Welcome to San Diego Blog | November 2, 2012
Downtown Buildings in Litigation Update
Last April, I wrote a blog about Buildings In Litigation, that offered insight on specific properties affected by issues that primarily pertain to construction defects. As noted in my previous article; Developers are on the hook for construction defects for the first 10 years after completion of a new construction project. It is quite common that Home Owner Board of Directors will vote to pursue investigations on problems that their buildings may be having. These issues often include a various array of problems that may include plumbing, mechanical features such as elevators, structural leaks, and more. Once identified, the problems become an insurance claim. Whether or not the developer or the subcontractor’s insurance policy completely covers the problems is the key. This is where a resolution can take an extended period of time.
It is common that building litigation issues can take over a year or longer to resolve as attorneys representing all sides go back and forth before ultimately resolving the issue.
There have been some significant updates since my last article was published back in April. Some of it is actually good news as a few of the previous communities that were listed in April’s article have come to a resolution.
Downtown Communities That Have Recently Resolved HOA Litigation in 2012
Obtaining financing in buildings in litigation has proven to be challenging. In fact, only a hand full of lenders have found success in actually funding loans in these buildings. Alex Scoma is a Licenced Broker with Samuel Scott Financial Group, who monitors the Downtown market closely. Alex is reputable lender who has successfully funded loans for clients who have purchased properties in buildings in litigation. The following is a updated list of Buildings in Litigation provided by Alex Scoma at Samuel Scott Financial Group:
Updated Downtown Developments In Litigation- November 2012
- 350 West Ash 350 West Ash St.
- 7 on Kettner 702-714 Kettner Blvd
- Acqua Vista 425 W. Beech
- ARIA 1441 9th Ave.
- Aperture 1494 Union St.
- Cortez Blu 801 Ash St.
- Crown Bay 350 K St.
- Diamond Terrace 427 9th
- Element 550 15th St.
- La Vita 300 W. Beech & 1580 Union TH:1535-1585 State St.
- The Lofts @777 6th 777 6TH Ave
- Nexus 875 G St
- Palermo 1501 Front St
- Park Terrace 206 Park Blvd
- Pinnacle 550 Front St
- Porto Siena 1601 India
- The Grande North 1205 Pacific Coast Hwy
- The Mills 1643 & 1642 7th
- Union Square 1480 & 1400 Broadway & 1465 C St.
The specifics of the scope of litigation will vary in each development above. Progress of each individual settlement will vary. I have been hearing some rumours lately of other buildings that may be added to this list, so stay tuned for my next update.
Feel free to contact me with questions, particularly if you are considering listing our buying a home in any of the developments listed above.
For more information, contact: Brent Cole (858) 531-8785