There is a ongoing litigation with the developer. Garage was damaged during hurricane Sandy.
How litigation works is that there is a transition period where the developer transfers all control over to the condo board. In order to conclude transition both the developer and board conduct their own property study. This property will determine all defects (minor and or major) that requires remediation. As it is in the boards best interest to get a large sum for remediation they will hire their own engineers to do a thorough study. Usually the value determined by board and that determined by developer will be drastically different and thus the litigation period. During this period both parties strive to come to an agreement on the dollar amount.
This could financially benefit the condo in the long run if they are awarded a large dollar amount for the remediation efforts. The negative aspect of the litigation is that you have to work with portfolio lenders that are approved for this complex. The guidelines for larger lenders are stricter and thus they cannot lend where there is litigation.
So as a buyer you have make sure what is part of the remediation efforts. Most of the items usually are minor but you should find from the board if there are any major defects (example structural, environmental) that you need to be aware of.
Since litigation just started it could be years before it is concluded. The only positive is that sale prices are discounted.
Let me know if you are considering as I know a few portfolio lenders that can help clarify further.... more
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