urbanMSP

Yup...if you can find a decent unit at a good price downtown...snag it, that value will be increasing. Most are selling before they hit MLS. Unless we get a huge amount of new supply...it's going to be getting expensive all around. We will see if we see some big flips of some of these new apartments to condo.

My friend owns a one-bedroom condo unit at the ground floor with a backyard and patio and its price has stayed flat around $100K. There's nothing inherently wrong with the unit, except it's in a building that was built in the 1970's. The biggest reason the value has stabilized is because the HOA fees have more than doubled to $600/month.

I don't think Downtown is on the cusp of a transition such that new development is sending a signal that it's an OK place to live. That ship has sailed.

Yup...if you can find a decent unit at a good price downtown...snag it, that value will be increasing. Most are selling before they hit MLS. Unless we get a huge amount of new supply...it's going to be getting expensive all around. We will see if we see some big flips of some of these new apartments to condo.

My friend owns a one-bedroom condo unit at the ground floor with a backyard and patio and its price has stayed flat around $100K. There's nothing inherently wrong with the unit, except it's in a building that was built in the 1970's. The biggest reason the value has stabilized is because the HOA fees have more than doubled to $600/month.

Yeah, 600/month on a 100k unit is a problem. This is why the units in Summit house, for example, stay so cheap...out of control HOA fees (must be very expensive to maintain). You would almost think it is a co-op looking at the prices, but it isn't. Most HOA fees there are over 700. There are always exceptions. Anyway, sorry this is way off course:)

I bought my place for under 90k and pay $500 per month for HOA. This is a 1500 sq ft unit in a brownstone building from the mid 19th century, with a garage out back, though. takes a lot to keep it maintained.

Drove by this evening. Well over half the building is gone.

20160910_163354 by grant.simons, on Flickr

Market is there -no question. If the rumors are true, he is financing these projects himself so the risk is largely on him. I don't know who the general contractor is but assuming that it is the same one on all of the projects there is a certain level of trust/agreement/legal connectivity etc. I believe Oertel Architects do all of his projects as well so the same thing applies. Stanton kind of has this city cornered because he is sitting on a pile of cash (presumably) and a bunch of proven projects and there is no competition since everyone else seems to have been blown away by the condo crash, he's the last one standing. What will be interesting is if anyone tries to turn these l@xury apartment projects into condos and meet with lower STC ratings (between units/between floors) and run into the issues that cause the litigation that everyone is so afraid of to even develop condos.

They've moved from demo to pile driving, so this one's officially under construction now. Almost immediately after the Portland Tower wrapped.

The crane is up on this now! This thing is going to look massive compared to everything around it.

2nd crane went up today.

Market is there -no question. If the rumors are true, he is financing these projects himself so the risk is largely on him. I don't know who the general contractor is but assuming that it is the same one on all of the projects there is a certain level of trust/agreement/legal connectivity etc. I believe Oertel Architects do all of his projects as well so the same thing applies. Stanton kind of has this city cornered because he is sitting on a pile of cash (presumably) and a bunch of proven projects and there is no competition since everyone else seems to have been blown away by the condo crash, he's the last one standing. What will be interesting is if anyone tries to turn these l@xury apartment projects into condos and meet with lower STC ratings (between units/between floors) and run into the issues that cause the litigation that everyone is so afraid of to even develop condos.

Besides the older brownstones, was there many condos built with wood? NO chance in hell I would by a condo in a stick frame building.

Those condos at Nicollet and Franklin are stick, right? Seems like they've had a lot of problems.

Flour Sack Condos in Marcy Holmes are stick built, too.

I'd definitely be skeptical of buying a stick-built condo—not just maintenance but also noise.

My 1906 condo is stick. Noise isn't crazy. Still standing.

my 1880's condo is stick as well

My 1906 condo is stick. Noise isn't crazy. Still standing.

Your building has a roof, with overhangs. Water is less of an issue. Lots of old brick &stick buildings have the same problems, especially at the windows & parapet where water penetrates behind the brick and rots out the masonry connectors. Most new sticks doesn't breath and you end up with Le Parisian or Loop Calhoun where the wood rots out.

My 1906 condo is stick. Noise isn't crazy. Still standing.

Your building has a roof, with overhangs. Water is less of an issue. Lots of old brick &stick buildings have of problems, especially at the windows & parapet where water penetrates behind the brick and rots out the masonry connectors. Most new sticks doesn't breath and you end up with Le Parisian or Loop Calhoun.

No. It actually does not. It has a flat roof with no eaves. Le Parisian does have a roof with over hangs though. The roof usually has very little to do with it.

I worked in the masonry industry for 11 years, with my family's business. I know more about moisture intrusion than probably anyone on this board.

Is your argument is that you don't like poorly maintained stick buildings or with incorrectly installed windows, not that stick is inherently the culprit?

Not doubting your knowledge whatsoever, just the premise of the argument. Comparing the construction of a 1906 building and something today is not apples to apples. If I were buying into an old building, I'd have my inspector pay special attention to the exterior if it's brick veneer. And if it were a new building, moisture test the f*ck out of every goddamn corner.

(Thought you were in the columnedbuilding in the middle of the block with the gabled roof, whoops)

I could be wrong, but weren't those buildings built about a 100 years ago built with timbers vs the cheap 2x4 and 2x6 crap they build them with now? I would much rather buy a 100 year old condo vs a new stick built one. Quality just seems a lot better.