Anyone who is doing some preliminary work looking at the condo market will notice a unique metric that defines high rise Minneapolis Condos: the view which can weigh into the total value of the property more so than other factors involved. From an initial reaction its not always easy to understand how this can bear so much into price without having a point of reference to begin with. Anytime I have clients that have high rise living on the radar I always try to give some perspective from listings which can be on the upper end of a tower in terms of height to units on the lower floors. Below is a simple list of reasons why the buyer market in Minneapolis has consistently put a higher price per square foot on condos and lofts as height increases within a bulding:
Less street and traffic noise. Let’s be honest, this is the number one reason condo dwellers want the height in a Minneapolis condo. From the first few floors in a building to the 30th floor there will be considerably less street noise.
More sunlight during the day depending on location in the city. In Minneapolis we have 3 months of warm weather and 9 months bad skating–it can be dark throughout a good chunk of the year. Having plenty of sunlight can make a difference for owners and the higher up you go in a building will increase the amount of sunlight you will get in a day.
From the first few floors to the top floors in any building views are considerably more visually attractive. Looking at the concrete jungle of Minneapolis from the first floor to looking miles in any direction on the upper floors give owners something to look at as well as make a visual statement.
In the past the Minneapolis Condo market has paid a premium and it continues to do so today. Every real estate market is different, since the beginning of high rise living in Minneapolis the market has seen pending and sold units at a higher price per foot as the height of the building gets taken into effect.
Downtown and non-downtown views will have a difference in values. Everyone who comes to the table initially wants to have a view and be on the upper end of a high rise. As search criteria and wants vs needs float to the top the buyer market begins to see the difference in downtown views versus no views even on the higher floors of buildings which can give an additional spread in price anywhere from 5 to 15% difference.