These are some treasures I found last weekend when I spent some time going through old files.  I found a treasure trove of marketing materials for projects that did not go as planned.   I have kept some of the marketing materials from the downtown St. Paul condo projects because they can come in handy for marketing ideas when I list a condo for resale.  

I did not have the heart to toss out the marketing pieces I found from the projects that were never built.  The builders would host these big open houses for Realtors with food and wine and they would answer our questions and send us on our way with marketing materials, business cards and price lists.  It seems like just yesterday . . .and it has been some time since I have been wined and dined by a builder. 

The past

We do have plenty of housing downtown, 65 condo type units on the market, starting at a mere $35,000 and on up to 2.8 million dollars.  I have a wonderful unit at the Rossmor that we are running a special on this week.

unit 206 Rossmor 

People do go house hunting during the holidays.  Sometimes buyers want to see homes on Christmas eve or on Christmas day.  It is sometimes hard for sellers to be ready for a showing but they should be because it is only the most motivated buyers who will be looking this weekend. 

The unit in the picture is on the market for $89,900 and it isn't really snowing inside but you knew that. 

lockboxes 2009 River Park Lofts

  
 The inventory of homes on the market in St. Paul keeps getting lower. Did you know that Realtors and analysts refer to homes for sale as inventory?  They are inventory.  

Currently there are only 53 condos on the market in downtown St. Paul and five of them have offers on them that are waiting for bank approval because they are being sold short and even though the bank does not own them the bank has to approve the offer. 

There are 15 units listed for less than 100K.  For people that want to pay more there is a 2.8 million dollar unit available at the Lowery on St. Peter street.  If that is a little to expensive there is a 1.4 million dollar unit available at River Park lofts on Wacouta street. 

There was a lot of development in the last decade downtown especially in 2002 to 2005 before that there was not a lot of housing the the downtown area.  There are still new units here and there because the housing market crashed before the new units were sold out. Many condo owners bought the units for a higher price than they can be sold for.  There are owners who would like to sell but can not afford to.  

There are bargains for buyers but there are also some units that are over priced by 30% or more. 

Also see Go Downtown For Condo Bargains and Tower of Bargains

 There are 73 condos on the market in downtown St. Paul right now starting at $34,000 and going up to 2.8 million for a Penthouse in the Lowery condos building on St. Peter street. 

There is a lovely condo on the 45th floor of the Airye in downtown St. Paul for just under 900K and a lovely condo at one of my favorite buildings The Great Northern Lofts for $629.  What can you buy for $34K?  A one bedroom with a little over 700 square feet of living space.  Cheaper than rent and for those who work downtown the short walk to work could save time and money.

Some people reject the idea of buying a condo because they do not want to pay association dues.  It is a good idea to find out what the dues cover.  In some cases the dues are a bargain.  The association rules are another matter.  Condo buyers are given a chance to look at the rules before they commit.  Read those documents carefully boys and girls.  You may find out that you can not place a flower pot on your own railing and that the only pets that are allowed are goldfish or there rules may be non-existent and you may find your self living in close proximity to someone who plays the tuba and raises snakes in their unit. 

As for the chart it is safe to predict that we will not see as many sales as we saw in 2010 or in 2009.  Get ready for a new low. 

 A couple of weeks ago I wrote about the opportunites in the gallery towers condo building in downtown St. Paul [Tower of opportunities].  

Lot 270 0n E. 4th street represents a different type of opportunity.  The units are more expensive than those found in Gallery towers but Lot 270 is a newer luxury condo building located in Lowertown and right on the light rail line.

lot 270

The building was built in 2005 and right now there are six units on the market starting at $109K.   The unit is listed for almost 100K less than it originally sold for in 2005.  The building is just East of the farmers market and is five stories tall with 45 condos in it.  They have 10 foot ceilings and larger windows.  Many of the units have small decks and the building has an outdoor courtyard and a wonderful exercise room and parking comes with each unit. 

Click to see lobby panorama

lot 270 E. 4th street, downtown St. Paul

 The Pullman style flat is one of my favorite housing styles.  They were built in the early 1900's as apartments and today some are apartments and others have been turned into condos.  They can be found mainly in mainly in the Crocus Hill and Summit University areas.  There are several wonderful examples along Grand Avenue.  The outsides of the buildings look similar to the building in the picture which is located on St. Albans street. They are square with balconies and can be made of brick or wood.  

42 St. Albans

The Pullman style is named after the style of sleeping car trains designed by the Pullman company in the early 1900's.  The space is long and narrow.  

The Pullman style units in St. Paul usually open up into a long hallway, and most of the rooms are on one side.  The first room is the living room and if the unit has a balcony or porch like the building in the picture there is door or window access onto the balcony  There is a formal dining room, bedrooms and of course a kitchen.  The kitchens are at the back of the unit.  

Like all housing these units have come down in price but if you want to buy one in St. Paul, in the Summit Hill or Crocus neighborhoods entry level is about $140K, plan on paying 180K and up.

 
gallery towers 26 W. 10th Street, St. Paul, MN 55102

The Gallery Towers condo building in downtown St. Paul is located at 26 West 10th Street.  It is off the beaten path unless you work at St. Josephs Hospital or any number of government offices in the area. 

I call this a tower of bargains because right now there are 12 units on the market priced between 39 and 89K.  The largest unit has 3 bedrooms.  The median price in the building last year was a little over 60K.  It may seem like there are a lot of units in the building for sale but with a total of 182 units there are always some on the market.

The Gallery Towers building was built 30 years ago and some of the units still have that kind of 80's thing going on but they are in good shape and ready to move into with some wonderful views.  A couple of months ago I had a client buy one of the units.  He works nearby he paid cash and will save thousands on rent for years to come and be able to save even more money by walking to work.