I showed a few of those units to a client of mine a few weeks ago. While it does sound too good to be true, it really isn't. The building is in a good location and the common areas are well kept and well designed. The units are gorgeous and for the price they are the best deal (in my opinion) that you can find in the Eagan condo market.
The one downside is the financial health of the association. My client ended up buying a condo closer to his office in St Paul and so I never did see the association documentation, but I would guess with so many foreclosures in the building (I found the same thing that Stacia and Ben did when I showed the units) you have to question whether they are keeping up with their reserves.
The reasoning for all of the foreclosures is uncertain, there seems to be a bit of panic selling going on with some of the banks given all of the competition. In reality however I think that if one looked far enough into it that the majority of the financing for the units in the building may have been done by the same company - I'm not certain about this, but if the mortgage lender who worked with the builder was a fan of some exotic ARM mortgage, that might be the cause of all of the problems.
Let me know if you have any other questions about that building or any of the others in Eagan or Saint Paul, I have seen most of them recently and am happy to help. Good luck with your relocation, I think you will find the Twin Cities to be a great place to live.
Good for you for doing your research. There are a variety of reasons why certain developments sell cheaper and more frequently than others. Sometimes things look better in pictures or on the outside than when you're actually living there. As well as financial issues, there could have been compromises in construction making for noise or odors between units, etc. Hard to say for sure without doing lots of research.
Please contact me regarding your relocation. Our services are tailor made for relocation buyers. We ONLY represent buyers, so there's never a possibility we'll be also representing the sellers. No other agents can say that. A home is the most important and expensive purchase most people make, so it's in your best interests to have someone that EXCLUSIVELY represents you at all times.
E mail me if you want me to send you our relocation package. And, look at our website for more info on why it's important to have our level of representation.
P.S. I spent several months in Pittsburgh a few years ago!!!
Looking at the current active listings at 2103 Silver Bell Road, at least 9 out of the 12 are bank owned. There is a lot of inventory in that building and the banks must know it - some are listed for 1/2 of what they sold for originally.
Let us know if we can help you out with your search.