Reassuring Condo Buyers

Normally, someone who purchases a condo or townhome has to wait until they’ve signed a Purchase Agreement to find out how financially strong (or not) the building or development is.  See, “Ten Day Review Period . . . 2 Weeks Too Late.”

Then, they have ten days to review the related materials (Association Articles, Bylaws, Amendments, Board minutes, etc.)

In today’s climate of lender-mediated sales (foreclosures, short sales), financial stress, etc., that’s too late in the process for many Buyers, who want to know up front if they’re potentially “buying trouble.”

Which is why I’m telling prospective Buyers and their agents right on MLS about the Condo Association at my (gorgeous) new listing at 2275 Youngman, in St. Paul’s Highland Park neighborhood (photos above and below).

Agent Remarks: Amenity-loaded building (Exercise Room, Library, etc.) with a conservative, financially strong Owners Association.  Also: 3(!) parking spaces and 2 adjoining storage lockers, just steps to the elevator.

Public Remarks: Treat yourself to The Regency’s premiere Penthouse! Over 2,700 dramatic square feet with over-the-top finishes including 3 skylights, Living Room FP, and deluxe Owners Suite with Walk-in closet.  Panoramic views of the Mississippi Valley and bluffs.

–MLS listing for 2275 Youngman #509W (emphasis added)

Elsewhere in the marketing literature, I also inform Buyers that 2275 Youngman is “a financially strong Condo building* with many renovated units.”

Translation:  1) you’re not going to be blindsided by special assessments; and 2) all the improvements that other owners are making will benefit your condo, too (“a high tide raises all ships”).

Want to take a look?

I’m there from 1 – 3 p.m. today, hosting the first Sunday open house.

Hope to see you!

*Based on the financial review and reserve recommendations of the Association’s third-party consultant.  

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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