UT weekend article on CityScape: smart bottom fisher?

[cv2]

Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.

[urbanrealtor]

[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]

And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.

Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.

Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.

But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).

Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.

[urbanrealtor]

[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]

And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.

Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.

Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.

But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).

Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.

[urbanrealtor]

[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]

And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.

Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.

Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.

But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).

Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.

[urbanrealtor]

[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]

And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.

Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.

Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.

But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).

Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.

[urbanrealtor]

[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]

And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.

Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.

Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.

But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).

Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

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