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How is this building doing now? Have all the issues been sorted out?
Yes. The new building issues have been ironed out: the condo owners run the board and the building is well run. And the pool is a mighty fine place to spend an afternoon when the temps are this high!
Currently (July 2012) 7 units out of 84 are on the market and 2 are in contract. 6 more units changed hands this year. Wouldn't you call this an exodus for a 4 year-old-building?
No, issues are NOT over. The lawsuits are ongoing, currently in discovery phase. Which means years more of litigation overhead. And they are flat broke. Definitely a high risk buy.
Sorry -- I am new to this. Would someone kindly explain, what would make this a risky buy? Is it simply concerns over management being able to maintain the building because they have no money? Are there any issues with property rights / lawful ownership?
building is not broke. has overcome financial issues inherited from sponsor, but things are okay now on that front. if you're serious about buying, you can see the financials from last few years - it clearly lays all out. there is lawsuit pending against sponsor for misuse/mishandling of past common funds to do punch list repairs etc.
what about renting there? seems like there's a lot of turnover. anyone know what it's like to actually live there?