On Friday the PSBJ had an article about a number of lawsuits over at Queen Anne High School, Developer, insurer now at odds over $9.4M ruling on Queen Anne High School.
- March 2009, HOA notifies developer of issues with original windows, terra cotta exteriors and masonry
- September 2009, HOA sues alleging breach of contract, implied warranty, and violation of the Consumer Protection Act in its marketing of the property
- October 2011, developer ordered to pay $9.4m and $1.7m in legal fees
- November 2011, developer suing their insurance company
Yikes. I’m surprised this is the first we’re hearing about this. It certainly hasn’t stopped units from selling. But I wonder where did the homeowners get the funds to pay for all the legal fees? Have there been large special assessments? Why doesn’t the developer just declare bankruptcy? Isn’t that the point of wrapping each development in its own LLC?
Hopefully one of you smarter readers has the answers for us :).
Update: The Seattle PI has a bit more on the lawsuit here, Queen Anne High condo owners get big judgment.