M
ark Dougherty, a 66-year-old retiree, had spent years living in a condominium he purchased from his mother in suburban Lilydale, Minnesota. As he entered retirement, he decided to downsize to a more affordable home in an active neighborhood that would keep him engaged with the community. "I need to shake up my life," Dougherty said, citing his varied career in radio journalism, home remodeling, and retail.

    With a budget of around $180,000, Dougherty hoped to find a small condo that needed some TLC but had potential for customization. He preferred a two-bedroom apartment with parking and a balcony, but was open to a one-bedroom option. His real estate agent, Scott Belcher, said Dougherty wanted to be in an area with energy and vibrancy, rather than a quiet neighborhood.

    Together, they toured several homes in the Twin Cities area, including three condos that fit his criteria. The first condo, listed for $179,900, was a one-bedroom unit in a five-unit building within walking distance of downtown Minneapolis. It had a patio facing a busy street and a coffee shop on the same block, but Dougherty wasn't sold on its open floor plan.

    The second option was a one-bedroom apartment in downtown St. Paul for $137,500. While it had some attractive features like terrazzo flooring and a partially updated kitchen, it lacked central air, a balcony, assigned parking, and in-unit laundry. The monthly homeowner association fee was high at $600.

    The third condo, priced at $169,000, was a two-bedroom unit in a large 1987 building with an indoor pool, sauna, gym, and garage parking. It had many desirable features like central air, in-unit laundry, and stainless steel appliances, but Dougherty worried that its style was too similar to his current suburban condo. The monthly homeowner association fee was $840.