Corey Chambers SoCal Home Real Estate Newsletter August 2019
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TODAY’S NEWS — Construction delays in Los Angeles are common and expected, but the delays are usually only days or weeks at a time, often stemming from the City of Los Angeles big bureaucracy and red tape. This delay is different. For these two projects, China’s slide into money woes may lead to months, perhaps years of sluggish progress. #oceanwide
In an earlier L.A. Loft Blog post, we reported on the delays of the mammoth OceanWide Plaza condominium / hotel / shopping center project that appear to me more serious, and likely rooted in China’s overall economic downturn and resulting monetary problems for associated developers and builders.
Another new luxury tower is also affected: Further along in construction (with three of the four buildings already completed), the super-luxury Metropolis condo complex is also part of the same or similar lawsuit. The U.S. economy is part of the problem. Recently, the Metropolis developer has been holding the line, even reversing its planned price hikes, due to the cooling real estate market of Los Angeles. #metropolis #construction #delay #lawsuit
Los Angeles real estate news websites TheRealDeal.com and ConstructionDive.com report that Webcor sues Greenland for millions in alleged unpaid fees. In the suit, San Francisco-based Webcor says China-controlled company Greenland is in breach of contract for $9.8 million.
Major construction firm Webcor filed its claim in the form of a mechanic’s lien. If Webcor is successful, then OceanWide will not be able to complete and sell it’s units without Webcor getting paid first. Check out Vernon Martin’s article with more details about OceanWide Plaza’s troubles:
For today’s newhomes buyers, the good news is that there’s no need to take chances. Those who are considering purchasing one of these newer high-rise condos may reduce the risk by taking advantage of a Satisfaction Guarantee like the “Love Your Home” guarantee to ensure that they will be happy with their investment for years to come. Details available at www.LoveYourHomeGuarantee.com.
Get a free list of luxury tower condos and other new homes under construction in Downtown Los Angeles. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.