Are you a frustrated condo buyer or seller?
Well, it could have to do with the amount of quality Seattle condo projects currently involved in lawsuits or arbitration. The core of the issue is the Washington Condominium Act. It is very difficult to summarize, but in a nutshell there are provisions of the act that require certain warranties that a developer must comply with within 4 years of the “safe date”. To explain further, Seattle attorneys are contacting home owners associations prior to this 4 year period. They attend board meetings, target board members and rely on the trust of the condo associations. Once they are hired by the associations, they retain specialists that test for any and all construction defects with the building envelope. The legal process begins to take shape.
Before lawsuits take place, the associations legal team will set up a series of mediation appointments with the developers legal and insurance teams. The complaints are discussed, negotiated and then researched prior to the next mediation. If a developer and the condo association can’t come to terms on a settlement, then lawsuits tend to occur. As most of you know this is very problematic for homeowners and prospective buyers.
Major lending institutions stay away from condos with lawsuits. They simply will not lend. That leaves homeowners in a tough position – they can’t sell if they can’t open their units up to buyers who want to finance. Ultimately, they have to find a buyer that is “all cash” or they are left holding on to their condo until the litigation is lifted.
On the other side of the coin, buyers are already limited with the shortage of active inventory. So when they are ready, willing, and able to buy, they are often troubled by the lack of quality units to choose from. This is the story of today’s market. UrbanCondoSpaces.com decided to take this issue head on. As you’ll see below, we’ve developed a map that shows condos currently dealing with this issue. We recognize that there are projects that we may have missed. If so, feel free to comment or contact us directly with tips and updates. We often rely on our readers to be our eyes and ears on the ground.
SEATTLE CONDOS CURRENTLY IN LAWSUITS, ARBITRATION OR SETTLEMENT MEDIATION
View Seattle Condos – Litigation, Arbitration and More in a larger map
|PROJECT||ADDRESS||NEIGHBORHOOD||PROFILE||TIMELINE||DOCUMENTS AVAILABLE||FINANCING AVAILABLE|
|5th & Madison||909 5th Ave, Seattle||Retail District||Click Here - 5th and Madison||Believed to be in arbitration||Researching||Limited|
|The Parc||76 Cedar and 81 Clay||Belltown||Click Here - The Parc||Active Lawsuit||Upon Request||Cash Buyers|
|Mosler Lofts||2720 3rd Ave||Belltown||Click Here -Mosler Lofts||DISMISSED (June 2013)||Upon Request||Cash Buyers|
|Gallery||2911 2nd Ave||Belltown||Click Here - The Gallery||Active Lawsuit||Researching||Cash Buyers|
|Veer Lofts||401 9th Ave N||South Lake Union||Click Here - Veer Lofts||Active Lawsuit||Upon Request||Cash Buyers|
|Cosmopolitan||819 Virginia St||Denny Triangle||Click Here - The Cosmopolitan||Mediation||N/A||May be limited|
|Trio||3104 Western Ave||Belltown||Link Coming Soon||Active Lawsuit||Upon request||Cash Buyers|
|Eastlake Lofts||125 E Lynn St||Eastlake||Click Here - Eastlake Lofts||Active Lawsuit||Researching||Cash Buyers|
We are constantly striving to provide our readers/clients with the best information on Seattle Condos that the city has offer. Although we always try to present our information accurately, we make mistakes. This is an attempt to provide current information on Seattle’s active lawsuits. We make no representations or warranties in regards to this information.