Fairfield Connecticut Building Expert Directory

Homebuilders See Record Bearish Bets on Shaky Recovery

June 18, 2014 — Callie Bost – Bloomberg
Someone thinks the housing rebound is built on shaky foundations. A record 180,000 puts traded on the SPDR S&P Homebuilders (XHB) exchange-traded fund on June 11, according to data compiled by Bloomberg. The contract with the highest ownership pays off in the event of a 20 percent slump by December in the ETF tracking stocks from DR Horton Inc. to Williams-Sonoma Inc. Prospects for rising interest rates and an uneven recovery in the housing market have hurt returns this year, sending the SPDR Homebuilders ETF down 3.3 percent. While economic data yesterday showed that builders broke ground on 1 million U.S. homes in May, permits, a proxy for future construction, decreased because of fewer applications for condominiums and apartment buildings. Read the court decision
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Ms. Bost may be contacted at cbost2@bloomberg.net

Appraisers’ Failure to Perform Assessment of Property’s Existence or Damage is Reversible Error

July 30, 2015 — Christopher Kendrick and Valerie A. Moore – Haight Brown & Bonesteel LLP
In Lee v. California Capital Insurance Co. (No. A136280; filed 6/18/15), a California Court of Appeal held that it was error for an appraisal panel to assign loss values to items simply because they were listed in the insured’s scope of loss, and regardless of whether inspection revealed they were undamaged or never existed. California Capital insured a twelve unit apartment building owned by Ms. Lee in Oakland, California. When a fire damaged one unit, the insurer prepared an estimate of $69,255 and paid an undisputed amount of $46,755, which was the amount of the estimate less depreciation and the deductible. But Ms. Lee claimed that six of the units had been damaged, and she retained a public adjuster who submitted a claim exceeding $800,000. This included cleaning, asbestos abatement, reconstruction of the affected apartments, and loss of rent. She claimed burn damage to one unit and smoke damage requiring complete replacement of all the interior rooms of five apartments, along with removal of a portion of the stucco exterior and iron balcony railings and repainting of the entire building. Reprinted courtesy of Christopher Kendrick, Haight Brown & Bonesteel LLP and Valerie A. Moore, Haight Brown & Bonesteel LLP Mr. Kendrick may be contacted at ckendrick@hbblaw.com; Ms. Moore may be contacted at vmoore@hbblaw.com Read the court decision
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Blog: Congress Strikes a Blow to President Obama’s “Fair Pay and Safe Workplaces” Executive Order 13673

March 22, 2017 — John P. Ahlers - Ahlers & Cressman PLLC
On October 25, 2016, the Federal Acquisition Regulatory Council (FAR Council) and the U.S. Department of Labor implemented former President Obama’s Executive Order 13673: “Fair Pay and Safe Workplaces” rules. The rules became effective on October 25, 2016 and fundamentally altered the way federal contractors and subcontractors will need to handle and resolve employment and labor claims, as well as compliance issues involving their entire workforce. The final rules can also result in otherwise-capable companies being “blacklisted” and effectively barred from federal contracts and subcontracts based on labor and employment law violations related or unrelated to prior or current federal contract performance. The centerpiece of the new regulatory scheme was the new disclosure and responsibility requirements. Contractors and subcontractors needed to disclose all “labor law decisions” that they had during the three years (prior to bid submission) as part of the process of applying for a new federal contract or subcontract. If a contractor or subcontractor has too many “labor law decisions” to report or the few it has are too severe, pervasive, repeated, or willful in the eyes of the government “experts,” the company could be deemed “non-responsible” and denied a contract. Read the court decision
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Reprinted courtesy of John P. Ahlers, Ahlers & Cressman PLLC
Mr. Ahlers may be contacted at jahlers@ac-lawyers.com

