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IVY Hotel Condos in Minneapolis go on the market!

During the boom of the market…

Hotel IVY in downtown Minneapolis

 Nothing was going to stop the train of development that seemed never ending in downtown Minneapolis in the mid 2000s.  Across the skyline, cranes dotted the urban landscape.  They were a symbol to everyone that something was  happening on that given lot in the city.  

  Enter the IVY Hotel & Condos which began marketing during what some would consider the crest of the wave in Minneapolis urban development during the last decade.  

  Once the project was originally put on the market units were snapped up at record pace.  Rumor on the street was that in a matter of weeks 90% of the units were either reserved or under contract.  Construction on the tower began in earnest.  Then the correction started..

  Suddenly all those buyers that signed a contract during the peak of the market weren't so excited about closing on what was then considered an over priced condo.  The overly leveraged developer wound up giving the unsold condos back to the group that financed the project.  A complicated legal battle ensued around the group responsible for the financing the project.  The already functioning hotel, spa and restaurant went into receivership.

  For years the unsold condos sat vacant while the rest of the building functioned.  In 2011, with the objective of trying to generate some cashflow from the vacant units, an effort was under way to lease the condos until the legal proceedings were over.  In short order the luxury units quickly leased out during the winter months.  Renters had no problem paying anywhere from $2000-$6500/month to live at the IVY Condos in Minneapolis.    

  Fast forward to October of 2012 and the unsold condos are back on the market.  I recently brought one of my Buyer clients through and was very impressed with the layouts, views and most importantly fit and finish of the units.  Prices start in the mid 300s and go to well over $1.5MM.  I anticipate based on the lack of inventory that the remaining units in the buliding will sell fairly quick over the next 10-12 months.    

Courtesy of 

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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Referrals from around the globe are always welcomed and appreciated, call us at 612.468.5638 or email ben@yoururbanlife.com. Thank-you!

Comment balloon 2 commentsBen Ganje + Partners • October 05 2012 10:24PM

Comments

I wonder what the one for 1.5 looks like. I bet that it is pretty fancy.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) almost 6 years ago

Ben - it was interesting for me to read, as we have similar situation here, and also now start notice the market warming up

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) almost 6 years ago

Participate