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New Condo Development NYC

Started by LowerM100_1380507
almost 10 years ago
Posts: 0
Member since: Jan 2014
Discussion about
Hi, over 1 year delay on a new condo development in Manhattan seem to be the norm now days. The developers have no control over their projects and operate in darkness. My conclusion is that new condo development in not for people who actually seek a place to live. These are for investors that do not have a specific timeline and seek to flip the property at some point. The developers' inability to do their job sets the agenda. This is perhaps not a bad thing, but probably worth knowing,
Response by rdh2106
over 9 years ago
Posts: 13
Member since: Apr 2008

At least in some cases, I think after one year, the developer must offer refunds to buyers who put down deposits. Welcome any other views.

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Response by 30yrs_RE_20_in_REO
over 9 years ago
Posts: 9876
Member since: Mar 2009

On some occasions, there are extra delays added on purpose to try to get buyers to rescind so the developer can sell the units at higher prices.

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