The Stranger blows open the situation at 2200, Lawsuit and Tenant Complaints Dog Vulcan in Denny Triangle. It’s a lengthy article with lots of thought provoking questions. Here’s a teaser to get you started:
However, on March 26, 2007, O’Leary filed suit in King County Superior Court against the developers after a series of delays and construction disputes left him with a condo that, according to the complaint, was “substantially [different] from the scope, nature, and extent of the project as it was described” when he signed a sale agreement in February 2005. Expressing his hopes for the development, O’Leary recounts, “The quality, as promised, sounded great.” Instead, he describes the building to The Stranger as “basically a Motel 6. It was not high quality and I did not get what I paid for.”
This article brings up some good questions around price points and inventory.
With a March 2007 median price for a condo at $316,950 (see Seattle PI, Good homes stood out in the crowd as housing sales slow and with most of the flip inventory in the $400,000+ range it really feels like inventory is stacking up.
Another issue I’ve wondered about and the article touches on is flip rates. We all feel like the flip rate at 2200 is high. And Vulcan says that’s fine because their investor cap was 30%, but an investor cap does not prevent speculation and flipping. My understanding is that all it will really do is limit renters. But I’m just a consumer so if someone could enlighten us all that would be appreciated.
The other question the articles raises is about quality. I know my experience at the Meritage has been less than stellar and I’ll blog about all the defects soon (a month after moving in I still have a window broken during construction!) but at least I haven’t had sewage problems.
Hopefully for buyers blogs and publications willing to take risks, like The Stranger, will take developers and marketers to task so we end up with higher quality product at the right price.
For more intrigue check out the Fast Times at 2200 blog. Looks like Vulcan has been posting anonymously on the 2200 blog trying to discredit the author. I for one love the 2200 blog. If you’re not a 2200 resident and want to bitch about your development feel free to use the Urbnlivn forums. I’m happy to create categories for new developments.