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.
Brenda in the Mill District
After the sequel to Snowmageddon recently pounded Minneapolis any glimmer of hope that temps would stay consistently above 40 degrees was a light at the end of the long cold winter. Lucky for us the it’s only a matter of time before the temps and the Mill City Farmers Market opens for 2011! Check out all of the vendors who plan to sell their wares this year!
The idea behind the maket come from none other than Brenda Langton of Spoonriver Restaurant located right near the entrance of the market along 2nd St S and Chicago Ave. The market has been in operation since 2006 nd since the beginning she has had the vision to promote local, sustainable and organic agriculture, increasing economic opportunities for farmers, urban youth, small businesses and food artisans. To offer experiential learning about and access to healthy local foods, and build a vibrant gathering place for Minneapolis residents and visitors.
I have noticed more and more, when I sit down with clients to find out the reason for choosing to live in downtown Minneapolis over the burbs a big issue that comes up is: Transportation Costs. As gas prices trend upward it has struck a nerve with Buyers and the market is responding. We are seeing much more Buyer and Seller activity within the downtown core than anywhere else in the market right now and to be honest I don’t see this changing anytime soon. In the past Buyers lived the urban life for a variety of reasons. Now Buyers are being lured into city living now for some very specific economic reasons-transportation costs. It is universally accepted that low gas prices-while they move up and down a bit-are a thing of the past in our country. As this happens I see more Buyer’s taking a step back and asking a serious question: How much time and money do I want to spend commuting?