First Circuit Rules Excess Insurer Must Provide Coverage for Fuel Spill

January 18, 2021 — Syed S. Ahmad & Adriana A. Perez - Hunton Andrews Kurth
The First Circuit recently held that a “Special Hazard and Fluids Limitation Endorsement” was ambiguous and therefore there was excess coverage for a fuel spill that occurred after a tanker-truck overturned. In Performance Trans. Inc. v. General Star Indem. Co., the First Circuit reversed the District Court’s grant of summary judgment in favor of General Star Indemnity Company. The District Court held that the excess policy General Star issued to Performance Trans. Inc. precluded coverage for a spill that resulted in the leaking of thousands of gallons of fuel. The District Court relied on the existence of a total pollution exclusion to bar coverage and held that the policy’s Special Hazards and Fluids Limitation Endorsement could not create an ambiguity that would afford coverage. Reprinted courtesy of Syed S. Ahmad, Hunton Andrews Kurth and Adriana A. Perez, Hunton Andrews Kurth Mr. Ahmad may be contacted at sahmad@HuntonAK.com Ms. Perez may be contacted at pereza@HuntonAK.com Read the court decision
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U.S. Homeowners Are Lingering Longer, and the Wait Is Paying Off

July 28, 2018 — Jeremy Hill - Bloomberg
Homeowners in the U.S. are holding on to their houses longer than they have in at least 18 years, and when they do sell, they’re reaping gains that haven’t been seen since before the housing crisis. Those who sold in the second quarter did so after owning their homes for an average of 8.09 years, the longest stretch since Attom Data Solutions started tracking the statistic in 2000. The wait appears to be paying off: Second-quarter sellers recorded gains averaging $58,000 -- the most since the third quarter of 2007. Read the court decision
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Reprinted courtesy of Jeremy Hill, Bloomberg

Real Estate & Construction News Roundup (6/26/24) – Construction Growth in Office and Data Center Sectors, Slight Ease in Consumer Price Index and Increased Premiums for Commercial Buildings

July 22, 2024 — Pillsbury's Construction & Real Estate Law Team - Gravel2Gavel Construction & Real Estate Law Blog
In our latest roundup, U.S. interest rates remain uncertain, construction firms continue to use artificial intelligence, New York City updates commercial zoning regulations, and more!

According to analysts, high vacancy rates and declining rents have hurt San Francisco’s office market so badly that it could take almost 20 years to recover. (Eric McConnell, Yahoo)
The New York City Council approved updated commercial zoning regulations that expand where businesses can be located in the city, more than double the space for small-scale clean manufacturing, and enable adaptive reuse projects involving existing buildings. (Joe Burns, Construction Dive)
The insurance industry is responding to the proliferation of extreme weather events and the risks associated with operating commercial buildings in vulnerable areas by increasing premiums. (Renea Burns, Tim Coy, Niall Williams, Deloitte)

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Reprinted courtesy of Pillsbury's Construction & Real Estate Law Team

Construction Defects in Roof May Close School

October 21, 2013 — CDJ STAFF
A school in Wales may have to close due to roof leaks. The school was opened six years ago, but since then the leaks at Ysgol Ffynnonbedr are “leading to the deterioration of the structure and fabric of the school.” The Lampeter city council have budgeted £35,000 (about $56,000) for repairs to the roof. The leaks have already rendered some of the electrical systems and teaching areas unusable. The city council had been in discussion with the builders, Cowlin Construction, when that firm was bought by Balfour Beatty. Balfour Beatty did not comment to the Cambrian Times about resolving the construction defects. Read the court decision
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House Committee Kills Colorado's 2015 Attainable Housing Bill

May 07, 2015 — Derek Lindenschmidt – Higgins, Hopkins, McLain & Roswell, LLC
Senate Bill 177, the Colorado housing community’s effort to reinvigorate the construction of attainable multi-family housing and quell construction defect lawsuits, was killed by the House State, Veterans and Military Affairs Committee on Monday evening on a party-line vote. Although the bill received significant bipartisan support in the Senate, a broad coalition of municipalities, builders, contractors, and non-profit organizations was unable to convince a pre-determined “kill” committee of the merits and benefits of the bill. Read the court decision
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Reprinted courtesy of Derek Lindenschmidt, Higgins, Hopkins, McLain & Roswell, LLC
Mr. Lindenschmidt may be contacted at lindenschmidt@hhmrlaw.com

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