Comments ( 8 )

• I wonder if Kroupa was planning to disclose this asbestos risk to the buyers? And who will pay for the cleanup? That’s really going to help their struggling condo sales.

• I think my many warnings about Kroupa Developement’s subpar construction are ringing bells in the heads of those that purchased condos in this building. Kroupa uses a terrible construction company run by a 24yr old who has no supervisory skills. He subcontracts everything out to unqualified workers. This comes at NO suprise.

• Really, it’s too bad about what’s going on at 2930 Sheridan. I’ve seen these model units and strictly from the aesthetic and affordability standpoints, this has been a really nice conversion. Hope they can get their act together again soon.

• The thing I initially found most alarming about this conversion is that they basically put cosmetic touches on an old building in need of some real rehab. The conversion did not involve any work on the elevators, heating/cooling systems, roof, plumbing, or other aging mechanical systems. This would leave any buyers wide open to some very large special assessments within a short period of time. Finding out about the asbestos makes me wonder what else the developers are hiding.

• Local Realtor:
  Affordability is relative. Affordable now, becuase no major work was done (and therefore not built into the purchase price), just cosmetics. Not affordable later when large special assessments come.

• What are chances are that the developer supplied a weak property report.

• We looked at these units, and while they seemed nice, the rest of the building was in horrible shape. Promo materials mentioned a finished roof deck, new fitness center and was dated 4/2006. We saw the units last month, and none of those things were finished, or even started yet.

  The price point has been mentioned numerous times, but given the market, I don’t think that even that is a draw anymore. $234k for a small one bedroom w/ window air conditioners and 30 yr old elevators is retarded.

• Although I am not surprised that there is asbestos in this building, I am surprised that this project has been underway since November 2006, and this is the first time asbestos was discovered. Many people – tenants and laborers – have been exposed to excessive quantities of airborne pollutants for months now.

  I have been trying to warn people who are thinking of buying in this building about the potential of some nasty special assessments in the near future.

  I have lived in this building for many years. It is an OK starter rental apartment for people right out of college. The units aren’t really what people are looking for in a condo. Most people that I know who are looking to buy want big kitchens with adequate storage and nice appliances (including dishwashers), lots of closets, and a nice-sized bathroom, some even are looking for Jacuzzis. They also want a lot of living space. They certainly don’t want window A/C units. The kitchens in this building are very small 50’s kitchens. In order to make them contemporary and larger, they have had to remove closets (which people want and need!!!) and expand the kitchen into the living/dining area, thus shrinking the living space. I also thought that at the very least, they would remove the tacky popcorn ceilings in the halls and in the apartments, but this was apparently not in their budget either. I guess the developer figures that if people see wood floors, granite counter tops, and stainless appliances they won’t notice that they have popcorn ceilings, 15+-year old window airconditioning units, and only on average 2 closets (some of which are minimally useful since they contain an all-in-one washer/dryer). The target buyer for these units is very young, and they probably can’t see beyond these cosmetic things to think about the fact that they will be replacing the roof, the elevators, the aging plumbing, etc. in a short time in the form of special assessments.

  As far as that $234K price point, let me tell you that I could have bought my unit unrehabbed for $235K. For this price, I would have gotten worn 70’s shag carpeting, a stove dating to at least the 1960’s, a bottom-of-the-line Kenmore refrigerator with no ice maker (at least it is frost-free!), popcorn ceilings, oringinal, rusty 50’s metal kitchen cabinets, 50’s ceramic tile in the bath, no dishwasher or disposal. Oh, and if you include the closets in the square footage, I am sure you are close to 600-700 SF maximum.

  I think the buyer of the building would have been much smarter to have updated the units with new kitchen cabinets, appliances, and flooring and maintained the units as rentals. There is a shortage of rental units, and as things are looking now, most of these units might end up being rented out anyway. Of course, if they had done this, the owner would have had to pay to upgrade mechanicals, replace the roof, etc., and they were looking for a quick buck. I think it is very sleazy to cosmetically upgrade a building in order to attract naive buyers and then end up sticking them with the bill when the serious repairs need to be made. The joke may be on them, however, since I can’t imagine anyone wanting to buy one of these units after all of the recent bad press.