Need feedback from real estate professionals on purchase of high-rise style condo (Phoenix: sales)

[nativeAZguy]

Hello, thanks for your feedback.

Approximately 3 years ago i put some money down on a unit in a high-rise, luxury style condo development in the central phoenix corridor area (along central ave). My price per square foot is around $340, this includes some substantial upgrades. Back then, I felt this pricing this was good compared to similar developments, I am not exactly sure about it now.

I did not use a realtor to represent me as (I should have!) the first phase of the devolpment sold in a week and I had to make a decision asap to get one of the remaining units. At the time, I planned on making this my primary residence.

I was initially told that the build time was around 18 months. Obviously, things have taken quite a bit longer as the completion date has continually been pushed back. I am now looking at a closing sometime in May or so which is just over 3 years from when I made my reservation.

Needless to say, the real estate market has taken a downturn since then and I am nervous that this investment was not a good decision. I have also had some other things come up over the last year which make living in this place more logistically challenging.

Here are my questions:

1. Because the time frame for completion has taken twice as long as what was initially communicated, is it feasible for me to get out of the contract and have my deposit refunded?

2. If it is not feasible for scenario #1 to take place, is it feasible to work something out with the developer to lease out the unit and not occupy as my primary residence? On the purchase contract, I had to indicate that I would not sell or lease out within 18 months of taking possession.

3. Eventhough I did not have a realtor represent me from the start, is it at all feasible that I could require representation from a realtor due to the fact that the build time has taken so much longer.

4. The developer has told me they are 80% sold, or I should say, has contracts on 80% of the units (100% of phase 1 & 60% of phase 2). I don't know if this is true or if he is BSing me, is there any way for me to confirm this and find out the contract sales price of other units in the building prior to the actual close and transfer of ownership?


Thanks for providing feedback on this scenario and these questions.

[raslaw]

I am a certified real estate lawyer in Phoenix. I would suggest that you contact an attorney. It is possible that there are federal and state laws that could be of help. If this is still a problem for you I would be happy to provide a telephone consultation at no charge. You can contact me at [email]raslaw@gmail.com[/email].

The foregoing is not intended to constitute legal advice nor is it intended to create an attorney client relationship.

[AzDreamer]

I also suggest you contact an attorney, many will talk to you for a few minutes over the phone free of charge. Realtors are not qualified to give legal advice, they are trained to sell houses.

[crystalys]

Not sure if anyone noticed but, the OP actually posted originally back in February 2008 so I assume they found answers in the mean time because they were supposed to close sometime this month and never posted anything else.