Property Grunt

Friday, July 25, 2008

Irate Condo Buyer Email

The following is an email I opened up this morning from a very pissed off condo buyer which describes in graphic and painful detail of getting the runaround from the development she is trying to move into.

You will notice I have withheld the names of the person and the location of the development. I have several good reasons why, which I will disclose at a later time. In the interim please read the following email.

I don't know if your website deals with problems such as mine but I am taking a chance to see if I can get my story out so that people won't have to go through what I am going through.

My name is Name Withheld and I am one of the buyers of Name Withheld condos in Name Withheld, Brooklyn NY.

In June of 2007 my deposit check of $43,100.00 was cleared on Unit Name Withheld in the Name Withheld development. At the time of the purchase agreement I was told by the developer’s sales manager that the apartment was be scheduled to be completed in January 2008. Since that time I have been getting the run around on projected move-in dates and as of today nobody in the organization has any idea as to when a certificate of occupancy will be issued.

For an individual like myself who had planned to occupy the unit, the numerous delays created a huge hardship both financially and emotionally. Based on the developer’s original estimate of a January 2008 completion, I sold my previous property at less than I believe I could have gotten had I been given the straight story and I could have waited. I had been unable to sign a lease on a rental unit because I could never get a clear picture of a closing date for your property. I have been living out of a suitcase from a sublet to sublet and all my possessions are in storage. In March their staff advised me that the closing would be in May and I should secure my financing. I went ahead and secured the mortgage. Now I face monthly mortgage penalties for extensions and the amount is simply beyond my budget. The situation has reached a point where it is unaffordable and unacceptable.

Their office has been incredibly unresponsive. They used to say ‘it’s a common thing for NYC new developments getting delayed.’ Now their only excuse now is that ‘it’s because NYC building regulations are fortified because of the accidents although the building is ready ‘ But the fact is that as of July 17th their inspection was disapproved due to UNFINISHED jobs. Now I am getting a suggestion from them that I should just sign a lease and break it when the apartment is ready (and lose my security deposit for the lease.) It is just not fair that I have to continue to suffer from all the unnecessary financial losses just because the developers couldn’t deliver the apartment in time and blaming everything to the City.

I sent a letter demanding to get full refund of my $43,100 of deposit, $150 in an initial deposit of good faith, $1,000 that I paid the mortgage company to secure the financing. The delivery of the letter was delayed because their attorney didn’t update the address on the contract with the new one. Nor did they notify their buyers. Their attorney's excuse is that 'it takes too long to change the address on the contract.' They haven’t responded to my refund request.

I’ve filed for a complaint against Name Withheld for their irresponsible and callous conduct of business inflicting both financial and emotional damages upon me. Maybe the delay in new development in NYC is a common thing. But is it right or ethical for the developers to take it for granted that their buyers suffer only because they acted in good faith according to what they have informed? Why the city hasn't set up to protect the new development buyers?

If you think my story has a valid point please do not hesitate to spread it as widely as you can. I am looking forward to hearing from you.

Thank you very much.

Name Withheld