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Old 06-21-2011, 10:14 PM
 
Location: St Paul
7,713 posts, read 4,747,294 times
Reputation: 5007

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Quote:
Originally Posted by MSMCGirl View Post
Thanks for all the feedback! I ended up putting my townhouse in the north metro up for lease (1 year min) and it received applications from the first two people that looked at it. It basically was rented out in 1 day. Lease has been signed. It more than covers my mortgage and home owners association fees. Wow. I was prepared to lower the asking price (rent) but it went so fast? I'm just happy it's rented out and I can move! Would NEVER be able to sell in this market (unless I want to lose $50k+!)
Awesome news, congrats!!
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Old 06-21-2011, 11:49 PM
 
1,816 posts, read 3,027,779 times
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Originally Posted by west336 View Post
I think that'll soon change. A 3% neighborhood vacancy (that is for sure for Uptown) and new rents charging $1000-$1200 and up is going to swing a lot of demand back to those older 1900's brownstones that currently go for pennies on the dollar. That's just my guess. If I were investing in the area right now, that's an area I'd be focusing on -- cheap apartments next to luxury developments.
I really hope they don't all get snatched up and have their prices jacked. I'd love to be roughly in Uptown after I leave the U, but I know I'll need a cheap apartment (and from what I've seen, there are actually quite a few decent ones with very attractive prices).
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Old 06-22-2011, 08:58 PM
 
Location: Twin Cities
302 posts, read 727,007 times
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Originally Posted by Mason3000 View Post
Awesome news, congrats!!
Thank you!
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Old 06-23-2011, 06:31 AM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,190,713 times
Reputation: 4407
Quote:
Originally Posted by xandrex View Post
I really hope they don't all get snatched up and have their prices jacked. I'd love to be roughly in Uptown after I leave the U, but I know I'll need a cheap apartment (and from what I've seen, there are actually quite a few decent ones with very attractive prices).
New construction adds more supply to an area that has high demand.....so more supply is built to meet demand and that should also put less pressure on price increases. Your best friend for low rents right now is new construction AND a soft economy.

....BUT, something is causing the new demand for apartments in Uptown (perhaps the 3% vacancy rate), so there must be a market in that sub-market for investors to make money. But like I said, more inventory usually helps ease supply shortages.
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Old 06-24-2011, 09:13 AM
 
1,816 posts, read 3,027,779 times
Reputation: 774
Quote:
Originally Posted by Min-Chi-Cbus View Post
New construction adds more supply to an area that has high demand.....so more supply is built to meet demand and that should also put less pressure on price increases. Your best friend for low rents right now is new construction AND a soft economy.

....BUT, something is causing the new demand for apartments in Uptown (perhaps the 3% vacancy rate), so there must be a market in that sub-market for investors to make money. But like I said, more inventory usually helps ease supply shortages.
A soft economy might be great for finding a place to live, but I'm sure not going to enjoy it when I enter the job market next summer!
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