The Whitney

Where: The Whitney (downtown Minneapolis)

What: 2,400 FSF condo with 3 BR/3BA

How (much): ask price - $1.075M; sold price - $675k

When: listed June 4; closed Aug. 13

Asking prices mean a lot less to Realtors than to the general public.

Case in point: this 2,400 FSF condo at The Whitney, a high-end boutique hotel that was converted to condo's in 2006 (a little bit like Minneapolis' version of The Plaza Hotel in NY, except for The Whitney's history as a 19th-century grain mill).

When a condo that lists for $1.075M in June sells for $675k in July (closed last week), you can surmise that the asking price was inflated and/or the Seller was extremely motivated.

I haven't done the comp's, so I'm not going to wager which explanation applies . .