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ECONOMIC CONDITIONS

Source: www.ci.minneapolis.mn.us
Topic: Economic Conditions

Sort Desciption: ECONOMIC CONDITIONS. REAL ESTATE AND LAND USE. Property values on the east side of the Mississippi increased substantially. between 1990 and 1998 ...

Content Inside: ECONOMIC CONDITIONS REAL ESTATE AND LAND USE Property values on the east side of the Mississippi increased substantially between 1990 and 1998 but they declined or were stagnant on the west side of the river during the same period. Commercial/Industrial property. Estimated market value of C/I property on the east side of the river increased by $24.8 million and it increased by less than $1 million on the west side between 1990 and 1998. After adjusting for the increase in the number of parcels in this category values increased by 32 percent on the east side and by 0.9 percent on the west side of the river. Single family property. The number of single family residences remained nearly constant on both sides of the river but the mix of homestead and non-homestead parcels changed along with their relative values. On the east side of the river about 30 more homes were owner occupied in 1998 than in 1990 but on the west side of the river more than 50 homes that were owner occupied in 1990 were non owner occupied in 1998. A larger share of homes are renter occupied on the west side of the river. In general property values of single family homes whether owner or renter occupied are much lower on the west side of the river than they are on the east side. The difference is even greater when consideration is given to whether the property has been homesteaded or not. East side West side Non-homestead 1990 187 443 Homestead 1990 734 1312 Total single family homes 1990 921 1755 % homestead 1990 79.7% 74.8% Non-homestead 1998 159 497 Homestead 1998 767 1281 Total single family homes 1998 926 1778 % homestead 1998 82.8% 72.0% East side . West side Value 1990 $63698600 $95998900 Number of parcels 162 310 Value 1998 $88543400 $96.958.300 Number of parcels 197 341 Average change per parcel +$126116 +S2814 Between 1990 and 1998 the average value of owner occupied homes on either side of the river increased but the rate of increase on the east side (13.6 percent) ...

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