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February 14, 2008
How to check on new development status?
About a year ago a friend of mine went into contract on a unit in a new dev/conversion. Although all units went into contract over a year ago, it looks like there has been no work done in about 6 months. In the meantime my friend is getting no answers from the broker.
Thank you!
Comments
Look up the address on the NYC Department of Buildings Website to see if any actions were filed, inspections, stop-work orders, etc.
Alos call the broker and make them do their job. Threaten to invoke certain clauses in the contract pertaining to the seller not being able to convey title to the property if they dont give you the info.
Posted by: guest at February 14, 2008 6:56 PM
If you feel the broker screwed up file a complaint with rebny.
Posted by: Ysabelle at February 14, 2008 8:26 PM
If you feel the broker screwed up file a complaint with rebny.
Lets hope you have a good real estate lawyer.
Posted by: Ysabelle at February 14, 2008 8:27 PM
If you feel the broker screwed up file a complaint with rebny.
Lets hope you have a good real estate lawyer.
Posted by: Ysabelle at February 14, 2008 8:30 PM
So sorry my computer is still screwy.
Posted by: Ysabelle at February 14, 2008 8:34 PM
I believe the broker knows as little as us. We all think its a financing issue, that the builder/developer ran out or lost financing. It sounds like the Dept of Buildings is our best bet.
Thank you!
Posted by: kdabrowski at February 15, 2008 11:03 AM
Why isn't it in the contract if funding is lost or construction stops for longer than a certain period, the buyer can cancel the contract and get their money back?
I can't believe there's no protection for the buyer. You're basically helping finance the construction when you buy these condos, but with none of the powers or protections a financier would have. Gee, and the realty firms are sitting around wondering why nobody wants to buy these things and would rather buy a house in a fringe area for the same amount of money. THIS is why. Of course the historic Brooklyn house market thanks all you condo developers and realtors for the big boost.
Posted by: guest at February 17, 2008 3:49 PM
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