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.
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 firstname.lastname@example.org
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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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.
The Eckler Team