Williams & Dame Development and Gerding Edlen Development Co. are fighting in court to hold on to thousands of dollars in earnest money deposits placed by would-be buyers who failed to close their deals. Failed sales in the South Waterfront's John Ross condo building alone have prompted 12 lawsuits since July by the title company in the middle of those deals. Gerding Edlen is also pursuing deposits put down by four buyers in its Civic condominium near PGE Park.
The lawsuits are the latest indicator of the Portland condo market's plunge into slower, more difficult times. Dozens, perhaps hundreds, of buyers have attempted to extricate themselves from condo purchases since the real estate market stalled earlier this year.
Read the full story at The Oregonian...
...meanwhile, all those folks left out in the cold due to Bob Ball's blunder have pretty much no option but to take their money and walk away with nothing to show.
Hey, does anyone know if HSP gonna issue refunds to the 10 people who've bought units at Train Core, I mean, Encore, after it goes rental?
I am curious about buildings like the John Ross in SoWa that have sold about 70% of the units of which about 60 of those are up for resale. So what happens to a building like that which seem to be stagnant in selling. Who is covering the HOAs for the 30% of the unsold units and how long can that go on.
I am sure a lot of those folks would like their money back!
Typically the developer pays the HOA fees on the unsold units because they own them.