Quote:
Originally Posted by cairnstone
Shape is the developer and they are in it to make money. Shape may have sold off the rental to one entity so that group will most likely demand to have the rental portion done first. This is very common in purpose built rentals as the developers building them don't plan on operating them as rental units so sell off the complete project prior to completion. But the buyer usually have penalty in the contract so they get priority.
Presale units are treated differently as they are usually finished to a higher standard. Individual walk throughs take way more time than a owners rep that has walked through the units on a regular basis. And in this market if your only 6 month late that is almost perfect.
And as a Presale basically you are buying on speculation that the project may go ahead. In Richmond on project the owners got their downpayment back.
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The rental is also monthly income. All the presales are set in stone, but for every month the rentals are delayed is like $600,000/mo.
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