21Ten Roof Problems?

[redwood7]

I just heard that the 21Ten roof has problems and that all the units are going be assessed (a lot) in the near future.

Can anyone else confirm?  If true -- what a bummer if they can't keep the rooftop deck.

I've been told that a number of sellers in the building have recently dropped their asking price tens of thousands of dollars as a result.

[kclofter]

How long has it been that the building was turned over to the HOA?  Kind of surprising that a major roof issue is arising so soon after renovation.  Any idea as to the nature of the problem?

[redwood7]

No idea.  I did hear this from a friend who spoke with a current resident so I'm pretty confident it is true.

[lock+load]

The figures I have heard would not require price reductions of "tens of thosands of dollars."

[KCPowercat]

you would think there would still be some sort of construction warranty....is that place even 5 years old?

[tella100]

yes I think it is more than 5 years old. In Missouri, a developer has a general duty to do construction in a "workmanlike manner", generally used  by homeowners as a catch all to sue the developer for shoddy builds.  There is a statute of limitations on such suits and my guess is 21 ten has probably passed it.

[dangerboy]

Surely the contract between the developer and the HOA would have provision for construction defects?  Even the owners of new beige cracker boxes have some recourse when the developers do shoddy work.

[DaveKCMO]

we have a tolling agreement on some specific items with the construction company that worked on our building. pretty sure that if the warranty has lapsed they have to agree to take on certain issues this way. otherwise, you probably have to sue.

[lock+load]

I have heard that multiple contractors worked on the roof and they are each blaming the problems on the other.

[anniewarbucks]

It sounds like they need to get a reputable roofing contractor to rip off the errors that others made and start over. I do not know where this building is but the roofing trade is probably the worst for shoddy workmanship and the people that pay for the work end up suffering in the long run. 

[redwood7]

The figures I have heard would not require price reductions of "tens of thosands of dollars."

Maybe it is some combination of the roof problems, the poor market, and/or desperation, but that is what I heard.

If you know more, please illuminate us.

[Gretz]

I just heard that the 21Ten roof has problems and that all the units are going be assessed (a lot) in the near future.

Can anyone else confirm?  If true -- what a bummer if they can't keep the rooftop deck.

I've been told that a number of sellers in the building have recently dropped their asking price tens of thousands of dollars as a result.

My sister very nearly bought a unit here recently.  The listing had been on the market for almost a year and had been lowered twice from 185 to 165 with the agent saying, "def put in an offer; whatever you think within reason" even at that price.  I don't know if the roof has anything to do with it though. I would guess general market fundamentals are king in this as in other cases.  Looking at a lot of units over the last couple months, she has found that MOST have been on the market a long time and have seen significant reductions in list prices with a few buildings standing out as exceptions.

[tella100]

My sister very nearly bought a unit here recently.  The listing had been on the market for almost a year and had been lowered twice from 185 to 165 with the agent saying, "def put in an offer; whatever you think within reason" even at that price.  I don't know if the roof has anything to do with it though; I would guess general market fundamentals are king in this as in other cases.  Looking at a lot of units over the last couple months; she has found that MOST have been on the market a long time and have seen significant reductions in list prices with a few buildings standing out as exceptions.

Yep that is the story that I am finding trying to buy this year.  One 4,000 SF "penthouse" type unit in the River Market just sold for nearly half of its 04 price a few weeks ago.    Seems like Loft/Condo units are getting hit harder. The market is bad everywhere, but probably not too many people loosing 50%  or more on single family homes in KC these days.

In short, the roof problems are probably not the biggest cause of poor sales at 21 Ten.

[aknowledgeableperson]

FWIW.

One financial consultant put out a caution on condo buying.  It applied mainly to the Miami area but the principle remains the same.  Foreclosers have not only hit single family homes but also the condo market.  Some complexes have been hit hard leaving the remaining buyers to pick up the slack on homeowners assn dues and expenses.  Tenants having financial problems may not make dues payments for a period of time and then when the "bank" takes over it may not make payments also.  So investigate the financial condition of the homeowners assn before buying - your great deal make not be such a great deal afterall.