Comments on: Condos Condemned: Park Memorial To Become Parking Garage Memorial

By: Live Nearby...

Live Nearby... — Fri, 09 Jan 2009 05:23:48 +0000

I am truly sorry that all of these people, who at one time were my neighbors, were forced from their homes. I recognize that the city condemned these buildings because of possible structural failure however I wish that they would do something to maintain the area until a buyer is found. As I was going past the building today I couldn’t help but notice the deterioration of the exterior and there are several broken windows. Unfortunately the complex is turning into an eyesore.

By: Circa 1985 owner

Circa 1985 owner — Tue, 25 Nov 2008 01:13:39 +0000

I bought a unit in 1985 as a foreclosure from University Savings Association. USA mishandled maintenance and back then it was a fight to get the place fixed up. Ultimately, insurers and whoever bailed out USA made a bunch of repairs and I thought things were back on track. This was a unique complex with lots of character and a real shame that things somehow deteriorated to the remarkable step that the City condemned the property.

By: Former Owner

Former Owner — Thu, 11 Sep 2008 03:46:30 +0000

When you buy the condo, you don’t buy the land rights, you only purchase air rights. So no matter what the value of the land, you’re still out your home. What the city should have done is only condem the units that were built above the garages. There were several building that were built on the land and not the garage.

Don’t listen to BuilderGeek. If you don’t pay your mortgage, it will adversely affect your credit and hinder your options to purchase in the future.

I am a former owner of a unit in the complex and whenever an issue arose, it was addressed immediately. I assure you the owners didn’t know anything until recently. Matt, you have some nerve calling them cheap brats! They’re being thrown out of their homes–literally–and are now faced with the burden of two mortgages or one mortgage and rent. Get over yourself.

By: CK

CK — Thu, 21 Aug 2008 22:14:54 +0000

The condo assoc most likely would have had to pass a referendum with a significant majority of the condom owners in favor of what would have most likely been a significant assessment to repair the structural damages. They probably were not able to get the minimum majority in favor votes to pass the assessment.

These remaining condo owners most likely are looking at a nice profit whenever the site is sold as the land is worth so much.

By: kjb434

kjb434 — Thu, 21 Aug 2008 21:26:25 +0000

It is true that the condo association should have taken care of this, but at with any condo purchase it is buyer beware.

By: Matt

Matt — Thu, 21 Aug 2008 21:08:29 +0000

Sounds like some if not all the owners knew there was a problem. Did the ones who knew disclose to the ones who didn’t know when they bought? Those are the ones I feel sorry for. They were truly defrauded of their investment. The rest of you should have corrected the problem and obviously didn’t want to pay the additional assessments to do so. As for knowing the risks, how many homeowners have children who might be killed in a collapse? You all sound like a bunch of spoiled and very cheap brats. The land is at least valuable so you’ll get something back. You should be glad there hasn’t been a collapse that resulted in people being killed because even with tort reform you all would be wiped out by the judgement.

By: kjb434

kjb434 — Thu, 21 Aug 2008 14:58:02 +0000

Yes,

Although the place is falling down, the property is worth a LOT!

I’m watching closely to see how fast the property changes hands as soon as all the people are out….

Old apartments/condos along this corridor prime targets for redevelopment.

Getting the site condemn quickly puts it back on the market quicker.

Does anybody know how the condemnation process works after the people are out? Is there any compensation to the remaining owners eventually? If they are compensated (mortgages cleared out?), I don’t have a problem. The issue is who compensates them. I don’t want the city involved in paying the owners. A potential sale of the entire site giving the remaining owners money to clear their mortgages is winning situation.

By: Dave

Dave — Wed, 20 Aug 2008 16:20:32 +0000

The condo is worth a lot more than $0 for its share of the land. The main problem is being forced to move *NOW*; everyone knew they would have to eventually.

Interestingly, I viewed some condos here about 6 years ago when I was house hunting. I thought they were nice; I passed mainly for not having much shopping nearby.

By: Buildergeek

Buildergeek — Wed, 20 Aug 2008 15:55:48 +0000

News flash - your condo is worth $0. Stop paying the mortgage and let them foreclose. Isn’t that the American dream? Sorry for your problems. That really stinks.

By: SR

SR — Wed, 20 Aug 2008 14:31:32 +0000

I live here and I am devastated that we are having to move. It is really sad. I am lost for words other than to say that darn the guy who called the city. Most of us knew we were going to have to move and going about it this way just forces us to make rush decisions to buy or get into an apartment. And yeah it definitely suxs that we have to pay two mortgages!

By: paradave

paradave — Wed, 20 Aug 2008 03:17:46 +0000

I still live here with many others. Yes, we have to move out, and still pay our mortgages, maintenance fees, taxes, and rent or another mortgage. The city tries to tell us they are doing us a favor by not making us move out in 72 hours, but in 30 days, but we cannot park here. It feels like eminent domain; loss of use of property but no compensation.

I know the City is feeling political pressure and they should feel more. They are kicking informed people who know what the risks are out of their homes and trying to frame it as a favor, trying to protect us from ourselves. Smells like big brother in many aspects.