If you happen to be driving around the Minneapolis Lakes Area keep your eyes peeled for dumpsters sitting the streets. They are a clear signal that an owner is either in the midst of a rehab on an old house or about to tear down an aged property and begin to build a Minneapolis new construction house.
There are different types of buyers coming to the market to buy this type of property.
Plenty of Minneapolis condo and loft owners are in need of larger homes as they have a bun in the oven or already have a few kids and are in need of more space for their growing families. These buyers have grown accustomed to downtown urban living along with plenty of storage and good layouts. With increased expectations most of the current inventory within these areas do not nessesarily meet the needs of the buyers without major updates and/or a completely new build. These buyers want good use of space, updated fit and finishes as well as a move in ready product with little to no maitenance. As this cohort of mature urban dwellers require more space the market will continue to see the need for additional Minneapolis new construction homes and remodeled homes.
Another wave of owners is coming to the Minneapolis Lakes Area as well; relocation buyers. Traditionally this type of buyer works at one of the major Fortune 500 companies in the twin cities, is upwardly mobile and looking for a move in ready product as they don't necessarily have a lot of time to make updates and repairs. The expectations are even higher as most all of these people are now coming from high density areas of the world and will not move into anything but an urban setting.
Finally there are empty nesters coming back into the city--some of these buyers will wind up buying a Minneapolis Condo and others will make a move into a Minneapolis new construction home. The typical empty nester profile is someone who has been living in the same house for 10-20 years in the burbs and is making the decision to move back to the city. Many of these people spent some part of their earlier years in or around Minneapolis and are now free of kids so can justify making the move back. Buyers of this caliber can be looking for a range of choices which can include anywhere from a small condo to Minneapolis upper bracket homes.
Ben Ganje + Partners
Professional Real Estate Services
As a Residential Realtor, Builder and Developer Specialist, we sell homes in and around Minneapolis, Edina, Lake Minnetonka and the surrounding areas in the Twin Cities.
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