I like to walk downtown in the early morning. As always, this time of year, there is road construction, lane closures, and sidewalk closures. The flowers make up for the orange signs and cones. The science museum has lovely grounds and views of the Mississippi River too.
I found a condo at the Rossmor being advertised as just 5 blocks from the light rail. At first, I thought it was just a mathematical error, but then I realized that if a person were to head south down Jackson Street it is about 5 blocks to the Union Depot station. A person could also head down Robert Street and walk six blocks to the Central Station.
Most people will just head west to the station on 10th Street, which is only two blocks away. There isn’t any harm in walking a few more blocks to get to the light rail, but being two blocks from the light rail, rather than five, sounds like a stronger selling point.
The real estate agent advertising the condo mostly works in a distant suburb and is perhaps a wonderful agent, but not all that familiar with St. Paul.
Downtown St. Paul is walkable. Don’t just look at the condo, take a walk and learn the area. Walking around before buying is a good idea in any neighborhood. I encourage Realtors who are working downtown to walk the area before marketing a condo.
Downtown St. Paul has been in a strong buyer’s market for many months. About a quarter of all homes for sale are in downtown St. Paul.
Homes outside of downtown are on the market for a median of 15 days, while downtown homes are on the market for 66 days. The median home sale price in St. Paul over the last six months, excluding downtown, is $300,000. The median sale price downtown over the same period was $205,000.
The downtown area has always been a distinct housing market. The housing is mostly condos.
Currently, there is a two-month supply of homes for sale in St. Paul, indicating a strong seller’s market. The downtown neighborhood has a nine-month supply, which indicates a strong buyer’s market.
Now really is a great time to buy a downtown condo. The condo market downtown tends to be cyclical and usually out of sync with the rest of the city.
State of Minnesota employees will be required to go back to the office at least 50% of the time starting June 1st. This is good for downtown St. Paul, which was a ghost town during the pandemic and hasn’t been the same since.
There isn’t any hustle or bustle during the noon hour or at any other time. There are miles of empty skyways.
I totally understand why some state employees don’t want to go back to the office and I don’t believe the load of crap about better employee collaboration and work culture and all that other BS.
I have been a free-range worker for 23 years and have mostly worked out of a home office. One of the perks of being self-employed is being able to decide where and when I work. Yes when you become your own boss, you too can have that kind of freedom.
Just know that we can’t wait to see you downtown again. There will be car traffic and foot traffic and coffee shops and people. Downtown St. Paul needs people to enjoy the beautiful parks and to walk the empty skyways.
We need people lots of people.
Lunds & Byerly’s recently announced the closing of the downtown Lunds store on March 23, 2025.
The downtown Lunds grocery store opened in 2014. It was indeed a big deal, I was there for the groundbreaking and for the grand opening. The population of downtown St. Paul had grown and a grocery store was and is most welcome.
The store was in the news last year week when it announced new shorter store hours. The new hours were 10:00 AM to 7:00 PM. The area around the store can seem scary early in the morning. There is always a police officer in the store.
I am going to miss the Lunds store. I think I will miss the produce department the most.
It is possible that a new grocery store will move in, that is what happened at Coopers on West 7th street. It is now, Viengchan Oriental Market. I like to make Pad Thai and some other Asian dishes so I am enjoying the store. They have a lot of variety in the store. I like to watch people go up and down the isles and look all confused when they see food items that we don’t find in standard American grocery stores.
The absorption rate for the Twin Cities Metro area is 2.5 months. For the city of St. Paul it is 2 months and for downtown St. Paul the absorption rate is 8 months.
Absorption rates show us how long it would take to sell all of the houses that are on the market, assuming home sales continue at the same pace.
How is the absorption rate calculated?
• The result is a ratio that indicates how long it would take to sell all current listings at the current rate of sales
During a buyer’s market absorption rates are greater than 6 months and during a seller’s market they are less than 6 months.
Downtown St. Paul is experiencing a buyer’s market which means there are opportunities to buy a condo without having to outbid other buyers. This isn’t just a seasonal trend it is part of a longer cycle. Prices may start rising again in about five years but past performance doesn’t guarantee future performance.
I think downtown is the perfect place to retire and am considering it myself . . . . even though retirement seems unlikely.
Prices have gone down by 5% in downtown St. Paul in the last year. During that same period, they have gone up by 5% in St. Paul and by 2.7% in the region.
Some condo buildings allow rentals. I have had clients buy small condos that they use when they come to visit and some who use them as cabins in the city during the summer and fall.
Right now about 25% of all homes on the market in St. Paul are downtown.