In December, my husband and I put a $25,000 deposit on a condominium that was priced at $274,500 and was to be built at a later date. We were told that we were receiving the opportunity to purchase at pre-construction prices. However, 16 months later, the developer increased our purchase price to $436,900. They're now giving us the "opportunity" to enter into a new Reservation Agreement at the new price. How many more Reservation Agreements will there be with increased purchase prices?
During this 16-month period, we received 2 letters informing us that purchase agreements would be ready to sign shortly, but we never received one. They just kept stringing us along.
Vegas Grand took our money, used it to leverage construction financing, and then raised the prices. They ended up with the proverbial cake and eat it too! What we considered our equity actually became theirs.
Neither the original Reservation Agreement nor subsequent letters even hinted at the possibility of a price increase. Had the developer been forthright and made this information available to us, we would not have tied our money up for 16 months. We could have used it to purchase another property.
This company may have taken the legal path, but they certainly did not take the ethical one. They are not a company to be trusted.
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