We could argue about morals endlessly. The fact is Budimex specified the 10/90 payment structure, not us. That would have put them in the perfect position to mess us around when the market hit the skies in 2009, as it was supposed to have done :)
Sean - when swimming with sharks it helps not to be totally toothless. Investors banding together helps to even the scales somewhat. One small private investor is NOT equal to one multibillion $ developer.
Avalon, I'm sure you've missed your true vocation as a priest somewhere along the line, but just remember, it's very easy and cheap to preach morality when it's not YOUR money on the line but someone else's. Maybe think about that, or look up the word hypocrite in a good English-Polish dictionary.
But he is not suggesting that, he is saying that if he gets enough people he can negotiate better terms by threatening to pull out, there is another word for this type of behaviour.
Two words, in fact: common sense
PS I'm not attributing any wrongdoing or dishonesty whatsoever to Budimex. It's just that other developers employing sharp tactics have given investors the idea that they can play the same game when the market looks different.Thread attached on merging:NEW: Budimex Murano development (central Warsaw) Phase I
I'm trying to get as many investors as possible to persuade the developer to renegotiate contracts to give us all significant discounts on the overall price, say 20%.
Not only have apartment prices fallen but Budimex are delaying completion until Spe 2009 - four months later than agreed.
The fact investors owe an outstanding 90% gives us massive leverage against the developer - it'll be really stuck if sales fall through.
POLITE REQUEST: Please only comment on this thread if you have useful and relevant information or indeed are a Murano investor. If you want to morally posture, there are other threads to do so. Thank you.