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Real Estate & Construction News Roundup (05/10/23) – Wobbling Real Estate, Booming (and Busting) Construction, and Eye-Watering Insurance Premiums

May 22, 2023 — Pillsbury's Construction & Real Estate Law Team - Gravel2Gavel Construction & Real Estate Law Blog
In our latest roundup, the commercial real estate sector continues to wobble, construction booms and busts, flood insurance premiums reach eye-watering levels, and more.

In its latest Financial Stability report, the Federal Reserve acknowledges that the shaky commercial real estate sector could potentially harm the U.S. financial system. (Courtenay Brown, Axios)
New data from the California Department of Finance shows that even though the state’s population significantly decreased during the COVID-19 pandemic, home building soared, reaching levels not seen since 2008. (Terry Castleman, Los Angeles Times)
Already weakened by rising interest rates, inflation and debt, Sweden’s real estate sector took another hit as SBB’s shares continued to slump. (Reuters)

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

Determining Duty to Defend in Wisconsin Does Not Include Extrinsic Evidence

September 22, 2016 — Tred R. Eyerly – Insurance Law Hawaii
The policyholder's attempt to extend the duty to defend analysis beyond the complaint's allegations and the four-corners of the policy failed before the Wisconsin Supreme Court. Water Well Solutions Service Group Inc. v. Consolidated Ins. Co., 2016 Wisc. LEXIS 163 (Wis. Sup. Ct. June 30, 2016). Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

The Final Nail: Ongoing Repairs Do Not Toll the Statute of Repose

November 07, 2022 — Kyle Rice - The Subrogation Strategist
In Venema v. Moser Builders, Inc., 2022 PA Super. 171, 2022 Pa. Super. LEXIS 414, the Superior Court of Pennsylvania (Superior Court) upheld an award of judgment on the pleadings from the Court of Common Pleas of Chester County (Trial Court). The Superior Court found that Pennsylvania’s 12-year Statute of Repose for improvements to real property (Statute of Repose) began to run upon the issuance of the certificate of occupancy following original construction of the home in 2003—not from the completion of repairs to the home that continued through 2008. The underlying cause of action involved a home constructed by Moser Builders, Inc. (Moser) in 2003. The certificate of occupancy for the home was issued on August 13, 2003. Matthew Venema and Liza Squires (collectively, Venema) purchased the property from the original owners in 2004. Read the court decision
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Reprinted courtesy of Kyle Rice, White and Williams
Mr. Rice may be contacted at ricek@whiteandwilliams.com

Proposed California Legislation Would Eliminate Certain Obstacles to Coverage for Covid-19 Business Income Losses

July 20, 2020 — James Hultz & Alan Packer – Newmeyer Dillion
On July 2, 2020, the California Legislature amended California Assembly Bill 1552 to help policyholders seeking business interruption coverage for their COVID-19 losses. The draft legislation states the need for the legislation to go into immediate effect in "order to protect the solvency of businesses that were forced to close their doors or limit business" due to the pandemic. If adopted, the proposed legislation would apply to all commercial insurance policies providing coverage for business interruption in effect on and after March 4, 2020. The proposed legislation would create rebuttable presumptions in favor of coverage for losses due to COVID-19 under Business Income, Extra Expense, Civil Authority and Ingress and Egress policy provisions. For instance, the proposed legislation would create presumptions that COVID-19 was present at the insured premises and caused damage to the insured property. The draft legislation also specifies that the virus shall not be considered a pollutant unless the policy specifies otherwise. The ultimate impact of the draft legislation is unclear however, given that it specifically "does not affect the applicability of any policy provision, including any language addressing loss or damage caused by a virus." For additional information, you can consult with a Task Force attorney by emailing NDCovid19Response@ndlf.com or contacting our office directly at 949-854-7000. About Newmeyer Dillion For 35 years, Newmeyer Dillion has delivered creative and outstanding legal solutions and trial results that achieve client objectives in diverse industries. With over 70 attorneys working as a cohesive team to represent clients in all aspects of business, employment, real estate, environmental/land use, privacy & data security and insurance law, Newmeyer Dillion delivers holistic and integrated legal services tailored to propel each client's success and bottom line. Headquartered in Newport Beach, California, with offices in Walnut Creek, California and Las Vegas, Nevada, Newmeyer Dillion attorneys are recognized by The Best Lawyers in America©, and Super Lawyers as top tier and some of the best lawyers in California and Nevada, and have been given Martindale-Hubbell Peer Review's AV Preeminent® highest rating. For additional information, call 949.854.7000 or visit www.newmeyerdillion.com. Reprinted courtesy of James S. Hultz, Newmeyer Dillion and Alan H. Packer, Newmeyer Dillion Mr. Hultz may be contacted at james.hultz@ndlf.com Mr. Packer may be contacted at alan.packer@ndlf.com Read the court decision
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London’s Best Districts Draw Buyers on Italian Triple Dip

