Buying a Condo or Loft Downtown Minneapolis

How to Buy a Condo or Loft Downtown Mpls

Flour Sack Flats Minneapolis, St. Anthony Main Condo

Search Minneapolis Condos and Lofts Here

Many folks interested in buying real estate downtown Minneapolis, first-time home buyers especially, sometimes lack the knowledge to determine what they can afford when it comes to buying a condo or loft and often inquire how the purchasing process actually works.  Below is a list of steps outlining how the condo purchase process works:

  1. Start by getting pre-approved by your bank or a mortgage broker. Understanding what you can afford gives you a starting point and a price window to search within.                                                                      
  2. Find a Realtor that specializes in the market of real estate you are interested and be sure it is someone you feel comfortable with. I usually suggest to line up an interview to make sure it is the right fit.  Talk to your Realtor about what you are and are not looking for in a property. You DO NOT want to run around to every condo on the market in Minneapolis.  Depending what you are looking for your realtor should help you narrow down what fits your needs and wants without spinning your wheels.  I always offer our “Buyers Concierge” which lists questions that will help identify what it is the buyer is looking for.  DRG Buyers_Concierge (Updated 11-2009) Email this form to me at Mike@DrgMpls.com or fax to 612-777-8020 (Attention: Mike Seebinger), if you are interested in interviewing myself for the position of your Realtor.
  3. Now the shopping begins! This is the fun part.  Once you’ve been pre-approved for a loan and you have found your downtown condo specialist, your realtor will then begin showing you properties within your parameters.
  4. Take notes while on the showings. Think about the location (1st and foremost), building amenities, take into consideration future value, the unit floor plan and of course the list price.
  5. Once you’ve found the condo or loft you would like to buy have you Realtor run a market analysis to determine what the condo or loft is actually worth. 
  6. Assuming the numbers from the market analysis look good “let’s make an offer”!  Your Realtor should now go through the offer paperwork, known as the Purchase Agreement, and explain the contract in detail.  If you had any unanswered questions going into the offer process this will be a good time to get them answered.  If you still have questions you can always have a lawyer review it as well.
  7. Your downtown Minneapolis Realtor will then submit the offer to the Listing (Selling) agent who will then contact the seller to review the offer and the negotiations begin.
  8. At the point where the buyer and seller have come to an agreement regarding the price and conditions the deal is now legally binding unless there are other conditions written into the contract.
  9. Typically the buyer will now schedule their inspection and next the appraisal.  The Seller will also give the buyers the condo documents containing the rules, regulations, by-laws, articles of incorporation and budget.  The buyer will have 10 days to review and rescind their offer if anything in the documents does not sit well with the buyer (pet limits in condos, unhealthy looking budget, ect.)
  10. After your loan has final approval and all contingencies are removed the buyers have the right to a final walkthrough of the property to insure that everything is the way the contract stated (bank deals can be different in this regard).
  11. Closing Time!!  It is time to move. The buyer is allowed occumpancy after the buyer and seller meet with their respective title company or lawyers to exchange the property keys for payment. The title of the property is then switched over from the seller to the buyer and the buyer is then given entry and ownership to the property.   

Buying a condo or loft downtown Minneapolis is an exciting process. It can also be a stressful and complicated process so it’s important to hire a Realtor you are comfortable with and trust.  As you know, buying real estate is one of the largest investments you will make.

I would love the opportunity to sit down and answer your questions.  If you are considering buying or renting downtown Minnepaolis please contact me with time and phone number or email most convenient to reach you.  Feel free to also fill out the form on right hand side of this page. 

Two Mill District Condos With Tremendous Outdoor Space

Looking for a Condo or Loft but don’t want to give up your outdoor space? I have two excellent solutions in 2 very different buildings in Minneapolis’ Mill District.

Riverwest, $259,900, 1+Den: Request Information on This Listing


Located on the Minneapolis riverfront the well appointed condo has over 600 sq ft of patio space with city views! The floor plan is a less common 1+Den which will come up as a 1 bedroom online, due to the lack of categories on the MLS search engine. Elevated from street level this unit is secure and has excellent views of the downtown skyline. Storage is also key when moving into a condo and this unit has a large closet storage unit conveniently located right outside of the unit door. The amenities in the building are also excellent, equipped with; newly renovated gym, one of the very few outdoor pools downtown, party room with pool table and large flat screen TV, and gourmet kitchen in the lobby area for entertaining larger dinner parties or events. The location doesn’t get much better. Riverwest sits on the Minneapolis riverfront with access to running trails, stone arch bridge, restaurants and is located just across the bridge from downtowns grocery store, Lunds.

