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Old 02-11-2011, 03:23 PM
 
Location: SoCal
6,420 posts, read 11,597,616 times
Reputation: 7103

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Quote:
Originally Posted by Sassberto View Post
El Cortez and Beech Street (Aqua Vista) are buildings with serious and well-documented issues - from plumbing to parking - in both cases the HOA is suing the developer, which has killed property values and makes financing extremely difficult. Those buildings are mostly rentals.
I would bet that all HOAs sue the developer. There's a ten year statute of limitations during which time the developer is liable to repair any structural defects. When it gets close to the ten years, the HOA goes hunting for any remaining possible problems. They can always find something, and the developer always resists fixing what they find. So the HOA sues the developer, and eventually they settle. It's a game.
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Old 02-11-2011, 03:28 PM
 
Location: SoCal
6,420 posts, read 11,597,616 times
Reputation: 7103
Quote:
Originally Posted by shmoov_groovzsd View Post
Cortez Hill is nowhere near the Gaslamp etc and its an island up there. ...
Google Maps shows that the El Cortez is about a mile from Horton Plaza. I think that qualifies as near. I agree, though, that Cortez Hill is an island. I'm not sure I'd want to walk that mile late at night.
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Old 02-11-2011, 04:09 PM
 
Location: 92037
4,630 posts, read 10,276,114 times
Reputation: 1955
Quote:
Originally Posted by oddstray View Post
I would bet that all HOAs sue the developer. There's a ten year statute of limitations during which time the developer is liable to repair any structural defects. When it gets close to the ten years, the HOA goes hunting for any remaining possible problems. They can always find something, and the developer always resists fixing what they find. So the HOA sues the developer, and eventually they settle. It's a game.
In the case of El Cortez, they poorly marketed the place as being completely rennovated from the ground up. Plumbing which was supposed to have been completely replaced, was never replaced. Floor wide flooding has been rampant in there. The list goes on and on.

It will be a long time before that place ever sees the light of day from that litigation.

Aqua Vista is just a flipped apartment building. God knows what corners were cut for that one.

On a side speaking of flipped buildings. Stay away from Atria on 101 Market. That place has a lengthy history of name changing. It also has an identity crisis in regards to what % have turned to rental units.

The good/bad thing about condos, is that once a bad reputation is in place, its pretty tough to shake out and the unit values tend to fall.
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