I read somewhere that the special assessment to fix the problems could have been as much as 100 thousand per unit. Dunno if true.
“I read somewhere that the special assessment to fix the problems could have been as much as 100 thousand per unit. Dunno if true.”
First thought if I lived there, would be to sell my unit. The second thought is that if I didn’t disclose the report to the new owner (assuming that I knew of it), there goes my retirement, and maybe my freedom.
In other words, once the condition is known to you, it’s too late. Similar to having a foundation going south in your house - you’re stuck with it.
With major structural damage like this was $100,000 per unit does not seem unreasonable!! Once the building is up I would imagine it becomes far more difficult to repair this kind of damage to make the building stable!!!
There was a condo unit in San Francisco that had this problem on a MAJOR scale owners just moved out and sued the developer who of course filed bankruptcy!! I think the building is still there no one living in it and it is only 10 years old!! Looks like all who purchased their condos are just SCREWED however during the building process I am wondering IF the building inspectors can be responsible for signing off!!