technologies while focused on the technical details of the fit and finishes for each residence. 

 "This takes pre-construction sales to the…

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Eleven on the River | New construction condos coming to the Mill District

  The city of Minneapolis is clearly on a high velocity path of growth across the entire real estate landscape.  Over the past 20 years the Mill District in downtown Minneapolis has been especially interesting to watch, coming out of the rubble from the old milling capital of the world into a neighborhood and identity all its own.  Some of the last blocks within the neighborhood are being developed right now.  One of these special sites will have world class architecture thanks to Robert A.M. Stern Architects and be the tallest residential high rise in Minneapolis with a story all its own: Eleven on the River.

The Early Years: late 1990s to 2008

  The visionary period of the Mill District started in the late 1990s with the advent of Brighton…

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New FHA Revised Rules For Minneapolis Lofts and Condos

Updated Rules for FHA Loans for Minneapolis Lofts and Condos

    For a fleeting moment in 2011 and even into a good part of this year downtown Minneapolis condos and lofts was in question for a financing standpoint.  That's because so many building's FHA status was expiring. 

  This was forcing the homeowners association boards to resubmit updated highly detailed documentation to FHA regarding the finances of their respective building.  One of the questions asked by FHA as part of the approval process involved the amount of renter to owner units in the building.  Another question referenced the amount of commercial to residential square footage of the building.  Still other questions asked about the balance sheet of the building along with the most…

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IVY Condos coming on the market!

During the boom of the market…

 Nothing was going to stop the train of development that seemed never ending in downtown Minneapolis in the mid 2000s.  Across the skyline, cranes dotted the urban landscape.  They were a symbol to everyone that something was  happening on that given lot in the city.  

  Enter the IVY Hotel & Condos which began marketing during what some would consider the crest of the wave in Minneapolis urban development during the last decade.  

  Once the project was originally put on the market units were snapped up at record pace.  Rumor on the street was that in a matter of weeks 90% of the units were either reserved or under contract.  Construction on the tower began in earnest.  Then the correction started..

  Suddenly…

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Buying A Minneapolis Condo? These apps will help!

  Each day technology becomes even more impressive as new tools, products and apps are rolled out that truly have a place in our daily life. It can be exciting and exhausting to try to find the ones that will benefit you. As a Minneapolis condo buyer, it can be overwhelming to narrow down all the choices.  

  With that in mind, I’ve made my real estate website tech and mobile friendly in the hope that you will find the results you need in your search, however, when it comes to buying a condo downtown or a home around the Minneapolis lakes area, these apps may be of benefit to you as well.

  Many of these apps are even offered free of charge, although they may request your location information in order to produce the results you desire. If you want…

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Gas Prices Inspiring Urban Living in Downtown Minneapolis

  What was the cost of your last fill-up at the pump? It is no secret that gas prices are at a record high across the country. In 2011, the yearly national average for a gallon of gas was $3.513, a whopping 72.6-cents per gallon higher than the national average price for 2010. This translates to the typical American spending $400 more in 2011 than 2010. Commuting is becoming more and more expensive as the summer months near with per-gallon pricing likely to exceed $5 for regular unleaded. 

  While one solution could be to downsize your inefficient truck or SUV to a more economical commuter, relocating closer to your downtown office could end your gas woes permanently. Condo living in the Mill District, North Loop, and downtown Minneapolis areas is…

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New Trend In Minneapolis Condos: The Urban Cabin

  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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Minneapolis Condos Getting A Serious Facelift

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 dramatic 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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Multiple Offers are the New Norm on Minneapolis Condos

  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.

  So…

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Multi Million Dollar Sales for Minneapolis Condos

  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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