The Saint Paul Condo Blog

Details Salon, a true supporter of everything downtown is moving from its location in the 401 Building, located at 401 Robert Street (for you non Saint Paulites that's 6th and Robert).  Details is opening a brand spanking new location in the Lowry Building at 5th & St Peter Street.  Rumor has it, the Details will also feature Mens and Womens clothing.

I imagine this will make the new details MUCH more noticeable, since their new location will be on street level - freeing them from the Skyway.

My three year old daughter wanted me to carve the pumpkin just the way she drew it out on a peice of note paper.  I carved the pumpkin almost exactly to spec, and Amelia was thrilled!  If you take your kids out tonight, be safe!

I can tell a lot of people read the article because my site traffic was WAY up on monday, almost double the normal level.  It's about time that Saint Paul received a good real estate article, and I was happy to be quoted in it.

It's always fun when friends and family call to say they read my name in the paper ;)

Tonight I'm starting on the retooling of the Downtown Condo Directory.  If you want a sneak-peak, check out the Airye Condo page.  I am adding the side bar on the right to have a button that links to the next condo/loft without having to go back the directory.  It will also have some basic stats on the building along with the "Search for Listings" button.

This change is also being added to allow better intergration of the Flash slide shows that some properties have (and eventually video).

Let me know what you think!

The market may have claimed another casulty.  Bonne Jean Flats has cancelled their contract and word is they are going to finish building out the remaining units and convert it into apartments.

The building had been self marketed for about 9 months and we were hired about 3 months ago to try and save the development.  The writing was on the wall when we got there, but we tried our best.  This project two years ago would have sold out over night, but hind sight is 20/20 as they say.

Will Bonnie Jean ever go back to condos?  Maybe.  I would guess within 3-5 years the owners will try again to sell the building as condos.  It will make it much easier to sell with people living in the building, because no one wants to be the first or only one living in a building. 

About a month ago, I posted about a few restaurants coming to Downtown.  Well, "A Night's Tale" is making great progress!  I originally reported the name as "A Knight's Tale" so I was a little surprised to see the sign go up.

The space where Pizza Luce is rumored to open in, is also continuing to be built out.  I really hope this rumor is true, because I absolutely love Pizza Luce.  I was very happy when they opened their St Paul location (on Selby).  They even deliver to Downtown now!

I keep hearing that the city as multiple suitors for the old Fhima's space in the Lawson Commons Building.  It will be interesting to see what ends up in the space.  From what I understand, the City bought the equipment and furniture to make a new lease a little easier.

That's it for now, stay tuned!

Late Monday night, the remaining lofts at the Lowry were reduced in price by up to 20%.  The last 13 units, which the developer has been sitting on for quite some time are now priced quite attractively!  With this many units being wholesaled, it will have a reverberating effect for the rest of the Lowry and the rest of the market.

I think in the short term, it's going to hurt values in the building, especially the ones who recently purchased homes there.  I would hate to have a re-sale in the building right now!

Long term, this is a positive for the Lowry.  It will help sell the remaining units and the developer can let the building operate on its own, without the developers input.

When sales slow down and there are too many developer owned units in a building, the developer will occasionally make decisions that are at odds with the rest of the association. Since the developer usually has full control until 75%, the homeowners have to live with that decision. 

Not that long ago, I blogged about the Armstrong Quinlan and how the building was hitting the auction block.  I had said I felt buyers were looking for 50% off or more and the developer would want closer to 20-25%, well I was right.  This time though, I think this reduction is a great deal.  It's in an established building, established neighborhood, and there are likely over 100 other people living in the building.

Bottom Line:

Now may a good time to buy at the Lowry!

Thanks Patti!

It seems like Spring's crawl was just a few weeks ago!  Wow, how time flies...  Anywho, If you have wondered what Saint Paul is all about, this is it!  This is the time to really grasp the concept of life in Downtown.  People come out of their bunkers and mingle, the artists open up their studios and welcome everyone in.

Art styles and prices are all over the board, you'll be hard pressed not to find something you like. With three days to tour it all, it's likely you won't see it all.

The Art Crawl starts tonight at 6pm and closes down at 10pm.  Tomorrow, it's 2pm to 10pm, and on Sunday, it's 12pm to 5pm.

www.StPaulArtCrawl.org

CityLiving is a home buyer program available exclusively to first-time home buyers.  What you get is a grant of 3% you can use towards your down payment or closing costs.  If you have money to put down you can you the grant towards a rate reduction.

There are some additional requirements with this program, like it must be for a property in either Saint Paul or Minneapolis, must be owner occupancy, you can't make more than $62,000 a year, and the purchase amount cant be for more than $256,080.  It's a 30 year fixed rate loan and works with FHA, DVA, and even conventional loans.

If you want more information about this loan, call Doreen Drake with PHH loans.  She deals with many first time buyers and can guide you through the process.  651-276-3141

This is probably a little late for a reminder, but the Armstrong Quinlan House is being auctioned at 6pm tonight (in two hours) at the property.  If you see me there, stop by and say hi!  I'm wearing an orange shirt today.

OK, so here is my prediction of what will happen.  Since the building is being auctioned off by the developer and not the bank, I will bet that the reserve will not be met tonight.  I have a feeling that prospective buyers are hoping for 50% off and the developer will be willing to take a 20-25% loss to sell them.

I'll post tonight if my prediction holds true.

UPDATE: (10/04/2007 10:00pm)

Wow! That really sums up what happened tonight.  After 5 rounds of bids (the 5th was at the request of the developer/bank) The finish model, last listed at $749,900 bidded out at $370,000.  The Penthouse that was listed for over $1 million finished bidded out at $160,000 for a shell.

The prices were much lower than I think the developer was hoping for.  They opened the bidding for the finished model at $600,000.  The auctioneers were trying hard to get the bidding rolling, but people were really hesitant.  They also might have had more people there is the opening wasn't also the Wild season opener, cause a parking and traffic nightmare anywhere near the X.

After everything was said and done, they ended up with $880,000 for all four condos (plus a 8% buyers premium for the auctioneer).

UPDATE: (10/05/2007 12:30pm)

Well, my prediction held pretty true!  The only one they let go for the auctioned price was the basement unit.  All others they are going to try their luck with a normal listing.  Not really sure what that accomplishes, since what buyer would now pay more when nothing has changed?  At some point, the bank will own these straight out, and then maybe, just maybe unload them.

I'll keep you posted to what happens.

The local paper reported today that Ramsey County is going to demolish the old jail and part of the old West Publishing Building along Kellogg Blvd to speed development of the site.  City Hall Scoop reported that Opus and Starwood are possibly planning a Hotel/Condo (The Westin from the Bridges site perhaps??) mix.  To the left is an early rendering of the project.  As I get more information about it, I'll post it. 

I guess I'll have to move the ADC building from Failed to Proposed!

It's been some time since my last post so I bet everyone is wondering what happened?  R&R!  I took the family up to Cove Point Lodge in Beaver Bay, MN for the fall colors tour.  We have an absolute blast, visiting Gooseberry Falls, Split Rock light house, Grand Marais, and Duluth.  We had the most fun at the Lodge where we stayed and at Gooseberry falls, hiking all the way down to the mouth of the river.

It's nice to get away from time to time, but man was work stacked up for me when I returned.  It's 2pm and I'm just finishing up my return emails.

I'm back now and posting... Get ready!