Positive News for the Housing Market

Curious about what the real estate market is really like these days? You are not alone. In fact, many organizations are examining multiple factors regularly to try to determine the status of the condo market.

According to the National Association of Home Builders/First American Improving Markets Index (IMI) released on Friday, April 5, 2012, 101 areas throughout the United States are showing signs of growth, in thirty-five states. That is great news for condo buyers and sellers, as it means the real estate market is improving throughout the country. It is reassuring news if you are a condo buyer as well, as it may give you a better idea of the stability of the area in which you hope to buy a condo.
It is interesting to note that the NAHB/FA report is based on the following three solid factors remaining steady over a six month period, rather than simply market speculation.

• Employment Growth Statistics (Bureau of Labor Statistics)
• House Price Appreciation (Freddie Mac)
• Single-family Housing Permit increases (U.S. Census Bureau)

According to David Crowe, chief economist at NAHB, “The IMI is designed to highlight markets that are showing consistent improvement." Seeing that improvement as a great sign, Kurt Pfotenhauer, vice chairman of First American Title Insurance Company agreed stating,“The fact that the number and geographic distribution of improving housing markets continued to expand beyond the 100 mark in April bodes well for the start of the spring home buying season, and should be an encouraging sign for those who are considering a condo purchase.” You can view the current report here to see specific markets and their ranking in the IMI.

For further information and trends about the Minneapolis Condo Market contact Ben Ganje.

QR Codes: The Future of Real Estate?

Have you noticed the odd bar code boxes showing up on real estate signage and flyers lately? Do you recognize them as QR codes? Are you shaking your head wondering what a QR code actually is and does? Do you have a smartphone?

A QR code is very similar to a UPC bar code that is used in pretty much every store, from where you buy your groceries to where you shop for clothes. It gives detailed product information. In a matter of seconds, using your smartphone, you can get all the information you desire on the item at no cost and with less hassle.

With a QR code, you can read about the product, including a condo for sale, using your smart phone easily and fuss free. You can efficiently scan the "condo for sale" flyer you found on your doorknob or the for sale sign of the condo next door to your daughter and discover the details of the condo without having to make a phone call. You can be directed to a real estate website that will show you more condos and other resources, too, if you desire.

You can view pictures, videos, floorplans, community information and status - everything you want to know - instantly. I personally dislike having to wait for a call back when I want information, QR codes make sure you can find out what you need to know, when you want to know it!
So, please let me know what you think. I value your opinion and wanted to educate you on what and why those little fuzzy boxes exist. Do you love QR codes, too, or would you rather see my picture on a sign instead? Maybe both? :)

For further information on the Minneapolis Condo Market please contact Ben Ganje.

What are Lofts in the North Loop of Downtown Minneapolis?

  Loft apartments are apartments that are generally built from former industrial buildings. In Downtown Minneapolis when industrial developments are developed into condominiums instead of apartments, they may be called loft condominiums. The general term warehouse-to-loft conversions may sometimes be used for development of industrial buildings into apartments and condominiums. "Loft-style" may also refer simply to developments where a street-level business occupies the first floor while apartment "lofts" are placed below the first floor.[citation needed]

Sometimes, loft apartments are one component of municipal urban renewal initiatives that also include renovation of industrial buildings into art galleries and studio space as well as promotion of a new part of the city as an "arts district."

Originally popular with artists, they are now highly sought-after by other bohemians, and the gentrification of the former manufacturing sectors of medium to large cities is now a familiar pattern.[1] One such sector is Manhattan's Meatpacking District. The adoption of the Adaptive Reuse Ordinance (2001) in the City of Los Angeles (primarily the Arts District) is another example of such legislation to encourage the conversion of no longer economically viable industrial and commercial buildings to residential loft communities. Such is the demand for these spaces that real estate developers have taken to creating ready-made "lofts" in urban areas that are gentrifying or that seem primed to do so. While some of these units are created by developers during the renovation of old buildings, a number of them are included in the floor plans of brand new developments. Both types of pre-fab loft offer buyers or renters proximity to urban amenities afforded by traditional lofts, but without perceived safety risks of living in economically depressed formerly industrial areas.

Real estate industry distinguishes between "hard lofts", which are former industrial buildings converted to residential or live/work use, and "soft lofts", which are loft-style residential buildings built entirely anew as described above.  To search the condo market check out Downtown Resource Group for lofts and condos.

The Future Of The Minneapolis Riverfront

  Not too long ago city leaders and residents in downtown Minneapolis looked at the Mississippi Riverfront with disdain.  For as long as Minneapolis has been in existence city dwellers had always been robbed of it natural attraction from the demands of commerce.  Over the past 15 years as the old industry has slowly left the downtown core for cheaper land in the outlying areas neighborhoods began to emerge like North Loop and the Mill District.  

  Suddenly the limited parks and trails along the riverfront started to get used by the new residents in the area.  Stop by the Stone Arch bridge on any weekend and it is packed with walkers, bikers and tourists, of all ages.  Minneapolis Parks and Recreation issued a challenge to all landscape and design based strategy firms across the world: bring us your brightest and latest concepts that incorporate the riverfront in a bold way.  Firms responded from all over the world with ideas--the top concepts were chosen by a cadre of public and private groups and published in a simple book.
  The top 2 landscape design firms have now been chosen along with a team of development and strategy firms to implements the concepts brought forth through the competition to implement the reuse of our riverfront.  Stay tuned to these exciting updates! In the meantime search for Minneapolis condos right here.

5 Reasons Why Using a Urban Realtor is Better

  Lets be honest, Realtors that deal exclusively in the downtown market present a higher value proposition to the buyer and seller markets than the rest.  At Downtown Resource Group, we firmly believe that using an Urban Realtor® is in your best interests and in this post we will give you reasons why local is the only way to go.

5 Reasons Why Using An Urban Realtor Is Better

1.     Superior Market Knowledge - A good urban agent knows the downtown inventory inside and out and will be able to more easily pick out Minneapolis Condos & Lofts that are a good fit for you.

2.     They Know Future Development -  As the city begins to build and develop land once again a good urban agent will be able to share valuable information with you on what is being built and where.

3.     Neighborhood Experts - A local agent not only knows all the specific neighborhoods, but often has friends and clients in each one that can be made available to you if needed. Our clients always appreciate hearing from people who live in the neighborhoods in which they are considering.

4.     Strong Relationships With Other Agents - A good urban agent will network with other local agents to get information that you will never find on line. We will know about condos and lofts that may be coming on the market in the future or learn about a seller who has suddenly become "highly motivated" and is open to offers.  

5.     In The Know - Real estate gossip gets discussed in small circles in every community, like at neighborhood meetings and at local parks.  While most agents will never learn this "insider information", an urban agent hears these things and will share them with their clients.

URBAN IS SAFER

If you are ever looking to buy or sell a condo or loft in Minneapolis, remember the importance of having an Urban Realtor.  They are always, always the safest choice.