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Herald Towers Prices Plunging?

"Could you please comment on the Herald Towers studios. They are going for $270,000, but I've read some negative things such as litigations, dilapidated building, and rude management." Hmm, now that's an interesting email, especially since the last time we checked on this conversion project, the naughty studios were priced in the low $400,000s. What the heck happened? And what's the deal with the negativity? We asked the original emailer to tell us where he saw the cheap price, and he pointed us to Craigslist, where we found ... this:

You also have to look at the terms of the offer. You only get 3 business days to come up with the down payment. They want you to sign a waiver saying that you have inspected the apartments and that you buy is "as is". A friend of mine was interested in the "deal" so made an offer. The next day he tried to get an inspection done on the place. The sellers agents would not even let him into the buidling saying that they are too busy. Does this all sound too fishy for you? Yeah, a studio condo for that price would be a good deal at any other condo complex. But you really have to look at the big picture. Even if the conversion did go through do you really want to live is a dump that is falling apart, that has an extremely incompetent and outright rude management company?

And there's more. So much more. What's going on over on 34th Street?
· $270000 - RE $270000 - Regarding the studios at Herald Towers [Craigslist]
· Herald Towers [htcondos.com]