Skyscape condos market update…
Recently a penthouse unit came on the market at Skyscape condos. As the downtown Minneapolis condo market begins to heat up once again with inventory almost 35% less than a year ago we are beginning to see the emergence of the penthouse units for sale.
By definition, a penthouse condo is typically the top floor unit is a high rise building. Over time the definition has begun to include some of the larger units in a condo building as well as the top floor units. Typically the owners of these units have put considerably more into the overall feel, fit and finish of the unit. There are a number of luxury Minneapolis condos out there–with an array of styles and types to suit any Buyers needs.
When Skyscape condos hit the market–a handful of units were north of 2000 square feet and labeled penthouse units. An owner on the 22nd floor combined 2 units to create a considerably larger unit with plenty of glass facing downtown. They built out the space to tastefully reflect an updated layout. In the past, some Minneapolis condo owners and even a few at Skyscape condos combined units, however the overall layout was never maximized and would compromise values.
An interesting phenomena has been happening for Minneapolis condo buyers as of recently. That is the emergence of existing condo owners as move up buyers into larger units in the market to accommodate a growing family or the demographic simply has a larger purchasing power to afford a larger property. Depending on the timeline of the purchase some owners have seen significant increases in existing values while others are coming to the table with the difference or simply looking at the idea of putting their Minneapolis condo for rent. This can be a great alternative and increase monthly cash-flow as the rental market is very attractive right now.