You thought that real estate investment advice was one of the many services thatÂ Realtors offered, right?
Wrong. That’s the realm of licensed Federal Securities agents. Because when real estate agents start giving investment advice andÂ those investment strategies don’t work out, guess what… the law suits start to fly.
Vista Cay condos near International Drive are some of the nicer condo hotel type investment options currently available in Orlando. But as real estate professionals we can’t say that. We can’tÂ advise on you on your best investment options because we’re licensed to practice real estate, not manageÂ investment portfolios. That goes for home builders and their agents too.
According to the Orlando Sentinel, Pulte Homes faces a lawsuit from 38Â investors who purchased Orlando condos at Vista CayÂ and who now claim the homebuilder defrauded them, based on federal securities laws.
No wonder they’re upset. Apparently they weren’t told by Pulte that the economy was about to collapse and ruin their investment.
Last week, the U.S. Court of Appeals for the 11th Judicial Circuit reinstated the investors’ claims against Pulte for selling unregistered securities. The court revived previously dismissed claims that Pulte was linked to the promotion of the condominiums as investment opportunities that were subject to federal securities laws.Â
The 38 plaintiffs allege that Pulte enlisted the Wear Group Inc. to sell units at Vista Cay condosÂ and at the Isles, which are near the Orange County Convention Center in the heart of the tourist corridor.
There’s an important lesson for real estate agents to learn here in an environment when more than 50% of sales areÂ distressed and being purchased by “investors.” From a buyer point of view, perhaps this latest developmentÂ should only be of concern if you purchased at the height of the market. For those investors who are looking to buy at Vista Cay condosÂ at today’sÂ much lower prices, perhaps none of this really matters. Because finally, the price is right.
Fore more information on foreclosed, short sale or otherwiseÂ distressed condo & condo hotel sales in the Orlando area, call Orlando’s condo specialists Condo Metropolis on 407-290-3408 or email Info@CondoMetropolis.com