Eleven - 1111 West River Parkway - 41 stories / 550'

Downtown - North Loop - Mill District - Elliot Park - Loring Park
amiller92
Wells Fargo Center
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Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby amiller92 » February 13th, 2020, 10:14 am

Perhaps, but we've built so few condos that it's hard to see many of them available as investment assets. And even if some are, I don't think Eleven is really displacing opportunities for other housing, so again, don't really care if they're units sit empty anyway.

QuietBlue
Target Field
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Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby QuietBlue » February 13th, 2020, 3:16 pm

NickP wrote:
February 12th, 2020, 12:54 pm
Is there anyway to confirm that people are buying these units to live in as opposed to money storage. While I don’t think this is necessarily that case, it’s still a concern in the back of my mind.
Personally, I'm curious about how many are truly, 100% sold, as opposed to someone putting a deposit down or something. I'm skeptical of taking what their sales department says at face value, for obvious reasons.

SurlyLHT
US Bank Plaza
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Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby SurlyLHT » February 13th, 2020, 3:48 pm

QuietBlue wrote:
February 13th, 2020, 3:16 pm
NickP wrote:
February 12th, 2020, 12:54 pm
Is there anyway to confirm that people are buying these units to live in as opposed to money storage. While I don’t think this is necessarily that case, it’s still a concern in the back of my mind.
Personally, I'm curious about how many are truly, 100% sold, as opposed to someone putting a deposit down or something. I'm skeptical of taking what their sales department says at face value, for obvious reasons.
I agree, think about how much the StarTribune story highlighting how these are supposedly selling fast is worth

mnmike
Wells Fargo Center
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Joined: June 2nd, 2012, 11:01 am

Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby mnmike » February 15th, 2020, 2:53 am

Well they can't be "100% sold" before they are built. It is probably deposits...I am not even sure if they can have complete purchase agreements before the units are built. I am a Realtor, but I have never done new construction condos. I just know they can't be sold before they exist:)

seanrichardryan
Capella Tower
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Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby seanrichardryan » February 15th, 2020, 11:25 am

Not unless you're Jim Bakker.
Q. What, what? A. In da butt.

bapster2006
Foshay Tower
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Joined: November 17th, 2012, 6:53 pm

Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby bapster2006 » February 15th, 2020, 12:27 pm

It's a constant fight to find new angles

ImageEleven condo tower construction from 750 feet Minneapolis 2-15-20 by Matt Bappe, on Flickr

go4guy
Foshay Tower
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Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby go4guy » February 15th, 2020, 8:18 pm

Typically you put down a pretty good deposit, and I am pretty sure you do sign a purchase contract. I did all the lending for Wells Fargo on the West Coast in 08-10, and Vegas was in my territory. There were a few large condos built starting before the recession hit. By the time the project was done and it was time to close, purchase contracts for $850,000 had to be torn up because the units had dropped to about $450k in value. Developer could either take the deposit and re-list the unit, or renegotiate down to $450k. Developer always took the bath on the unit just to sell it to the original purchaser.

What I am trying to say is, nothing is guaranteed with these deposits. However, unless something happens in the market, most of these should close!

amiller92
Wells Fargo Center
Posts: 1810
Joined: October 31st, 2014, 12:50 pm

Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby amiller92 » February 17th, 2020, 10:29 am

It would be a question of state law though, and Nevada and Minnesota could well be different (I do not know the answer for either state).

eastharrietguy
City Center
Posts: 37
Joined: December 28th, 2014, 11:46 pm

Re: Eleven - 1111 West River Parkway - 41 stories / 550'

Postby eastharrietguy » March 13th, 2020, 7:21 pm

Here's hoping that the current downturn in the stock market does not last or many of those deposits/PAs will go away.


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