When Condo Investments Go Bad: Toy Factory Loft Edition
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit…
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit at Downtown’s Toy Factory Lofts in ’05. Henn, a Corcoran broker, is now suing Toy Factory developer Winchester Realty Group, alleging that the Toy Factory building isn’t waterproof. Henn is also angry that Avalon Bay’s 42-story tower is rising right next door to the Toy Factory, since the condo’s great views were one of its main selling points. It’s a little difficult to feel sorry for Henn, though, since the Toy Factory sponsor offered to buy his unit back at cost and the condo’s offering plan said the building’s views might one day be obstructed. Nevertheless, we’re sure it’s not out of the ordinary for condo buyers to be confronted with a lot of unforeseen surprises after they move in because of all the fine print in offering plans. Any readers have similar tales of woe?
Nightmare on Johnson Street [Brooklyn Eagle]
Photo by Scott Bintner for Property Shark.
“Tell me, why would anyone want to buy ANYTHING in this market”
That hits the nail on the head.
I’m walking out!!! Oh LMMFAO This is getting good and I thought I would have to wait to the end of the year. This shit is thick!!
Here here is the Wall Street Journal, you that bullshit paper. They don’t what their talking about. LMMFAO!!! This Walking away shit has merit.
Borrowers Abandon
Mortgages as Prices Drop
http://online.wsj.com/article/SB120424677934501611.html?mod=hpp_us_whats_news
Typically borrowers who turn in their keys are those who have run into financial trouble or need to relocate but can’t sell their homes. But mortgage-industry executives and consumer counselors say they are starting to see people who aren’t in dire financial straits defaulting on their mortgages because they don’t want to pay for properties that have negative equity.
Read this over and over again.
defaulting on their mortgages because they don’t want to pay for properties that have negative equity.
Tell me, why would anyone want to buy ANYTHING in this market. Come on someone please!! LMMFAO Stupid!
The What
Someday this war is gonna end…
11:34 AM <--- Toy Factory Condo Owner. LMMFAO You Know Who Someday this war is gonna end....
I’m not shocked the ? spelled it click instead of clique. The rest of the English-speaking world (and the French of course) pronounce it cleek. Click is a dumbass pronounciation.
Poor kid, he just ruined his career at Corco. All those asshats read Brownstoner.
He probably though he was going to use the power of the press to get a better deal from the sleazy developer.
Actually, being fired from Corco might be the only silver lining for him in this whole ordeal!
As someone who lives in the Toy Factory and moved in with the first round of buyers, I think it’s important to clarify something: the issue about lot lines blockages was not buried in the offering plan. It was sent out under separate cover, as an addendum/appendix item, by itself, and it could hardly have been clearer. The developers offered to allow anyone in the building out of their deals as a result, no questions asked and no fees paid–before we moved in–and explained what they would charge to brick over the blocked windows in the event the neighbors built to the lot line. I’m no apologist for these developers–we had water trouble too, although we were satisfied with their fixes–but it’s a little nuts to consider the Toy Factory a “bad investment” based on the lot-line windows thing, which everyone knew about (like the possibility of Oro blocking light, by the way!) before anyone moved in.
Hey What.
Re your “Some Walk Out” article.
They have 200 clients, hardly a stampede
Thanks Grammar Natzi. <---???? The What Someday this war is gonna end...
do your due diligence, people. this isn’t an investment gone bad, it’s a bad investor.