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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I'm a partner in our family development company in a small city in BC. We've been building mostly condos for the past 5 years. I'm so fed up with listening to sob stories from buyers looking to get out of their contracts. A couple years ago, investors were buying our pre-sale units and flipping them a year later for $30k-$50k profit. We didn't reneg our sale prices. Now that the shoe is on the other foot, we're greedy s with no heart. Very few builders pulled stunts like you describe, and why did all these buyers sign sales contracts that gave the builder the option of doing it anyways?
We invested $3M and borrowed another $9M based on sales contracts we had. The bank won't let us off the hook. Why should we let our buyers?