The Edge Lawsuit

You have to read between the lines. The motivation behind the lawsuit is that contract signers want to back out (probably because of drop in value) and get their deposits back.

No doubt that the buyers are looking for excuses to get out.

Is it possible that they are being represented on a contingency fee basis for this suit, or are they out of pocket legal expenses (even with nine people, fees could be significant). ?

This must be the result of the Edge buyers group. I would think that just getting these people together to agree to share fees, file a suit, etc. was a big logistical hurdle in itself.

Nine is only say 2% of the building, but it's bad publicity.

buyerbuyer: I'm in the Edge Buyer's Group and I did not see any discussion on that topic, actually. Most of the discussion on that group is pretty tame, about walk throughs, vent fans, and who installs the best blinds...

Oh, interesting. I wonder how these people found each other then.

buyerbuyer: I mean, I guess they could have found each other on there...but there was definitely no open discussion on that topic. Perhaps they emailed each other privately after some tepid raising of the issue that most of the rest of us ignored...

How do you join the edge buyer's group fourm?

I'm sure these are buyers who bought at the peak and are looking for a way out. Same story happened at a few other developments in 2007. Not all lawsuits were successful tho. Either way, it shouldn't hurt the building. I've been in the building and the staff had uniforms on. Staff was friendly and all amenities looked great. I never heard of anyone complaining about common charges decreasing..that to me is a good thing.

I do not doubt that this lawsuit is just a result of buyers remorse, but I was wondering if it is common practice for the actual maintenance costs to be higher than what is quoted at the offering?

kreade01: Yes, common charges almost always end up being higher than quoted, at least for the first few years, while the sponsor maintains control of the board.

After the residents take over, then it could go either way, it's up to the skills of the board. I have a friend who is very experienced in leading boards and has been able to maintain a modest surplus year over year. They now pay for parties for the residents out of the condo's budget. Then again, they are a small building so it's easier...