Stephanie, Home Buyer in Alaska

Why did the avg. selling price of 1 bedroom condos in St. Louis Park take a deep dive in the last few months??

Asked by Stephanie, Alaska Thu Jun 14, 2007

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Answers

5
Everyone is definitely on point so far but heres another perspective.

We are seeing allot of bank owned homes being released to the market and where it is much easier for a detached single family home to be market by itself for its wood floors, granite, etc., Its harder for condos to come back due to the varying nature in the different complexes of association fees, varying updates of interior units and the similarity they still have with traditional rental units.

With so many new "upscale" apartments being built around an in the outskirts of SLP, many homes that sell in the High 200's as Matt mentioned have a similar finish level versus condos that may have never been updated and have a higher HOA due which makes it only marketable at a 100K price point.

So to recap my answer there are a few factors including: REO's, HOA Fees, Nature of Amenities and options with regular new apartment rentals.

Hope this "alternative" perspective also helps the great answers below?
0 votes Thank Flag Link Mon Jul 29, 2013
In SLP there is a wide range of unit ages and conditions. I recently sold a one bedroom in the high $200's and others are available under $100k. Therefore, the averages will be skewed.

SLP is a great area to invest in....great public transit, wonderful diversity and a great community.
0 votes Thank Flag Link Wed Apr 20, 2011
I agree with what others have stated, Keep in mind however, the numbers being looked at are AVERAGES, and more than likely include foreclosure and short sale . This will drive the averages down also.
0 votes Thank Flag Link Wed Mar 31, 2010
Looking at St Louis Park the last 6 months, some 1 bedroom units are selling between $65,000-$99,000, while others are between $120,000-139,000. The main reason is location and desirability. Units that are in updated buildings or are individually updated, are fetching higher prices. Units that are in less desirabable buildings, older, and in poor shape, are selling in the lower end of the price spectrum.

Another thing to consider is that there is a glutten of homes on the market. Sales are down 10% compared to this same time in 2006. Half of the inventory for sale in St Louis Park is condominiums. So buyers have more choices and can ask for higher price reductions than was possible in 2006.
0 votes Thank Flag Link Wed Jun 27, 2007
Stephanie -
According the MLS statistics, one bedroom condos have actually increased in value in the last 3 months compared to the prior 3. Just remember that each situation is unique and there are several factors that determine the value of a property. Please feel free to contact us if you have any further questions.
Web Reference: http://www.thegoheens.com
0 votes Thank Flag Link Thu Jun 14, 2007
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