Despite all the footnotes, disclaimers, and “approximates,” perhaps it was just a matter of time (from the Chronicle):
The builders, owners, operators and homeowners association of a luxury condominium complex across from AT&T Park have been sued for allegedly misrepresenting the size of the units in two buildings and for not repairing a series of defects.
The class-action lawsuit was filed Friday against virtually everyone associated with the Beacon, a 595-unit complex on 250 and 260 King St., in San Francisco’s Mission Bay.
The suit, on behalf of the 450 residents, claims the square footage of many units does not match what was advertised to buyers. Representatives of the complex denied the allegation, saying all square footages were clearly listed as approximations.
Keep in mind that most banks don’t like lending money for properties that are in litigation, so this will likely exacerbate the problems of anyone trying to sell (or buy) a unit in the Beacon (and negatively impact prices). Let’s just hope we shouldn’t be filing this under “trends.”
Update: We’d really like to hear from more of the current owners/residents of the Beacon, so if you know of any, please consider forwarding this along.
∙ Luxury condo complex spawns lawsuit [SFGate]
∙ Below Developer Pricing At The Beacon [SocketSite]