Ad Hoc vs. Whole Building Approach
For at least a couple years now, I’ve counseled my condo Buyers to be leery of a certain Lake Calhoun condo building.
My concern(s)?
That is, besides suspiciously low sale prices (often a giveaway): I’d heard numerous stories about alleged problems (remember, I’m a former attorney) with the building’s exterior and windows, including lots of messy, unresolved litigation.
That was in addition to assorted rumors about individual Buyers and Sellers working out various, “ala carte” escrow arrangements, etc. to get deals closed.
Cloud Over Building (Legal & Otherwise)
The impression one got (OK, me) was that, rather than the entire building biting the bullet and addressing the alleged issue(s), individual condo owners were each figuring out for themselves what — and how much — to tell prospective Buyers.
So, lo and behold, what did I notice today driving past?
The entire building was swathed in top-to-bottom scaffolding — presumably to address aforesaid issue(s).
Much more expensive, I’m sure, in the short run.
However, multiply my advice as an active Buyer’s agent times 10 (or 100), and the cost of not addressing a major issue can be quite expensive, too.
