Not all New York housing trends apply to the Twin Cities: different housing stock, different demographics, and most certainly, different prices (New York's are 4x-6x more).Fixer-uppers are not the darlings of the New York City real estate market right now. With so many well-groomed apartments for sale to choose from, why bother? But when there is a lot of inventory on the market, the price gap between the renovated and unrenovated often grows.
--For the Right Price, the Right Fixer-Upper; The New York Times (10/30/09)
However, in this case, the parallels stick: fixer-uppers locally are now as discounted as I've seen in my 8+ years selling Twin Cities real estate.
One more reason for the deep discount not mentioned in the above article: mortgages are cheap, renovation money is expensive (and scarce).
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