Monday, March 09, 2009
Question From Prospective Buyer...So they say?
I am a person looking to buy here. My concern is the water issues here. We looked at a place and really liked what we saw. My concern is about the hot water. There is hot water in the bathroom but in the kitchen there was none. What is the community doing about this? From what I have been told this is a major problem. What can be done to eliminate my fear that if I buy this place I won't be set with a big assessment upon buying here. Aside from the fact I love the ambiance of this place. Please but my fears to rest.
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4 comments:
The truth of the matter is that you probably shouldn't buy here AT THIS TIME. For two reasons.
First, there are multiple causes to the hot water issues which have only been correctly diagnosed within the last year or so. The fix is going to be VERY expensive and there will definitely be a massive special assessment. If you really like the neighborhood and are making a straight purchase through the traditional real estate process, make sure you take this into consideration when making your bid.
Second, the asking prices for these units are still way too high. A 1 bedroom is worth no more than approximately $150,000 to $175,000 for a primo unit. A 2 bedroom should be in the neighborhood of $225,000 to $250,000. They were going for much more during the real estate boom but they never were worth what the people were asking at that time. So, unless you can get one for a song at one of these foreclsure auctions, I wouldn't do it. The last foreclosure auction (that I was aware of) for a Parkridge unit had ZERO bids.
I personally love living here and have been here over 12 years and am not thinking of moving. There have been many improvements to the property over the years and I'm happy with the current board of directors' and management company's plans for dealing with the plumbing and the other problems. Not everyone is.
Todd in 122
Currently the swimming pool/jacuzzi AND tennis courts are padlocked closed. Does anyone know WHY and WHEN they will be reopened? These are the only amenities in this community, which makes it a negative selling point for perspective buyers.
DON'T BUY HERE!!!! If I could get out I would. My condo is just fine and I rarely have issues with the water but this association are blood suckers that will suck your wallets dry. And I'm not exaggerating. Sorry
Like Todd has said and I agree with him Don't buy look for other deal this one is not a very good one unless community issues are fixed.
I also like to respond to Stefanie I'm sorry you feel that way about the current board my husband is a board member and along with others have put up with so much you have no idea but if you want to do some research on the average association dues you might be surprise I know it was a painful special assesment for the past 10 months but really this board is helping a lot only been there for ONE YEAR When they became the new board OUR community funds were ZERO this hard worker guys deserve some respect and if you don't think so,it's OK nobody is forcing anybody please cast your votes make yor voice heard I don't see Washington here to make anybody do anything read ALL the documents that are sent to you easy to read and understand.
Thanks Golda Norton
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