Unpaid bills at The Beacon (250 & 260 King) made me think my prediction (read here) was far ahead of it's time, but instead the building has other problems. I'm not familiar with the issue until reading this post at SocketSite, a San Francisco real estate blog.
For what appears to be a pretty good explanation read the comment posted by "War" at on February 9 at 11:30 AM.
Apparently a new property management firm found an accounting error that showed that the Commercial Owners Association (COA) was paying less than it's intended share for common area expenses, with the Home Owners Association (HOA, or as the Beacon refers to it, the ROA) paying too much. Now the HOA or rather ROA wants this problem corrected and is only offering to pay the amount of things like the PG&E bill that they deem accurate.
Whatever the outcome, all I can say is "yeesh". A building that is seeing a nose dive in property values has yet another issue that could dramatically effect the building negatively. If the two Associations can't get this straightened out soon, and potential Buyers learn about it (which they should since it certainly seems to be a material disclosure) it will attract even fewer buyers and push prices down even further and faster.
The shine on this ugly penny? If you are a Buyer, and you like the location, it's bargain hunting time.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment