But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers
But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers.
At Fifteen Twenty-one, developer Opus Northwest says more than one-quarter of the original buyers have walked away, some forfeiting deposits of $100,000 or more.
At Olive 8, at least 10 percent of the project’s buyers, who either can’t or don’t want to close, have retained lawyers in hopes of getting their earnest money back.
Article: At pricey high-rise Seattle condos, some buyers back out
Olive 8 blog: olive8.blogspot.com
April 27th, 2009 at 9:33 am
i gotta wonder if the noninvestors who walked away are really better off in the long run taking into account the money they forfeited and the money they’ll have to pay for rent (gotta live somewhere).
April 27th, 2009 at 12:04 pm
to tim,
you dont have to wonder anymore.
my partner and I had to walk away.
my current rent is ~$2400 dollars LESS per month than my mortage would have been. I rent in a another highrise 2 blocks away ( so it is very comparable )
oh… and my apartment is larger and has an extra bedroom.
I will recoup my deposit in less than a year in saved expenses.
April 27th, 2009 at 4:44 pm
What the news on the Marlborough House? What bank is foreclosing, who’s in control, is the sale still on for may?