August 27, 2014 — Neil Callanan – Bloomberg
Italians were the biggest group of foreigners to buy homes in London’s best districts in the seven months through July as weak domestic growth prompted investment abroad. Italy, which fell into a triple-dip recession in the second quarter, accounted for 6.7 percent of all homes sold in the 13 neighborhoods that Knight Frank LLP defines as prime central London, the broker said in an e-mail today. France was second as euro-area investors accounted for 14.5 percent of purchases, the most in the period since 2011. Russia led the group a year ago, followed by the United Arab Emirates. The European Central Bank’s monetary-policy easing “is driving more euro-zone residents to search for yield abroad,” Goldman Sachs analysts including New York-based chief currency strategist Robin Brooks wrote in a note last week. Yields for homes in prime central London rose in July for the first time since April 2011 as more people opted to rent on concerns that home taxes may rise if the Conservative Party-led government loses next year’s elections, Knight Frank said on Aug. 11. Read the court decision
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Reprinted courtesy of Neil Callanan, Bloomberg
Mr. Callanan may be contacted at ncallanan@bloomberg.net

Litigation Privilege Saves the Day for Mechanic’s Liens

November 23, 2020 — Stephen M. Tye & Lawrence S. Zucker II - Haight Brown & Bonesteel
In RGC Gaslamp v. Ehmcke Sheet Metal Co., the Fourth Appellate District held that a trial court properly granted an anti-SLAPP motion because the recording of a mechanic’s lien is protected by the litigation privilege. In RGC Gaslamp, subcontractor Ehmcke Sheet Metal Company (“Ehmcke”) recorded a mechanic’s lien to recoup payment due for sheet metal fabrication and installation done at a luxury hotel project in downtown San Diego. Project owner RGC Gaslamp, LLC (“RGC”) recorded a release bond for the lien. Thereafter, Ehmcke recorded three successive mechanic’s liens identical to the first, prompting RGC to sue it for quiet title, slander of title, and declaratory and injunctive relief. After retaining California counsel, Ehmcke then released its liens and advised it did not intend to record any more. Ehmcke then filed a special motion to strike under the anti-SLAPP statute (Code Civ. Proc. § 425.16.) which was granted. Reprinted courtesy of Stephen M. Tye, Haight Brown & Bonesteel LLP and Lawrence S. Zucker II, Haight Brown & Bonesteel LLP Mr. Tye may be contacted at stye@hbblaw.com Mr. Zucker may be contacted at lzucker@hbblaw.com Read the court decision
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Recovery Crews Swing Into Action as Hurricane Michael Departs

October 23, 2018 — Tom Sawyer, Luke Abaffy, Thomas F. Armistead, & Jim Parsons - Engineering News-Record
By the time the blustery remnants Hurricane Michael departed the East Coast around mid day on Oct. 12, with one last lashing of eastern regions from Virginia to New York, the trail of woe stretched from the Florida Panhandle through the southeastern states and well up the Eastern Seaboard. Authorities report the death toll stood at 16, with victims in Florida, Georgia, North Carolina and Virginia. Reprinted courtesy of ENR reporters Tom Sawyer, Luke Abaffy, Thomas F. Armistead and Jim Parsons Mr. Sawyer may be contacted at sawyert@enr.com Read the court decision
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Famed NYC Bridge’s Armor Is Focus of Suit Against French Company

January 18, 2021 — Joel Rosenblatt - Bloomberg
French construction giant Vinci SA faces allegations it’s partly to blame for the degradation of the armor installed on New York City’s Kosciuszko Bridge to protect against terrorist attacks and accidents. Hardwire LLC, a Baltimore company that bid unsuccessfully on the project, previously sued one of its former executives for allegedly stealing its proprietary technology for bridge armor so he could win the contract. On Tuesday, Hardwire sought permission to add two units of Vinci to the suit, which claims damages of more than $40 million. The armor is “splitting, delaminating, and is in danger of falling off,” causing a “clear and present danger,” according to the proposed revised complaint filed in federal court in Maryland. The separation “leaves significant vulnerabilities for the bridge cable.” Read the court decision
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Reprinted courtesy of Joel Rosenblatt, Bloomberg

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