Now that we’re a week or so after the mid-year holiday, it seems a good time to take a look at where people bought condos the first half of 2010. Because it’s a good headline for readership (and arguments), let’s call them the 2010 First Half Winners – and a couple of losers.
The big winner is arguably The Bridgewater, built by Shamrock Development, located on Washington Avenue South at 10th Street. The residence has 282 total units and was completed in 2006. With an easy location just off the freeway which seems to find a lot of new urbanites, the Bridgewater offers good value per square foot, great views of the Metrodome skyline, and better views of the Mississippi and Gold Medal Park.
For more 2010 winners, let’s look at the buildings with the most listing activity – if you’re interested in living in one of these locations, chances are there will always be a decent selection.
Riverwest, Mill District – 56 listings, 14% of total units
Skyscape, Elliot Park – 46, 18%
Bridgewater, Mill District – 38, 13%
Riverstation, North Loop – 37, 10%
The Towers, Downtown West – 35, 7%
The Carlyle, Mill District – 30, 12%
Logically, they are the buildings with more units – listed by total 2010 listings, with percentage of listings to total units. Skyscape and Bridgewater each had resale listings sell, but most of the listings & sales were unsold units, exemplifying the few remaining buildings not yet sold out by developers. The good news is all of the new buildings continuing to sell.
Because a condo doesn’t usually sell if it isn’t on the market, those same six buildings have the most sales – listed by # sales, with ratio of sales/total listings (Sold%). If you’re interested in selling, here’s where more buyers made deals.
Skyscape – 23 sales, 50% of listings (14 sales were unsold units)
Bridgewater – 21, 55% (14 sales were unsold units)
Riverwest – 19 , 34%
Riverstation – 17, 46%
The Towers – 11, 31%
The Carlyle – 10, 33%
With Skyscape and Bridgewater showing the gaudiest total listing & sold numbers, of note is the $432,000 average sale price at Bridgewater (about 60 remaining units). Skyscape has about 50 remaining units (half are rented), and have an average sold price of $291,000.
Other new construction of note in the first half of 2010 includes:
Phoenix on the River, East Bank – 9 sales, average list price $715,000, 75% sold
Developer: Schafer Richardson
730 Lofts, North Loop – 6 sales, average sold price $218,000, 95% occupied. Developer: Schafer Richardson
Harvester Lofts – 6 sales, average sold price $233,000, 90+% occupied. Developer: Sand Companies
The Carlyle sold out, $535,000 average sold price
The average Sold% in all buildings was 31% (sold units/listings). Buildings with 10 or more listings and above-average Sold% included:
Loring Green West, Loring Park – 7 sales, 13 listings, $245,000 average sold price
Lofts at IMS, near North – 6 sales, 15 listings, $303,000 average sold price
Lindsay Lofts, North Loop – 6 sales, 15 listings, $402,000 average sold price
Herschel Lofts, North Loop – 4 sales, 12 listings, $206,000 average sold price
Loring Way, Loring Park – 4 sales, 12 listings, $162,000 average sold price
Unlike kids in sports today, when there are winners there are also losers. In the Downtown Minneapolis condo market there are a few locations we can consider 2010 first-half losers:
Centre Village, 12 listings, 0 sales, $149,000 average list price
1200 on The Mall, 10 listings, 0 sales, $220,000 average list price
Falls & Pinnacle, 13 listings, 1 sale, $285,000 average list price
801 Washington Lofts, 10 listings, 1 sale, $338,000 average list price
Despite selling 6 units so far in 2010, The Sexton ($90,000 average sold price) continues to struggle finding stability.
More winners and losers in weeks to come – including smaller buildings in the Downtown Minneapolis condo market. .
Importantly: this data is compiled from the Minneapolis Area Association of Realtors and data from the RMLS (Regional Multiple Listing Service of Minnesota), using the following criteria:
Actively for sale as of June 30, including TNAS
Off market date January 1 thru June 30, including:
Sold, Comp Sold, Pending, Cancelled, Expired