Graves Condo Building - 3041 Holmes

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 6th, 2016, 6:35 pm

Now this! Is what we've been asking for. Quality materials, simple effective design, inset balconies, efficient and appropriate use of setbacks create a good scale even at 6 stories. I'm down.

Wedgeguy
Capella Tower
Posts: 3785
Joined: June 1st, 2012, 6:59 am

Re: Graves Condo Building - 3041 Holmes

Postby Wedgeguy » January 6th, 2016, 7:19 pm

Does this mean that they have found buyers for half the units?

mattaudio
Stone Arch Bridge
Posts: 7557
Joined: June 19th, 2012, 2:04 pm
Location: NORI: NOrth of RIchfield

Re: Graves Condo Building - 3041 Holmes

Postby mattaudio » January 6th, 2016, 7:28 pm

It looks so classy and high quality, and part of that is how relatively simple it is..
- Lots of glass on the sidewalk with a setback above the ground floor
- The column of inset balconies
- Lack of peel-and-stick windows. Is that all it takes to make a building look good? Set the windows back in the opening a little?

Wedgeguy
Capella Tower
Posts: 3785
Joined: June 1st, 2012, 6:59 am

Re: Graves Condo Building - 3041 Holmes

Postby Wedgeguy » January 6th, 2016, 7:45 pm

I'll put this on my list for 2016 bust list. Cuz I can't see too many paying the price they will want for these. Basically 602 condos uptown version, Big sizzle, but no real takers which are what they will need. No lake view, on busy Hennepin, and if Jonathan Adler can't make it in Uptown, I don't know who will pay a few Mil to live less than 6 stories from the street.

User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 6th, 2016, 8:07 pm

I kind of have to disagree, do we know the projected sale prices? This isn't right on Hennepin, it's a really nice residential area right here, and with all the new people living in uptown and paying out the bum for all those apartments, you have to figure some have decided they like it enough to move in more permanently. Just blocks from the lake, so much food and shopping, kind of home run.

I'd love to see Ackerberg and Graves just hit uptown with a critical mass of housing hotels and amenities and turn uptown into an active self sufficient urban node. If we end up with more office and those two hotels who knows how long the vacant lots will last.

David Greene
IDS Center
Posts: 4705
Joined: December 4th, 2012, 11:41 am

Re: Graves Condo Building - 3041 Holmes

Postby David Greene » January 6th, 2016, 9:23 pm

Nathan wrote:I kind of have to disagree, do we know the projected sale prices? This isn't right on Hennepin, it's a really nice residential area right here, and with all the new people living in uptown and paying out the bum for all those apartments, you have to figure some have decided they like it enough to move in more permanently. Just blocks from the lake, so much food and shopping, kind of home run.
While that's all true, there are plenty of SFHs in the area that will probably cost a lot less than these condos. So it seems to be a niche market, basically those wealthy enough to buy a condo who explicitly don't want a SFH. Is it big enough for the project to succeed? Maybe. Not many condos in the area right now so I'm skeptical there's a market for many more.

TroyGBiv
Target Field
Posts: 580
Joined: July 6th, 2012, 10:33 pm

Re: Graves Condo Building - 3041 Holmes

Postby TroyGBiv » January 6th, 2016, 10:41 pm

I have a bunch of friends who are like me - moving toward a "post" single family home phase. A lot of the people I know in their 50s and 60s are looking to sell their home (bought 20 - 30 years ago for 60,000 to 120,000) and will realize a fairly hefty profits that they want to reinvest into something much lower maintenance and still be in their same South Minneapolis neighborhood. While $400,000 to $600,000 units sound incredibly expensive... there is a surprising number of people who are in this financial place. The wealth created by that big home price boom back in the late 90s and then again in the mid-2000s jacked up home prices a lot. One friend bought his house in 33 and Irving for 104,000 back in the mid 1990s and sold it 20+ years later for 1.2 million. He didn't want to leave the Uptown but didn't see anything "urban condo-like) in that neighborhood.

seanrichardryan
Capella Tower
Posts: 3829
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Graves Condo Building - 3041 Holmes

Postby seanrichardryan » January 6th, 2016, 11:03 pm

Isn't the penthouse for Graves himself? So, maybe he spends 6 m, outfits it to his liking and sells the units at will. Sounds great. An actual local person investing in a personal project. That's what brought us most of the great projects 100 years ago.
Q. What, what? A. In da butt.

User avatar
FISHMANPET
IDS Center
Posts: 4568
Joined: June 6th, 2012, 2:19 pm
Location: Corcoran

Re: Graves Condo Building - 3041 Holmes

Postby FISHMANPET » January 6th, 2016, 11:11 pm

FISHMANPET wrote:I'm always amazed at the genuine concern shown for developers here. How ever will we go on if a rich person loses some money building this?

User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 7th, 2016, 2:52 am

David Greene wrote:
Nathan wrote:I kind of have to disagree, do we know the projected sale prices? This isn't right on Hennepin, it's a really nice residential area right here, and with all the new people living in uptown and paying out the bum for all those apartments, you have to figure some have decided they like it enough to move in more permanently. Just blocks from the lake, so much food and shopping, kind of home run.
While that's all true, there are plenty of SFHs in the area that will probably cost a lot less than these condos. So it seems to be a niche market, basically those wealthy enough to buy a condo who explicitly don't want a SFH. Is it big enough for the project to succeed? Maybe. Not many condos in the area right now so I'm skeptical there's a market for many more.
You forget how much millennials (and baby boomers) Hate maintenance.

