National Recreation Properties
Misrepresentation by calling it a great investment opportunity when in fact the sale price is more than double the market value
- 01-04-2007
- 17
NRPI, National Recreational Properties, need to be reported to the Better Business Bureau. The Corporation misrepresented to buyer the potential investment opportunity in purchasing developed land through out the U.S.
In my case, I was lured into buying home site in Horseshoe Bay, TX in April. Upon arriving at Horseshoe Bay, TX, I was assigned to an Agent to drive my family around to various home site lots. Through out the ride the agent kept telling us about how cheap the land in Horseshoe Bay compare to California and that it is a once in a lifetime opportunity to invest in Horseshoe Bay before the population explode.
We felt the pressure to decide that very day or else we would no longer be available once we leave Horseshoe Bay. The pressure got to us and we ended up purchasing a lot for $125,000.
About a month ago, I just happened to surf the net and found a number of articles pointing to how NRPI would purchase the home site in masses for cheap and turn around and marked it up five fold. The mark up is more than double the fair market value.
Upon further research, I found out that NRPI paid $30,000 for our lot and turned around within five months sold it to us for $125,000 when the market (comparable sales) is no more than $70,000.
How could NRPI call this an investment when they sell the home site more than double the current market value? Unsuspected buyers need to know this. This is NRPI's business model.
I suspect all buyers of NRPI had overpaid for their lots. There are buyers out there that bought from NRPI and still not aware that their investment started with a huge loss in value. They could have a local real estate agent help them purchase a comparable lot for half the price that they paid to NRPI.
I am in the process of trying to get my initial investment back. NRPI need to be reported to the Better Business Bureau in every states that they do business in.
I have been ripped off by NRPI. Future buyers beware (Caveat Emptor).
Daniel
San Jose, California
U.S.A.
Company: National Recreation Properties
Country: USA
State: California
City: Irvine
Address: 1 Mauchly
Phone: 8888492900