After 10 years of a lawsuit against Bahary Development for fraud and defective construction, we finally settled. $200,000 later we end up with really nothing since now we have to rebuild the porch (condemned 4 years ago by the city) and build the parking. Right now condo owners have to park on the street.
In addition to that the value of the 12 condos have gone down by at least 5% on the top of the general price reduction due to a down market.
So the question is: could I have avoided this nightmare?
At the time I was not a REALTOR so I did not know better. There are things I could have done if I had been guided correctly. I could have gotten a copy of the plans from the city and have an architect evaluate them. In any case make sure that
1) there won't be water intrusion. For almost 2 years I had leaks in my bedroom to a point where I had to sleep in my living room And I was not the only one with that problem.
2) the condo had reduced sound transmission. Since most units were empty, there was no way to find out about sound problems. But we discovered too late that there was no insulation between floors although we were told
there was.. Bring a friend and have him/her walk/talk in the unit above the one you want to buy and see if the sound is a problem.
3) to hire a structural engineer to check the building including the common elements and basement. Such inspection is expensive but worth it if it will save you thousands of dollars later on.
4) to compare the original developer's plans with the one provided by the city: they should be the same. Many times a developer will cut corners during construction. The plan should also be signed by a city inspector.
5) to verify that all city inspections were done before, during and after construction. You can contact the city to find out.
6) to check the developer's history. If units have been sold, talk to the new owners.
Remember until all units are sold the developer is acting as the Board of Directors for the association; a potential for conflict of interest.
Posted by: |