Condos Swing Back?

By KBJR News 1

August 24, 2010 Updated Aug 25, 2010 at 2:37 AM CDT

DULUTH, MINN. --- Justin Paul is a busy young professional. The Duluth stylist used to both live and work in Downtown.

"I looked at the condo several times and absolutely fell in love with the view and modern nature of the building," Paul said, referencing the lofty Sheraton Condos right across the street from his shop.

However, that was in 2007. Now, when he's not busy clipping and curling, Paul retreats to the East Hillside – The reason: condo living wasn't convenient for him.

"I still had my home in Congdon, so I just decided to move back in there," Paul said.

It's a problem that has frustrated Duluth real–estate developers: namely 'how to attract new buyers?' and 'what' to do with the City's glut of empty condos -- many priced over half–a–million dollars.

"Basically the condo market is non–existant, because they're still high–priced, they're still at today's price, and they're hard to finance," said real estate Developer Bill Meierhoff.

Meierhoff, who owns the Waterfront Luxury Suites went on to describe his frustration with the bottoming-out of Duluth's Condo Market since its initial slump in 2006.

"Some people made bad decisions or got caught up in tricky financing," he said, referring to other developers.

Click on video link above, for the rest of the story!

Written for the web by Matt Standal