Minneapolis Condo Sales Slow Drastically

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04/27/2006 Sales of condominiums decreased in 2005 from 2004, and projections for this year show a more drastic drop. While nearly 1,100 units sold in 2005, only 200 have been sold so far this year, which would be a pace of just 600 for all of 2006. Many say the two main reasons are an increase in the number of units available and recent high-profile murders in the city. Market giant Opus has filled out available units in two buildings, but is being cautious with new projects. "We're taking a step back and looking at what's going on, trying to figure out what is real and what is not," says Tim Munane of Opus. Mary Bujold of Maxfield Real Estate Research says crime has concerned some potential buyers. "Certainly when something sensational happens, that kind of raises everybody's ears," Bujold says. Joe Grunnet of Minnetonka Realty says he believes most buyers understand the risks of living downtown. "They understand it is downtown Minneapolis, and those things are going to happen," he says. While the condo market may be cooling, few think it will cause a drop in prices.