Downtown San Diego Condo Litigation (or Pre Litigation called SB 800) can impact buying or selling condos in the city or near the coast. Specifically, we are talking about SB 800 “right to repair” and full construction litigation. In most cases, there is a 4 – 10 year time frame to pursue any type of remedy or settlement(s) in regard to construction type issues such as plumbing, electrical, drainage, etc… This 4 – 10 year time line usually starts from project completion date.
We are seeing many condos in litigation in Downtown San Diego currently as many were built and completed in the real estate boom years from year 2000 through year 2007. Expect to see construction or condo litigation through 2017 as most new building construction stopped as of 2007, late 2008. Litigation pertaining to construction defects is a normal part of the condo life cycle. What can vary is the degree of seriousness of litigation claims and likelihood of settlement. Any condo buyer considering a condo purchase downtown or anywhere in San Diego should ask his or herself if the SB 800 claim(s) and litigation are acceptable and within the realm of what they are comfortable with.
The biggest hurdle a condo buyer will face is financing. Most lenders shy away from home loans on condominiums in litigation as litigation is deemed added risk. Contact me for a list of lenders who will finance a condo in SB 800 or full litigation. Also, home owners thinking of selling a condo in a complex in litigation should consider the fact that there are simply less buyers (you are most likely looking for a cash buyer) and property values may be impacted.
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Construction litigation should always be examined on a case by case basis. For more information or a list of condos in and that are not in litigation in Downtown San Diego, click below:
LIST OF DOWNTOWN SAN DIEGO CONDOS CURRENTLY IN LITIGATION
I am a San Diego Real Estate Broker – Owner – Realtor with a ton of experience in conducting transactions involving litigation on real estate purchases and sales. Working with an experienced broker can make all the difference when purchasing or for your bottom line as a condo seller.
