Doodle-5, Home Buyer in Lowry Hill East, Min...

Lowry Hill East vs. North Loop- where is the better place to buy a townhome/condo?

Asked by Doodle-5, Lowry Hill East, Minneapolis, MN Tue Feb 16, 2010

We are considering purchasing a condo or townhome in Lowry Hill East (specifically, the Midtown Lofts), or North Loop in Minneapolis. We are in the $350-$450K range. We already have a real estate agent. However, we are looking for professional opinions: which neighborhood would have better resale value? And which, if either, has a lower perceived crime rate?

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Here is my take on it. I have been a realtor selling condos in downtown Mpls since 1992. I have lived in the Loring Park neighborhood for 18 years and I love it here. I chose this neighborhood in 1992 because I love the residential feel with trees and houses mixed with a few commercial buildings. The North Loop tends to be very different - the majority of housing is lofts with mostly commercial buildings as neighbors and very busy streets with both trucks and residential traffic - with the exception of some very nice townhouses near the river. From an investment standpoint, I don't think it makes much difference. There are defined markets for both settings. I suggest you drive through the Loop once the baseball season starts to get an idea of what it will be like to live there. Personally, having those lights shining in my floor to ceiling windows doesn't sound too appealing.........but then again, I am on the greeen trees and park side of this question.
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0 votes Thank Flag Link Thu Apr 1, 2010
Hello Doodle-5,

I would recommend going to the crime rate website for the counties/cities you are interested in moving to. That alone should be able to give you an idea what locations would be preferable to the two of you. It is unethical for an agent to provide that advice for you as perceptions vary person to person. Lastly, what has your Realtor told you regarding potential re-sale value of the homes you are looking at? If you are interested in buying a home to "flip" within the next couple of years, prices seem right; however, you may want to look at short sales or foreclosures. Although they take longer to "buy", you may be able to find some great values.
0 votes Thank Flag Link Mon Mar 29, 2010
Dr Housing Blog is now bearish for the next decade, it used to be 2012,2013. If you can see beyond ten years and plan on staying in it.. Go ahead and buy that $350-$450 Condo. Otherwise, plan for a loss if you sell. Kudos to my fellow Realtors for their warnings. Some buildings have held their value, others have tanked. Understand that builders make more money on townhomes and condos, they use less land. Thus the potential for overbuilding is greater. Manage your risk, that is key. We all need a place to live. Thye Fed just fired the first shot over the bow. Raised the discount rate, interest rates are most likely headed up. Good luck!
0 votes Thank Flag Link Fri Feb 19, 2010
Hello, Doodle-5
What does your agent say? Resale is iffy these days. If I had to prognosticate, I'd say that North Loop has a more broad appeal and will in the future due to the Twins Stadium and other projects that are coming in the future. That's based on my own research that I've done for other clients.

As for crime rates, no agents should be offering you advice about that. City of MPLS has wonderful crime maps for you to look at. That way, you're making a decision based on what you think is acceptable, not what anyone else thinks.
0 votes Thank Flag Link Wed Feb 17, 2010
All communities have on-line crime stats; you need to look by census tract. There is no way an agent can slant property info and be ethical or in compliance, Do your due diligence and weigh the informatiion you gather against your goals and the top assets of the property as far as it fits your personal needs.
0 votes Thank Flag Link Tue Feb 16, 2010
What's up Mr. Doodle!
Resale value is a tough question these days. Very few sellers were prepared for the current market adjustment. Percieved crime rates are just that. Perception. The only way to quantify that is to talk to your friends and co-workers. I can't comment on it. Check out the link to MPLS crime rates.
Good luck out there!
Simp
0 votes Thank Flag Link Tue Feb 16, 2010
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