Condo Foreclosure


Hypothetical Situation –

Thinking of entering into a contract in a new development building around town. Although the building has hit the requisite sold mark for financing, there have been no closings as of yet. We understand the delays are due to issues between the sponsor and their bank that delayed the process (sponsor could not close, but now claims they can do so).

Is this a huge red flag? What happens if a condo building gets foreclosed on before all of the units are sold? Are those units that already closed SOL? Is the main risk to the value of the property, or are there other risks involved with those units?

Any advice would be greatly appreciated.

Categories: Legal
By johnnyrtw | 02/07/2011 5:00 PM | Comment

Electrician/Home Theater, Shower Doors, Backsplash


Hi all,

We are moving into a new condo in PS and plan to do a few things before moving in.

First, we’d like to have overhead light fixtures wired and installed. Does this require permits?

We are hoping the same person can mount our TV while hiding the wires (cable, power, DVD) behind the wall.

We need to install shower doors. Is this is general handyman sort of thing, or specialist deal?

Finally, we need someone to put up a tiled backsplash.

Any suggestions for any of the above would be greatly appreciated.

Any suggestions?

Categories: Electricians
By johnnyrtw | 01/27/2011 3:54 PM | Comment

New Condos in South Slope


My wife and I have been looking for some time in the South Slope area and are intrigued by some of the small new condo developments in the area (not the larger buildings on 4th Ave). I’ve seen a number of posts on this site stating that buying a condo in one of these new buildings is a bad investment. Why is that? What makes a condo in a building with 7 other units different than an older condo building or coop? Just trying to understand the risks of buying into one of these buildings before taking the plunge. Thanks

Categories: Research
By johnnyrtw | 07/03/2009 5:10 PM | Comment