Quote from: South Carolina Redfish on May 18, 2019, 08:43:32 AMGood Thing - Bad Thing for us but we were aware of it in advance and will ultimately be winners. When we bought this condo there was a $14 million class action construction defect law suit against the developers allowing us to buy this place for just about 50% of what it sold for new. We knew we could join the “class members” to prevent our being stuck with our share of the reconstruction costs but there was a risk of not coming out very well in the suit. While damage (stucco issues)was very significant there was no where near $14 Million in repairs needed, in fact that would be close to enough to raze all 3 buildings and build new ones.Well we got a $6.3 million settlement about a month ago and had a presentation Thursday by the first well qualified contractor interested in doing the work. It is a massive project that will take 12-15 months with average working time on each building of 4 months plus weather delays and those with end units (24 of those) will have to move out for a good while, fortunately I have a middle unit. One building is significantly worse than the others and fortunately that is not my building. We may have to secure things (as opposed to actually moving out) and leave for a week or two while they do our balcony but not a big deal we can just stay at the boys house and/or take a vacation somewhere. Probably be early next spring before they get to us. Now the good - when all this is finished the value of our condo will almost immediately go up 75-125% as this is the only high end condo development on the river/waterway between here and Charleston. That was what we were booking our bet on all along.Overall sounds pretty darn good.How many contractors will be heard from before a decision is reached. Who on the HOA is making the final decision? Hopefully they won't decide to try to do it on the cheap instead of doing it right.
Good Thing - Bad Thing for us but we were aware of it in advance and will ultimately be winners. When we bought this condo there was a $14 million class action construction defect law suit against the developers allowing us to buy this place for just about 50% of what it sold for new. We knew we could join the “class members” to prevent our being stuck with our share of the reconstruction costs but there was a risk of not coming out very well in the suit. While damage (stucco issues)was very significant there was no where near $14 Million in repairs needed, in fact that would be close to enough to raze all 3 buildings and build new ones.Well we got a $6.3 million settlement about a month ago and had a presentation Thursday by the first well qualified contractor interested in doing the work. It is a massive project that will take 12-15 months with average working time on each building of 4 months plus weather delays and those with end units (24 of those) will have to move out for a good while, fortunately I have a middle unit. One building is significantly worse than the others and fortunately that is not my building. We may have to secure things (as opposed to actually moving out) and leave for a week or two while they do our balcony but not a big deal we can just stay at the boys house and/or take a vacation somewhere. Probably be early next spring before they get to us. Now the good - when all this is finished the value of our condo will almost immediately go up 75-125% as this is the only high end condo development on the river/waterway between here and Charleston. That was what we were booking our bet on all along.
Afternoon Daves, Dean, and SportingSpectatorTony. 90% rain chance revised to 50% this morning, and now they changed it back to 90%. Fk'ers.
Headed out to the balcony with a cut and ready Man O' War Ruination War Horse (Perfecto).
