Chad Larsen - Business Partner and Licensed Realtor
After selling three condos within two weeks, colleagues started asking Berg Larsen Group Partner Chad Larsen, “Is the condo market back?” To which he emphatically says yes, and it prompted this blog post to ask and answer a few more questions.
Timing is Everything
For condo owners who have decided to sell, their decision didn’t happen overnight. Many people started thinking about moving last year and in the meantime, invested in updating their space. After some new flooring, painting, and light renovations, their units were ready to hit the market. Instead of rushing to list their condos, people waited until after the Superbowl to put things into motion, anticipating the surge of buyers this Spring. Their planning is already paying off, as we’ve seen these units sell in a matter of a week or two with multiple offers and for desired prices.
The Market Is Moving
Another question for Chad: “Did the condo market crash? No.” Although prices were down during the past few years, the market is rebounding with units and price per square foot continuing to increase. With the inventory of new listings and condos for sale in the downtown area continuing to drop, it is a tight market for buyers. What’s more, offers are coming in quickly with properties averaging just 10 showings before receiving an offer.
“The people that are buying are serious, prepared, and motivated …they’re not thinking about moving downtown, they’re going to move downtown,” says Chad.
The Allure of Condo Living
With high demand and limited listings, sales are moving swiftly. Many of the buyers in the market are already accustomed to city living - current apartment renters or condo owners themselves. Since they are familiar with the lifestyle and neighborhoods, they are seriously inquiring, identifying a property, making an offer and closing quickly.
Are You Ready to Move to Downtown Minneapolis?
Be ready to be a buyer by knowing where you want to be so that you can jump when the right condo comes along.
“Just like houses, it’s all about the neighborhood.” Your condo building is a sub-component of your neighborhood; the amenities, atmosphere, and layout are an extension of your stomping grounds.
Whether you’re already living in the city or looking to move in from the suburbs, preparation is key in this brisk market. As some listings are lasting only a matter of days, make sure that your ducks are in a row so that you are ready to make an offer when the right one comes along. Learn more about the importance of pre-qualifying in our March Blog.
As a condo owner himself, Chad’s knowledge of the market and lifestyle is personal. When he first moved downtown to The Carlyle over 14 years ago, he was thankful to ditch the winter shoveling for heated garages and ample amenities. Noting the brief walk to his favorite restaurants and easy access to the Target Center for Lynx games, Chad’s appreciation for his downtown lifestyle continues to grow.
However, Chad isn’t the only condo connoisseur at the Berg Larsen Group. Partner Barry Berg has been living in his building near the Stone Arch bridge for many years.
Is the condo market back? It sure is, so if you’ve been considering your downtown move, now is the time to put your unit on the market or to find your downtown dream home.
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Coldwell Banker Realty | Minneapolis Lakes Office
3033 Excelsior Boulevard, Suite 100
Minneapolis, MN 55416
Office: 612-925-8411 | Fax: 612-924-4308 | GetInfo@BergLarsenGroup.com
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