Lally Column Stting In A Pit?

I just went over to look at a condo my brother/sister-in-law are buying which is almost completed. (The unit is a two level condo with basement which has been sealed to the weather for weeks now & is just waiting for paint & kitchen appliances to be installed) The problem is the basement: There was obviously quite a bit of water down there & it still smells musty. The builder told them that the water came in before the condo was buttoned up but the lally column (there is only one as it's a very narrow basement) is sitting in a fairly jagged edged pit (pit appears to be about 18" in diameter) & there is still standing water in the pit. (Can't see the base of the lally column) All the lally columns I have ever seen sit flush on the concrete floor & I'm thinking that this may be showing a major water problem down there??? Any thoughts?
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