Wednesday, August 02, 2006

UTC Apartment Conversion Project Reverts to Rentals, Lawsuits Begin

Very interested San Diego Union Tribune article about a UTC area project. The lawsuits are over misrepresentations over square footage. It's also very noteable that they are haven't sold out phase one and phase two is staying as rentals for the moment. The people that bought in phase one are very much in trouble.


Anonymous said...

I'm really not surprised. The rentals are competing with the "investors" for rents so I expect to see many unhappy owners.

My brother used to live in these apartments. They are junk.

But if you live there you can meet cute UCSD students, he.hehe.

Mr. Brightside said...

Most of the conversion apartments are very low quality, they are built for people who are just passing through anyway so nobody cares if they are annoyed by all the noise.

This does make these condos a major trap in terms of investment as if the market continues to go down the spread between good and bad will widen and these units will go down substatially.

Then again cute coed neighbors are worth something. :)