An older but probably not elderly couple walk by the construction site where apartments are being built. The advertising on the sign in front shows a young man on a bike and lists some amenities including yoga and fitness center and bike storage.
The apartments are “smart” and there will be a rooftop terrance grill and lounge too. I work with young people and older people who are interested in living in Lowertown and most are attracted to the area, and the buildings in it by the same amenities.
Right now it seems like we need more housing of every type. Affordability is also important as rents remain high and wages remain fairly flat.
In a condo building it isn’t unusual to find unite that have the same floor plan and are the same size as the condo’s directly above and below. Yet they are not identical because they are on higher or lower floors. They are similar but not identical.
The condo on the same floor but down the hall may not be the same size or have the same floor plan and it doesn’t have the same view.
Each piece of real estate is unique even if it is in a building with similar units. A 900 square foot condo on the 25th floor may be worth 30% more than the same unit on the 2nd floor. The unit that overlooks the patio won’t be as valuable as the unit that is the same size and has the same floor plan but has a view of the river.
A north facing unit with all of the windows on the North side may be less valuable than the similar South facing condo.
Homes can be similar to other homes. Maybe they were built the same year using the same materials and are facing the same direction. If the homes are in different towns or neighborhoods the values are not the same.
Home buyers usually don’t have any problem understanding the differences.
My headline is a little silly. I recently helped an investor buy a condo and the agent who was representing the seller seemed to know that the buyer had to have some association documents but did not include all the required documents.
Selling a condo is a little more involved than selling a regular home. The good news is that all of the documents are listed on a addendum that is part of the purchase agreement. Buyers should reference the addendum and check to make sure that they have all of the documents.
Under a consumer protection law Minnesota condo buyers have a ten day period to review the association documents and can withdraw their offer without penalty if they do not like what they see.
Buyers should actually read these documents.
Here is a list of documents as outlined on the condominium, townhouse and cooperative addendum:
DOCUMENTS: Seller is required to furnish Buyer with the following documents relating to the Association and/or the Master Association, if applicable, before conveyance of unit:
38. (1) (a) a copy of the declaration (other than any CIC plat), (b) the articles of incorporation, (c) bylaws, (d) any rules
39. and regulations for the association, and (e) any amendments or supplemental declarations;
40. (2) a copy of the master declaration, articles of incorporation, bylaws, and rules and regulations, if the common interest
41. community is a member of a master association;
42. (3) (a) a Disclosure Statement (for initial sale of property) and all amendments thereto required by MN Statute
43. 515B.4-101, including a balance sheet of the Association, current within 90 days, and the projected annual budget
44. of the Association and a statement identifying the party responsible for preparation of the budget; or (b) Resale
45. Disclosure Certificate (for resale of property) and all amendments thereto required by MN Statute 515B.4-107,
46. including the most recent regularly prepared balance sheets, income and expense statements and current budget
47. of the Association. The Resale Disclosure Certificate from the Association must be dated not more than 90 days
prior to the date of this Purchase Agreement or the date of conveyance, whichever is earlier.
The demand for downtown condos is strong and prices are almost as high as they were before the crash. There are still downtown condo owners who are renting out their unit waiting for the price to go up. People who purchased a condo between 2006 and 2008 may still be underwater. Owners who bought foreclosures in 2009 and 2011 should have a decent amount of equity.
There are currently 39 units on the market downtown ranging in price from $112,000 to $1,888,000.00. I guess there is something for everyone.
For information about units in a particular building give me a call or send an email.