Bridgewater Lofts, a great investment in Minneapolis
Since the opening of the Bridgewater Lofts in 2007, units have sold at a consistent pace. With 281 total units in the building, amenities galore and a location to boot, the Bridgewater Lofts has a lot to offer for Minneapolis condo buyers.
When the units first went on the market in the mid 2000s, they were priced to sell, literally. At the time, the Mill District real estate was selling for a significantly high price per square foot. Bridgewater Lofts came in at a discount and the Buyer market ate it up! Within a few years amid the housing bubble, the building was sold out thanks to the building’s sales momentum. Some of the characteristics that define Bridgewater Lofts as a successful building from the rest of the market are:
Low Homeowners Association Dues
With such a large amount of units within Bridgewater Lofts, homeowners association dues (also called HOAs) are more than reasonable and are calculated at 30 cents per square foot per month. For a typical Minneapolis condos building, this is lower than normal from the economies of scale within Bridgewater. HOAs include water, sewer, trash, management, window cleaning, maintenance and savings for future capital improvements.
Low price per square foot relative to the neighborhood
Historically, condos and lofts in the Mill District have sold for a higher price per foot than the rest of the condo market in Minneapolis. The average sales price in the Mill District in 2013 was $524,000–compare this to almost half of the average sales price in the North Loop in the same year. The condo buyer market has always had the general perception about the differences in price per square foot…until Bridgewater Lofts went on the market and turned pricing upside down. The result? The building sold right through the real estate correction and continues to do very well on the resale end despite other new projects coming online such as Stonebridge Lofts.
Setbacks from other buildings=good views
A common concern many Minneapolis condo buyers have when beginning the search for a new home is not necessarily the views per se, but the setback of the condo building relative to others around it. In high density areas within the rest of the country a less than ideal view, such as a view at a brick wall would be classified as a Manhattan view. In Minneapolis, we are fortunate to not have to deal with this hurdle so much. At Bridgewater Lofts, there are all sorts of views which can heavily weigh into valuation for long term resale values. The park side views facing Gold Medal park as well as the downtown views carry the highest premium. Because the building is in the shape of a “U” the courtyard or interior views are less attractive and units sell for a significantly lower price per square foot.
Commercials spaces on the first floor
Roughly 2/3′s of the first floor within Bridgewater Lofts is commercial space that is fully leased out. There is a pizza shop, vet, wine and spirits, salon and florist. For most residents in the building, these are not only hugely convenient, but carry significant value. The demographic of the Minneapolis condo buyer strongly considers walk-ability when making the decision to purchase a condominium and the Bridgewater Lofts definitely deliver on this end.
To find out more about the Bridgwater Lofts or schedule a tour of the units for sale reach out to Ben Ganje at 612.460.5638 or email him at firstname.lastname@example.org.
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