Veer Lofts Owners Association Files Construction Defect Suit Against Developer

There are recent developments regarding a popular South Lake Union condo project that merit your attention.

A lawsuit was filed on September 24th in King County Superior Court on behalf of the owners at Veer Lofts (Veer Lofts Owners Association). The lawsuit filed against the developer of the project, alleges defects in the projects materials, instillation and construction.

According to the filing, some of the deficiencies include defects to the steel balconies, the balcony supports, building envelope and flashing defects on decks, water intrusion through garage walls, drainage issues, improper sealants, weather resistant barriers, improper PEX piping materials and more.  The list is pretty extensive.

The impact of this suit is tough to measure at this point – it is very early in the process. What we do know from past experience is that these suits are problematic for owners and prospective buyers.

For owners, there are a list of un-knowns:

  • Timing of the suit
  • Liability to building
  • Negative impacts on property value
  • Access to financing to re-finance
  • Ones ability to sell
For buyers, it is widely known that lenders do not like to make loans when buildings are involded in suits. A buyer would have to pay cash, or pay a premium for a portfolio lender to give them a loan. At this point, we will continue to follow this story and will report back when we know more.
We’d like to make sure we recognize our contacts in Seattle that help us deliver accurate accounts of situations like these. We are surrounded by really talented attorneys and business contacts that help us keep our readers up to date. Thank you for your support. You know who you are.  
 

 

Leave a Reply

Your email address will not be published. Required fields are marked *