Home Buying in 11235>Question Details

Olga Richards, Home Seller in 11224

I was offered a 1 br condo around 700 sq feet with a balcony in midwood area. The price is 225k. The reason why the price is so low is in the

Asked by Olga Richards, 11224 Sat Oct 17, 2009

lawsuit
against the builder because instead of putting a gas heater he put in electric, one side of the building leaks when it rains(not the side where mine is going to be), also there is already a lin on the building of about 8k because the builder wasn;t paying for the electricity for the common area. should i even get involved in this? i mean the price is soooo cheap, am i actually winning or am i going to have problems with this in the future? by the way, the first exactly the same unit was sold for 314k, last one closed a month ago for 250k. thanks

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Olga,

Just ignoring the problems associated with the building and focusing on the sold prices of the most recent units the price is clearly decreasing, and will likely continue to fall.

If the building is having this many problems then they will likely continue. I do not think you want to be involved with a unit that has this many problems. Don't forget there are also the problems you may not be able to see that could be undetected for months or years.

I would stay away form this unit. This is an incredible buyers market, with good values, and a high supply of properties on the market. Keep "shopping" around.
0 votes Thank Flag Link Tue Dec 8, 2009
RUN DON'T EVEN LOOK BACK KEEP GOING AND WHEN YOUR FAR ENOUGH AWAY SMILE

NOW HERE IS SOME OTHER INFO FOR YOU PRIME OCEAN PARKWAY 2 BR 2 BATH 2 TERRECE 1036 SQ FEET PETS ALLOWED ASKING 399,000 LET ME KNOW IF INTERESTED
0 votes Thank Flag Link Tue Dec 8, 2009
Hi Olga,
i own a 1br condo on e 26 str between z and voorhies that I'm thinking of selling. it's 620 sq ft has a balcony and parking. hd floors in the living room and 2 large skylights. the cc is $126 and it's the 3d floor of a 3 story building. it's in mint condition and has laundry inside the apt. There is also a 8*10 storage area in the basement of the building that belongs to me. I currently have tenants living there paying $1250 per month. If i decide to sell i would be looking to get around $300 K. Is this something you might be itnersted in? if so, email me pk63606@gmail.com
0 votes Thank Flag Link Mon Dec 7, 2009
It depends on what your lender states if you could be approved for a loan with all these issues and concerns.

How many units are sold? Majority now with home owners or still with builder.

Issue with your unit title can't convey to you if their is a lien or lawsuit.

At times these opp's are great when there are issues. however if you are seeking close prior to 11.30.09 receive $8k tax credit might be best search for another property.

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0 votes Thank Flag Link Sun Oct 18, 2009
Olga,

It sounds like what you have identified could be just "the tip of the ice berg."

Our recommendation is to do some additional research prior to making any final decision.

How many places are currently vacant?

How many units are currently listed for sale?

What are the projected legal expenses for the HOA?

If the builder "walks" what will it cost for the association to correct the existing problems?

You may want to request and review a copy of the "annual budget report." It's possible that this document may provide additional information to help with your decision.

Good luck
The Eckler Team
0 votes Thank Flag Link Sun Oct 18, 2009
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