Luxury condo complex spawns lawsuit

The San Francisco Chronicle reports:

The builders, owners, operators and homeowners association of a luxury condominium complex across from AT&T Park have been sued for allegedly misrepresenting the size of the units in two buildings and for not repairing a series of defects.

The class-action lawsuit was filed Friday against virtually everyone associated with the Beacon, a 595-unit complex on 250 and 260 King St., in San Francisco's Mission Bay.

The suit, on behalf of the 450 residents, claims the square footage of many units does not match what was advertised to buyers. Representatives of the complex denied the allegation, saying all square footages were clearly listed as approximations.

"We measured one unit out of each plan, and every unit we measured is undervalued," said Patrick Catalano, the lawyer who filed the suit in San Francisco Superior Court. "I think they misrepresented the square footage deliberately. You don't sell over 500 units and not know what the square footages are."

The suit accuses Catellus Commercial Development Corp., Centurion Real Estate Partners, Mission Place LLC, the Beacon Homeowners Association and myriad investors of fraud, negligent representation, breach of contract and breach of warranty, among other things.

Here's a sign that the housing market is cooling.I guess not everyone is happy with the property they own.