Another important piece of the puzzle that warrants mention is that it seems the property has two separate loans attached to it.  

Has anyone countered with a lower offer saying because a bank is the seller and in light of the profits that banks make in their general business acitivities they refuse to warrant good title?

The project is non-warrantable.

I was just wondering if the continued 1-2% monthly price increases in some regions is enough to warrant adjusting our use of the 70% rule to account for fast appreciation.

This kind of apathy warrants a no fee vacancy-fill IMO. 

Do you also give money to african princes and call back the IRS when they say they have issued a "warrant to put you under arrest"?

If the condo is non-warrantable then say good bye to conventional financing.

@Randy Marshall The issue you are talking about is Non-Warrantable condo. 

What is warranted?

Generally, you'll want to stick with the lease though unless circumstances are extreme enough to warrant the breaking of it.