New construction inventory is low, and if you’re in the market for a new condo in or around downtown Minneapolis, be prepared to pay a premium. As of now, the only new construction condo units in downtown Minneapolis are listing for as much as $940,000, which is just over $700,000 above the median home value in the city right now.
According to a recent report from the Minneapolis/St Paul Business Journal, about 42 condos of the 112-unit Portland Tower are currently occupied, while another 18 units are set to close sometime in the near future. Sales agents at the building are estimating Portland Tower will sell out in the next 12 to 14 months, leaving an even tighter inventory for potential buyers to choose from moving forward should such projections come to fruition.
Recognizing the need and the strong demand for condos, local developers are looking to build more condo residences around Minneapolis and are currently working to bring 600 more units to the city sooner rather than later. But even if all goes according to plan, construction for these new projects won’t be finished up for another two years at the very earliest.
It is worth noting that entry-level condos at Portland Tower start at around $300,000, but with buyers having snatched up most of lower priced units by now, availability for condos in the $300,000 to $400,000 is extremely limited.
If you’re interested in new construction condos for sale around Minneapolis, contact The Kris Lindahl Team today for help with your search, or to schedule a private tour of an available unit or building you’d like to see in person!