Saturday, March 17, 2007

 

Shoddy Construction

As the credit crunch moves up the food chain a lot of fraud and dirty laundry in the real estate business is coming to light. Corey at InfoHype discusses the spreading panic among banks and has a link to an article about the poor quality of some of the homes built during the mania. Cavaet Emptor.

My own experience jibs with this article. Inna and I moved into a condo built in 2003-04 in January. We are renting because the precious owner complained about the windows which leak water and are drafty and threatened legal action so the developer took it back. Water collects on the ledges in our apartment and in the stair wells after a heavy rain. We also had a montrous heating bill in February. It was a cold month but next winter I will be putting up plastic.

I would never consider buying this place especially at the $430K price that they are asking. Good to know that I should be wary about new homes when we do buy in a few years. Now where can I find old houses for not too much money? ;-)

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