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My Fiance bought in a 10 unit development at the beginning of 08. Right now she's the only owner there. Builder couldn't sell anymore and rented them all out. He's one of the lucky one's and seems to be in a position to carry it until the market turns around.
She's not real happy about the situation but so far it seems to be ok.
If the builder of the development you're considering is not in a position to float the project long term and finish it, I would stay away. Your warranty will be worth nothing and if the development is partially finished you may own something you won't be able to sell eventually.
I'm also not a fan in general of being an early buyer in a new development or brand new homes in general. I'd rather see what something looks like a few years in. How it holds up. There are a lot of 2-3 year old homes around here that look worse than my POS place built in the 50's. Siding sagging, cheap materials, settling..................................
What's the old saying "if it sounds too good to be true, it probably is"
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Jerry
1983 911 SC/Carrera Franken car, 1974 914 Bumblebee, 1970 914-4, 1999 323ti
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