Quote:
Originally Posted by llama64
Condo builder's make me sick.
They use the market as a Force Majeure to get out of their existing contracts just so they can force much higher prices on buyers in a blatent attempt to milk the local realty market. Now that the pendulem has swung the other way, people who signed those ridiculous contracts are now stuck with them despite being in very much the EXACT same position the builders were in when they pulled their crap.
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We bought some units of the Skytower in November of 2005- right as the boom was taking off. After 180 days the Rockwell Developments sent us a letter saying that they were unable to secure a building permit from the city and sent us back our deposit and told us the contract is now void. In the contract they put an out clause that they could cancel if they could not get permits in a certain period.
These devlopers are smart enough to have clauses to get of the contract for themselves but not have any for the purchaser to get out.