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Sinking Tower Initiates Lawsuit

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Terrel L. Shields

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https://a.msn.com/r/2/AAjRDcp?m=en-us

City Attorney Dennis Herrera sued the developer of the sinking Millennium condominium tower Thursday, alleging the builder violated the law by failing to disclose the building’s settlement issues despite knowing of the problem more than a year before the units came to market.
 

AMF13

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failing to disclose the building’s settlement issues despite knowing of the problem more than a year before the units came to market.

Probably thought. Oh don't worry, they'll never notice. :rof:
 

Restrain

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And every real estate agent involved in a transaction is going to be pulled into the lawsuit as well, asserting that they should have known. And right behind will be the appraisers. And all of us will have our E&O rates go up as settlements are paid out.
 

glenn walker

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As I recall the HOA and individual owners had already filed a lawsuits against the developers.The city attorney is just trying to save face because the City will be named in the lawsuits because their inspectors signed off on all the poor workmanship. I doubt appraisers or agents will be involved because this was a new development and nobody but the developer and City had knowledge of the situation and the Attorneys will be looking for big money from both the developers insurance carrier and the City.
 

AMF13

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As usual the big winners will be the shysters. :leeann:
 

leasedfee

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Anyone want to guess how much this will impact value and how much economic/physical life it will shorten? The SF market is so short on housing product, especially new, that I'd imagine that it'd become mostly rentals, and somebody out there might overlook the flaws, assuming it keeps it C/O, for 20%/30% off?
 

Restrain

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Not necessarily. If the city determines that the building is structurally unsound, it may come down. Happened with a 50 story building in Vegas, part of the Cosmopolitan development.
 

glenn walker

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Let's see San Francisco ** One small earthquake and half down * The City can pay for the other half to come down :)
 

leasedfee

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The foundation is "reinforced concrete on floating box" on piles. You would'a thought a 58 story building would be to bedrock, like the building next door 181 Fremont that was built subsequent to Millennium, down 260 feet. Maybe the case of Get What You Pay For? I can see the conversation between the developer-architect-engineers: "Sir, we can save $1 million if we don't drill to bedrock." "Yeah, let's do that."
Live and learn.
 

Meandering

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You need that tattoo picture.

Faster, Cheaper, Better!

There are days I miss our buddy Jeffie Schurman.

Makes you wonder what the cost approach looked like on the construction appraisal.

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