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Old 01-11-2007, 10:45 AM
 
Location: Minneapolis, MN
10,244 posts, read 15,135,214 times
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I was wondering what people on here thought about lofts in the city whether it be the warehouse district, university, NE, uptown or the ones connected to the newly renovated midtown exchange building. How would buying one of these from an investment standpoint compare to buying a house? Is the association fee worth it?
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Old 01-11-2007, 07:41 PM
 
Location: Las Vegas
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I think the fees are high. But I guess it depends on your perspective and how much time you have for shoveling and mowing. If you buy in the right location, it's a great lifestyle. I guess that's really what you are paying for! If I bought a loft, I would want to be able to walk almost everywhere I needed to go.

I did see CW Lofts(Stinson and Broadway) up close and personal. Nice spaces but it's too far from town. Not much to walk to that's worth seeing. I guess I would want that ability to just walk out the door and get coffee/shopping.

In the past resale hasn't been that great on condos. SFR was always a better investment. I've heard that's changing and more people really want to live in the city. Must be true because they sure are building! In the city might be a good investment but I think SFR still rules outside of town.
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Old 01-12-2007, 03:27 AM
 
Location: Minneapolis, MN
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I'm not familiar with some of the abbreviations you're using. What are CW Lofts and what does SFR stand for?
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Old 01-12-2007, 09:54 PM
 
Location: Las Vegas
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SFR is single family residence and CW Lofts is actually the name of the loft project. It's in the old Cream of Wheat building!
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Old 01-13-2007, 02:47 AM
 
Location: Minneapolis, MN
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Well, I'm pretty set on moving into the city so I'd either be buying a single family home or a loft in Minneapolis proper. I'm leaning towards a house, it just depends on if I can find a decent affordable house in a decent location.
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Old 01-13-2007, 04:02 PM
 
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Ya, lofts seem kind of risky just because of the number available, if you want to sell it, it could take a long time to get rid of it. People can get new for the same price or less. House might be better from an investment standpoint, although most likely you will probably end up paying a good bit more at the start. You can still lose your Azz on a house to. I finally sold my house that I owned for 5 years just outside of Detroit, and I had to bring 10 grand to closing, that was to cover the difference between what I paid for it, and what it is now worth. By the way, I recently went on the Minneapolis loft and condo tour, I spent 3 weekends looking at roughly 30 lofts. There are a lot of great ones available. You might consider downtown St. Paul as well, you can get more for less there, and there is a little bit more of a gritty "true" loft atmosphere going on there. In my opinion, Minneapolis is pretty flashy. Another thing to consider is that you get a lot more for the money by renting. You could be paying 1500 a month on a dinky little house, or renting a really nice place for the same price. Also you have more portability, if you value that sort of thing not being tied down to a house that you own.
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Old 01-13-2007, 06:50 PM
 
Location: Minneapolis Metro
102 posts, read 602,436 times
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Quote:
Originally Posted by yellowsnow View Post
Not much to walk to that's worth seeing. I guess I would want that ability to just walk out the door and get coffee/shopping.
Right on the money, yellowsnow.
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Old 01-14-2007, 08:58 PM
 
Location: Las Vegas
14,228 posts, read 28,366,886 times
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Quote:
Originally Posted by The Icy River Vagabond View Post
Ya, lofts seem kind of risky just because of the number available, if you want to sell it, it could take a long time to get rid of it. People can get new for the same price or less. House might be better from an investment standpoint, although most likely you will probably end up paying a good bit more at the start. You can still lose your Azz on a house to. I finally sold my house that I owned for 5 years just outside of Detroit, and I had to bring 10 grand to closing, that was to cover the difference between what I paid for it, and what it is now worth. By the way, I recently went on the Minneapolis loft and condo tour, I spent 3 weekends looking at roughly 30 lofts. There are a lot of great ones available. You might consider downtown St. Paul as well, you can get more for less there, and there is a little bit more of a gritty "true" loft atmosphere going on there. In my opinion, Minneapolis is pretty flashy. Another thing to consider is that you get a lot more for the money by renting. You could be paying 1500 a month on a dinky little house, or renting a really nice place for the same price. Also you have more portability, if you value that sort of thing not being tied down to a house that you own.
With the market the way it is right now.....I wouldn't buy anything I wasn't planning on staying in for at least 7 years! I would also want to go below my means with no exotic financing. The market is just so iffy!

Now if I could just sell my house!
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Old 01-14-2007, 09:51 PM
 
Location: Minneapolis, MN
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I'd still rather own than rent for the simple fact of having freedom to do what I want with the place and also that my money is going into equity and not into the hands of some ****** landlord.
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Old 01-19-2007, 07:28 PM
 
24 posts, read 60,232 times
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Please take this with a grain of salt, but the basic idea of those new city condos and whatnot is to make money for the people building those condos. There seem to be new constructions popping up every month, and each one follows the same concept: buy cheap land, demolish the old building, build a new building, and sell each unit in the building for enough money to pay back the bank and make a profit.

So the question begs to be asked: Why the heck was the land so cheap in the first place?

I think the first thing you should be looking at when it comes to purchasing a city condo/loft/whatever is to think hard, very hard, about location - location - location.

Condos seem to appreciate in general, but you'd best be very careful and do the CMA's and other research first before you buy in.

And no...I am not a realtor.
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