The Edge Lofts lawsuit!
Recently, owners at The Meriwether in South Waterfront, have been able to begin selling their units again. For some time now, it has been “cash only” as financing was not available during the homeowners lawsuit. Currently, home owners at The Elizabeth in the Pearl District are experiencing the same thing. The homeowners association filed a lawsuit against Victaulic, a company that supplied certain plumbing fixtures including valves, pipe couplings and gaskets that have since failed. The company and the homeowners have been in mediation to resolve the situation but are still a great distance apart. Recently, Wells Fargo has been able to lend on the property.
Today we are finding out that the homeowners association at The Edge Lofts in the Pearl District have filed a lawsuit for $1,500,000 against… guess who? Yes, another lawsuit against Victaulic for the same failing pipe couplings that were failing over at The Elizabeth. Rumor has it that as many as 10 additional condominium buildings may be filing suit against Victaulic. We will keep you posted as we hear more about which buildings are also affected.
It is often said that it is not “if” a condominium will file a lawsuit, but when! This is one reason it is important to work with a condominium specialist when buying or selling a condominium. As a specialist, we are in the market everyday and know what is going on in the market place. If you are in the market to begin looking at condos or lofts, give us a call today!
Brad Golik can be reached at 503-896-8856