In a previous blog post I mentioned how our local downtown Minneapolis Condo market has started to see an uptick in interest which has fueled multiple offers on well priced condo listings. Banks, Sellers and Realtors are putting more listings on the market at very attractive prices which are driving interest in a buyer market already facing a bottleneck from lack of good inventory.
Here is a screaming deal on a unit at 5th Ave Lofts in the North Loop of downtown Minneapolis. The 5th Ave Lofts were developed by Shamrock Companies which has built more condos and lofts in Minneapolis than any other developer—period. On top of this they have done it with a track record of success. Shamrock Companies is owned and run by a mythical real estate tycoon named Jim Stanton. Well past his prime in life Jim continues to press onward buying more land today at a faster pace than most national developers in hopes of developing even more as the years wear on.
When Jim designed 5th Ave Lofts he purchased the building directly next to the site called the Security building. In it he converted the old space into 1 bedroom lofts and tied in the new build—5th Ave with the old—Security Lofts. The economies of scale give all owners of the buildings how homeowners association dues which is helpful. The owners of 5th Ave Loft also have some of the largest storage areas of all the buildings in Minneapolis. For a tour of the building and to find out more details on the North Loop neighborhood give me a call or email me today!
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