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.