Minneapolis Downtown Real Estate Market
MLS listings in downtown West Minneapolis currently show home prices ranging from small condos priced around $100,000 to luxury units that exceed $2 million. Zillow advises us that some of the top real estate agents in Minneapolis include Ben Ganje with Sotheby’s, Marissa Skaja with Downtown Resource Group and Patrick Carson with Downtown Resource Group.
The neighborhood contains mostly renters living in multi-family buildings, with owner occupied housing making up just 28% percent of all households in Downtown West. Average median household income is $36,510 per household as compared to an overall household income for Minneapolis of $37,974.
The Downtown Neighborhood
The Downtown West neighborhood is located in the heart of downtown Minneapolis and contains the vast majority high-rise buildings that make up the stunning Minneapolis skyline. The neighborhood is the most vibrant and active in the city and is bound by 12th Street to the south, 3rd Avenue and Hennepin Avenue to the west, Washington Avenue and West River Parkway to the north and 5th Avenue and Portland Avenues to the east. The neighborhood borders the trendy North Loop which is home to historical loft condos as well as new condo developments.
As the core of downtown Minneapolis, the neighborhood is characterized by office buildings, retail stores and shopping areas, residential buildings, entertainment, hotels, dining and theaters. The neighborhood provides the commercial, social, and cultural pulse for the entire region.
Approximately 40,000 people, mostly young urban professionals, live in Downtown Minneapolis and the homes in Downtown West are typically either apartments, studios, lofts or condos. There are new high-rise condo developments along with older warehouses and commercial spaces that have been converted into modern apartments and lofts. Buying a home in the area will be made much easier if you use a licensed real estate agent who can schedule showings and negotiate the purchase. Some of the Minneapolis agents recommended by Referz can be seen here.
With the majority of office building space in the Twin Cities metropolitan area, Downtown West is home to many corporate headquarters including Fortune 500 companies such as Target Corporation, U.S. Bancorp, Xcel Energy, Ameriprise Financial, and Thrivent Financial for Lutherans.
The neighborhood as a rich cultural history and is home to several renowned theaters including the Orpheum Theater, State Theater, Pantages Theater, Hennepin Stages, Music Box Theater and Orchestra Hall. The recently built Minneapolis Central Library is also located in the neighborhood and is stunning modern building designed by internationally renowned architect Cesar Pelli.
There are also several restaurants in the neighborhood offering a cuisine for every type of palate. Whether it is five star dining, ethnic food, casual dining or pub food, West Downtown offers it all.
The Downtown West neighborhood features approximately two million square feet of retail, including the Nicollet Mall, a 12-block stretch that is home to hundreds of shops, theaters, department stores and restaurants. Just a few blocks west, is the Minneapolis Warehouse District, a lively area that contains several galleries, shops, restaurants, night clubs and the Target Center, home of the Minnesota Timberwolves and host to numerous concerts and events.
The entire neighborhood is linked by the Minneapolis Skyway System an extensive collection of enclosed pedestrian footbridges that connects various buildings enabling people to walk in a climate-controlled environment. The extensive system is renowned as the largest continuous system in the world and is especially appreciated by Downtown West residents during the winter months. Contrary to many other cities where the majority of retail is on the ground floor, there are numerous shops, stores and dining options throughout the Skyway System due to the heavy volume of pedestrian traffic.
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