RARE opportunity For Top Floor Condo Unit Only $159,000. Building In Pending Litigation.
Regarding the litigation this is not legal advice and verify all this information on your own. This is just my opinion and your buyer should do their due diligence.
The building is in litigation for replacing windows, patio doors, and work on the stucco (email me for supplements). If you want more information you can read the supplements and call the building manager. There is going to be a meeting on June 22nd with the association board members, attorneys of the lawsuit, and the engineers of encompass.
Bottom line is it sounds like there is going to be a $3 million cost to fix the items and that will be paid for with the lawsuit if won, or in the form of a loan that will be paid for with an assessment. The assessment could be a one time charge or assessed over a number of months or years.
The work is expected to be completed by the end of the year. In my opinion I think these units are very undervalued right now because of the litigation. Once the work gets completed the value of the units will go up substantially for two reasons. First, all the units in the building will have new windows, patio doors and the exterior will be repaired. These upgrades are a huge value add to the building. Second, because of the litigation a number of banks will not lend on the units. This has kept demand low because many buyers that would have bought at the current prices ended up not buying because of the lack of traditional financing. Once the litigation is settled traditional financing will be available. Buying now before these issues are settled represents a huge opportunity to the savvy buyer.
This is one of only a few top floor condo units in the $200,000 price range in south Minneapolis with amazing views of downtown Minneapolis, heated parking, in unit laundry, upgraded kitchens with open designs. Lowry Hill neighborhood has a median home value of $815,000 and is home to some of the most sought after houses in Minneapolis. Where else in Minneapolis can you get a updated top floor condo with amazing views of downtown, next door to million dollar mansions, art museums and still be under $200,000? Honestly, this is the only unit in Minneapolis that can offer that right now and I believe it will do very well in the long run.