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(Lake Placid Specific)
1 messages
Updated 2/16/2011
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| Name: |
boataholic
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| Subject: |
condo prices
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Date:
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5/3/2009 11:15:24 PM
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The MLS website has several 2 BR condos at Crowne Pointe for 199,000. For the location and price, it sounds like a bargain to me. How quickly they sell (or don't sell) should be a good indicator of the state of the lake condo market.
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| Name: |
lucky67
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| Subject: |
condo prices
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Date:
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5/3/2009 11:35:11 PM
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the project is now in bankrupcy--owners are tring to bail out; financing is impossible--if you pay cash, be prepared to stay for the long haul; better check the project budget [if any] for maintenance, etc; better be prepared for assessments
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| Name: |
roswellric
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| Subject: |
Good advice
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5/4/2009 8:05:38 AM
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For any condo buyer. You are not only buying the condo but the assets & liabilities of the association. Don't buy one unless you can see a recent balance sheet on the association. Even then you have to make sure that the depreciation has been properly booked or you could be also buying some debt, deferred maintenace or inadequate reserves and future assesments down the road. If you don't understand the balance sheet see your CPA and then a qualified property manager who understands current conditions and costs to cure. The association should also have a schedule of replacements and required reserve deposits but only use that as a guide. Sometimes it's like government projections especially if it comes from the developer.
And REMEMBER!, the only thing you have to know about flat roofs is they only leak when it rains.
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| Name: |
wix
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| Subject: |
Good advice
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Date:
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5/4/2009 8:44:37 AM
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Heard 48 of the units had windows knocked out by the recent hail storm. The sewer system has real problems. It has been reported to the state for letting raw sewage escape into the lake, and the storm drainage of the property is being reworked by a contractor.
Unfortunately, the project will stand as a monument of how not to build on this lake. Sure wish the creditors would just bulldoze it.
Went by The Village the other day by water; did I see that their condo has burned. Didn't have time to get up close, but from a distance it sure looked like a burned out shell.
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| Name: |
Spot Remover
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| Subject: |
Good advice
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Date:
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5/4/2009 9:12:20 AM
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Also, a main concern would be boat docking. With a strong NW wind, the boats could end up on the bank or on top of the docks. I noticed this in the building process. Wonder if yesterday's storm did any damage to any boats. Lots of open water for wind and waves to increase in strength before getting to the area.
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| Name: |
boataholic
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| Subject: |
Good advice
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Date:
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5/4/2009 1:41:54 PM
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Hmmm, unless the association is in order, which is pretty much impossible without having actual owners for the units, they wouldn't be a bargain at 99,000.
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| Name: |
lucky67
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| Subject: |
Good advice
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5/4/2009 8:36:08 PM
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Sterling Bank of Montgomery foreclosed; complaints should be directed to them [sewage,maintenance etc]
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| Name: |
lucky67
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| Subject: |
Good advice
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5/4/2009 8:37:17 PM
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if you have $99k to throw away ! this project will be a LONG HAUL to recover from
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| Name: |
Dolemite
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| Subject: |
Not Good advice
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Date:
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5/11/2009 3:43:30 PM
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None of this is true. These forums aren't the best source for objective opinions especially in real estate. Crowne Point units are selling like crazy. I'd buy one if I could.
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