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Posts from the ‘Minneapolis Developments’ Category

Choosing a Minneapolis Loft vs Condo?

Buying a Minneapolis Loft or Condo?

For most prospective urban dwellers, the idea of buying a Minneapolis loft or condo is complex.  Many buyers begin their search for a particular type of property on the web which can make understanding the difference of a loft and condo somewhat confusing.  Here’s a rundown of the differences:

Lofts can come in an array of sizes and layouts.  True lofts are going to be rehabbed buildings of the early 1900s transformed into urban residential living spaces.  Over the past decade plenty of new buildings designed to look like the older loft buildings have come into the market most notably within the North Loop real estate market.  For the most part, what defines lofts are: larger windows, exposed ductwork, pillars, concrete floors, and an open layout.  Buildings that feature lofts are going to be Bookmen Lofts, Rock Island Lofts, Sexton Lofts and Bridgewater Lofts.

Not everyone looking to purchase a Minneapolis condo or loft is inclined to this type of feel-some Buyer clients are looking for something much more finished and refined.  This type of buyer typically defaults to a condo versus a loft.   Minneapolis condos typically feature finished ceilings with soffits to conceal all of the ducts, plumbing and wiring in the unit.  The layout of a condo typically has clearly defined spaces–bedroom walls go to the ceilings, doors create privacy in the unit.  Some examples of condos in the Minneaapolis real estate market include: The Carlyle, 5th Ave, Phoenix on the River and Grant Park.

Cool modern loft in Minneapolis Navigating through this maze of options can be tough–and there are benefits to both types of product out there.  At the end of the day it is critical to have an agent that can articulate the value of each as well as give you insight on the good, the bad, and the ugly when it comes to the realities of Minneapolis downtown real estate.  Give Ben Ganje a call at 612.460.5638 or email him at ben@yoururbanlife.com today for a market update or to schedule a tour!

Minneapolis condo penthouse on the market 521 7th St #704 Minneapolis MN 55415

  In the Minneapolis condo market it’s rare to find 3 bedroom or larger units available with outdoor space equal to half the size of the interior space.  Enter 521 7th St #704, Minneapolis MN 55415 which is for sale priced at $399,900.  There are 3 bedrooms, a media room and a den with views of the Mill District and Downtown Minneapolis.  The Wrapping around half of the unit is a rooftop terrace that is roughly 1000 square feet–the ultimate urban oasis to entertain guests with panoramic downtown views.

  For photos, listings, maps and details on the Sexton Lofts click here.

Using Minneapolis Light Rail

With spring finals wrapping up at the University of Minnesota, a major campus thoroughfare is closing next week for Central Corridor light-rail construction, Minneapolis officials said.

The closure of Washington Avenue starts Monday just after midnight and involves two sections: from Pleasant Street to Walnut Street and from Walnut Street to Oak Street.

The Washington Avenue Bridge over the Mississippi River will stay open through most of the construction, the city said, although some evening or weekend closures may be needed.

For information on the Central Corridor light-rail project, go towww.centralcorridor.org and click on “East Bank 2011 Construction Overview.”

Point Capital buys Sexton Lofts in Downtown Minneapolis

An East Coast private equity group is scooping up distressed and bank-owned condominiums in bulk in the Twin Cities, saying it’s so confident in the area’s economy that it will roll out its own mortgage program to make loans to qualified borrowers wanting to buy.

Point Capital Partners, based in Chatham, N.J., said it’s sinking about $70 million into four Twin Cities condo deals, two of which already have closed.

“We’re making a big bet on Minneapolis,” said Drew Preston, who manages Point Capital’s real estate fund. “The underlying economic trends that we’ve seen in Minneapolis are some of the strongest we’ve seen in the United States.”

In its most recent acquisition, Point Capital Partners bought the 77 remaining condos in the Sexton Lofts in downtown Minneapolis from owner Andy Chase. That deal closed March 24.

Chase, president of Burnsville-based Chase Real Estate, bought 74 of Sexton’s unsold units — more than half the building’s 123 units — out of foreclosure one year ago for about $4.5 million. He then bought three more units, added a new heating system and has been finishing off the conversion of the old commercial building, including completing the Sexton’s nine rooftop penthouse units. The work should be done in two months.

