SAN FRANCISCO, May 26, 2011 /PRNewswire/ — A 20-unit live-work loft and condominium building, located at 655 5th Street at Townsend, recovered $1,410,000 today for claims related to shoddy workmanship and construction defects within 18 months from the filing of their claim. The settlement was funded by the insurance companies for the builder, general contractor and subcontractors.
Saddled with excessive stucco EIFS cracks and water penetration, roof and window leaks, deck failures, and plumbing issues, the board at this association was able to recover for damages that amounted to over $70,000per unit. These units were marketed as part of a development that was sold in 2000 by a single asset LLC, the asset being this condo project.
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