From the July issue: New development condos, places where many buyers once turned a blind
eye to problems, are now emerging as a breeding ground for litigation
over everything from misrepresentation to shoddy construction to unpaid
vendors.
When prices were escalating, buyers seldom complained if their
views weren’t as spectacular as they had been promised or if the floors
buckled. The current downturn, however, is now revealing a plethora of
ongoing bad behavior at new developments — problems that, as money runs
tight, are getting worse. Meanwhile, unhappy buyers or stiffed vendors
are much more likely to sue.
“In a bad market, a lot more emphasis is put on honesty,” said
Jonathan Phillips, a senior vice president at Halstead Property.
“People are very concerned about not being cheated.”
