Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Minnesota > Minneapolis - St. Paul
 [Register]
Minneapolis - St. Paul Twin Cities
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-17-2015, 07:14 AM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,142,594 times
Reputation: 4401

Advertisements

Quote:
Originally Posted by northsub View Post
I would expect the housing construction to fall significantly in Minneapolis from 2012 and 2013 levels.

In 2012, Minneapolis permitted 3,303 units.
In 2013, Minneapolis permitted 3,322 units.
In 2014, Minneapolis permitted 1,959 units.
Through February in 2015, Minneapolis permitted 19 units.
Through February in 2014, Minneapolis permitted 64 units.
Through February in 2013, Minneapolis permitted 101 units.
Through February in 2012, Minneapolis permitted 403 units.

2012 and 2013 represented permit numbers that were vastly beyond anything Minneapolis had seen since 1996 (the oldest data I can find). I suspect that is totally unsustainable. It also should be pointed out that 2014 was the third highest permit number year for Minneapolis since 1996.

For the metro as a whole, the annual housing permits are:
2012: 11,493
2013: 12,033
2014: 11,444

So, the metro minus Minneapolis has seen an increase each year.

That being said, I don't know that I would put much stock in a report about condos in Minneapolis. There apparently haven't been any condos built in downtown Minneapolis for a number of years. But, the construction boom in Minneapolis looks to be ending. I'd also be a lot more concerned about Target laying off thousands of people downtown than a relatively small condo project.

I'm pulling numbers from here:
Building Permits Survey
All things come in cycles. I know developers were eager to see whether the vacancy rate would jump after a big bump in inventory from the first wave of projects, and it was relatively unscathed and still at a white-hot rate of 3%, and under in some micro-markets like the North Loop. As long as rates stay that low construction will continue. I have a pretty good read on what's in the current pipeline, and it's nearly 20,000 units recently completed, under construction, approved, or proposed.

There have been condos built downtown recently. Stonebridge was recently completed, the Portland tower on Portland and 8th is condos and that's under construction, and there are a slew of others.

*Edit: 20,000 units is for the entire city, not just downtown. Roughly half of those units are pegged for greater downtown.
Reply With Quote Quick reply to this message

 
Old 04-17-2015, 08:07 AM
 
5,340 posts, read 14,090,657 times
Reputation: 4699
Quote:
Originally Posted by rstzATX View Post
We've been strongly considering relocating to MSP from Austin, TX at some point in the future. Saw this and starting to get concerned about future MSP economy. They can't build enough high dollar condos in Austin, TX because the demand is so high in downtown Austin. Thoughts?

Developers cancel North Loop Minneapolis condo project - Minneapolis / St. Paul Business Journal
"They can't build enough high dollar condos in Austin, TX because the demand is so high". This will probably never be the case in MN.
To track the strength of the MN economy you will want to follow the construction trends of single family homes, not condos.
Reply With Quote Quick reply to this message
 
Old 04-17-2015, 03:35 PM
 
Location: Minnesota
198 posts, read 258,277 times
Reputation: 185
Quote:
Originally Posted by emcee squared View Post
I think that condo was too high priced for the amenities it offered. The North Loop is still booming, though.

I remember hearing there were only 50 or so condos for sale in downtown not too long ago.
Yeah, exactly. The prices were outrageous. This is not an indication of the Minneapolitan economy, there is certainly a demand. It was just a single project destined to fail.
Reply With Quote Quick reply to this message
 
Old 04-17-2015, 08:08 PM
 
413 posts, read 787,014 times
Reputation: 704
I'd argue that, all things considered, there is not a major metropolitan area in America that has a healthier economy than the Twin Cities right now.
Reply With Quote Quick reply to this message
 
Old 04-17-2015, 11:15 PM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,142,594 times
Reputation: 4401
Quote:
Originally Posted by TimtheGuy View Post
"They can't build enough high dollar condos in Austin, TX because the demand is so high". This will probably never be the case in MN.
To track the strength of the MN economy you will want to follow the construction trends of single family homes, not condos.
Right, because Austin isn't a Midwestern/Plains city surrounded by dirt and farmland in all directions....

It's because of the traffic and the continued obsession with the city of Austin and its job base, and thankfully at least the traffic isn't nearly as bad in MSP -- probably because it grew at a healthier clip than Austin has been. Growth isn't the be-all and end-all it's made out to be.
Reply With Quote Quick reply to this message
 
Old 04-18-2015, 01:28 AM
 
Location: Minneapolis, Minnesota
1,912 posts, read 2,067,334 times
Reputation: 4043
Quote:
Originally Posted by Min-Chi-Cbus View Post
It's because of the traffic and the continued obsession with the city of Austin and its job base, and thankfully at least the traffic isn't nearly as bad in MSP -- probably because it grew at a healthier clip than Austin has been. Growth isn't the be-all and end-all it's made out to be.
I was in Austin last year for SXSW, and I was surprised by how...completely unremarkable of an urban experience one finds there. It's a lot like the other major Texas metros in that it looks like there was no zoning or urban planning really implemented, so you see incongruous types of modern development mishmashed together with no rhyme or reason. It's messy and chaotic.

Other than mild winters, I guess I just don't see the appeal of the place.
Reply With Quote Quick reply to this message
 
Old 04-18-2015, 08:50 AM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,142,594 times
Reputation: 4401
Quote:
Originally Posted by jennifat View Post
I was in Austin last year for SXSW, and I was surprised by how...completely unremarkable of an urban experience one finds there. It's a lot like the other major Texas metros in that it looks like there was no zoning or urban planning really implemented, so you see incongruous types of modern development mishmashed together with no rhyme or reason. It's messy and chaotic.

Other than mild winters, I guess I just don't see the appeal of the place.
Yep, you got it! It's highly overrated on a lot of accounts, but it's also rated so highly that it's almost impossible not to disappoint. It's a very fun city, for sure, but I don't get the level of hype it receives. I think what truly hurts it is how fast it's growing -- if it could slow down enough for infrastructure and other systems to get set up for the population it's serving I think Austin could be a really great city.
Reply With Quote Quick reply to this message
 
Old 04-18-2015, 10:12 AM
 
1,188 posts, read 1,456,872 times
Reputation: 2110
Austin is weird. Austinites talk about it like it's some cool small college town, but really it's a big, sprawling city. The population is larger than the cities of Minneapolis and St. Paul combined. It is more like a mini Houston than a big Northfield.
Reply With Quote Quick reply to this message
 
Old 04-21-2015, 06:48 AM
 
Location: Limbo
6,513 posts, read 7,518,817 times
Reputation: 6319
Since we're on Austin, it is a fun city. I think I would enjoy living there in my twenties, but move once I get more serious with a career.

The traffic, though....
Reply With Quote Quick reply to this message
 
Old 04-21-2015, 12:25 PM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,142,594 times
Reputation: 4401
Quote:
Originally Posted by tjasse View Post
Austin is weird. Austinites talk about it like it's some cool small college town, but really it's a big, sprawling city. The population is larger than the cities of Minneapolis and St. Paul combined. It is more like a mini Houston than a big Northfield.
The population of the City of Austin is larger than the Cities of Minneapolis and St. Paul, but not the metro area. Also consider that the City of Austin is about 272 square miles in size (Source), compared to Minneapolis + St. Paul, which is about 115 square miles when added together. That's why many people refer to MSA's (Metropolitan Statistical Areas) or UA's (Urbanized Areas) when comparing different cities.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Minnesota > Minneapolis - St. Paul

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top