I personally think that there will be some pent up demand by then, especially around June. I have seen many homes in East Calhoun and Lowry Hill come down by $100 K in the 600-700K range, but, Wedge homes can sell quickly because they are not priced as high as some of the other areas around the Lakes, yet, still have the same amenities, ie. close to the Lakes, downtown, and restaurants, Uptown etc. Financing can be a bit of an issue, so if there is a possibility of owner financing - it will afford you an edge in a highly competitive market. I would love to help you find a value that is marketable for your property when that time comes. Best of Luck.... more
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.... more
Will, these areas provide you with a "walking neighborhood" which is very much in demand these days. It allows you to implement more of a green lifestyle and not be so dependent on your car to get to places. As for market values, these areas are all healthy and would most likely yield you a great investment, provided you understand and accept that real estate is a long term investment, not something that you can realistically expect to turn around in a year or 2 and make a profit.
Definitely start interviewing good agents when you're ready to get out looking. It's important to have adequate representation.... more