In an earlier post, I shared the story of a condo conversion in Tacoma that displaced dozens of seniors in a 55 and over community, while only a few were able to stay in their "converted homes".
Now a year later, the condos are listed $90,000 below what tenants had to pay a year ago to keep their homes. A majority of the units remain vacant and the builder/investor is having financial difficulties.
The grounds have been left in shambles and the conversions have stopped due to a lack of sales in the complex.
Items that were to be completed by the builder a year ago still has not been completed. These are not minor problems either. In Mimi's unit gutters were not placed properly and caused dry rot to develop along the chimney. According to walk-through documents, these items were to be fixed immediately, but still have not been completed.
On top of that, now the builder has determined to rent the remaining units, which looks to further lower the value of the units purchased. And this is only part of the story.
This is a travesty, in my opinion. How these seniors, renting homes in a 55 and over community can be treated in this way is beyond me.
What can be done at this point for those who purchased these condos gone bad? What can be done to protect our seniors at a time in life where change can be a real life and death struggle?
It breaks my heart to see these people hurting due to the greedy investor who treated them like dirt.
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