This answer should be specific to your market area. In Chicago which has a very stringent building code, gut rehab implies that all materials (other than the outer shell be it brick or frame) have been replaced. There is still a bit of a debate about exactly what the term means, but there is typically a general market understanding that is specific to a geographic area. In Chicago for example there might be a disagreement about a building that had all of its materials replaced except its original floor joists and sub flooring. Most would consider that a gut rehab in Chicago whereas a smaller minority would argue that those original materials disqualify the description "gut rehab." If you are considering a condo that describes itself either way, I'd suggest getting a specific list from the seller or their agent of all materials that have been replaced. Good luck to you.
Broker Associate, Sudler Sothebyâ€™s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
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