Condo sale record in Minneapolis highlights the action for luxury properties

A downtown Minneapolis condo with glittering river views and its own manicured lawn fetched a record $6.3 million in a recent sale, shattering a previous high.

The unit, which occupies the entire top floor of a historic building in the Mill District along the Mississippi River, sold for an unprecedented $1,442 per square foot, or $250 per square foot more than the previous record and more than 10 times the metro average.

There were multiple bids on the unit, which like a growing number of luxury properties, was never publicly listed for sale.

Though a market outlier, the sale is just one of several notable deals in the area recently, reflecting deep demand for trophy properties in a hypercompetitive market. The frenzy contrasts with demand for expensive homes in the Twin Cities, which are not selling as fast as homes near the market median and less.

“The luxury market

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