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Foundation of condo is crumbling, talk of over 200k per unit special assessments

I made the NIGHTMARE decision of buying at tower 155 in Boca, (For those of you who dont know google: Tower 155 Boca Lawsuit) basically they used a bunch of 3rd rate contractors they literally found on angies list and the building became the Fyre festival of construction literally leaks and mold are seeping into the walls in this billion dollar + building. That 200k Just gets us the legal costs for the laywers to sue the develops, could be 500+ mil in repairs overall this place is so damaged and it needs new basically everything including key structural elements that are very difficult to replace.

I'm into this place for 2 mil but the markets about to get flooded. 30% of the units are empty and a single investor is about to drop 17 more on the market. How bad of a haircut are we talking here gents? Any chance I make it out of this unscathed?

submitted by /u/Yamatro
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1fdceb8/foundation_of_condo_is_crumbling_talk_of_over/
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