Recent content from Jim Buchta
Twin Cities suburbs have enjoyed surging interest from home buyers as the pandemic has upended how people work, amid rising crime and lingering unease following spring riots. But home sales are also on the rise in St. Paul and Minneapolis.
Low interest rates fuel surge in demand in September, when sales usually slow down.
Daymark Uptown and a familiar tenant have settled in on West Lake Street.
A greater share of metro apartment dwellers missed their rent payments last month as aid expired.
A restaurant, event center and pavilion are up next, all part of a sprawling $100 million redevelopment project.
The surge, the most since 2005, to build single-family homes is fueled by low rates.
With nearly one-third fewer homes on the market than a year ago, the metro's median sale price rose 10%.
Concessions are most common in upper-end Minneapolis buildings while renters in less costly apartments are unlikely to share in breaks.
A do-it-yourself home-improvement and construction boom has sent the price of lumber skyrocketing, as sawmills and strand-board manufacturers, including in Minnesota, scramble to keep up with surging demand.
The travel downturn because of the coronavirus is hitting short-term leases especially hard.