baboon812
30 Apr 2012
Real Estate / MNE DEVELOPMENT COMPANY , LOFTS, U SCHEIBLERA, LODZ [36]
My condo went through similar in Vancouver. The developer ran out of money at 80% and the banks forced the developer into receivership. Every situation is different but I can certainly sympathize. In the end it worked out well for us and the development although it looked bleak in the beginning - so there is hope? Alternatively the Vancouver Olympic village also went into receivership and the presale buyers ended up purchasing at a huge premium. (30%), with not much hope of selling to break even anytime soon - maybe in 10 years?
What is the status of the development now - is it one ghost town?
My condo went through similar in Vancouver. The developer ran out of money at 80% and the banks forced the developer into receivership. Every situation is different but I can certainly sympathize. In the end it worked out well for us and the development although it looked bleak in the beginning - so there is hope? Alternatively the Vancouver Olympic village also went into receivership and the presale buyers ended up purchasing at a huge premium. (30%), with not much hope of selling to break even anytime soon - maybe in 10 years?
What is the status of the development now - is it one ghost town?