There’s a strange thing happening in the Vancouver real estate market right now. Even as some rush to buy while interest rates are at rock bottom, others are trying to figure out how to get out of a presales purchase agreement they may have rushed into.
At least one local law firm is marketing themselves as condo presales litigation specialists. Harper Grey represents clients that are being sued or fear being sued by a developer. From their site:
Harper Grey LLP represents individuals and groups of pre-sale purchasers who signed contracts for major lower mainland condo projects including:
33 Pender – Vancouver
Aria 2 – Port Moody
Aura Townhomes – Surrey
Axis – Burnaby
Cosmo – Vancouver
Donovan – Vancouver
Espana – Vancouver
Esprit 2 – Burnaby
Fairmont Pacific Rim – Vancouver
First on First – Vancouver
Fitzsimmons Walk – Whistler
Ginger – Vancouver
H & H – Vancouver
INvue – Kelowna
Mariner – Vancouver
Millennium Waters – Vancouver
Patina – Vancouver
Quattro – Surrey
Silhouette – Burnaby
Sophia – Vancouver
Tangiers Townhouses – Revelstoke
The Breeze at Airdrie – Calgary
The Exchange – Vancouver
Three Harbour Green – Vancouver
TV Towers – Vancouver
Watermark – South Surrey
Watermark Beach Resort – Osoyoos
Westwood Village Edgemont – Coquitlam
Whitetale Lane – Coquitlam
Woodwards District – Vancouver
That’s quite the list. It’s fascinating that even with the recent rebound in the market developers are still finding it easier to sue pre-sales buyers rather than release the unit back to the market to find a new buyer. Do we have more inventory that buyers out there? I’m guessing no one told those rushing to buy that homes are a place to live first, a source of wealth second.
Thanks to Stanislav and Arit for pointing out the links.