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5/04/2013

Camden Park Sounds Lovely


 $424,000. 00 listed for sale 3 bedroom 2 1/2 bath 1390 square feet


Contemporary styled homes in a lovely landscaped development with mature trees. Resort-style community pool and spa for your enjoyment. Walk to elementary school the award winning Don Juan Avila Elementary Close to parks, Aliso Viejo Town Center, the Edwards Aliso Theater and a variety of restaurants.
This condominium has cathedral ceilings in the living room, a large fireplace, 18" stone tile flooring throughout downstairs level, spacious formal dining room area, bright open kitchen with breakfast bar area. Priced at $424000 – a very desirable hot price in Orange County for entry level homeowners.

Camden Park was developed by Ryland homes in 2000 through 2001. The architecture is a combination of Bay and Gable homes seen in Old Town Toronto with verandahs and little towers reminiscent of popular east coast architecture. 

There were 4 floor plans developed in Camden Park. Each Townhouse includes a 2 car attached garage, central heating and air conditioning and fireplace. Many of the units have a nice distant view of the Hills and city lights. 
 There are nine streets that make up the community of Camden Park: Brisbane Lane, Cupertino Cir, Plumeria Lane, Benchmarke Lane, Kenilworth Lane, Open View Lane, Burlingame Lane, Harvest Point Lane and Warmspring Lane.
Camden Park is serviced by the acclaimed Capistrano Unified Public School District. The grade school is Don Juan Avila, and the middle school is also Don Juan Avila. The upper classes are conducted at Aliso Niguel High School.

BUT here is the problem:

It has been close to ten years since the complex was built out. The Association’s Management Company has filed a lawsuit in Orange County Superior Court alleging that the builder completed shoddy work. It is common for lawsuits to pop up in this time frame, as the calendar for a Builder Developer to be responsible is just at the limit of too long for homeowners to file complaints. The suit was filed in August of 2012 and appears to be on track for trial. In fact there have been 70 filings against Ryland Homes for construction defect.
Camden Park sounds and appears at the price points for homeowners lovely BUT it is impossible to buy with an FHA loan and until the lawsuit is clarified getting a mortgage from GSE sponsored conventional is also going to be difficult. Would the Association have been better off negotiating with the Builder?

When there are pending lawsuits of size able nature, and the association may not have sufficient funds to cure or fight the suits it makes it near to impossible to close a mortgage loan in a complex. Owners in Camden Park cannot refinance with today’s low interest rates on conventional loans and Buyers cannot get an FHA loan in this complex.

Physically the main defect is the foam insulation used inside walls and around the window trims. Now after time, heat and moisture the foam is protruding from window wells. The cure would be to pull out the windows, install new sealant and replace, re-plaster and repaint. Each window repair might cost two hundred dollars BUT no telling what dry rot or problems may open up inside each window. The recent lawsuit claims that owners have been unable to track down the real principals of Ryland Homes, but it appears to be a publicly traded company. I believe the sub chapter corporation that built this tract is a separate entity. There are 70 filings against Ryland Homes in Orange County Superior Court.

Larry T. Nicholson, Ryland President did not respond to my inquiry about this complex. He is CEO of Ryland Group. Only comment made was from a receptionist, “we have built 300 homes.”

 
Ryland operates as a home builder, mortgage company, title and escrow company in many states.
I read some thirty complaints to the Better Business Bureau and on complaint boards, then I stopped reading... Most appear to be homeowners who found construction problems in their new homes. They contacted the builder and were given the run around or subcontractors who slapped a fix on half the problems. It is impossible to determine if these complaints are resolved or accurate.

"I contacted Marc Austin thirty times (Operations Manager) with no resolution."

"HOA has received a settlement with regards to shoddy craftsmanship of our Ryland Built Homes. Obviously, Ryland believes it was easier and cheaper to pay off certain HOA boards than to actually fix the problem. My $250,000.00 house is just now 5 years old. In this time, the driveway has started sinking, the front stoop has started sinking, there is a small sinkhole in my..."
"My tub that has a crack that was disguised to pass inspection by Ryland a shower bottom done the same way a false door that leaks into the wall and now shows mold growth btw insurance will not pay claim ryland says the warranty is out of date"

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