Downtown Minneapolis Condo Deal?

Deep Discount

Where: Grant Park Condominiums
What: #2710 (penthouse)
Key Stats: 2,017 sq. ft.; 3BR/3BA
How much: $749,900
Originally Listed: 7/26/2005
Original List Price: $1.195M

Even in a slow market, 3 1/2 years is a long time to wait for a Buyer. And eleven(!) price cuts, totaling almost half a million, is a lot of ground to yield.

What gives?

While I’ve been in the building, I haven’t seen this specific unit, nor have I looked at the “comp’s” (“comparable sold properties”).

With those caveats, you’d guess the owner is suffering from some combination of a too-high initial asking price (they listed just before the peak in 2006); a weak downtown condo market, with lots of upper bracket competition; and a “B” location on the Southeast corner of downtown (the most expensive condos are concentrated further north, on either side of the Mississippi).

So is the price right now?

Without doing more digging, about all you can confidently say is, “it’s getting closer . . .”