Miami Condo Fiasco

With all the chaos going down in my life with this condo, it seems that the developers are oblivious to what’s going on. Everywhere I turn around there are plans for new condos. More condos!?!?! In the case of The Related Group, they sold out on all their units and will do quite well this year:

“The Miami-based company, which was started by CEO Jorge Perez in 1979, posted revenues in excess of $1.4 billion last year and, despite a persistent industry-wide contraction, Mr. Allen is forecasting 2007 figures of around $1.6 billion“

So if the developer is smart, they can survive the slump. But here is a case of a developer that made too many promises. By claiming “Guaranteed rental income. . . . Anticipated appreciation” to investors. Now they are in trouble and will take all the investors down with them. In my case, I’m going down alone.