I have been working with plenty of Buyers these days that are asking about condo and loft foreclosures in downtown Minneapolis. Many of them want to know how to go about seeing these units and more importantly if they are worth checking out. Others are asking the big picture question everyone seems to want to know which is: where is this market going? My response on this has been a few stats from 2008 and also some qualitive data that I see with the Buyers and Sellers that I come into contact with. Looking at a few stats 2008, downtown Minneapolis started out with roughly 800 or so listings, as of 12/1/2008 70% of those listings have gone pending or sold which is roughly the same amount of activity that has occured in 2007–not amazing year over year numbers however not bad given the times. The average (mean) price of a new-construction condo in 2008 is currently 10.8% higher than 2007; $389,094 in 2008 vs. $351,205 in 2007 for a never-lived-in 1-2 bedroom, 1,450-square-foot Downtown home. Couple this with the fact that every weekend when I hold an open house I get the same consistent buyer demographic: everyone from all walks of life wants to make the move downtown. Bear in mind these events are happening in trying economic times. My point is despite this ecomonic period buyers are still making the decision to purchase downtown.