Tuesday, March 17, 2009

Buyers say, "Let me out!"

From The Real Deal:

Hundreds of condo buyers in new developments in Manhattan, Brooklyn and Queens are awaiting settlements or court decisions that could result in the refund of all or part of their down payments. The actions being taken by the buyers are the result of a recent focus on a federal consumer protection law that for decades has been invoked by buyers around the country looking to revoke their purchase agreements, but has only now entered the limelight in New York City.

14 comments:

Anonymous said...

A deal is a deal. They signed a contract, thats that.

Snake Plissskin said...

Naw, if the Tower People are fleeing the towers that is GOOD news.

Anything that are 'Blows Against the [Real Estate] Empire' is good for the public.

Anonymous said...

A few hundred people are looking to walk out of thousands of buyers - this is a non-story.

Anonymous said...

A few hundred people are looking to walk out of thousands of buyers - this is a non-story.
----------------------------------- A few hundred today can very easliy grow into a few thouseand tomorrow.

Anonymous said...

I thought the real estate brokers told us we were all crazy, Archie Bunker naysayers. I thought they said that the market was still booming and that it would only continue to grow, and that there was no point in fighting it.

Anonymous said...

If the courts let these buyers out of their contracts then surely AIG can be let out of its contract to pay big bonuses with taxpayer dollars.

Anonymous said...

Anything that are 'Blows Against the [Real Estate] Empire' is good for the public.

anything? Big empty buildings are as bad as empty houses. Crime goes up, etc...

not a good thing at all

Jason said...

Im not from NYC, but have visited a couple times. I live in Downtown Grand Haven, MI (a small tourist town on the west shore of Lake Michigan.) Grand Rapids is a very short drive East of here, and there are condo-owners-to-be going though this same issue.

A new skyscraper was built in Downtown Grand Rapids on the shore of the Grand River. It is currently the tallest all-residential building in Michigan, with condos ranging anywhere from $400k all the way up to a couple million (might seem cheap to New Yorkers, but the cost is REDICULOUS here.

To make the story short, the building owner is suing about 20 future residents to force them to move in, even though they can in no way afford to pay due to layoffs (before this, many of these future residents were rich auto industry executives, or employed by GM), and lack of financing (many were pre-approved, but now that the credit dried up are unable to get financing.

What is the point of forcing someone to move in that simply cannot afford the payments anymore? They are just going to end up evicting them....

Anonymous said...

Looks like this blog has no power after all.

Miles Mullin said...

anything? Big empty buildings are as bad as empty houses. Crime goes up, etc...

not a good thing at all
--------

Guess you dont walk through overdeveloped communities too much.

This blog kicks butt!

Anonymous said...

Don't sweat it. Sounds like a District Lines reader.

Anonymous said...

Perhaps all these new condo projects can become homeless and section eight housing for the poor. How's that for a bailout?

Anonymous said...

Scary, scary, scary.

Anonymous said...

http://www.astorians.com/community/index.php?topic=9619.30

Go to the end and look at the posting about the Pistilli buildings becomeing Section 8.

Also, check out the comments a few postings earlier from Gleason who told me she was banned from the board for them.