Michael Russell writes about a variety of subjects. This article discusses Minneapolis real estate. For more information, visit the Real Estate Book.
Minneapolis real estate has long been a barometer for the rest of Minnesota. But now, in the recession, the city is behaving out of character. One day things might look promising; the next, not so good. With the rest of the state looking for guidance, it is easy to see how many realtors are concerned. But the truth is the market is trying to work itself out. It is vulnerable to the economy. It is aggressive in its method. And it will not go away. Gently. So, the big question is when and how the market will recover, not if it will recover. Bit by bit, from the north side of town to the east end of the city’s downtown, Minneapolis is on a campaign to spruce up and sustain its neighborhood business districts. Earlier this month, Mayor R.T. Rybak and the Minneapolis City Council approved $712,355 in business district support grants for 21 projects. The grants are part of Minneapolis’ city-funded, 2-year-old Great Streets program, whose total budget this year is $2.28 million. City officials said the grant money will support technical assistance for new and existing businesses, branding and marketing, merchandising, business recruitment, market analysis and design services. And the Great Streets program – which also includes money for storefront improvements, business loans and financing assistance for real estate development – is generating real excitement in the city’s small-business community. “There is a lot of energy around the neighborhood business districts, with people sharing ideas and strategies for doing business revitalization,� said Kristin Guild, manager of the business development division of Minneapolis’ department of community planning and economic development (CPED). Guild said the city received 34 proposals for Great Street business district support grants, adding that this year’s submissions were “much stronger� than those received in the program’s inaugural funding cycle in 2008. So there you have it, Minneapolis real estate is in a state of confusion. But for the savvy investor, making a move now could pay off. Many are deals are to be had if you have the capital, credit and security.
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