“We got a lot of stuff accomplished and now I think it’s time to go to the next level,” Chase said.

Preston wouldn’t say what he paid for the Sexton units, but said “we paid a significant premium” over the $4.5 million Chase paid.

The sale marks a bold new chapter for the Sexton, which has been clouded by the mortgage-flipping scheme that surfaced there in recent years. The scandal produced multiple convictions. Brett Thielen, a first-time developer who tried to complete the project, is serving a 27-month sentence for helping orchestrate the swindle.

The Sexton was Point Capital Partners’ second Twin Cities buy.

On March 17, the private equity group bought the 90 unsold units at the Gramercy Club of Edina — another well-known project with a tortured past — from Beal Bank Nevada. Point Capital plans to convert the senior co-op into condos, he said.

The group is scheduled to close next week on another bank-owned condo building in the Twin Cities, and has a fourth investment lined up, one that Preston called the largest. He declined to name the other two developments.

Little has been written publicly about Point Capital Partners. But according to its website, it’s a family of merchant-banking companies founded in 2003 and its private equity unit makes alternative investments in areas such as energy, health care technology and distressed real estate. It is principally owned by two classmates from West Point, from which the firm takes its name, Preston said.

Banks are generally unwilling to make mortgages for condos in buildings with heavy concentrations of units in foreclosure or that are sitting unsold or rented out, Preston said. The group aims to stabilize the troubled condo projects by providing financing so they can get the units sold at market rates.

“I’m not a fire-sale guy,” Preston said. “The value of the properties is dependent on the financing.”

Preston said his group will start listing five to 10 of the Sexton units next week.

“Minneapolis has great underlying demographics,” he said. “There’s a demand out there for this product.”

Mary Bujold, head of real estate research firm Maxfield Research Inc. in Minneapolis, said Point Capital’s type of financing play isn’t unheard of, but it’s the first time she’s seen it in the Twin Cities during this boom-bust cycle.

“Ultimately, I think it’s a smart move on their part,” she said. “It’s not really speculative as much as it’s kind of opportunistic.

By JENNIFER BJORHUS, Star Tribune

Minneapolis Loft Living

For true loft and condo living, it doesn’t get any better than this. Minneapolis has an ideal market for them, with a boom of housing centered around the convenience of Minneapolis’ new light rail or impressive renovations of old riverfront factories and working-class brownstones often being the hottest properties next to the new construction condos along the riverfront. The city is alive and classic styles, structural integrity, and prime location are the biggest draws here, and developers have worked hard to fill the demand.

Minneapolis Lofts and Condos Search

In addition to Sexton Lofts there are a number of buildings in the downtown market.  The reason we built this this website: to help you understand lofts versus condos and highlight some attractive lifestyles and price points for sale within Sexton Lofts.

About Downtown Resource Group

We are a unique group of Realtors focused on the Loft and Condo market, Downtown Resource Group is on top of the local real estate market, and you can access our resources right here. Whether you’re a buyer or seller, our custom Minneapolis Loft and Condo Search will help you compare prices across the city and get acquainted with sale trends.

To learn more about neighborhoods, and the interesting variety of condos and lofts available for sale on the Minneapolis market, see our comprehensive area information pages. When you’re ready to enter the market, please have a look at our many services for Buying, Selling, Financing, and Minneapolis Relocation. We’re ready to help with any Minneapolis loft or condo transaction.

Feel free to contact Ben Ganje with any questions, and enjoy our sites.

Where is Sexton Lofts located?

Located right at the edge of the downtown business district, Sexton Lofts is marketed to younger, downtown-oriented adults who are poised to inevitably make their mark on Minneapolis: “cool, cosmopolitan, connected, centered.” This conversion of an early twentieth-century structure is touted as offering “genuine and innovative” living spaces to complement the genuine and innovative lifestyles of its residents—who can keep track of one another from their balconies, which orient around a common court yard. The location is especially convenient for county workers, close to both HCMC and Government Center. The skyway system is only a block away, the Hiawatha LRT, two blocks. Although the units are modest in floor area, ceilings of up to 16 feet contribute to a dramatic feel, just the right atmosphere for future movers-and-shakers.  To schedule a showing anytime give Ben Ganje, Urban Realtor a call at 651.442.6161 or email him right here.