My best guess for the value of the condo is $175k. It is based on the fact that real estate in Minneapolis has appreciated at a 4 percent rate from 1989 to 2000, based on Case Shiller Index. We will revert to that long term mean, and w need a 15% decline in house prices to get to that average. If you look at 45 Island Avenue, that sold for 68k in 1985 and apply a 4% appreciation, we end up with 172k. I am sure the original poster would be upside down, but this is the harsh reality of the real estate bubble that took things out of whack.

I agree that 2 bedrooms fro 300K would be more palatable.

I also agree that people are waiting for a screaming deal. There is such a herd mentality in residential real estate, and right now the herd is shy.

Personally, I’ve watched a house in my neighborhood drop from 210 to 170 over the past 4 months, and I’m looking at it Friday. Nothing that size has sold around me for 170 in the last 4 years.

If you can shop that pic of Mandy Moore into the bedroom views, I’m thinking maybe $350,000.

As the main point of info to possible buyers when pressure-marketing a $300,000 asset?

No. Pay a professional to do the pics. You’ll probably pay an agent thousands, and good pics do as much, if not more, than an agent.

Anyway, thanks for all the suggestions, and Tuck, by all means, come by for the open house this Sunday, 1-3pm.

I really like the “want this view?” sign idea, too.

Also, look at some staging books and videos. (There are several clips on youtube.) Your stuff is nice but there’s a bit too much of it in the photos, particularly that one wall with several hangings.

Hope that helps, and good luck to you.

They’re not terribly surprising, I don’t think. As I recollect, Minneapolis pays in slightly more than it gets back out, St. Paul takes in a fair amount more than it pays out. The suburbs are a mixed bag; wealthy, established suburbs pay in significantly more than they get back, while poor struggling suburbs take in more. Outstate is almost universally suckling at the teat of the metro area.

Trying to tie this in to our conversation yesterday, I’d argue the difference between a Minnetonka and a Minneapolis is that the city of Minneapolis is broadly providing services for the entire metro area; Minnetonka, not so much.

When a visitor from the suburbs (or outstate MN) comes into downtown Minneapolis, they use our roads, they rely on our police service, they take advantage of our support for the arts, etc. In turn, their presence likely increases property values, which in turn should lead to increased property taxes, and they probably pay some sales tax. The state takes a good portion of the property tax, and almost all of the sales tax.

In my mind, that’s a pretty strong argument for stable and significant LGA funding.

Is there a good source of stats on this issue? I’d be curious to know where the various spots that come into these discussions lie on that particular continuum.