What do you think of the Minneapolis Condo Market?
I'm a young professional working in downtown minneapolis. I currently live in the suburbs and would like to relocate close to the downtown area and either rent or buy a condo. Rent for a nice place would probably run upwards of $1000 to $1200 for a 1BR...likewise if I bought a condo in the area I could get one cheap enough to have my mortgage be $1200. I only plan to live in a condo for maybe 3 years then try to sell it or rent it out and recoup my mortgage payments. Anyone have any comments or forecasts with regards to the downtown minneapolis condo market? Is three years too short of a time frame?
Renting & Real Estate - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Yes, three years is too short of a time frame if you plan on selling. As you mentioned, renting the condo when you move elsewhere is a great idea. It is a nice diversification of your personal investment portfolio. Even with the real estate meltdown over the last four years, real estate investments have outperformed all other investment since the year 2000. Mike Weiland - Keller Williams Realty.
I'm a young professional working in downtown minneapolis. I currently live in the suburbs and would like to relocate close to the downtown area and either rent or buy a condo. Rent for a nice place would probably run upwards of $1000 to $1200 for a 1BR...likewise if I bought a condo in the area I could get one cheap enough to have my mortgage be $1200. I only plan to live in a condo for maybe 3 years then try to sell it or rent it out and recoup my mortgage payments. Anyone have any comments or forecasts with regards to the downtown minneapolis condo market? Is three years too short of a time frame?
Renting & Real Estate - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Yes, three years is too short of a time frame if you plan on selling. As you mentioned, renting the condo when you move elsewhere is a great idea. It is a nice diversification of your personal investment portfolio. Even with the real estate meltdown over the last four years, real estate investments have outperformed all other investment since the year 2000. Mike Weiland - Keller Williams Realty.
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