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I asked about moving in furniture but was told "no". I heard yesterday that closings will start after next week. They are still waiting on paperwork to be signed by the banks.
It may look great, and I'm sure it does, but what if the developer doesn't complete the rest of the surrounding area ammentities. Will the property suffer or devalue, or do the new appraisals take that possibility into consideration? I can't imagine they can sink a whole lot more into this project.
There is a spec home going up in the surrounding area adjacent to the SPA, Fitness Center and Sales Office so it looks like the first step towards Phase II.
A friend of mine has been a realtor in MB for decades and she says it may be very challenging for the developer to close enough of the units because of lenders tightening up excessively for 2nd homes, especially ocean front properties. She said that they are often requiring a minimum of 30% down and not willing to finance enough to make it feasible. The other issue is that buyers often look to take a loan out on their primary residence only to learn that it is no longer appraising high enough to take out a high enough loan to buy the other property. Add to that that lenders will often no longer finance for projects such as this until they are between 50-80% settled. There is a legitimate fear on the part of some/many buyers and lenders that this project will not settle enough units to carry the cost of maintaining the property. It's a shame all around, but it is a product of the current economic crisis.
Alright, so they can't close enough units to salvage this project. Bottom line, what happens to the down payments? We really haven't done anything wrong, 30% is way off base. If this project fails what happens? Isn't the hand money in escrow with a third party? Surely they can't keep it....
Wouldn't it be devine justice if they had to put the old timers that they kicked out of their little RV's and trailers into those new luxurious condos?
I mean the ones that they had promised they could stay there and lease their RV and trailer plots for the rest of their lives once they invested their hard earned savings?
I mean the ones they came to one day and told them to get out, they were forcing everyone of them off the property and hurry and find you a new place to move to.
No help for you either, thank you very much!
And no we don't care that many or most of you are retired, in your 60's, 70's and 80's. And we don't care how many years and decades you have lived here.
Devine justice?
We'll see..................
David
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