Finish to suit condo towers

[westsider]

Well, I was thinking today, (thats kind of a big event), and I had had an idea thats probably stupid or not as new as I think it is but I'll share anyway. So what if a developer built condo towers and finished the structure, exterior, and common areas but left the units completely bare. Roughed in HVAC, plumbing, electric, no interior walls unless they are structural, just the absolute minimum. The units would sell for much less than if they were finished, there would be a quicker turnover for the developer, and a blank slate for creative or do it yourself residents. It seems to me that there must be a market for this, if the price was right I would certinally be. Has this been done before? Is there a good reason why it would'nt work? It seems like a great way to live in a nice urban highrise with out paying for a "luxury condo".

[LostInTheZone]

before the word was corrupted by realtors, what you are referring to were called "lofts", and yes, it's an excellent idea.

[brian_b]

In the current market, I wouldn't be surprised if you could talk a developer into not finishing your unit.

However, one thing you have going against you is that when you are bringing in all the materials to finish your unit everyone else is moving all their belongings in as well. In a high rise with just 1 or 2 service elevators, that's going to be a pain in the ass.

[Rizzo]

Not as prominent in towers, but common in a lot midrise and lowrise structures, especially rehab projects of warehouses and old office buildings. Your idea is not new, but the idea of having it in condo towers is new, and would be an interesting consideration.

[dave8721]

There have been a few in Miami and actually they charge MORE for the privilege of putting in the walls and stuff yourself. Its easy money for developers; charge more, do less work. There was one in North Bay Village that went as far as to deliver the units with no walls around the bathrooms, just a bath and toilet in the middle of the open space (though i think the bath in the middle of the open space is how they expected people to keep the units).
More typical though are the usual "loft" highrises that get built that have a couple of walls and are semi-finished.

[westsider]

I wasn't really thinking of converted warehouses or rehabs, I would like to see new condo towers built that way. Ideally they wouldnt even have toilets or sinks installed, just bare walls and floors. Assuming a developer would let the selling price be proportional to the minimal amount of work they put into it, it should make urban living much more affordable. A little noise and inconveniance for the first year or so would just be part of the package.

[vid]

Buyers would probably have to submit their specs before the tower was finished, and once they were done it would be over with, kind of a first come first served thing. Although enhancing the individuality of units is a plus, it seems pretty unlikely in condo towers, at least to the extent you propose. It would be cool to see it happen though.

[mhays]

Many penthouse units are built this way.

[wong21fr]

There's a proposal in Denver for such a project, the Inn at the Denver Athletic Club (Image courtesy of DenverInfill.com):
http://www.denverinfill.com/images/redev/upper_downtown/171_dac_hotel2.jpg

There would be a hotel and 14 condominiums, which would be unfinished.