Wednesday October 10, 2007
What with the current state of the condo market, it’s no surprise that lawsuits are flying back and forth with reckless abandon. Jared Beck uncovers two interesting strains of such suits. One surrounds situations in which condo projects were not completed within the promised 2-year period. In the other, a developer has refused to return $10 million worth of deposits for a project he apparently has no intention to build at all.
I’d say that the primary impact of these sort of suits is independent of the result — they will first and foremost fuel buyer’s suspicions, fears, and caution, and push the overall market further into the hole.comments powered by Disqus