Star Tribune Sun, 09 Dec 2007 23:53:52 GMT
The new American dream of not owning a home
With a falling housing market and more people turning to apartment living, developers have new projects for the area - mostly high-end units. Twin Cities-area developers are responding to falling vacancy rates and rising rent prices with a batch of new luxury apartment buildings in the coming year -- mostly high-rent units in and around Minneapolis' Uptown neighborhood. Expect that to happen in St. Paul and some close-in suburbs as well, as more prospective homeowners choose renting over buying, and as aging baby boomers give up the houses in the suburbs for urban apartment living. "There seems to be demonstrated demand for well-located urban projects," said Brent Wittenberg, vice president of GVA Marquette Advisors, who has been tracking projects in the metro area. The trend is also being driven by developers who once built condominiums -- a segment of the market that is oversupplied.
[[keywords: Housing;Metro;]]
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