Sure, why not hit your competition when it’s down???
Address number is pretty sweet too…
OMG… yeah, these units are worth millions… of pennies!!!
As you have said several times, people need reassurance to go forward. However, the developer is not exactly inspiring confidence in 181 Fremont’s design/seismic resistance by talking about how wording the signs on elevators is a top priority.
I didn’t see that as too bad. They said that from 9/11 they learned that elevators were most efficient in getting people down and out of the building. So, they were looking into redoing the elevator signs. If anything, they are sweating the details which I think if you were a tenant there you would appreciate actually. Above and beyond is great. Being cheap and cutting corners is not.
Buyers duped…ya think???
At least the buyers can console themselves with the fact that they have someplace to live, and that they didn’t invest in any towers bearing the name of a con artist, such as
Well, keep in mind again that we are talking about smart, affluent people whose money is being F’d with. Not a good thing to be messing with. They have the resources and the smarts to do whatever it takes to recoup their losses, or at least try pretty darn hard to. These people can live anywhere they want to (and if smart, they aren’t staying there now until it is “fixed”) and they were thinking they bought a ferrari when it really is turning out to be a yugo at this point (apologies to all yugo owners). I don’t know that I would feel safe at all being say 40 floors above in earthquake country in a building that has a faulty foundation. How does one sleep soundly in a building like that? You don’t. We are talking a violation of basic home building 1 - the integrity of the foundation is paramount. That’s what the developer gets for being penny wise and pound foolish.
A friend - now retired - at a local city started work there as an inspector. He was the one who educated me on the concept of “drive by inspections”. He said that as an apprentice, an old time inspector took him out into the field and “educated” him in the procedure.
But hey, government shall set us free. After all, if we didn’t have all those laws, regulations and inspections, huge high rises might lean or something…oh, wait.
Closing the barn door after the cow is out?
Or, politicians “doing something” as they are so apt to respond.
Never let a good crisis go to waste.
Live and learn.
Sfdragonboy shows us the there is money to be made buying properties with bad foundations. .90% of buyers won’t touch them …Of course I have no interest in SF highrise condos…But a single family home with a sloped foundation can be a great buy if it is discounted enough. .Especially as a rental that you will never sell…Rarely do foundation problems effect the livability. .I lived in a house in England that was 500 years old and was 8" out of level in the length of my bed…My first flip house was 9" out of level in the living room…We fixed it and sold for a 100% profit…Just like Buffet… buy when others are fearful…I just bought a house in South Lake Tahoe…5" out of level thanks to tree that is now cut down…Cost $200k for a 1300sf 3/1 that rents for $1800…try to find that cap rate in the BA…the sloped floor gives the cabin character. …lol
Yes but, quality matters as much as quantity.
“Live fast. Die young. And, leave a good looking corpse.” That was a mantra of a friend of mine years ago.
Seems to be contagious. .Is this sinking Rite-Aid in San Mateo the new Millennium Tower?..
Dewatering next door is the culprit. .Will hurt the plaintiffs case…
Ok, start talking…
I suppose not directly related to the M.T. but still… someone needs to hire several Buddhist monks to go over to this area and do some serious moaning…
Let’s see how low the condo price will go. If you buy one unit now, will your be eligible to get any settlement money? The settlement could be huge.
I suppose if I owned a unit, I would prefer to not sell now since it would be “artificially” low, yet at the same time, I would probably be hoping for dear life that the building will eventually be corrected that it would be considered safe and thus made whole. I mean, this thing could go many different ways, no?