As part of my reporting for a story in the Tuesday paper about a record-breaking $8 million Minneapolis condo that hit the market recently, I asked Zillow.com to scour the national listings in search of the biggest condos on the market. The Minneapolis unit, by the way, is the 12th largest in the nation, and it's interesting to note that the biggest units aren't the most expensive.
Need space? This penthouse condominium has nearly 12,000 square feet and is the largest condo in the Twin Cities and one of the largest homes in the metro. Its sole owner was Horst Rechelbacher, who died earlier this year. The two-level pad sits atop the Phoenix on the River condo building across the Mississippi River from downtown Minneapolis and has sweeping 270-degree river and skyline views. It's on the market for $8 million, making it one of the most expensive condos in the market. On a per-square-foot basis, however, it's not the most expensive. It's listed at about $700 per square feet. A another riverfront condo owned by the late Sage and John Cowles, former owners of the Star Tribune, recently sold for a record $1,000 per square foot. Here's a run-down on some of the features in the Horst condo:
Barry Berg and Chad Larsen of Coldwell Banker Burnet have the listing. (Click here for a slideshow)
I spotted this doozy of a sign during a recent getaway to an unnamed city and couldn't resist sharing it with you. I did, by the way, do some investigation and while I can't verify whether the landlord wacky or his wife is nice, the sign is legit. No word on whether the apartment is still available (or how wet the water is). If you've spied an interesting or amusing real estate ad, send it to firstname.lastname@example.org. Maybe we'll post it. - Jim Buchta
Twin Cities-based Artspace, a non-profit housing developer for artists, is celebrating the completion of the first new building in downtown Minot, North Dakota in 30 years. Artspace Lofts is a four-story, 34-unit mixed-use building that includes a gallery where the Turtle Mountain Tribal Arts Association will exhibit and sell work by Chippewa, Mandan, Hidatsa, Arikara and Sioux artists, including regalia, beadwork, quillwork and baskets. Other tenants include the Children's Music Academy of Minot, which specializes in music education for kids, and the Minot Area Council of the Arts.
Why Minot? The oil boom has reduced the supply of affordable housing in the area and the problem was compounded by the 2011 floods, which severely damaged more than 4,000 homes.
If you're up for the driver, the Minot Artspace Lofts grand opening is Friday with an opening talk at 3 p.m. and a "wine walk" that will start at 5 p.m. There will be free entertainment and refreshments, and the event is open to the public. Plus, you'll have a chance to tour several of the artists' live/work spaces. The event is sponsored by National Equity FundTM and Wells Fargo.
Click here for more information about the project.
Construction started this week on 71 France, a high-end apartment complex next to the Byerly's store in Edina. At a groundbreaking ceremony at the site, Minneapolis developer, Schafer Richardson, investment partner, IRET, were on hand to turn some dirt. Details about the project:
U.S. home builders are clearing feeling more confident this summer. A monthly measure of the health - and confidence of builders and new home buyers - exceeded expectations during June. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) rose four points to 49, only one point shy of the threshold for what is considered good building conditions.
“After several months of little fluctuation, a four-point uptick in builder sentiment is a welcome sign and shows some renewed confidence in the industry,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “However, builders are facing strong headwinds, including the limited availability of labor.”
Here's how the survey works:
Builders rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for various components are used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Here's how all three index components performed this month: