The Saint Paul Condo Blog

In an unusual fashion, the CONDO ASSOCIATION of Gallery Tower is hosting a Realtors Tour of the building.  In their August 14th letter to realtors, the president of the association explains the history and benefits of the building and that the building is not well known.

I think the building is well known in the real estate community but agents tend not to show the building due to the high association dues compared to other high-rises in downtown.  I applaud the association in trying to take a proactive approach to the loss in value to the building over the last several years (see bottom of post).  The main thing that will make a difference is LOWERING the dues.  It's my understanding that the building recently had a major expense; the fire panel for the building needed to be replaced and the project totaled nearly $200,000.  Rather than apply an assessment, they chose to pack the money in their association dues over a period of 2-3 years.

Not sure how close they are to paying this off, but it's been my experience that once the association dues go up, they don't come back down.

It's my opinion that Gallery Tower should assess the homeowners $1250 per home (that would bring nearly $243,000).  Yes, assessments are painful, but done right, it's like the pain of ripping off a band-aid rather than the slow pain of an infected wound.

From buyers that I have dealt with that are initially interested in Gallery Tower, are scared away by the dues, or they can't afford them.  At $100,000 and $385 for association dues, it can be difficult to get financed when you are at your top end approval.

I’ll report back after the event and give you the scoop!

MEDIAN HOME PRICES FOR GALLERY TOWER

2007    $99,900
2006    $119,500
2005    $124,200
2004    $97,900
2003    $109,750
2002    $113,500
2001    $95,750
2000    $86,500
1999    $49,900
1998    $40,250
1997    $40,000
1996    $37,000
1995    $33,000
1994    $32,000
1993    $45,000
1992    $43,500

Statistics compiled from the Regional Multiple Listing Service of Minnesota, Inc.

Updated September 6th, 2007