The Saint Paul Condo Blog

Every once in awhile, I make a mistake (gasp!).  I received a letter from Lowertown Lofts Cooperative today, asking I remove their name from my website.  I had incorrectly used their name associated with a failed development on the Bruce Ventos Nature Trail.

I'm pretty sure at one point, that development must have been using the offending name, but the correct name is Lower Town Depot.

It must have come to quite a shock to Lowertown Lofts to see their name used in the "failed developments" section of Downtown Condo Directory!  I can imagine their frustration.

To all of the artists that call Lowertown Lofts home, please accept my sincere apologies.

-Bud Kleppe

I hear that question a lot from buyers in search of a condo in downtown.  Many people assume there is always parking for every home, but that's just not the case.

With the cost of land in downtown, parking is expensive, just check out www.SaintPaulParking.com to see what I am talking about.  Yes, there are some places that you can find dirt cheap parking, but it usually means walking many blocks to an uncovered parking lot.  Most parking ramps charge in the $150 a month range.

Now how does business parking effect residential parking?  It does, because most residents want 24 hour access to their parking, while working are looking for the 7am to 5pm deal.  Well this creates pressure on the parking for residential buildings.  I have heard from developers that to build a new parking ramp for a condo, the stalls cost about $20,000 each, for a heated ramp.

With this cost, a lot of small, or lower priced condos can't afford to build parking and keep the prices of the homes competitive.  When that happens, you see leased parking.  It's pretty common in Downtown to have leased parking in the $250,000 and under price range.  To give you an example, here are some of the buildings in downtown where you do not own parking.

Fitzgerald Condominiums- No long-term contract, spaces available in the World Trade Center ramp. ($100)

Gallery Tower- Long-term contract, owned by St Paul Port Authority, direct access from ramp to building. ($79)

Irvine Park Tower- No long-term contract, direct access from ramp to building. ($?)

The Lowry- Long-term contract, building access from the Lowry Ramp ($95)

Market House- Association owns ramp, owners can purchase stalls for $9000 ($65)

Produce Exchange- Long-term contract, open parking lot across the street, was once the site of a future condo development ($45-last I checked)

River Park Lofts- Long-term contract, attached to building.  The more upper bracket priced lofts have owned parking ($75)

Rossmor - Long-term contract, open lot behind building.  Same site as Produce Exchange parking ($65)

Bonnie Jean Flats- Two options.  Connected to building with no long term contract for ($85) or across Sibley Street for ($100)  Both options are heated.

The building that I posted about back in April has found a restaurant and is looking for another!  The building is located on the North East corner of 9th & Jackson.  The owners of the building are bringing new life to the building and plan on having their urban cabin above.  Once I get more details as to what type of restaurant, I will post it.

I'm sure the homeowners of 9th Street Lofts, Printers Row, the Dakota, and the Essex will love this addition to their neighborhood.

Also, look for activity across the street in the coming months as well ;)

Hi Nick,

Thanks for commenting and I'm glad you like the site. Don't be afraid to tell others!  I believe they are planning on making the building look like the drawings, but I should get confirmation on that before I truly commit to that statement. 

The free concert event in Mears Park returns tomorrow from 6pm to 9pm.  The bands playing are Chris Koza & The Absent Arch.

Music in Mears, in its third year as a free concert continues to impress me.  It's such a fun time to see so many people hanging out in Downtown after the unofficial carpet is rolled up.

The concert series is always a lot of fun, with great bands, and great food.  It's nice to come out and meet your neighbors (or future neighbors).  If you have questions about condos or lofts while you are down there, never fear!  I'll be there at the red table with big white letters "www. YourStPaulHome .com" printed on it.

I hope to see you there! 

I would like to formally welcome all of the blog readers that are coming from TwinCities.com.  This blog was selected because of its coverage of the Downtown Condo market.  I live, eat, and breathe downtown condos, and when I'm not selling them, I try to write about them.  Check the archives and you'll get to know me and the market just a little bit better.  Also, check out the Downtown Condo Directory.  Downtown's complete directory for Downtown Saint Paul Real Estate!

If you like what you see, pass it along to a friend!

With the 4th falling on a Wednesday, it really throws me off my schedule!  I knew I was a couple of days behind in posting to this blog, but I had no idea I was 9 days off!

I have been very busy with showings lately, a recent surge in activity.  It's still a Buyers Market, don't get me wrong.  I think some sellers have an attitude of it's a "Sellers Market" since there is new activity.  There are still way more listings than buyers, meaning it will be a buyers market for the foreseeable future.

Properties that are priced right to begin with, and don't want to "test the market" are having success is selling in a decent amount of time.

Is it a good time to buy?

Depends.  Are you hoping to buy a distressed property and quickly flip it for a profit?  Not likely the best time to buy.

If your goal is to buy an affordable property, knowing that you may not be in an equitable scenario for a few years?  Yes, there are many properties out there that are priced well, or you can negotiate to a fair price.

I'm going to start including market updates on a regular basis.  I thought I would do this on the first of the month and post the previous month back (32 days) Sometimes a property will sell at the end of the month, but not get recorded for a few days or even a few weeks.

May of 2007...

These are the condos that actually closed in the month.

The Pointe of Saint Paul had two close for $142,500 & $184,000
The Lowry had one close for $210,000
The Essex had two close for $217,330 & $290,000

Condos that went pending.  Prices indicate list price, not sold price.

The Pointe of Saint Paul had one for $134,900
Farmers Market Flats had five for $144,900 - $169,900, - $209,900 - $209,900 - $289,900
River Park Lofts had two for $148,900 & $324,900
The Essex had one for $169,900
The Lowry had one for $229,900

Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC for the period (5/1/2007) through (5/31/2007).