Address: 401 1st St #114, Minneapolis MN 55401
List Price: $259,900
Association Dues: $376 – Includes; AC, Heat, Water, Sewer, Trash, Cable, Pool, Gym, Party Room, Parking, Professional Management, Security Staff, Snow/Lawn Care
Sq Ft: 1095
Bedrooms: 1+Den
Bathrooms: 1
Parking: 1 (with the option for a second)
Storage: Yes
Patio Space: 600 Sq Ft

Powered by Cincopa WordPress plugin

 

Bridgewater, $309,900, 2 Bed/2 Bath: Request Information on This Listing


Location, location, location….and a very large patio space. Do you like the idea of waking up Saturday morning, grabbing a cup of coffee from the market within your building, walking 1 block to the Mill District Farmers Market, grabbing a quick lunch at one of the many restaurants within blocks of the complex, taking a walk along the riverfront, stopping back home to take a nap, walking 1 block to one of the best sea food restaurants downtown in the new Guthrie Theatre, and then wrapping up your evening with a bottle of wine from the Sorella Wine Shop on the first floor of your building?? Well then this is the spot. Not only is the location excellent but Bridgewater, has done an excellent job filling the commercial level of their building i.e. pizza place, wine shop, vet, florist, gym, market and more. This unit is a 2 bed/2 bath has over 230sq ft of patio space and is only one of a handful of units like it in the building. Open living room design, extended kitchen counter-breakfast buffet and patio space are all great entertaining features that will support your new downtown lifestyle. Currently this unit is the least expensive 2 bedroom/2 bathroom in the Bridgewater development!

Address: 215 10th Ave S #215, Minneapolis MN
List Price: $309,900
Association Dues: $345 – Includes; AC, Heat, Water, Sewer, Trash, Cable, Pool, Gym, Party Room, Parking, Professional Management, Security Staff, Snow/Lawn
Sq Ft: 1251
Bedrooms: 2
Bathrooms: 2
Parking: 1
Storage: Yes
Patio Space: 230 Sq Ft

Powered by Cincopa WordPress plugin

Looking for a Condo or Loft in the Mill District?

I will send you a detailed list today

Follow me on Twitter and Facebook for more Content like this!

2 Bed, 1 Bath Corner Unit with Balcony for Only 199,900!!

2 Bed, 1 Bath Corner Unit with Balcony for Only 199,900!!
You will be hard pressed to find this nice of a 2 bedroom condo downtown Minneapolis for under 200k.

Address: 1800 Clinton Ave S #208, Minneapolis MN 55404
Price: 199,900
Dues: 234
Bedrooms: 2
Bathrooms: 1
Parking: 1
Square Ft: 1167
Built: 2005

Don’t miss this South East Corner unit with tons of sunlight, fantastic location, easy access around town and near coffee shops, restaurants, and parks. Large balcony, community room that is awesome for entertaining, great layout and is priced to sell at 199,900!

Request Information on This Listing | More Listings

Distance to Target: 5 minute bike ride, 5 Minute Drive, 19 minute walk

 :

Request a Tour: http://www.minneapolis-loftandcondo.com/tour.asp

Home | About Mike | Our Listings | Condo & Loft Search | Condo & Loft Tour
 Neighborhood | Contact Us

For More Information contact:

Mike Seebinger
Urban Realtor
Downtown Resource Group – Urban Real Estate
Buying I Selling I Leasing l Management
700 Washington Ave N, Suite #101
Minneapolis, MN 55401
612.807.4958 (C)
612-777-8005 (O)
612-777-8020 (F)
www.Minneapolis-LoftandCondo.com
www.MikeSeebinger.com

“WE LOVE MINNEAPOLIS”

Who Is Saying It is Time To Buy a Home? EVERYONE!

Who Is Saying It is Time To Buy a Home? EVERYONE!

by The KCM Crew on September 21, 2010

Enough with the doom and gloom about homeownership.” – WSJ 9/16/2010

WOW! If that quote was attributed to the National Association of Realtors or the National Association of Home Builders, it would have been quickly dismissed. However, it was the Wall Street Journal that was calling for the end of the ‘doom and gloom’ talk surrounding real estate.

We are finally seeing a powerful backlash to all the recent claims that homeownership should never have been part of the American Dream. It is about time!

