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sandiegodweller
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| 05/04/2007 8:55 PM |
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| Looks like buyers aren't really worrying about the "no rent or sell" provision at The Mark. I wonder if Douglas Wilson is going to enforce it.
http://sandiego.craigslist.org/apa/323155766.html
$2450 / 1br - THE MARK - Downtown San Diego's newest luxury high-rise condo
This brand-new 15th floor residence is up on the northeast corner of The Mark’s impressive 33-story tower, at 8th and Island Ave. 9 foot high floor-to-ceiling windows all around give you spectacular north, east, and west views of downtown, with balcony views of the bay and ballpark. The Mark, located in the heart of East Village, is two blocks from the Gaslamp Quarter and a few steps north of Petco Park. You'll be only minutes from fine restaurants, galleries, and the dozens of shops and department stores at nearby Horton Plaza.
$2400 / 1br - *The Mark* Brand New High-Rise, Utilities Included
http://sandiego.craigslist.org/apa/324111458.html
Live in Downtown's most engaging and sophisticated new address! This residence is on the 8th floor of the magnificent 33-floor tower, conveniently situated on the corner of Island and 8th. It's only a few steps away from the ballpark, assortment of fine restaurants, and exciting gaslamp area. The beautifully designed interior boasts a combination of luxury and modern presentation, with European cabinetry, granite countertops, stainless steel appliances, and much more.
$1800 / 1br - Brand new luxury 1BR/1B condo downtown for rent
http://sandiego.craigslist.org/apa/324023914.html
This unit is located in The Mark. It has stainless steel appliances, washer and dryer, granite countertops a walk in closet, and a balcony. Amenities include a pool and jacuzzi, fitness center, community room and twenty four hour security. Please call Annie at 619-307-0210 for more information. |
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Smith
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| 05/04/2007 9:14 PM |
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I doubt those agreements hold a lot of value. It might annoy the people that are moving into the building in good faith expecting a building with owners in it rather than a lot of investors and vacant unsold/unmarketed units.
I would love to read the agreement. Perhaps someone can post a PDF of one here like we were able to see the Price Protection Plan document in the Solara Lofts forum. |
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Jon
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| 05/04/2007 9:19 PM |
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If i remember well, there was a court case in the late 1980s that invalided such no-rent, no-sale provisions. Since the buyers siging the contract did not receive consideration for such restrictions, those restrictions are invalid. It's a property rights matter. If one is giving up property rights, one needs to be properly compensated. Absent consideration, property rights restrictions are invalid.
Those provisions are worthless sales gimmicks used by builders to make buyers feel at easy.
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A deal is a deal
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| 05/04/2007 10:06 PM |
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Well guess what? I dropped out of escrow at The Mark last Summer when it became apparent that my current home wasn't going to sell. Since I couldn't move and I couldn't rent The Mark unit out (under the contract), I cancelled the escrow. I fully expected that the developer and lender would enforce the "no rent, no sell" clause. I walked away from 3% of my deposit.
As far as I am concerned, if they decide not to enforce the clause in the contract, they will be hearing from me regarding a full refind of my 3% deposit. |
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Smith
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| 05/04/2007 10:27 PM |
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Deal,
Now that is interesting! I would be very frustrated as well. There must be some sort of fair dealings principal about putting something in a contract that isn't valid and ends up serving as a marketing tool/head fake. I really hope that the developer has more integrity than that.
If you have that contract and a scanner scan it in and wipe out anything personal so that we can read it. |
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card
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| 05/05/2007 5:58 PM |
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Deal,
I'm curious what the purchase price was on the unit you dropped out of. It's unfortunate that you had to lose your deposit (hopefully you can get it returned), however, if prices have fallen at the Mark like they have at other projects downtown, you may actually be able to buy a resale unit there for less than what you had originally contracted for. |
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sandiegodweller
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| 05/06/2007 11:27 AM |
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| I spoke to some owners. Apparently they dropped the "no rent" clause but the "no sell" is still in effect. |
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