225 Rector is Why We Are All Afraid to Buy in <50% Sold Developments

Have you watched this video? This is quite a sad story of a cute couple that are still living in Rector Square despite "dangerous" conditions in hopes of getting back their $50k+ deposit on a studio. We're still not exactly sure why they continue to live there (it seems as though they are renting a unit) but whatever the reason is, the nightmare conditions of that building (think exposed wires) are clearly documented.

And to add serious insult to injury, we note with at least some level of amazement that today, Michael Miller the oxymoronic "trust" attorney is being "forced" to sue more than 40 unit owners for non-payment of common charges. This is AFTER the developer allegedly ran off with prior paid common charges plus contributions to the PILOT tax. What an f'ing nightmare!

This whole situation just makes us think twice about buying in any undersold development.