Twin Cities Condo Sales Up in Early 2017
The luxury condo market throughout the Twin Cities area seems to be gaining momentum heading into the busy spring season. As noted by the Minneapolis/St. Paul Business Journal, three of the 25 most expensive sales in the metro area were luxury condominium residences, which includes the second largest sale overall in 2016—a 4,370 square foot, 10th floor unit at the fabulous Washburn Lofts building in Downtown Minneapolis.
As market conditions shift, it appears downtown living is starting to appeal to more and more buyers, which of course offers the convenience of being able to live close to work and countless lifestyle and cultural attractions that both Minneapolis and St. Paul have to offer.
In terms of sales and current availability, Minneapolis and the city of Wayzata seem to be the hottest markets in the Twin Cities for condos right now, especially as a number of new developments continue to make their way through the early planning stages or are already under construction in each of these two locations.
In all, 3,952 condos were sold in the Twin Cities metro area last year, which is up from 3,605 condo sales in 2015. At the end of January of this year, 401 Twin Cities condos have sold, which believe it or not is up from 290 condo sales during the first month of 2016.