And doesn't the fact that there aren't many condos in the area imply that the market isn't saturated and could demand more? I mean there's research out there I haven't seen, but with a low vacancy rating for apartments in a super high demand area, I can see it.

Online
User avatar
Tiller
Foshay Tower
Posts: 805
Joined: January 17th, 2015, 11:58 am

Re: Graves Condo Building - 3041 Holmes

Postby Tiller » January 7th, 2016, 3:12 am

"Not many condos in the area right now so I'm skeptical there's a market for many more."

Few condos existing doesn't mean that condos can't succeed. Without more information, one could also say there's a market not being served here.

David Greene
IDS Center
Posts: 4705
Joined: December 4th, 2012, 11:41 am

Re: Graves Condo Building - 3041 Holmes

Postby David Greene » January 7th, 2016, 12:23 pm

Nathan wrote:You forget how much millennials (and baby boomers) Hate maintenance.
I didn't forget. I just wonder how many millennials currently have that kind of income.
Nathan wrote:And doesn't the fact that there aren't many condos in the area imply that the market isn't saturated and could demand more? I mean there's research out there I haven't seen, but with a low vacancy rating for apartments in a super high demand area, I can see it.
Sure. I certainly would welcome the project, so I'm simply stating why I won't be surprised if it doesn't happen.

uptown067
Metrodome
Posts: 89
Joined: June 9th, 2012, 9:37 am

Re: Graves Condo Building - 3041 Holmes

Postby uptown067 » January 7th, 2016, 6:24 pm

I'm confident there's very much a market for this, I would expect it to primarily be similar to the empty nesters that fill the condo's along the mississippi in the mill district. The demand along there has been quite outstanding (reflected by lack of inventory and soaring price per sqft).
Last edited by uptown067 on January 7th, 2016, 6:28 pm, edited 1 time in total.

User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 7th, 2016, 6:25 pm

David Greene wrote:
Nathan wrote:You forget how much millennials (and baby boomers) Hate maintenance.
I didn't forget. I just wonder how many millennials currently have that kind of income
They're currently spending 1200-1500 a month all over this neighborhood... that's quite the mortgage payment, especially if they pair up.

Wedgeguy
Capella Tower
Posts: 3785
Joined: June 1st, 2012, 6:59 am

Re: Graves Condo Building - 3041 Holmes

Postby Wedgeguy » January 7th, 2016, 9:35 pm

uptown067 wrote:I'm confident there's very much a market for this, I would expect it to primarily be similar to the empty nesters that fill the condo's along the mississippi in the mill district. The demand along there has been quite outstanding (reflected by lack of inventory and soaring price per sqft).
If that is true the there would be condo across from Barbette's that ended up being apartments because there was not enough people willing to spend that kind of money for a lack of views, amenities, for the price point

User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 7th, 2016, 10:10 pm

Wedgeguy wrote:
uptown067 wrote:I'm confident there's very much a market for this, I would expect it to primarily be similar to the empty nesters that fill the condo's along the mississippi in the mill district. The demand along there has been quite outstanding (reflected by lack of inventory and soaring price per sqft).
If that is true the there would be condo across from Barbette's that ended up being apartments because there was not enough people willing to spend that kind of money for a lack of views, amenities, for the price point

Not so, uptown is still the neighborhood with the lowest vacancy rates for apartments. Just because there is high demand for apartments doesn't cancel out a demand for condos. It's not an either or.

David Greene
IDS Center
Posts: 4705
Joined: December 4th, 2012, 11:41 am

Re: Graves Condo Building - 3041 Holmes

Postby David Greene » January 7th, 2016, 10:25 pm

Nathan wrote:They're currently spending 1200-1500 a month all over this neighborhood... that's quite the mortgage payment, especially if they pair up.
That's not much of a mortgage payment on a $600k condo.

Sent from my Z958 using Tapatalk

TroyGBiv
Target Field
Posts: 580
Joined: July 6th, 2012, 10:33 pm

Re: Graves Condo Building - 3041 Holmes

Postby TroyGBiv » January 7th, 2016, 10:47 pm

500,000 mortgage is $2,500 roughly... the rents are so high now that mortgages are pretty competitive...

User avatar
Nathan
Capella Tower
Posts: 3946
Joined: June 1st, 2012, 10:42 am

Re: Graves Condo Building - 3041 Holmes

Postby Nathan » January 8th, 2016, 12:05 am

And I'll say this completely anecdotally... the economy is good. Millennials are driven and we're over educated. Not me necessarily, but all of a sudden a lot of my friends are making over 6 figures, it's great for them, they've worked hard... but the money is there.

Didier
Capella Tower
Posts: 2340
Joined: June 3rd, 2012, 10:11 am
Location: MSP

Re: Graves Condo Building - 3041 Holmes

Postby Didier » January 8th, 2016, 7:30 am

TroyGBiv wrote:500,000 mortgage is $2,500 roughly... the rents are so high now that mortgages are pretty competitive...
A mortgage payment isn't the equivalent to a rent payment though. You also have to consider property taxes, association fees and other utilities. A typical rent payment covers all of those things.


Return to “Minneapolis - South, Southwest, and Uptown”

Who is online

Users browsing this forum: No registered users and 2 guests