King 5 Finds Condo Conversions Crumbling
Finally the story of how bad conversions have been over the last few years has come to light, Investigators: Some condo conversions crumbling (with video) (via Ben):
Jobe’s firm specializes in conversion inspections and says the average cost of repairs is more than $30,000 per unit.
“I’ve inspected hundreds and hundreds of units and all of them have had very significant financial problems,” Jobe said.
They also have a list of Seattle condos in litigation.
This isn’t a surprise many of you have been saying there’s been problems with many of the Wysong projects.
A story like this isn’t a surprise I’ve I have received several emails over the last year from people at conversion companies afraid to go on the record but wanting to share with me how bad their companies are, I’ve heard from construction folks with stories of Capitol Hill conversions where they installed ovens but the door wouldn’t open completely because of poorly remodeled kitchens, I’ve heard stories of opening up walls only to close them up again without dealing with the underlying mold problems and I’ve heard from disgruntled buyers who want me to take posts down so that people continue to buy at the project and don’t jeopardize their investment because they can no longer get out.
Not all conversions are bad. There are firms that do good work. But in general be very wary of conversions.