Resurgence in the Minnesota Condo Market?

So far 2011 has been a good year for condo sales in the Twin Cities metro area, especially in the $1 million-plus price range. The 23 condos and townhouses that have sold for over one million in 2011 equate to a 109% increase compared to last year. One example is the newly acquired 18,000 square foot, two story condo bought by Aveda Corp. founder Horst Rechelbacher. Paying just under $7 million for the unfinished space, Rechalebacher felt it was a deal he couldn’t pass up. Barry Berg, the Coldwell Banker Burnet agent who represented Rechelbacher, said that “there are excellent opportunities in the market and for those buyers who have a longer-term perspective, these purchases represent “once-in-a-lifetime” opportunities”.

A purchase of this kind can impact the market of other condos that do not share the same hefty price tag. Strong sales in the higher price ranges definitely have a positive impact on the overall market. If nothing more, it is clearly a sign of confidence. Although real estate can vary greatly by region, these numbers can only be seen as a positive sign for the Duluth market. There are currently 134 condo/townhouses listed for sale in the Duluth area with the highest priced at $1.2 million. Average and median prices for condo units in the Twin Port areas are $284,898 and $266,950 respectively.

The growing interest in the condo market, and this $7 Million dollar sale, may represent the resurgence of the Minnesota Condominium real estate market.

Frank Rush About Frank Rush

Buying or selling a home is a huge decision and large financial implications are associated with the sale. My number one priority is finding you a great house that you will be happy in for years to come. Ever since I graduated with honors and a finance degree from the University of Minnesota Duluth I have considered Duluth home. I really enjoy working with first time home buyers as well as real estate investors. Contact me today and we can go over exactly what you are looking for with your upcoming real estate transaction! Website - Profile - Facebook - Twitter

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