The Saint Paul Condo Blog

Foreclosures are up in our little condo market.  Some recent sales in both the Gallery Building and Market House have shown that banks do not like to hold on to properties.  One example is a condo over at Gallery; it sold for $85 a square foot!  On comparison, the Penfield at last check was nearly $350 a square foot.

From the way banks are off-loading their foreclosures, I think it's a safe bet they will start to change the programs they offer to buyers.  I would guess that the 100% financing will start to disappear and banks will once again require the borrower actually has some personal investment into the property.

I have a feeling we still have about 6 to 9 months of this type of market condition, where banks can't find buyers so they sell them at ridiculously low prices.

Sellers need to bring their "A Game" if they want to sell their condo without experiencing too much pain.  This may mean actually remodeling the condo completely before selling.  Inventory is too high for buyers wanting to take on project homes.  Only the very brave investor will buy homes now that need work, and when they do purchase, they sure are not paying the prices the sellers/banks would have liked.

Wondering what you would need to do prep your condo for sale?  We would be happy to sit down with you and discuss your options.  Bud can be reached at 651-270-9395, Leslie can be reached at 651-270-9394.