Mar 6, 2009 7:16 pm US/Central
$3 Million Penthouse To Go On Sale In St. Paul
(WCCO)
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"This was built to really mimic a Manhattan-style penthouse," said realtor Dennis Breining.
CBS
We hear a lot about dropping home values around the Twin Cities. But in just a couple of weeks, the most expensive condo ever to go on the market in St. Paul will be for sale. It could be yours for about $3 million.
There is nothing like the Lowry penthouse in St. Paul. But St. Paul isn't what the builder was going for.
"This was built to really mimic a Manhattan-style penthouse," said realtor Dennis Breining.
The 5,000-square foot condo is located atop the Lowry on St. Peter. The $2,975,000 price tag means luxury everything. Breining gave WCCO-TV a tour starting with a gourmet kitchen complete with imported granite countertops, custom walnut cabinetry, top-of-the-line range, grill, double ovens and refrigerator.
In the master suite there are controls for surround sound system and programmable lighting for the entire home. Custom art glass separates the bedroom from a one-of-a-kind bathroom.
"The master bathroom is entirely imported Italian marble. Heated floors, custom Jacuzzi tub," explained Breining.
To warm things up, there's a remote-controlled fireplace. Also off the master bedroom is a room that would make even Manhattanite Carrie Bradshaw (Sex and the City) jealous. The walk-in closet with custom glass-covered cabinets and spotlights cost $100,000. But the most stunning feature is the skylight room with panoramic views of downtown from the Mississippi River Valley to the Cathedral.
It's beautiful, but will it sell? Real estate experts say higher priced properties have taken a smaller hit than the rest of the market.
"The high-end part of the market, the top 20 percent, is the most stable part of the market," said
Dr. Tom Musil of the University of St. Thomas.
Musil said it makes sense for developers to maximize profit and bring up the value of an entire building with a showpiece like a luxury penthouse. There have been condos with this kind of price tag in Minneapolis before. The developer is hoping there is a hunger for the high life in the capital city.
"For people who are die-hard St. Paul fans like myself, we would love to have this type of luxury living, but not in Minneapolis. We believe there is an untapped pool of buyers," commented Breining.
The next-most expensive condo unit in St. Paul sold for about $1.5 million in 2004. That was in the Crocus Hill neighborhood.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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