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Let me see if I have all this information straight.
There is about 20-25 people posting to this site and there is around 340 condos in the building(I don't know how many 1 bedroom units were converted to townhouse type units).
Of the 20-25 blogers the best I can tell by reading there are around 10 buyers, 2 flippers that can't close and 10-13 people that don't have a dog in this hunt.
The orginal buyers were 85% flippers and everyone paid a 10% down payment in 2006.
at the sale prices the average down payment would have been around $80,000 each.
Some buyers can't close close because the some banks are now requiring 30% down.
You want me to believe that 260 to 270 flippers will walk away and leave over $20,000,000.00 on the table for the developer. I don't think so. some will have no choice. But what about a binding contract. In my state they can take you to court to recover any losses they have if they are forced to sell the property for less.
As for the deposits 30% of of the reduced price is less than 20% the orginal price.
I don't think 10 blogers (buyers) can speak for 300+ buyers, where is their views on this project.
I guess one should follow the old advice, don't believe anything you hear and only 50% of what you see.
I wish your advice would have been posted before we signed our contract. I shouldn't have believed they could come through with half of what was promised and I don't believe anything I see as it pretains to NB, its developers and the banks that are now in charge.
You're right and I am one of the posters who doesn't have a dog in this hunt (except indirectly) I am one of the owners at the Ocean Creek Tower directly to the South, so I am interested in how North Beach progresses. We also have the beach club on the tip of the land between the creek and the ocean directly acoss the property line from your pool complex, so we want to keep up with North Beach and wish it to be a success.
Tim:
don't you think the deposits were used to fund part of the project? I doubt there is any liquidy left to return the deposits even if anyone was so inclined to do that. You best hope is to try to get other investors to help you out, form a LLC, and try to rent the unit. Just an idea.
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