163 Washington Ave Developers - Heartless People
About 35-40% of the contracts for the 163 Washington Ave Condo building were signed, as of the end of January 2011. Everyone, including myself, received emails from the sales representative of the building saying that the units were being permanently taken off of the market because the building was sold, and all deposits would be…
About 35-40% of the contracts for the 163 Washington Ave Condo building were signed, as of the end of January 2011. Everyone, including myself, received emails from the sales representative of the building saying that the units were being permanently taken off of the market because the building was sold, and all deposits would be returned. I did receive my deposit back, however am stuck will real estate attorney fees, etc, as I’m sure many other are. Although it’s been almost impossible to gather any information on what is going on, apparently, the new owners are now intending on renting the units.
Does anyone have anymore info on this?
The Sponsor never signed the contract and returned it to my attorney. They were telling my attorney that they were just waiting for some amendment to come back from the Attorney General’s office, or something. In hindsight, they were obviously just stalling. If the Sponsor does not return a signed contract withing a certain number of days, the contract is void, anyway. They protected themselves. I’m a first time home buyer, so I’m still learning a lot about the process, but I was never advised that this could potentially be an outcome.
Is there anyone out there who had a signed contract from 163 Wash? Does anyone know who the new owners are?
Check your contract, it probably allows the developer to do this. Once upon a time if either party reneged on a signed contract, they owed the other party 10% of the purchase price, but most developers make sure that only applies to buyers, not to themselves.
how long before BHO checks in to say “Thank your lucky stars cause they saved you from another 37.5% drop”?
What Crownlfc said.
The building did not have a C.O. when the offering plans/ contracts were sent out/ signed. Apparently, this allows the sponsor to pull out of the deal whenever they’d like. This was never presented to me as a possibility, by the seller or by my attorney, though.
What did your contract say? Did you (ironically) consult your lawyer?