9.1.06

mpls: Condo Conversion Progress

The DTJ has a report on city council action which makes it more difficult to convert an apartment building to a condo in Minneapolis. It extends some homebuyer protections and professionalizes the diclaimer phase of the condo-buying process.

Most of the condo conversions have been occurring in the Uptown area, as apartments south of Lake Street and near Lakes Calhoun and Harriet are sold for drastically higher prices. The net effect is that neighborhood rents go up, and affordable housing in desirable locations disappears...

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