Watermarke, owned by SARES-REGIS, is where I was going to call home. I loved the surrounds, the staff, and most of all - the location of my unit. I was on the top floor, corner unit, 3 bedroom, 2 bath, patio, 1400 sqft, fireplace, with an amazing view.
My roommate and I were told that we would NOT have to move when the units went up for sale if we planned on purchasing it. We where told by a couple different staff members that we would get a discount on the sales price as well. Meaning we would get around $20k to $30k off the total price of the unit. The estimate sales price of the unit is $700,000. It was like a dream come true!
At the time, I did not think the public was made aware of the apartment conversion that was going on, so I thought we were lucky to stuble on this sweet offer. Plus, the complex was approx. 95% full! (So I signed a 7 MONTH Lease @ $3175 per month with a $299 Deposit.)
"You can move in today, and you wont have to move out when your unit is up for sale! Plus you get like $20,000 off the purchase price!"
How could you say no? How could anyone say no to that? It turns out, the same pitch was given to everyone. The warning bells should have kicked on super loud mode when I heard "like $20,000 off." Of course the Lease Never Mentioned Any Discount Amount. Of course going through the Lease with a fine tooth comb, I come to find it is Iron Clad. Or at least it is to me...
Lets look at my situation: I am a Morgage Loan Officer for a major lender. I have been in the business for over 4 years. I have funded over 2000 loans. I wasnt worried about qualifying for the unit when the 7 month lease was up. At the time of application, I was told my score for renting an Aptartment was 7 points away from perfect, 293 out of 300. Looking at the fico or beacon, 700. Cash Assets, etc. Why would I want to move into a new place and only be there for 7 months?
Thinking I was home for more than 7 months, I settled in my new "home." I decorated the unit with paintings, plants, even a couple floor waterfalls! I installed a projector from the ceiling and hung a 9 foot long screen, and ran the wires professionally. I order satillate service from two different carriers to get all the "HD" or high defination stations. I set up my turntables (somewhat of a DJ) for recording sessions. I bought all stainless stain kitchen extras, etc. Etc. Etc.
The place was dailed in.
Once I felt it was like home, I recieved notice that the building had to be "brought up to condo code, " and everyone had to move out. At first the staff "didn't know, " then a couple weeks ago, I found out it was some where around 50 to 60 days. The mood of my fellow residents was, well, unsettling. I dont remember seeing anyone really happy to live there. Everyone I came into contact with knew I was very displeased/not happy/grumpy/pee'd off/etc. There is talk of Class Action suites beign filed and lawyers looking at the Lease etc, etc...
The bottomline: I am sick and tired of people saying one thing and doing another. Watermarke (SARES-REGIS) ripped a lot of people off. SARES-REGIS Promised one thing, and did another (turned around and kick residents to the street)
The Trademarke for Watermarke is a captail W with a Captail M right underneth the W.
W
M
Awesome symbolizism I thought at first. One would think of looking at one's reflection in water. But the trademarke held a deeper meaning... The warning sign was staring in the face the whole time... Watermarke is a two faced monster.
I would love for a Class Action Suite to made public. A lot of good, hard working people with families are/where forced into a unplanned move. I would approximate 200 residents have moved or are in the process of moving today. Has Watermarke offered to pay for the interim living? No. Does the Discount still exisit? No, not for the phase I am in. So why would anyone want to move back... The only reason would be for the intvestment, or expected equity.
The reason for this report is to expose Watermarke (SARES-REGIS) true nature. I dont speak for myself, I speak for the busy family man or woman who doesnt have time to go throught all this the red tape, I wrote this report for the greater good of the Irvine Community.
I leave with a quote:
Kindness is met with Kindness
Evil is met with Justice.
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