Twin Cities builders get busy to meet big demand

  • Article by: Jim Buchta , Star Tribune
  • Updated: May 31, 2013 - 10:38 PM

The strong demand for city rentals and low inventory show in the highest number of building permits issued since 2007.

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Rob7304May. 31, 1311:53 PM

Apartments. Condos. Townhouses. 5, 10, 15, 20 years ago it was starter homes, multi-level homes and Mcmansions. Now it's condos, apartments and townhouses. Where is the recovery? Still waiting..... And if mortgage interest rates were at a more normal 6% - 7%, the wait will be forever. It can be no other way with incomes down, employment down, (worker participation rate) and expenses up - Gas, health insurance, etc. We are NOT in normal times - except in North Dakota. One SMALL state out of 50.

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jd55604Jun. 1, 13 9:34 AM

These statements regarding low inventory are all bunk. The government has been purchasing over $40 billion/month worth of mortgage backed securities from the TBTF banks for a while now. These homes sit empty waiting for prices to rise. Demand isn't necessarily rising. The supply is being artificially constricted resulting in higher prices.

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hjlazniJun. 1, 1310:08 AM

The apartments are predicted to rent for up to $2.55 per month per sq. ft. Rents at $1.71 is more likely. Who is going to make up the difference?

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rlwr51Jun. 1, 13 1:23 PM

The thinking in rent per sq. ft is what is ruining the city - no more blvds, no more backyards. Those prices are based on prices for that time for one unit - if you build hundreds of 10 story buildings with no grass there is no way they are worth that much - basic principle of supply and demand. Developers don't care it they are creating future ghettos since they get their money up front.

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