There are 2 types of buyers in the Minneapolis Condo market right now. Buyers looking for a move in ready look where the future owner merely has to unpack their items without any updates to the space. Then there are buyers looking for a bank owned condo that will likely need a fair amount of elbow grease. As the inventory in Minneapolis shrinks for move in ready product it becomes increasingly interesting to see some how some of the bank owned units and those in sub par condition (i.e. estate sales or investor buys) become targets for buyers looking to start with a blank slate and work with an architect and builder to customize the space.
Going this route in a condo purchase is not an easy one. It takes the right team of individuals to source out a condo and create a plan for the rehab that fits within a budget. Safe to say 95% of buyers out there come to the market looking to stick within a budget!
Depending on the size and scope, working with an architect to design the layout and create a set of plans for the build could be advantageous and mitigate a fair amount of stress in the project. Having a builder work closely with the architect to understand what is to be built along with putting together a scope of materials used to keep the budget on par is essential. Finding an architect who was worked with a builder and had success is critical you having a good experience.
Once a buyer finds a condo, successfully negotiates and closes they are left with signing a contract with the builder to demo and build out the space. What we are finding in the Minneapolis condo market is that there are a fair amount of architects out there that will take on projects on an hourly basis so as not to absorb more than 3-5% of the total budget for the build out.
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