What can I do when my condo builder drops the prices of all the condos around me by $50k?

Question

Pulte Homes lowered the price of their condos $50k. I bought mine pre-construction and now I'm stuck upsidedown on the condo. They have stated to me that no refunds or reimbursements will be given and I will have to wait on the market to come back. Too bad, so sad they tell me. Does anyone have any suggestions.

Answer 1

Dam it sound like a breaking bubble. don't worry the price will drop even further, read this web site and you then understand how they fooled you, and many others.
http://www.breakingbubble.com/index.htm

Answer 2

That sucks. Not a damn thing, I'm afraid. Because the sale price is based on the market and they have no obligation to maintain a high price if they can't sell it.

You might see if you can report them to the Better Business Bureau or some other organization they report to, but I think that it is "too bad, so sad."

Even worse than that - a builder rented out 30 units in a new development and all value dropped 50% as a result.

Answer 3

I would have a lawyer look at the contract you signed. Can't hurt.

What benefit did you get by signing pre-construction?

I think you just bought at the wrong time. The last few years, everything went up. Now it is all coming back down to more normal levels.

Answer 4

That is all a part of the risk of buying property. These are the kinds of things you realize when you decide to make a purchase.

I suggest you not sell until the market is in better shape.

Answer 5

if you bought it then you're pretty much screwed. if you financed it then you should be okay for a little while. bottom line is that you're going to have to stick it out there for a couple of years to let equity accrue in that place. hopefully, if it does then you will be okay. if not then find a shady appraiser to jack up the appraisal amount and sell it.