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Blogger King |
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October 2008
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Owners of condo conversions aren't going to like this, but there are signs that the problems we profiled in our investigation are just the tip of a large iceberg. The conversion craze peaked in the Puget Sound region in 2006, according to apartment analyst Dupre and Scott, with 6000 units converted from apartments into condos that year. The experts who inspect converted condos say it often takes 3 or 4 years for the signs of damage (mold and stains from water intrusion, mainly) to appear. So residents from the biggest era of conversions (2006 and 2005 when there were 3600 units converted) may not see evidence of damage -- yet. Thankfully, a new law came on the books in mid 2005 that requires in-depth inspections of a building BEFORE it is renovated and that disclosures are made to potential buyers. Everyone in the conversion game agrees that law resulted in higher-quality conversions. But plaintiff's lawyers and building inspectors say they've seen examples of builders who ignored or side-stepped the law. I'm curious to hear from the owners of conversion condos. Do you feel like you got a bargain for your money -- or do you have regrets? 4 Comments |
You state in your story that the law for warranty items (that are considered new) in condo conversions is 4 years. Can you be more specific in what is covered in that 4 year time period? Thank you.
Great Job Chris!
I live in a conversion. I also have a lot of experience with construction defect work in the area. Clearly, the work on our conversion was not the highest quality, but our developer did have the required inspection done and attempted to repair rotted decks and other exterior issues. We decided to have a envelope inspection done on the building anyway and we found that the work the developer did to address water infiltration issues was inadequate. So we are planning to go back to developer to have them do the job right. I know there are a ton of other issues. We have delt with shelves falling from the walls, leaks behind our bath tubs and other issues as well. We paid 320K for a 700 sq ft condo on Phinney Ridge that's over 2000 bucks a square foot. I love my condo, but it is pretty steep for all the problems we dealt with.
I also noticed that I am working on a couple of the conversions you have listed on the litigation list. Believe me they are truly a mess. I feel very sorry for the people who live there.
Good. I am glad to see that there are problems. In 2006, I was forced to move out of my beloved apartment due to the 'Condo Conversion' craze. Nothing is more disconcerting and demoralizing than coming home from work one day and getting a notice on your door stating, 'Dear Valued Tenant, we're converting all of the apartments to condos...You have 30 days to move out...buh bye..have a nice day!!' I hope whomever bought my old apartment got what they paid for..LOL!
There will always be problems in this area, The developer will always give shoddy work because half of the conversions are pieces of Junk to start with?? This is Why Seattle gets most of the money from the state so they can go green..HA And also the problem with wall street and the mortgage compaines who are causing the american tax payer tobe screwed???