Recently it has been brought to light that Polybutylene plumbing was used extensively in the Condo Tower in the Village at Columbia Shores. Every active listing has since been withdrawn or canceled as a result, It is quite possible a suit and or large assessment is going to happen. This is a wonderful project with a great location and the units are generally reasonably priced for the size and neighborhood. I would imagine this will all sort itself out and units will become available again with some sort of caveat dealing with any assessment for the replacement of the ill-fated pipes.
Polybutylene was widely used during the 1990s in Clark County despite the fact that the primary company distributing it Qest, was literally sued out of existence. There was even a pile of cash from a class action available for replacement back 20 years ago. Alas, many didn’t take care of it and now it is failing all over the place. This issue should be resolvable and homeowners in the property should careful about lawsuits. There is a time and place for a suit by HOA against the builder, but it comes at a hefty cost to property values. My wife and I had a rental condo years ago and the HOA sued the builder over bad siding. It took an entire decade for that to be resolved and in the meantime you couldn’t give those units away. Patience is the word of the day and it should be exercised with prudence during this period. A large assessment however is likely coming, The market is favorable to sellers at the moment, so if ever there was a time to have an assessment, now is probably as good as possible. But that doesn’t take the sting out of the fact, does it?
The sudden removal of several active listings in Columbia Shores has skewed the inventory a bit towards tight. There are some units softening in price in Parkview however as homeowners are finding that overpricing is often a bad idea.
Kirkland Tower is getting real close to releasing detailed info about the 40 units opening in the tallest building on the waterfront. Tallest for now anyway 😉 These are going to be some of the nicest condo units in the area, the location is certainly top tier.
It seems The Columbian newspaper was right about a November opening for the Columbia on block twenty, the interior buildout will take some time. That could be at least in part to the size of this building. 248 units is pretty big. Still not sure why they mentioned July leasing, but perhaps the owner is doing a large and early pre-leasing event. So far units are being snatched up at a fast pace in these types of projects; the Aria which opened in April is roughly 80% full already. It seems people just can’t get enough of Downtown Vancouver and the Waterfront. This should help boost the new restaurants opening this summer.
It is hard to argue against Downtown Vancouver as being the premo spot in the metro area right now.