People are not 'fleeing' Minneapolis, real estate data shows (Hopkins: apartments, renters)

[CCbaxter]

The market is the great leveler. If inventories increase prices will drop and as long as we have low rates people will fill them up.

[Sono-Italiano]

Originally Posted by Cruz Azul Guy

That was cited in the article I linked. Next time perhaps it would help to read the article linked from the original post before commenting on it?

So you cited an article. Big whoop, what are you looking for, a participation trophy?

[snebarekim]

Originally Posted by Glenfield

I don’t anticipate a mass exodus of residents but I think we’re still in the first inning of the game. I would be more worried about CRE and falling demand for high end condos downtown short term. It takes a while to get almost any older home ready for the market. As you know, something always needs fixing or an upgrade.

I agree. It is early still.

Between Covid and the city allowing riots to rage for a week, and now the bumbling around with the status of police while crime rises brazenly, the jury is still out.

Unless the twin cities can find some adult management and leadership for the city/state, I do not see things improving.

Real estate prices will be a good indicator.

[motorcity53]

how stupid does someone have to be to think there would be tangible stats on real estate exodus within a quarter? can't tell if op is flame bait or serious.

[Cruz Azul Guy]

Originally Posted by motorcity53

how stupid does someone have to be to think there would be tangible stats on real estate exodus within a quarter? can't tell if op is flame bait or serious.

Well, as a point of comparison there is data to show that an exodus happened in New York City:

Manhattan apartment deals plunge 57%, suburban real estate surges
https://www.google.com/amp/s/www.cnb...te-surges.html

And there’s data to support that it happened in San Francisco:

The 2020 San Francisco exodus is real, and historic, report shows
https://www.google.com/amp/s/www.sfg...c-15484785.php

[wamer27]

I follow real estate for a hobby, last year plus, ne Mpls there wasn’t much for sale of single family homes. This was all long before COVID and not winter. Now there are a lot more for sale when I looked a day ago. I understand the low rates are great, but people that love the area would refi, not move away.

[MrMinneapolis]

MPLS is at a tipping point right now. I know there are ALOT of leftist liberals holding on to the delusions right now. Watch what happens when Chauvin is acquitted, and Trump wins again. That coupled with the democratic draconian laws and leadership practices that have killed and destroyed so many now..the twin cities is on a path to destruction. In MPLS the rich will get richer and the poor will get poorer exactly as planned. The peaceful regular middle class folks who dont want to live in a blighted social justice warzone will sell their homes and move out to the chanhassen, shakopee, edina etc. the woke will win mpls and it will be a whole chaz zone. the mob will turn on target which will move their headquarters out to like maple grove or something.

alll the condos that have been built up by the dozens the last 15 years werent made for those making less then 50k a year which happens to be the majority of people who fall under that tax bracket.

its too bad i loved MPLS and wanna move back for part time living but under the current climate and going forward it does not seem prudent.

[Texamichiforniasota]

Originally Posted by motorcity53

how stupid does someone have to be to think there would be tangible stats on real estate exodus within a quarter? can't tell if op is flame bait or serious.

The fact of the matter is, no one knows for sure what will happen. I agree that one quarter doesn’t prove anything either way. Minneapolis was in decline from the late 1950’s to the early 1990’s. If you polled people in 1957, how many would have predicted what would happened to population, crime levels, and schools in the city over the next 35 years? I’m guessing there were still some decent real estate quarters in the late 50’s as well. A turning point, or a worsening decline, are easier to see in hindsight than to predict going forward. The spike in crime in most major US cities is concerning. It was the decline in crime, some caused by harsh criminal penalties enacted in the late 1980’s and early 1990’s, that made many upper-middle class consider city living again for the first time in decades. Spikes in crime, especially if they seem sustained, may make many reconsider.

[Glenfield]

Originally Posted by Texamichiforniasota

The fact of the matter is, no one knows for sure what will happen. I agree that one quarter doesn’t prove anything either way. Minneapolis was in decline from the late 1950’s to the early 1990’s. If you polled people in 1957, how many would have predicted what would happened to population, crime levels, and schools in the city over the next 35 years? I’m guessing there were still some decent real estate quarters in the late 50’s as well. A turning point, or a worsening decline, are easier to see in hindsight than to predict going forward. The spike in crime in most major US cities is concerning. It was the decline in crime, some caused by harsh criminal penalties enacted in the late 1980’s and early 1990’s, that made many upper-middle class consider city living again for the first time in decades. Spikes in crime, especially if they seem sustained, may make many reconsider.

Actually, what hurt Minneapolis in the 1990s was the crack cocaine epidemic and associated gang warfare.
https://www.washingtonpost.com/archi...-efeae6ccff45/

[Tyryztoll]

People aren't fleeing Minneapolis? Ha! What a joke. A woman I work with told me they're having trouble even finding listings to submit offers on in places like North Branch, Stacy and Pine City because homes are being snapped up so fast. Bidding wars going on and everything. Hmmmm...I wonder why that is?