Quote:
Originally Posted by Realtor 1
I dont see builders having the required funds to put x million into some trust account for the next 5 years to cover poor workmanship. Many of these buildings could barely finish themselves during the recession. Look at Arriva for example...from what I hear a little more time might have saved the whole bankruptcy as the bank would not release a further phase of funding due to lack of sales in tower 2. (speculation).
|
Ah yes, the "white knight" investor that many of us heard about at the time. Tower 2 (arriVa 42) was actually about 60% sold when everything started to go south, and those units were not cheap. Probably an average price of about $600,000.