Building under administration - Court Cases

Hi all,

I was looking at the following property,
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2008037229

1 bedroom in the city for 300k - Cheap!
It comes with a disclosure mentioning -
"Strata levies are $1813.70 per quarter.
This building is currently under administrator.
There are currently three court cases, with the building manager, the fire system consultant, and the carpark owner.
Council has issued a fire order on the building.
The rooftop membrane is no longer waterproof."

What does this mean for the potential buyer? Why are the fees so high?
 
to me, it means it's got major problems.
I'd stay well away.


"building is under administrator" - the body corporate is broke, or whoever owns the building, is broke. means anything wrong, prolly can't be fixed as they can't spend money.

court case with the fire system consultant.. how safe do you feel spending 300,000 on something where the fire consultant is being taken to court..

the rooftop membrane is no longger water proof - well - that means, when it rains, it leaks.

I'd stay well, well away.
 
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