Loft buyers must realize that they are buying a home in an older, imperfect building, despite the spanking new granite countertops and gleaming stainless steel appliances. But what kinds of problems and idiosyncracies should buyers expect in an older building, and what sort of problems should developers be obligated to address? Are some developers converting industrial buildings that are so fraught with problems that they should never be turned into homes?
Buyers at two Chicago loft projects are facing jaw-dropping special assessments of up to $100,000 apiece to address problems that the homeowners allege were caused by shoddy construction, according to a story in the Chicago Sun-Times.
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