My Condolences to Renters.... (apartment, homebuyer, move to)

[Staggerlee666]

Originally Posted by Ursicinus

I guess it depends where exactly you're looking, but I can think of half a dozen places like this off the top of my head in Minneapolis alone (I live in one of them). And if you're used to NYC, where you pay $2,000 a month to share an apartment with 4 people you just met, in a building in Brooklyn where the hallways and stairwells look like prison bathrooms, the options in Minneapolis should look astoundingly cheap and comfy to you, as well.

There are options but I am saying that the Minnesota thriftiness and modesty does not work well to attract out of town talent, who are used to more luxury accommodations. A lot of housing in the area is pretty drab, old and ugly. Developers need to step up and offer new construction with good prices. Right now there seems to be a lot of demand but not enough supply, hence why crappy houses built in the 50's go for $500K and more. Are you kidding me?

[mr roboto]

Originally Posted by Staggerlee666

Me and my wife moved here from NYC. We are used to paying good money for a LUXURY apartment with amenities, 24 hour concierge service, package service, dry cleaning, etc. Not enough of these type of buildings in the Twin Cities and you have to offer that if you want to attract people from other parts of the country such as Chicago and NYC that are used to luxury buildings. We sure as hell don't want to live in a run down brownstone with radiators and street parking. Wake up Minneapolis, if you want your city to be a world class city you have to step your game up.

Lol. So much one could say to this. But I'll just leave it.

[Minntoaz]

Originally Posted by Staggerlee666

There are options but I am saying that the Minnesota thriftiness and modesty does not work well to attract out of town talent, who are used to more luxury accommodations. A lot of housing in the area is pretty drab, old and ugly. Developers need to step up and offer new construction with good prices. Right now there seems to be a lot of demand but not enough supply, hence why crappy houses built in the 50's go for $500K and more. Are you kidding me?

You can thank the hipsters who LOVE these type of places. They gobble them right up. Heck Let's take a look at Williamsburg. Prime example of what is going on in Minneapolis. Also Edina is building luxury apartments, check those out. Minneapolis has some luxury downtown as well. Obviously nothing like the volume of luxury apartments in Manhattan but considering the population in Minneapolis is about 400k compared to 1.7 million it's understandable.

[Ursicinus]

Originally Posted by Staggerlee666

There are options but I am saying that the Minnesota thriftiness and modesty does not work well to attract out of town talent, who are used to more luxury accommodations. A lot of housing in the area is pretty drab, old and ugly. Developers need to step up and offer new construction with good prices. Right now there seems to be a lot of demand but not enough supply, hence why crappy houses built in the 50's go for $500K and more. Are you kidding me?

Just curious, when was the last time you looked? There's a ton of new construction (for better or worse) apartments all over Minneapolis, in particular downtown and Uptown. Every single one of them offers the exact kind of amenities you seem to be talking about: package delivery, drycleaning pickup, 24 hour security, modern workout facilities, keycard entry, and so on.

There are other options of course, but if someone's looking for this kind of place, there are plenty of them, and compared to prices in NYC, they're practically free.

[Staggerlee666]

Originally Posted by Ursicinus

Just curious, when was the last time you looked? There's a ton of new construction (for better or worse) apartments all over Minneapolis, in particular downtown and Uptown. Every single one of them offers the exact kind of amenities you seem to be talking about: package delivery, drycleaning pickup, 24 hour security, modern workout facilities, keycard entry, and so on.

There are other options of course, but if someone's looking for this kind of place, there are plenty of them, and compared to prices in NYC, they're practically free.

Maybe it came out wrong. There are certainly places that fit that profile, I live in one of them. Personally I would have liked even more choice. Sorry but that's the only way this city is going to get cheaper rents. There has to be more supply. But it's on the upswing and a lot of new construction is happening. Stuff like this attracts talent and money to the city. People are already scared of relocating to Minne because of the brutal winters, but if they come here and all they can find is an old moldy depressing utilitarian apartment or house, they are gonna leave.

[demtion35]

Originally Posted by Staggerlee666

Maybe it came out wrong. There are certainly places that fit that profile, I live in one of them. Personally I would have liked even more choice. Sorry but that's the only way this city is going to get cheaper rents. There has to be more supply. But it's on the upswing and a lot of new construction is happening. Stuff like this attracts talent and money to the city. People are already scared of relocating to Minne because of the brutal winters, but if they come here and all they can find is an old moldy depressing utilitarian apartment or house, they are gonna leave.

Actually a lot of people come here for the winter season, most of the people that do not move to the region simply do not like winter, so they tend to stay away from North and South Dakota, Minnesota, Iowa, Wisconson and Michigan/staying away from areas that have colderish winters, but the winters in Minnesota are a huge plus for most.


Winter is embraced by most hardy folk, the driving, shoveling, sleding, hiking, watching the moon, star gazing, surfing, scuba diving, fishing, skiing, ice climbing, and the list goes on, campfires, camping, bird watching, exploring, midnight hikes, listening for wolves, feeding birds, watching eagles. The list is endless why people come to Minnesota for the winters season. Many people move here just for the four seasons.

[Teak]

Originally Posted by Mason3000

There was an interesting article in the Pioneer Press about a company called Blackstone Financial a while back. They targeted the twin cities and swept in buying up hundreds of homes.

It is probably Blackstone Group LP which announced last fall its intention to get into the Real Estate Investment Trust (REIT) business. That is good for investors, but not so good for home buyers or renters. Big money coming in tends to remove the arbitrage opportunities of smart renters/buyers who were more informed than the general public.

https://www.bloomberg.com/news/artic...5-billion-fund

I myself invest in a REIT that is global. It is a good way to obtain passive income without the hassle of managing the properties oneself or having enough money to buy something oneself outright.

[Teak]

Originally Posted by Staggerlee666

Maybe it came out wrong. There are certainly places that fit that profile, I live in one of them. Personally I would have liked even more choice. Sorry but that's the only way this city is going to get cheaper rents. There has to be more supply. But it's on the upswing and a lot of new construction is happening. Stuff like this attracts talent and money to the city. People are already scared of relocating to Minne because of the brutal winters, but if they come here and all they can find is an old moldy depressing utilitarian apartment or house, they are gonna leave.

You made some very good points. One other problem is that the skyways in St. Paul have been taken over by vagrants and that works against the goal of having a "vibrant" downtown night life.

Meeting on St. Paul skyway safety draws unhappy crowd

[Minnesota Spring]

Originally Posted by Teak

You made some very good points. One other problem is that the skyways in St. Paul have been taken over by vagrants and that works against the goal of having a "vibrant" downtown night life.

Meeting on St. Paul skyway safety draws unhappy crowd

Who takes the skyway at night? I usually take the streets at night because having the skyways become a creepy place after dark is just an automatic assumption on my part.

[Thedosius]

The Twin Cities "is first in retaining those with a bachelor’s degree or higher among the nation’s 25 largest regions." "Insufficiently Luxurious Living Abodes" does not register in the data as to why people leave, but the cliquish insularity certainly does.

https://www.minnpost.com/politics-po...em-twin-cities

Luxury apartment development has been booming in the Twin Cities for several years now, which means that it has not caught up with demand. I suspect that the demand will be 'caught up' with over the next year or two and we might soon enter a period of 'lower cost' high-end luxury as I'm sure developers will over-build.