Sunday, May 6, 2007

IO PIAZZA Shirlington Now Under Contract. Closing Next 45-60 Days

July 2007: Update Possible Class action vs Io Piazza .

May 2007: Just a quick follow up to my Next up: Io Piazza will Convert to Apt (don't miss the comments) blog. My sources tell me that Io Piazza is now under contract.

I already know people with contracts there are putting neighboring houses under contract. If you already plan to buy (I'm not telling you to buy) you might consider doing it before all the other people figure this out!

Remember, supply and demand.

Here is a link to the 30 active properties (from $300k to $700k) in the 1/2 mile radius as of 5-5-07 . I put the newest listings first. 30 properties near Io Piazza

Let me know if you want to see one.

- Written by Frank Borges LL0SA- Broker FranklyRealty.com
Don't miss the main blog over at BLOG.FranklyRealty.com

12 comments:

steven said...

wow, wow, I guess we should hear something soon then.
Thank you for the information.

FRANK LL0SA Broker said...

Don't expect them to tell you until the deal is 100% closed. So it could be another 45-60 days.

Frank

Rick - Io Piazza Contract holder said...

Frank- I'm wondering if a buyer has any recourse if the developer decides he'd like to terminate the contract and return the deposit because the project is no longer economically viable.

FRANK LL0SA Broker said...

Hey Rick,
You would have to hire a lawyer, but most contracts have a provision for them to walk, but you can't walk.

Some lawyers have maintained that this makes all contracts null and void. There is a foreclosure case where there was a similar "lack of mutuality."

Again, whatever you do, don't try and go it alone. Start with a lawyer and you will get further than trying yourself and THEN hiring the lawyer.

Disclosure: I am not a lawyer, but I can recommend one.

Frank

Kris said...

Frank: I purchased a condo at Io Piazza in March 2005. it has not been a pleasant experience dealing with anyone associated with this building.

I heard that the building has been or wil be sold by the developer and converted into apartments. Is this true?

How quickly must they refund the deposits?

Thanks
Kris

FRANK LL0SA Broker said...

As for timeline, maybe up to 60 days until the closing and another 30-60 days from that to get your deposit back. It might be immediately after the building sells, and that will be their intent (they don't want to string you along further) but the contract should say what the maximum amount of time is.

You might just be able to ask today for your deposit back and to cancel the contract. Try it, and let me know how it goes so I can post it here.

Frank

Anonymous said...

Hey Kris,

The io piazza contract that you signed, if it similar to the one I sign, has a 2 year clause. It states that after 2 years and still no settlement, buyer or seller can withdraw/cancel contract. You should be able to send written letter to request to cancel. My 2 years isn't quite up yet... but I intend to do same. Let me know the outcome of yours.

Thanks... Jon.

FRANK LL0SA Broker said...

Hey Jon!
Thanks for your email.

I disagree just a little bit.

The contract probably says that the BUYER can walk after 2 years, but the seller can ALWAYS walk whenever. They leave in a clause just in case they want to convert to apartments.

You can probably request the refund now.

Some say that is a lack of mutuality.

Frank

Anonymous said...

Has anyone heard anything new on Io Piazza? I'm under contract and have gotten the cold shoulder from the builder.

Anonymous said...

My two years is up and the builder has indicated all I have to do is write a letter saying I wish to cancel my contract, and they will send me a Termination of Contract and Release, and then a check will be in the mail shortly after that is signed. PLEASE NOTE: My contract reads that if the seller defaults, they will pay interest (which I am told by the builder is 2.5%). BUT, the builder has not defaulted as of yet. They wont sell the units to us despite our contracts, but wont default either. They want us to back out so we do not get that measly 2.5% interest

Anonymous said...

I spoke yet again to the sales people at IO Piazza. They have adamantly indicated that this building is NOT, I repeat, NOT, Under Contract as of 6/26/2007. They will only give my money back (because I am over the 2 year mark) to me WITHOUT interest as they say the builder is not in default, although they also will not close on any units at this point and are still looking for a potential buyer. This is just wrong. Now I am pissed. I would have lost $37,000 on my deposits for my two units, if I defaulted, but they will not pony up $2400 in interest they are due because they will not close on any units but still deny that they are in default.

FRANK LL0SA Broker said...

Thanks for the update!

I'd say you need to contact a lawyer, but you said they offered you your money back.

As for the interest, just be glad that you didn't OVERPAY by $50,000 and take the money and run! They have many "outs" where they don't need to pay interest.


Frank