Manhattan vs. Minneapolis
You know you’re talking about a different housing market — OK, planet — when local Realtors casually toss off observations like the one above. See, “Manhattan Feels a Russian Chill” (The New York Times; March 28, 2014).
In this case, the Manhattan-based agent was explaining why Russian oligarchs seeking to keep a low profile are temporarily foregoing $20 million to $50 million “trophy” properties in the city, and instead scooping up lowly two or even one Bedroom’s (that’s about all you get for $2 million these days).
$2 Million for THAT?!?
Just for a little perspective, I researched the number of homes in Minneapolis and St. Paul that sold for $2 million or more the last year.
Results?
Minneapolis: six, including three on Lake of the Isles and one on Lake Harriet.
St. Paul: zero (the most expensive sale was a 9,200 FSF Summit Ave. mansion that went for $1.78 million).
I’d calculate what infinitesimal percentage of the local market that represents, but there’d be too many zeroes after the decimal point.
