Will the Minneapolis/St. Paul area ever recover from the riots? Or has it already? (foreclosure, buyers)

[wamer27]

Originally Posted by TheGrandViking

https://realinvestmentadvice.com/wor...te-valuations/

The largest WFH segment is those workers living outside of cities and working from home but not relocating. A survey of 238 corporations reported that 44% of their employees work from home currently.

Understanding this historic migration requires a review of a variety of different factors. So, we will examine six major migration events, business losses, and work style changes which are likely to impact commercial real estate values:

Professionals Who WFH Buy Distant Homes
City Properties Lose Value
City Based Small Business Sales Decline 40 – 50%
The Commercial Real Estate Unwind
Regulators Are Concerned About Commercial Real Estate Debt
Cities Will Have A Long Transformation
We will start our analysis by examining the suburban boom as professionals move to less expensive regions looking for more living space.



If you read the article and understand the point, this will explain part of what major cities are probably going to go through. I have no idea if Target is fixing to move based on taxes, but they are clearly saving some money based on the anticipated future work environment with a hybred component of home/office division. I am not seeing how liberalism is part of the decision making process.

I would find this to be COVID related. There were things happening downtown within the last few years that big companies wouldn’t like, but what other options would one have for huge spaces needed? Now everyone was forced to work from home and companies realized they don’t need the giant expenses involved in housing many employees. I would not want to be in commercial real estate ownership/leasing now and going forward.

[shinestx]

Spent weeks in Minneapolis back in '98, it was such a beautiful place. Was there last August and it was such a sad damaged and dispirited place. Many parts truly reminded me of Detroit. Now I didn't make it over to StP this time, it was a nice city but at the time much smaller than Mnpls. I hope Mnpls can rebound, but I fear its future is bleak. The elected leaders don't seem up to the task. So has the local media in Mpls-StP done any sort of analysis to gauge the support for the officials by the actual residents? If they're still popular, why? If not, who has been funding their campaigns? Basic information for the locals can go a long way in determining whether they want to continue down this road.

[lalife]

Minneapolis is done. I live here and planning on getting out and may leave the state before retirement just to be done with it already. Covid is holding me back at this time. Why live in an expensive city with freezing winters, high violent crime, high taxes etc. I just don't see the political climate changing towards sanity. This will be a frog in boiling water situation and people may eventually wake up. I thought the riots would have woken people up, but no... They will keep voting for those bent on destroying this once great city. Plus, there is corruption in the voting process with ballot harvesting. Give it a few more years and maybe people here will finally get it and then move out! Also, I can't see continuing to pay taxes just to see large amounts of money paid out for these police / criminal situations. This will only continue and I see riots as the new normal in this city also. Who the hell wants to live with that!! I am just glad that I don't own property here and will be able to leave fast once the opportunity arises. What stuns me is that, houses are still selling pretty fast in South Mpls. I don't get it AT ALL!! Maybe investors are buying all of these houses, I don't know. I can't see a sane family wanting to move in. If I had owned a house or condo, it would have been on the market last summer....

[Motul86]

Im closing on my condo on S. Mpls in a week. Had to bid above asking price! Super competitive market. To all these doomsday people: go. Go to your suburbs, or move to another town, no one forces you to be here, as no one forces me to stay, but I do so gladly.

I love this city and don't give a damn that it's going through a rough phase. I actually see it as an opportunity, as the saying goes: when there's blood on the streets, buy, buy, buy.

All cities are going through **** right now, but cities are here to stay. No one under 40 wants to live in suburbs anymore.

[bigfatdude]

All cities are going through sh*t right now but while some might have accidentally stepped on a week old turd Minneapolis fell into an ocean of diarrhea. Seeing an increase in shootings in the ghetto is one thing, having nonstop robberies, shootings and carjackings in $20 burger, Starbucks and Apple Store land is an entirely different beast.

Also, what do you think will happen when it turns out everyone’s favorite tax-dodging, overtime-abusing sh*thead isn’t responsible for St Fentanylus overdosing on his own wares?

