Has anyone lived in an older condo in the inner city for a while?

[AnonymousStranger]

Because right now, I'm looking at buying a 200K-ish condo that was built in the 1980's, located in Crescent Heights. As of right now, the condo fees are $270 for a one bedroom. However, realtors have been telling all sorts of horror stories about post-tension concrete cables and roof stuff. Can I expect the condo fee to increase dramatically through the years since the building is getting to be pretty old? Also, anyone know about the construction quality when it comes to leaks and the like for buildings built during this era? Any help would be much appreciated. Thanks!

[RW99]

You'd have to look at their books to see if they have been managing the reserve fund correctly. I'd also look for info on their maintenance of the property. And if there is a big problem with the building, I wouldn't worry about the condo fees, you will get an assessment for a percentage of the repairs.

[killer_carlson]

Try calling Bernie Winters at condo check to help you evaluate.

[I-Hate-Hulse]

Most condos with Post Tension Cables will have an inspection report done every 4-5 years or so. PTC isn't necessarily a horror show automatically - if they are maintained and greased up periodically they should be just fine....

Condos of that vintage, I'm more worried about the elevator and HVAC systems....things Condo Check doesn't really directly inspect.

Get a copy of the most recent reserve fund report and it'll give you a good idea of the state of all of these things. Note that most sellers don't give this info out until a conditional sale is made, subject to a condition of documentation review.

[jtfrogger]

I live in an early 80s condo and love it. The condo fees will be more expensive than the new ones, but you will pay much less for it. I think it is a worthwhile exchange.

Get a professional company to review the papers for you, such as Condo Check. The review along with your own due diligence should remove much doubt about the future assessments and condo fees.

[bizaro86]

Originally Posted by I-Hate-Hulse

Most condos with Post Tension Cables will have an inspection report done every 4-5 years or so. PTC isn't necessarily a horror show automatically - if they are maintained and greased up periodically they should be just fine....

Condos of that vintage, I'm more worried about the elevator and HVAC systems....things Condo Check doesn't really directly inspect.

Get a copy of the most recent reserve fund report and it'll give you a good idea of the state of all of these things. Note that most sellers don't give this info out until a conditional sale is made, subject to a condition of documentation review.

Yeah, definitely a vote here against condo check. They don't have sufficient qualifications regarding building systems, imo.

[Locke]

You really have to watch that reserve fund. You do not want to get bitchslapped with a massive special assessment.

[AnonymousStranger]

Ok, so I have made and offer and it has been accepted and will go sign the papers soon. Can anyone recommend a lawyer and condo doc review office? Thanks to everyone who posted the great information above too!

[Travis Munroe]

I could have suggested a realtor, lawyer, mortgage broker & condo doc check for you lol.

Lawyer- Troutman on this board is awesome. I have used him for numerous deals.
There are a couple main condo document review companies. Its good to review them yourself for a day and then send them in so you can ask questions!

[troutman]

PM me if you have any questions.

There are no anonymous strangers here. Only friends we have not met yet!