With 2,053 downtown units under construction, the Minneapolis condominium market begins to deflate.
The condo craze of the recent past is now a developer's nostalgic memory in Minneapolis. As more single-family homes crowd the market, condominiums are starting to see a comparable slowdown. The question for real estate watchers: Which projects will fall by the wayside under pressure from softening sales?
"It's too soon to say how many projects will fall by the wayside and when. So far, none of the developers who have started marketing their projects have pulled the plug. In fact, several large national developers are pursuing development plans in Minneapolis as a vote of confidence that the condo market has long-term viability. That includes a luxury high-rise planned atop a Whole Foods store near the downtown Minneapolis riverfront."
"Rick Collins, vice president of development for Ryan Companies in Minneapolis, said that after some preliminary planning his company recently decided not to build a 600-unit luxury condo project at the Superior Plating site on the East Bank of the Mississippi River. He cited softening sales and a glut of high-priced units."
FULL STORY: Who's going to buy all the new condos?
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Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Minneapolis Bans Rent-Setting Software
Four cities have enacted restrictions on algorithmic software that can inflate rent costs.
Oakland to Add 244 New EV Chargers
Oakland plans to launch its new charging network at eight locations by the end of 2025.
Jane Goodall Inspires with Message of Hope, Resilience, and Environmental Action
Speaking in Pasadena, Jane Goodall offered a hopeful and inspirational message, urging global compassion, environmental responsibility, and the power of individual action to shape a better future.
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