This property suffered from the effects of an extremely steep site, including shifting soils and years of neglect. Underground utility pipes were fracturing, roofs were far past their useful lives and wood balconies were badly deteriorated. Reserve balances were almost zero.
This site had experienced severe “dishing” of the concrete floor slabs at all buildings. Some rooms sloped 7″ from one side to the other due to differential settlement into bay mud fill. The HOA had litigated with the developer and had received an award which was a fraction of what was needed to make necessary repairs.
This property looked to be in good condition and was well kept on our initial visit. The Board of Directors had been in place for many years and was very aware of the condition of the property.
When we were first introduced to this property the list of needed repairs was daunting. A roof project had been started and the contractor failed before work was complete on a third of the units.
This property was built over fill. Over the years the buildings had settled approximately 14 inches, generating challenges with uneven floor slabs, sloped and leaning entry stairs, waterproofing problems at every level and seriously ponding roofs.
This property was once a very popular apartment complex before being converted to condos in the late 1980s. Design and construction flaws were chronic throughout. An expansive elevated wooden walkway system connected all floors which were badly deteriorated throughout.
A large condo project built in the 1960’s improperly maintained more than 1,000 large wooden structural posts for decades. These structural components were a predominant design feature on this project.
An HOA was undergoing an exterior repair project which involved replacement of 5,000 windows and sliding glass doors. The chosen manufacturer offered both quality and energy efficiency at a competitive price due to the volume of windows within the purchase.