We’ve already talked here about how this project and 400H started essentially at the same time, and that it looks like 400H might finish first. It’s pretty pathetic.
I saw some activity at the job site yesterday. I am still on the fence as to whether it’s progress or if the site is actually some sort of modern performance art installation at this point.
The most recent update I received as of this month was that they are anticipating an “early” 2024 completion. I’m curious to see if that holds considering their initial completion date was April 2022
Wow. So, still no real occupancy date. 400H is definitely going to beat you to occupancy at this point.
Correct, they are installing cabinets currently & there is some progress, it’s just sloooooooooow
Has there been any legal action by the buyers? I mean that delay is just ridiculous.
Not that I know of. The 2 of the 3 available units were put under contract way back in 2021 but those buyers backed out before the grace period ended so they didn’t have to take any legal action.
Crazy! Chappell represents this project and the Oak City Overlook condos on New Bern Ave. Both of these projects have been under construction for over 3 years now! I would hate to be in their shoes and have to keep these buyers happy.
As someone who’s been through this preconstruction/presale process 3 times now, they never do anything to keep their buyers happy when delayed. They have you under contract.
This sounds very familiar….
And on the legal action side, there’s usually language around delivery dates and conditions that can delay those dates that are fairly loose and easy for the developer to get around. Kind of need the developer to miss those deadlines or be negligent (if that can be clearly demonstrated) to take legal action, and then is it worth the money?
New construction contracts are always written in favor of the developer/owner and not the buyer. There are very few ways to wiggle out. Even when the project is delayed. Plus there is the added issue of the high deposits which are non-refundable. I have to wonder about buyers who qualified at 3 and 4 percent who now have to deal with now qualifying for 6 to 7 percent. Peace Street is a cautionary tale in what can happen with some of these projects. They never close on time but Peace Street just blows my mind on how delayed it has been.
There was an elevator part or something that they were waiting on. Pretty much everyone pulled off the project at that point and it went on hold. It’s moving forward now. It’s going to be slow though because nobody is going to give two craps about it at this point. Plus the GC doesn’t pay his bills, which doesn’t help.
Peace St condos might be done this year. They finally got their elevator part that was a year in the making.
That will sure as hell kill your project!
I’m fairly certain that the deposits are refundable if the dates given in the public offering statement have expired. These are classified as condos, so a public offering statement would have to be given as part of the contract.
Yeah, I learned my lesson. Never again and only a 3 month delay for me at the Ware. Quality of workmanship seemed off also. Only buy now if it’s completely finished. Shady not well funded builders out there, beware.
I’ve been through the pre-construction process 3 times now and have been mostly pleased vis-a-vis my investment each time.
That said, times have changed and the stakes are higher than ever with commitments being much more high dollar than they used to be.