Condos Are a Hot Commodity in Twin Cities Real Estate

Condos are a hot commodity in Twin Cities real estate according to fresh press releases by the Minneapolis Area Association of Realtors. An expert in Twin Cities real estate matters, Home Destination elaborates on the current Twin Cities housing reports why condos are such a large share of new construction.

A new preference for urban living in dense downtown neighborhoods has Minneapolis home builders working fast to supply housing units that consist largely of condos and apartments. Recent press from the Minneapolis Area Association of Realtors (MAAR) expresses just how hot condos are in the Twin Cities real estate market.

"Minneapolis is transitioning from new construction being primarily focused on detached single-family homes to a significant building boom in apartment and condo living. It has a few heads spinning just how fast this has happened," states Jenna Thuening owner of Home Destination. "The downtown skyscape offers some pretty spectacular views of both the Minneapolis skyline and the Mississippi River, which many condo dwellers enjoy."

The Twin Cities rental income market has been booming, especially apartment homes with the appeal of being located in close proximity to the new Vikings stadium, lofts and condos in the Mill District and those in Loring Park, Minneapolis as well as others. But a strong segment of condo buyer activity comes from traditional owner-occupied townhouse-condo developments. The next phase may well be led by Millennial generation home buyers who are stepping into solid jobs with sufficient income to replace the drop in Twin Cities residential investor activity. Growth will also depend on home builders stepping up the pace of construction.

New construction is striving to match up the housing stock with consumer demand. Changing Minneapolis real estate demographics in new household configurations equal a shift in home preferences. MinnPost wrote on June 7, 2013 that: "Some 46 percent of the (Twin Cities) population increase will be people over age 65. Families without children will comprise 85 percent of the growth in households." That translates to more residents who are a good fit for condo living quarters. The article, titled Housing market makeover: Some big changes coming to the Twin Cities, was a good predictor of the shift that 2014 has witnessed.

Consumer demand for newly constructed condo units in prime Twin Cities locations has led to massive price gains. "At this time in 2013, newly constructed townhouse-condo units in Minneapolis sold for 4.0% more than their previously-owned counterparts. Now in 2014, these units sell for 93.4% more than their previously-owned counterparts. That's quite a jump," stated the MAAR.

Infosparks relies on Northstar MLS to serve up current costs of the price per square foot for newly constructed condo homes, offering a stark view of the significant uptick in prices compared to fluxuations in the total square footage of sold properties. Condo sales in the Twin Cities bottomed out in September 2013, but today, it looks like a full turn-around.

The Northstar MLS bar graph (see attachment) displaying home sales by type shows a strong demand for Minneapolis, Twin Cities condo homes.

Single-family home sales:$270,898, up +6.5%

Townhouse - Condo Sales: $194,697, up +12.3%

Condo Sales: $207, 823, up +19.4%

Townhouse Sales: $189,137, up +9.2%

Sale of all Property Types in the Twin Cities: $251,677, up +7.1%

Clearly the strongest increase in current Twin Cities home sales is the condo sector. An analysis of the 13-county Twin Cities real estate market for the prime local neighborhoods will be more specific as to the availability and cost of condo listings.

About Home Destination - Twin Cities Real Estate:
Home Destination offers a loyal and committed real estate professional service that personally handles all of the details of selling or purchasing homes in Eden Prairie, Minnesota. Highly regarded by peers as a Minneapolis metro expert for over 15 years, gain a skilled representative as guide to make the best possible housing decisions. Helping all home buyer types, from individuals seeking to buy a condo to individuals moving-up to a spacious luxury home, Jenna Thuening has the real estate experience and acumen buyers and sellers benefit from.

Contact:
Jenna Thuening
Web. www.homedestination.com
Email. jenna(at)homedestination(dot)com
Tel. 612-396-7832

Source URL: http://prweb.com/releases/condos-for-sales-lead/twin-cities-real-estate/prweb12371793.htm

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