Originally Posted by Motul86

Im closing on my condo on S. Mpls in a week. Had to bid above asking price! Super competitive market. To all these doomsday people: go. Go to your suburbs, or move to another town, no one forces you to be here, as no one forces me to stay, but I do so gladly.

I love this city and don't give a damn that it's going through a rough phase. I actually see it as an opportunity, as the saying goes: when there's blood on the streets, buy, buy, buy.

All cities are going through **** right now, but cities are here to stay. No one under 40 wants to live in suburbs anymore.

[Kavalier]

Originally Posted by Motul86

Im closing on my condo on S. Mpls in a week. Had to bid above asking price! Super competitive market. To all these doomsday people: go. Go to your suburbs, or move to another town, no one forces you to be here, as no one forces me to stay, but I do so gladly.

I love this city and don't give a damn that it's going through a rough phase. I actually see it as an opportunity, as the saying goes: when there's blood on the streets, buy, buy, buy.

All cities are going through **** right now, but cities are here to stay. No one under 40 wants to live in suburbs anymore.

The government is forcing subsidized, low-income housing to all the suburbs. Way out of the Cities proper, too (Forest Lake is a poke outside of St. Paul, that is for sure).


This article talks about it:

https://www.twincities.com/2008/06/2...dable-housing/

Curious why do you think people move to MN? Many people come here for the welfare. I have met many of them through the years. You think they come here for our great weather? MN is only 15% minority, and that 15% is allocated 50% of all MN welfare. Shocking and staggering statistic.

[Motul86]

I've lived in way worse places abroad. I'm not really phased by any of this tbh..I trust it'll calm down when the pandemic gets under control and this trial ends. If the ship goes down, I'll go with it, hopefully it would happen slowly..

And no, the city wont burn. There'll be soldiers on the ground. May caught them by surprise, they repressed the second attempt efficiently (albeit with some casualties, like Brits Pub).

[lalife]

Originally Posted by Motul86

I've lived in way worse places abroad. I'm not really phased by any of this tbh..I trust it'll calm down when the pandemic gets under control and this trial ends. If the ship goes down, I'll go with it, hopefully it would happen slowly..

And no, the city wont burn. There'll be soldiers on the ground. May caught them by surprise, they repressed the second attempt efficiently (albeit with some casualties, like Brits Pub).

Enjoy this frozen tundra if / when the abolish the police movement that the evil city council is trying to jam down our throats passes. I have lived in S Mpls for over 30 years and it was great. I don't even recognize this city anymore and it won't get better because there are too many radicals living here. But I am good since I have always hated the long winters here. Have TN on my mind. Total different culture down South.

[lalife]

Originally Posted by Motul86

Im closing on my condo on S. Mpls in a week. Had to bid above asking price! Super competitive market. To all these doomsday people: go. Go to your suburbs, or move to another town, no one forces you to be here, as no one forces me to stay, but I do so gladly.

I love this city and don't give a damn that it's going through a rough phase. I actually see it as an opportunity, as the saying goes: when there's blood on the streets, buy, buy, buy.

All cities are going through **** right now, but cities are here to stay. No one under 40 wants to live in suburbs anymore.

LOL to your statement that no one under 40 wants to live in the suburbs. So how do you explain all of the apartment vacancies and greatly reduced rent prices in Uptown. And since rents are getting so cheap in Mpls, I don't think buying a condo over market value makes sense.

[Motul86]

A blip in the system. Rent is going down from Seattle to Mobile. People in mass hysteria over so many things, it's like the stock market.

As per my condo, I haven't seen a deal remotely similar and even if I offered above asking price, appraisal came even higher. I was lucky to snatch it just a couple days after posting.

Good luck on your move! I hear Tennessee is lovely. I moved here from Florida, so don't see myself heading south anytime soon. Winter is my favorite season, too, so can't think of a better place for me. I could live here even if it were winter year round (too bad it's not).