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| Big Problem | |
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| Topic Started: Sep 25 2016, 02:37 AM (579 Views) | |
| Trotsky | Sep 25 2016, 02:37 AM Post #1 |
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Big City Boy
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The Millennium Tower in San Francisco may provide a bargain condominium for those willing to take some risk. The NY Times spelled out a doozy of a problem with the luxury residential tower completed in 2009. An owner (probably along with many others) is "upset" with the developer. Seems he bought a 41st floor apartment in the 58 story tower for $2.1 million when it first opened. Architects have determined that the building, not firmly tied to bedrock, has sunk 16 inches and now has a 6 degree lean towards the tower next door. The lawsuit claims that the building had sunk 9 inches during construction, that the developer KNEW this, and failed to disclose it as a material fact. Buyer claims he would NEVER have bought into a sinking building, had he known...who can deny that? Imagine trying to re-sell an apartment in the building now that this is all public. Four bedroom penthouse, $50,000???? laugh123 Edited by Trotsky, Sep 25 2016, 02:40 AM.
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| heatseeker | Sep 25 2016, 03:02 AM Post #2 |
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Veteran Member
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A sleazy and dishonest condo developer? Naw, can't be. |
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| swing | Sep 25 2016, 03:40 PM Post #3 |
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swing
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We have a new condo development in the west end, that has many building deficiencies as well. The developer from Vancouver is being sued, however in the mean time the owners who paid up to 500,00.00 for these condos are on the hook for the repairs. Leaking roofs, crumbling underground parking, and faulty insulation! Apparently some of them had bldg. inspectors, probably one recommended by the builder ~ beware! |
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| erka | Sep 25 2016, 04:29 PM Post #4 |
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Gold Star Member
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Must be the same developers who are responsible for the vast numbers of leaky condos and houses in Vancouver. https://en.wikipedia.org/wiki/Leaky_condo_crisis |
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| Kahu | Dec 1 2016, 01:14 PM Post #5 |
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We have a big problem with leaky buildings too ... Leaky Buildings We are New Zealand’s leading leaky building law firm. We have represented over 5,000 leaky building clients – both as members of bodies corporate and individual home owners – our track record of resolving leaky building disputes and creating legal precedents is unparalleled. Dedicated team of leaky building lawyers We have developed a committed and experienced team of lawyers to handle leaky building claims, with expertise in property law, construction disputes and insurance law. We act for all parties involved in leaky building disputes – leaky home owners, developers, design professionals, and contractors alike. As recognised leaders in this field we are well qualified to assist you in any dispute arising from the leaky building crisis. Source link Similarities to British Columbia A very similar issue arose in the early 1980's, some 10 years before New Zealand & for very similar reasons in the Canadian province of British Columbia. It is commonly known in Canada as the Leaky condo crisis and has been an ongoing issue that is estimated to have caused $4 billion in damage since the 1980s. Source Link |
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| CarolannBarrier | Jan 16 2017, 11:56 PM Post #6 |
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The developer should be but behind the bars for such kind of cheating and dishonesty! They should definitely claim a hefty compensation along with the money that they invested in the flat. My friend too faced a similar situation so she along with her other neighbours who were cheated by the lawyer consulted a renowned lawyer whom she came across in the Internet and filed a hefty claim against him. |
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| Durgan | Jan 17 2017, 03:09 AM Post #7 |
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Leaky condos in Vancouver go back at least 30 years. It was in the media for several years at one time. Leaky basements are so common in Toronto, Mississauga and area that it is no longer reported. The public consider leaks as normal. God Save the Queen. |
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| Delphi51 | Jan 17 2017, 06:20 AM Post #8 |
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While building our sun room I chatted with a retired couple building their own house. He said, "we figured we might as well make our own mistakes." |
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| Dialtone | Jan 17 2017, 06:44 AM Post #9 |
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Gold Star Member
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I've known a few people who built their own places, and most were happy with the outcome because they did their homework and didn't cheap out, but everyone says " I wish I'd done this or that" after it's completed. If you don't know what you're doing, figure you can take a few shortcuts, or think it's easy (it's not), then get a reputable builder, some major problems don't show up until a few years down the road. Edited by Dialtone, Jan 17 2017, 06:45 AM.
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| Trotsky | May 31 2017, 01:28 AM Post #10 |
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Big City Boy
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I guess the SECOND self built house comes out a LOT better. Edited by Trotsky, May 31 2017, 05:52 AM.
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| wildie | Jun 1 2017, 05:16 AM Post #11 |
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Veteran Member
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I built my place at the lake, myself! And lived there for 7 years. I made some mistakes, but was familiar enough with the construction that I was able to resolve any problems myself! Now, as it stands, I'm looking at a capital gain of $140,000. Not bad, when you consider my family and I were able to enjoy the place for 30 years. |
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| Trotsky | Jun 2 2017, 05:01 AM Post #12 |
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Big City Boy
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That's inflation for yah. |
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| imjene | Jun 2 2017, 03:45 PM Post #13 |
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Gold Star Member
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Trotsky, your new avatar had me confused. I thought we had a new member joining us! I would be curious to know how and why you choose these various masks to wear. |
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| Trotsky | Jun 3 2017, 12:56 AM Post #14 |
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Big City Boy
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Same reason you choose a flower. <<<<< Is the infamous Judge Judy. Edited by Trotsky, Jun 3 2017, 12:57 AM.
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| imjene | Jun 3 2017, 01:11 AM Post #15 |
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Gold Star Member
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Okay, :) I chose a flower (the daisy), because they grew in pastures where I grew up as a little girl. That's why I identify with them. They were purple and white and we would pick them in early spring. |
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