We’ve known about the problems at the Lexington condo hotel (downtown Orlando) for a some time now, and I recommended to one potential client that heÂ give his particular condo hotel project a wide berth.Â ForÂ reasons that I’ll never understand,Â he refused to believe that my adivice was anything other thanÂ genuine or based simply onÂ my knowledge of who the lemons wereÂ in the market -Â and heÂ purchased one anyway.
His view was that gettingÂ his deposit money back in the mailÂ would beÂ the worst case scenarioÂ if the project failed.Â Unfortunately, The Lexington HotelÂ filed for Chapter 7 bankruptcy in October 2007, and so now thisÂ buyer isÂ one ofÂ 107Â other would-be buyersÂ who has until March 21 to claw as much of that back as he can -Â from theÂ bankruptcy judge.
According to a recent piece in the Orlando Business Journal, the deposits amount to some $1.4 million, and the unlucky buyers aren’t the only folk competing for the funds. At least 7 other parties have registered an interest.
I’m not gloating here. I’m not happy about that. I’m not tooting my own horn. But Realtor’s don’t just help you find the condo you want. AÂ good specialistÂ agency like Condo Metropolis with inside local knowledge will also help you avoid being shafted – sometimes painfully. And that’s no bull.