We have been posting on the financial advantages and the other non-financial benefits of homeownership for over a year. We must admit that, at times, we felt very lonely. It now seems that we are part of an ever growing army of believers preaching the advantages and opportunities available in today’s real estate market. Who have joined this cause? Let’s name a few.

The Wall Street Journal

In an article last week, 10 Reasons To Buy a Home, Brett Arends reported:

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough.

He then posted 10 reasons to buy a home today:

  1. You can get a good deal.
  2. Mortgages are cheap.
  3. You can save on taxes.
  4. It will be yours.
  5. You’ll get a better home.
  6. It offers some inflation protection.
  7. It’s risk capital.
  8. It’s forced savings.
  9. There is a lot to choose from.
  10. Sooner or later, the market will clear.

The Nation’s Real Estate Pricing Expert

Karl E. Case is a professor emeritus of economics at Wellesley. Professor Case is also co-creator of Standard & Poor’s Case-Shiller House Price Index and is recognized as the one of the foremost authorities on real estate today. In a New York Times op-ed piece earlier this month titled, A Dream House After All, he said:

I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in. That dream is still alive.

Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy.

But for people with a more realistic version of the American dream, buying a house now can make a lot of sense.

The Wealthy

The only segments of the housing market that are showing sales growth are the price points over $1 million. That market is up 6.1 % in the second quarter of this year vs. the second quarter last year. A recent survey showed that over 30% affluent buyers are planning to either build/buy a new primary residence or a second/vacation home in the next twelve months. It appears the wealthy believe now is the time to buy!

Everybody Else

Fannie Mae just released their National Housing Survey. The survey reported:

  • 82% of respondents consider homeownership important to the economy, up two points from January.
  • 70% of respondents think it is a good time to buy a house (of which 36% think it is a very good time to buy), up six points from January. This is also four points higher than the 2003 survey – well before home prices peaked – when 66 % said it was a good time.

Bottom Line

Our iconic financial newspaper, our nation’s real estate pricing expert, the wealthiest people in the country and 70% of everyone else think now is the time to buy a home. It probably makes sense to listen to them.

First-Time and Repeat Buyer Tax Credit Explained-You Tube Video

YouTube Preview Image

Keep in mind that the tax credit is about to expire April 30, 2010.  On November 6, 2009 President Obama signed into law new legislation that extends the first-time home buyer tax credit beyond its Nov. 30 deadline and expands it to a wider group of home buyers. This video explains the facts and answers many home buyer questions regarding the tax credit. You can also get even more information by visiting www.federalhousingtaxcredit.com

Downtown Minneapolis Home Owners are off to a Bullish Start for the Month of February

Downtown Minneapolis home owners are off to a bullish start for the month of February with a 37.1% increase in condo/home listings.  In February, 2009 there were 97 homes listed downtown compared to the 133 this past February.  Overall new listings are actually down year to date by -5.7% due to a slow January.  I suppose it is all about timing.  The Twins have their opening day only weeks away and there has been a real buzz downtown so the spike is not surprising.

The month of February had a decrease in sales of -12.9% compared to the previous year but the average sales price has jumped 28% from $250,000 to $320,000. There are some interesting things going on and I expect a busy 2nd quarter. MAR has provided some helpful statistics through their monthly market update referred to as ‘The 100′. 

The link below will take you to Hennepin county’s stats. If you would like up to date market statisitics for your neighborhood or are just interested in what your home is worth contact me and I am happy to run numbers!

http://www.mplsrealtor.com/downloads/the100/Minneapolis.pdf

**These numbers do not include the activity in March 2010

Beautifully finished 212 Lofts 2.5BR, 2BA with very unique floor plan available for lease in late May.

212 Lofts MinneapolisBeautifully finished 212 Lofts 2.5BR, 2BA with very unique floor plan available for lease in late May. This one of a kind unit has large foyer, hardwood flooring throughout living space, upgraded lighting package, granite countertops, stainless steel appliances, fireplace, balcony, and full master suite with huge walk through closet and built in organizers. 212 Lofts offers a fitness center, indoor heated parking, professional management. Included in the rent are two parking stalls, basic cable, and all utilities except electric.

Listing Type: Rent
Property Type: Condo
Price: $2,495
Interior Size: 1760 sq. ft.
Bedrooms: 2.5 room(s)
Bathrooms: 2 room(s)
Garage Size (# of cars): 2

Amenities:
Living Room, Dining Room, Fireplace, Balcony, Security System, Garage Door Opener, Walk-In Closets, Central Air, Master Bedroom, Gourmet Kitchen